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I-1","page_number":16,"box":{"x":70,"y":108,"width":839,"height":11}},{"id":"361bf7ec-20e7-498a-aaf6-0dd7377a6361","block_type":"box","text":"Investment Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-5","page_number":16,"box":{"x":70,"y":125,"width":839,"height":9}},{"id":"94a26d38-2820-491a-b27a-4d0c02ada1a6","block_type":"box","text":"Information on Trustees and Officers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I-23","page_number":16,"box":{"x":545,"y":174,"width":364,"height":9}},{"id":"bb7cd26d-1b86-448b-902a-a72349517b33","block_type":"box","text":"Computation of Offering Price Per Share . . . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":69,"y":190,"width":446,"height":11}},{"id":"4e38d5b6-4542-495d-bbfa-1104e91dfa47","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-23","page_number":16,"box":{"x":521,"y":190,"width":388,"height":9}},{"id":"4f56a5d0-25f2-4c66-8b0c-ea3c57af65d2","block_type":"box","text":"Por tfolio Transactions and Brokerage . .","page_number":16,"box":{"x":69,"y":206,"width":283,"height":12}},{"id":"ae8f6c1c-d14f-4ceb-8804-66059a83bbb7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-24","page_number":16,"box":{"x":358,"y":207,"width":551,"height":8}},{"id":"ed0f8d91-2da8-42b8-9875-8747553499e5","block_type":"box","text":"Additional Information. . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":68,"y":223,"width":308,"height":9}},{"id":"4de128da-56bf-4108-8d7e-71f53a1ec9fe","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-25","page_number":16,"box":{"x":382,"y":223,"width":527,"height":9}},{"id":"a83f3af0-9d84-4207-90c5-4c6d5842d155","block_type":"box","text":"Financial Statements","page_number":16,"box":{"x":70,"y":239,"width":148,"height":9}},{"id":"e8817629-2a7d-4f60-a9fa-31de419a40b4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I","page_number":16,"box":{"x":203,"y":435,"width":668,"height":8}},{"id":"67dd1275-7099-4de7-b7e2-a4bf5f67f0e7","block_type":"box","text":"I-137","page_number":16,"box":{"x":874,"y":435,"width":34,"height":9}},{"id":"4e460b38-1f83-492f-85fd-a34edb6ab1f2","block_type":"box","text":"Proxy Voting Policies and Procedures . . . . . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":69,"y":451,"width":437,"height":11}},{"id":"68004a08-0e4e-4f10-99c2-8d2645b239fb","block_type":"box","text":"........................................... 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levels and will not market","page_number":21,"box":{"x":68,"y":699,"width":815,"height":10}},{"id":"5c844b89-3e47-44ce-8c26-20f7099a73b3","block_type":"box","text":"itself as a “commodity pool” or a vehicle for trading such instruments. Accordingly, BlackRock has claimed an","page_number":21,"box":{"x":70,"y":714,"width":780,"height":11}},{"id":"065f0350-e210-46ea-af15-8a1a92a6dd32","block_type":"box","text":"exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act (“CEA”)","page_number":21,"box":{"x":69,"y":729,"width":796,"height":11}},{"id":"7822dc3b-b4d9-46bf-b2ab-33d433d7cf8a","block_type":"box","text":"pursuant to Rule 4.5 under the CEA. BlackRock is not, therefore, subject to registration or regulation as a","page_number":21,"box":{"x":70,"y":744,"width":751,"height":11}},{"id":"45a8f455-5b5d-47fb-9a30-291da1c9c941","block_type":"box","text":"“commodity pool operator” under the CEA in respect of the Fund.","page_number":21,"box":{"x":70,"y":759,"width":461,"height":11}},{"id":"8a256649-db29-4d97-ac86-22421a54daee","block_type":"box","text":"II. 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The Fund has also adopted","page_number":21,"box":{"x":69,"y":872,"width":807,"height":12}},{"id":"d8ce3ae0-e71e-416b-af89-51833c476d90","block_type":"box","text":"cer tain non-fundamental investment restrictions, which may be changed by the Board of Trustees without shareholder","page_number":21,"box":{"x":69,"y":887,"width":839,"height":12}},{"id":"aa057d71-1e94-4954-acfb-53ba2b959fab","block_type":"box","text":"I-5","page_number":21,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"ad57bb3b-9f9e-47f8-b7d0-8ebf18549ecf","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":21,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"607b6849-1414-4721-a23c-12d7797cfb87","block_type":"box","text":"approval. Set for th below are the Fund’s fundamental and non-fundamental investment restrictions. Unless otherwise","page_number":22,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"6bdbbaab-f55f-43ee-afa6-10d87dc94874","block_type":"box","text":"provided, all references below to the assets of the Fund are in terms of current market value.","page_number":22,"box":{"x":70,"y":60,"width":664,"height":11}},{"id":"c876c63b-ac93-406a-af5b-d5d9aae9e76c","block_type":"box","text":"Under its fundamental investment restrictions, the Fund may not:","page_number":22,"box":{"x":102,"y":82,"width":463,"height":12}},{"id":"2e0e2334-ca39-4033-947f-6590699bb51b","block_type":"box","text":"1. Concentrate its investments in a par ticular industry, as that term is used in the Investment Company Act.","page_number":22,"box":{"x":135,"y":105,"width":770,"height":11}},{"id":"546162e1-8c79-4dba-8fc2-8a931d7b3ddd","block_type":"box","text":"2. 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Underwrite securities issued by others, except to the extent that the sale of por tfolio securities by the","page_number":22,"box":{"x":134,"y":241,"width":746,"height":11}},{"id":"8c390248-d5c4-461d-a995-a895a33d24e2","block_type":"box","text":"Fund may be deemed to be an underwriting or as otherwise permitted by applicable law.","page_number":22,"box":{"x":102,"y":257,"width":627,"height":11}},{"id":"096171d0-5270-42ef-b590-3cfe06c871e7","block_type":"box","text":"6. Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company","page_number":22,"box":{"x":134,"y":279,"width":757,"height":11}},{"id":"f4af1c88-42c7-42d0-8b3b-3a3c705f5c3d","block_type":"box","text":"Act.","page_number":22,"box":{"x":101,"y":294,"width":25,"height":9}},{"id":"0265ee2d-4898-4d30-b37e-fb1c09740fb4","block_type":"box","text":"7. Make loans to the extent prohibited by the Investment Company Act.","page_number":22,"box":{"x":135,"y":317,"width":506,"height":11}},{"id":"318e4bb5-232d-47c5-90e7-f709c45e1554","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":22,"box":{"x":102,"y":340,"width":511,"height":11}},{"id":"1d274820-7a2b-4e49-bddf-827e4cfe48bf","block_type":"box","text":"The following notations are not considered to be par t of the Fund’s fundamental investment restrictions and are","page_number":22,"box":{"x":101,"y":362,"width":799,"height":11}},{"id":"1732504d-fffd-40c2-8c1c-04f8862c6977","block_type":"box","text":"subject to change without shareholder approval.","page_number":22,"box":{"x":69,"y":377,"width":341,"height":12}},{"id":"0495c40d-25b2-46ca-ad00-9c0a075af063","block_type":"box","text":"With respect to the fundamental policy relating to concentration set for th in (1) above, the Investment Company","page_number":22,"box":{"x":101,"y":400,"width":796,"height":11}},{"id":"40e6ee89-deb4-4047-a638-725f87c9e74a","block_type":"box","text":"Act does not define what constitutes “concentration” in an industry. The Commission staff has taken the position","page_number":22,"box":{"x":68,"y":415,"width":811,"height":11}},{"id":"ef5efb92-4fe6-414c-98ad-2a0c9b4f28e0","block_type":"box","text":"that investment of 25% or more of a fund’s total assets in one or more issuers conducting their principal activities in","page_number":22,"box":{"x":68,"y":430,"width":833,"height":11}},{"id":"afcdea02-2e94-45ab-bcdc-99bb27fe7576","block_type":"box","text":"the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration","page_number":22,"box":{"x":68,"y":445,"width":836,"height":12}},{"id":"d8dae0f8-ce5c-496c-ba8f-f106cc37c23e","block_type":"box","text":"could change in the future. The policy in (1) above will be interpreted to refer to concentration as that term may be","page_number":22,"box":{"x":69,"y":460,"width":815,"height":12}},{"id":"fe4940fe-eab3-4673-863c-8d80ff129e94","block_type":"box","text":"interpreted from time to time. The policy also will be interpreted to permit investment without limit in the following:","page_number":22,"box":{"x":70,"y":475,"width":813,"height":12}},{"id":"46a606dd-fd73-4a46-b297-37241487e362","block_type":"box","text":"securities of the U.S. government and its agencies or instrumentalities; securities of state, territory, possession or","page_number":22,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"a19cad2e-28df-47d5-8fa7-695f6a005ad1","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":22,"box":{"x":69,"y":506,"width":809,"height":11}},{"id":"0ba49935-f80e-4d1a-b83b-2b63f1857293","block_type":"box","text":"agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be","page_number":22,"box":{"x":69,"y":521,"width":772,"height":11}},{"id":"f9a68b1b-391b-4a2b-86aa-87e08b0fed24","block_type":"box","text":"considered to be members of any industry. There also will be no limit on investment in issuers domiciled in a single","page_number":22,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"9ba44e19-6a1e-43f2-87f3-6fa0cd0934dd","block_type":"box","text":"jurisdiction or country. Finance companies will be considered to be in the industries of their parents if their activities","page_number":22,"box":{"x":67,"y":551,"width":829,"height":11}},{"id":"9d422818-9916-4a37-8d84-50776eb1516d","block_type":"box","text":"are primarily related to financing the activities of the parents. Each foreign government will be considered to be a","page_number":22,"box":{"x":69,"y":566,"width":805,"height":11}},{"id":"84186876-4df2-46ec-972b-e7078c22e2b4","block_type":"box","text":"member of a separate industry. With respect to the Fund’s industry classifications, the Fund currently utilizes any one","page_number":22,"box":{"x":69,"y":581,"width":840,"height":11}},{"id":"b2cd9cf6-55c2-4556-9200-02b6d6490526","block_type":"box","text":"or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group","page_number":22,"box":{"x":69,"y":596,"width":803,"height":12}},{"id":"a01d9471-4966-4474-9313-940f5bfa2dbf","block_type":"box","text":"indexes, and/or as defined by Fund management. The policy also will be interpreted to give broad authority to the","page_number":22,"box":{"x":70,"y":612,"width":807,"height":11}},{"id":"c7f8b624-85ae-4b42-addf-4615861bd105","block_type":"box","text":"Fund as to how to classify issuers within or among industries.","page_number":22,"box":{"x":70,"y":627,"width":438,"height":11}},{"id":"8bb72d75-e294-46a4-9a5b-e7a3dbf78849","block_type":"box","text":"With respect to the fundamental policy relating to borrowing money set for th in (2) above, the Investment","page_number":22,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"7f2ce1c2-1af7-41a6-bf35-030bee55c5f0","block_type":"box","text":"Company Act permits the Fund to borrow money in amounts of up to one third of the Fund’s total assets from banks","page_number":22,"box":{"x":69,"y":664,"width":828,"height":12}},{"id":"d94439d2-3fc4-4cb5-8df4-d537ea3b9c1b","block_type":"box","text":"for any purpose, and to borrow up to 5% of the Fund’s total assets from banks or other lenders for temporary","page_number":22,"box":{"x":68,"y":680,"width":781,"height":11}},{"id":"b8be103d-60e0-44ba-8573-6ddd9d023de7","block_type":"box","text":"purposes. (The Fund’s total assets include the amounts being borrowed.) To limit the risks attendant to borrowing,","page_number":22,"box":{"x":70,"y":695,"width":815,"height":11}},{"id":"3245e77b-165c-4b59-a684-81f4e567e660","block_type":"box","text":"the Investment Company Act requires the Fund to maintain at all times an “asset coverage” of at least 300% of the","page_number":22,"box":{"x":68,"y":710,"width":825,"height":11}},{"id":"7ef27fbd-68d6-44a8-b641-70256b368896","block_type":"box","text":"amount of its borrowings. Asset coverage means the ratio that the value of the Fund’s total assets (including","page_number":22,"box":{"x":69,"y":725,"width":777,"height":11}},{"id":"ca8a9f34-f30b-4c5a-9504-f5c2be6d7b5a","block_type":"box","text":"amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.","page_number":22,"box":{"x":69,"y":740,"width":776,"height":11}},{"id":"391942c8-50cf-4be6-92eb-0c3138e318ee","block_type":"box","text":"Borrowing money to increase por tfolio holdings is known as “leveraging.” Cer tain trading practices and investments,","page_number":22,"box":{"x":70,"y":755,"width":828,"height":11}},{"id":"69212a24-32ee-47fe-9e55-4ce005f56769","block_type":"box","text":"such as reverse repurchase agreements, may be considered to be borrowings or involve leverage and thus are","page_number":22,"box":{"x":69,"y":771,"width":788,"height":11}},{"id":"32921de8-f242-4cdc-8cc4-16a82dd2beeb","block_type":"box","text":"subject to the Investment Company Act restrictions. In accordance with Rule 18f-4 under the Investment Company","page_number":22,"box":{"x":69,"y":785,"width":813,"height":12}},{"id":"e16f569c-470a-402b-8285-3b8e1c4882ca","block_type":"box","text":"Act, when the Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may","page_number":22,"box":{"x":68,"y":801,"width":802,"height":11}},{"id":"a04792d7-e5e0-4370-94ea-510187e1bd92","block_type":"box","text":"either (i) maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the","page_number":22,"box":{"x":69,"y":816,"width":834,"height":11}},{"id":"d2aabfa8-9828-4333-9350-5052bae0b4a8","block_type":"box","text":"aggregate, or (ii) treat such transactions as “derivatives transactions” and comply with Rule 18f-4 with respect to","page_number":22,"box":{"x":69,"y":831,"width":807,"height":11}},{"id":"0c9b7770-7b3d-4071-9de6-356b89124006","block_type":"box","text":"such transactions. Shor t-term credits necessary for the settlement of securities transactions and arrangements with","page_number":22,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"48e53297-1303-414f-baec-c4993a24465c","block_type":"box","text":"respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that","page_number":22,"box":{"x":69,"y":861,"width":835,"height":11}},{"id":"0c4eacf7-cf77-4cc7-905f-84c8eee4038b","block_type":"box","text":"may involve leverage but are not considered to be borrowings are not subject to the policy.","page_number":22,"box":{"x":69,"y":876,"width":643,"height":11}},{"id":"5b0f5c0f-f3e9-4b9f-979e-13ca06490a5a","block_type":"box","text":"I-6","page_number":22,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"eec2bb86-009d-40bd-842a-2f60fc60eaca","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":22,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"0941b5e9-9c32-4b0a-99f8-05cc70024944","block_type":"box","text":"With respect to the fundamental policy relating to underwriting set for th in (5) above, the Investment Company","page_number":23,"box":{"x":101,"y":45,"width":788,"height":11}},{"id":"054aeff5-3f61-4144-869e-84831bd77b27","block_type":"box","text":"Act does not prohibit the Fund from engaging in the underwriting business or from underwriting the securities of other","page_number":23,"box":{"x":68,"y":60,"width":840,"height":11}},{"id":"c3c5ab5f-5cbc-498a-ad3b-0f4d4f8a9a01","block_type":"box","text":"issuers; in fact, in the case of diversified funds, the Investment Company Act permits the Fund to have underwriting","page_number":23,"box":{"x":70,"y":75,"width":825,"height":11}},{"id":"38f7e3d3-ffcf-43e7-9108-7c0d3284d927","block_type":"box","text":"commitments of up to 25% of its assets under cer tain circumstances. Those circumstances currently are that the","page_number":23,"box":{"x":69,"y":90,"width":811,"height":11}},{"id":"dc41bf96-6b3e-45a4-a520-3267c50201ca","block_type":"box","text":"amount of the Fund’s underwriting commitments, when added to the value of the Fund’s investments in issuers","page_number":23,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"c8aa17db-dccb-4c09-8e70-01ed1caed0e2","block_type":"box","text":"where the Fund owns more than 10% of the outstanding voting securities of those issuers, cannot exceed the 25%","page_number":23,"box":{"x":68,"y":120,"width":818,"height":12}},{"id":"9a3fdf8b-6b30-4ba5-8f56-898bfcb0f4fd","block_type":"box","text":"cap. A fund engaging in transactions involving the acquisition or disposition of por tfolio securities may be considered","page_number":23,"box":{"x":69,"y":135,"width":833,"height":12}},{"id":"2909f634-7fd2-49a8-9885-a58dc0e61e07","block_type":"box","text":"to be an underwriter under the Securities Act of 1933, as amended (the “Securities Act”). Although it is not believed","page_number":23,"box":{"x":68,"y":150,"width":831,"height":12}},{"id":"750789ef-cb75-43a4-8b4e-44623a5d7a94","block_type":"box","text":"that the application of the Securities Act provisions described above would cause the Fund to be engaged in the","page_number":23,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"87b0d057-0b4b-474e-90fd-864efe7386fa","block_type":"box","text":"business of underwriting, the policy in (5) above will be interpreted not to prevent the Fund from engaging in","page_number":23,"box":{"x":69,"y":181,"width":769,"height":11}},{"id":"358d45af-5bf0-48a5-963c-dad157bd004e","block_type":"box","text":"transactions involving the acquisition or disposition of por tfolio securities, regardless of whether the Fund may be","page_number":23,"box":{"x":68,"y":196,"width":811,"height":11}},{"id":"670b4c6d-a217-48c1-b8a3-6773c4ab775f","block_type":"box","text":"considered to be an underwriter under the Securities Act or is otherwise engaged in the underwriting business to the","page_number":23,"box":{"x":69,"y":211,"width":834,"height":11}},{"id":"00fb6c9e-a8f6-4446-87eb-98174a4e6b5e","block_type":"box","text":"extent permitted by applicable law.","page_number":23,"box":{"x":69,"y":226,"width":245,"height":11}},{"id":"b6a825f1-4744-4bbf-bc12-cf1123c4cc46","block_type":"box","text":"With respect to the fundamental policy relating to lending set for th in (7) above, the Investment Company Act","page_number":23,"box":{"x":101,"y":249,"width":778,"height":11}},{"id":"36972edf-3ccd-40df-ad75-6dffa655e45f","block_type":"box","text":"does not prohibit the Fund from making loans (including lending its securities); however, Commission staff","page_number":23,"box":{"x":69,"y":264,"width":759,"height":11}},{"id":"346a79f1-9b0e-4b52-b7cf-df627582d362","block_type":"box","text":"interpretations currently prohibit funds from lending more than one-third of their total assets (including lending its","page_number":23,"box":{"x":70,"y":279,"width":807,"height":11}},{"id":"8ac6b920-8cd4-4300-9ca7-5854ded84ef5","block_type":"box","text":"securities), except through the purchase of debt obligations or the use of repurchase agreements. In addition,","page_number":23,"box":{"x":69,"y":294,"width":784,"height":11}},{"id":"dfdaf1d9-05d3-443d-938e-7149b190723e","block_type":"box","text":"collateral arrangements with respect to options, forward currency and futures transactions and other derivative","page_number":23,"box":{"x":69,"y":309,"width":791,"height":11}},{"id":"70dbf4db-01b7-426d-b45b-01bd95ba0e1a","block_type":"box","text":"instruments (as applicable), as well as delays in the settlement of securities transactions, will not be considered","page_number":23,"box":{"x":70,"y":324,"width":803,"height":11}},{"id":"97803e74-8684-476e-8558-89d83e879ec6","block_type":"box","text":"loans.","page_number":23,"box":{"x":70,"y":340,"width":40,"height":8}},{"id":"5408d854-4d52-4ed5-baee-b95889cb8951","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board of Trustees without","page_number":23,"box":{"x":102,"y":362,"width":764,"height":11}},{"id":"5ebf4748-212b-4731-84c7-0be5689e3c8c","block_type":"box","text":"shareholder approval, the Fund may not:","page_number":23,"box":{"x":69,"y":377,"width":286,"height":11}},{"id":"f96c58ff-d5de-406b-9820-99498136ba23","block_type":"box","text":"a. Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":23,"box":{"x":134,"y":400,"width":742,"height":11}},{"id":"d5459506-9855-4bb6-aaf6-50875594e838","block_type":"box","text":"Company Act. As a matter of policy, however, the Fund will not purchase shares of any registered open-end","page_number":23,"box":{"x":102,"y":415,"width":759,"height":11}},{"id":"87818fbd-3bd0-44d6-8756-1aa4d84f433c","block_type":"box","text":"investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund of","page_number":23,"box":{"x":102,"y":430,"width":779,"height":11}},{"id":"6a22bebd-0828-45a0-906f-19c3a2888453","block_type":"box","text":"funds” provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are","page_number":23,"box":{"x":101,"y":445,"width":761,"height":12}},{"id":"4592286e-a0ae-45d6-9b17-2e3efa905b43","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":23,"box":{"x":102,"y":460,"width":795,"height":12}},{"id":"46e70c6c-88e5-41d8-85e8-d0593099e93d","block_type":"box","text":"12(d)(1).","page_number":23,"box":{"x":102,"y":476,"width":60,"height":11}},{"id":"746e9f05-4e75-400f-a450-c11901f7c571","block_type":"box","text":"b. Make shor t sales of securities or maintain a shor t position, except to the extent permitted by the Fund’s","page_number":23,"box":{"x":134,"y":498,"width":765,"height":11}},{"id":"e139dbb0-631b-4ea4-853c-ffff26e6bc1c","block_type":"box","text":"Prospectus and Statement of Additional Information, as amended from time to time, and applicable law.","page_number":23,"box":{"x":102,"y":513,"width":740,"height":11}},{"id":"af28e637-9dd5-4f40-8ba8-32856970799c","block_type":"box","text":"Unless otherwise indicated or with respect to policies adopted pursuant to Rule 35d-1 under the Investment","page_number":23,"box":{"x":135,"y":536,"width":771,"height":11}},{"id":"f363194d-0814-4ec1-a51f-8f04ea663e63","block_type":"box","text":"Company Act, all limitations under the Fund’s fundamental or non-fundamental investment restrictions apply only","page_number":23,"box":{"x":102,"y":551,"width":803,"height":11}},{"id":"6bdcf041-a41a-4726-abb2-eda16b9dd5ff","block_type":"box","text":"at the time that a transaction is under taken. Any change in the percentage of the Fund’s assets invested in","page_number":23,"box":{"x":102,"y":566,"width":766,"height":11}},{"id":"ec964720-730b-4fe6-bbaf-07ba54b12f73","block_type":"box","text":"cer tain securities or other instruments resulting from market fluctuations or other changes in the Fund’s total","page_number":23,"box":{"x":101,"y":581,"width":781,"height":12}},{"id":"953e2649-ce1d-4a03-b7f8-3818335239e7","block_type":"box","text":"assets will not require the Fund to dispose of an investment until BlackRock determines that it is practicable to","page_number":23,"box":{"x":102,"y":596,"width":793,"height":11}},{"id":"57d81906-2f65-41dd-bd89-b60cc5537435","block_type":"box","text":"sell or close out the investment without undue market or tax consequences.","page_number":23,"box":{"x":102,"y":612,"width":541,"height":11}},{"id":"b2003e44-46e2-4d79-8b63-7a44d0c53d50","block_type":"box","text":"III. Information on Trustees and Officers","page_number":23,"box":{"x":69,"y":642,"width":290,"height":9}},{"id":"94ecea24-25c2-43bf-9828-e7bd2efdf905","block_type":"box","text":"The Board consists of fifteen individuals (each, a “Trustee”), thir teen of whom are not “interested persons” of","page_number":23,"box":{"x":101,"y":664,"width":788,"height":12}},{"id":"9d5888ce-7fc0-4c1c-8d70-1955625b1062","block_type":"box","text":"the Fund as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":23,"box":{"x":68,"y":680,"width":777,"height":11}},{"id":"dc7129ec-c7ca-47ee-9744-07f9e4f14d3e","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":23,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"0c7b2748-e69a-4477-9476-28cfcf26c303","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":23,"box":{"x":70,"y":710,"width":793,"height":11}},{"id":"e3c15956-fd0b-4aeb-9eb5-f6bb078addae","block_type":"box","text":"Complex”). The Fund is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":23,"box":{"x":69,"y":725,"width":820,"height":11}},{"id":"0fc4a503-910e-4ca8-80bb-0fc498dc9f0e","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":23,"box":{"x":68,"y":740,"width":837,"height":11}},{"id":"79bd82de-6d11-4492-a884-64ecd182f37c","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":23,"box":{"x":70,"y":755,"width":335,"height":11}},{"id":"a517b213-419a-4ad1-8560-a38beba7ec55","block_type":"box","text":"The Board has overall responsibility for the oversight of the Fund. The Chair of the Board is an Independent","page_number":23,"box":{"x":101,"y":778,"width":764,"height":11}},{"id":"02cb9492-696c-4333-8354-addbdabf8e96","block_type":"box","text":"Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The Board has","page_number":23,"box":{"x":68,"y":793,"width":813,"height":11}},{"id":"5f644880-9a93-49f8-9de7-4b8f5d9d80c1","block_type":"box","text":"five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee,","page_number":23,"box":{"x":68,"y":808,"width":832,"height":11}},{"id":"c3c3a20c-ffc4-40ac-b4b3-b2e4c0fa2cf8","block_type":"box","text":"a Per formance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board is to","page_number":23,"box":{"x":69,"y":823,"width":784,"height":12}},{"id":"8c1048a2-5dad-453b-9fe9-06f92ea5c1ed","block_type":"box","text":"preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys and other","page_number":23,"box":{"x":70,"y":838,"width":793,"height":12}},{"id":"bcdd1d88-78cf-4df6-99c0-3f1a084430c4","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee per forms a similar role with respect to the","page_number":23,"box":{"x":68,"y":853,"width":789,"height":12}},{"id":"a75cc96a-1b44-45be-baaf-22a071c4f61d","block_type":"box","text":"Committee. The Chair of the Board or the Chair of a Committee may also per form such other functions as may be","page_number":23,"box":{"x":69,"y":869,"width":810,"height":11}},{"id":"a8f34d73-19d5-4cfc-82d3-fccd19c844ca","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":23,"box":{"x":69,"y":884,"width":809,"height":11}},{"id":"41b584b1-f383-4547-b32b-add5872377c9","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":23,"box":{"x":70,"y":899,"width":794,"height":11}},{"id":"5f95804a-5ca7-4bef-8737-9319d286e17e","block_type":"box","text":"I-7","page_number":23,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"9c41ae86-3e5a-4e50-9a0f-46b1c40ba1f1","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":23,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"30144a9a-44e4-4701-96cd-7a6cc55f20c7","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":24,"box":{"x":69,"y":45,"width":816,"height":11}},{"id":"b69aeec5-59fd-451f-b888-14e60adf9901","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and repor ts","page_number":24,"box":{"x":69,"y":60,"width":831,"height":11}},{"id":"c6e0402a-dcab-4530-952b-260596502eb6","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":24,"box":{"x":70,"y":75,"width":811,"height":11}},{"id":"34cf48a0-b864-438e-913d-52b52a22c600","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":24,"box":{"x":68,"y":90,"width":809,"height":11}},{"id":"4af39fc6-316d-48be-afc5-daedab2322b5","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":24,"box":{"x":69,"y":105,"width":825,"height":11}},{"id":"b8475d9c-dc34-4e3b-8294-4651ffbfc724","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":24,"box":{"x":69,"y":120,"width":441,"height":12}},{"id":"d476152f-0861-4e05-a163-91cfd9380639","block_type":"box","text":"The Board has engaged the Manager to manage the Fund on a day-to-day basis. The Board is responsible for","page_number":24,"box":{"x":101,"y":143,"width":777,"height":11}},{"id":"cd6ae8ff-e5cb-4531-9d49-b76d6a312fe8","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":24,"box":{"x":69,"y":158,"width":832,"height":11}},{"id":"be11c6d7-fc32-42eb-9175-63b2528d0932","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Fund’s char ter, and the Fund’s","page_number":24,"box":{"x":68,"y":173,"width":819,"height":11}},{"id":"c29a7864-5e7f-4cdd-ace2-75c842cdcc04","block_type":"box","text":"investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s per formance, operations","page_number":24,"box":{"x":70,"y":188,"width":812,"height":12}},{"id":"943e7c6f-445c-4c5a-be48-ee2765425138","block_type":"box","text":"and investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running","page_number":24,"box":{"x":69,"y":203,"width":819,"height":12}},{"id":"9a4aa3b7-a67f-4aa4-9007-954add72ffa0","block_type":"box","text":"the operations of the Fund.","page_number":24,"box":{"x":68,"y":218,"width":192,"height":11}},{"id":"fd556854-246b-4cdc-a70f-7bbd36e2d434","block_type":"box","text":"Day-to-day risk management with respect to the Fund is the responsibility of the Manager or of sub-advisers or","page_number":24,"box":{"x":102,"y":241,"width":785,"height":11}},{"id":"1f70b1b9-c895-4e8b-8124-9f8031bfa49e","block_type":"box","text":"other service providers (depending on the nature of the risk), subject to the supervision of the Manager. The Fund is","page_number":24,"box":{"x":69,"y":256,"width":828,"height":12}},{"id":"d90ce15c-fe3d-4e6f-ba62-0a743211c2ae","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":24,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"4a5ce34d-34e9-4e52-a8bb-2914b61f54f5","block_type":"box","text":"there are a number of risk management functions per formed by the Manager and the sub-advisers or other service","page_number":24,"box":{"x":68,"y":286,"width":820,"height":12}},{"id":"ed2b6316-cc59-4fed-9134-bd96bab87046","block_type":"box","text":"providers, as applicable, it is not possible to eliminate all of the risks applicable to the Fund. Risk oversight forms","page_number":24,"box":{"x":70,"y":302,"width":811,"height":11}},{"id":"b3b02754-a44e-4024-a790-579bd678e6c0","block_type":"box","text":"par t of the Board’s general oversight of the Fund and is addressed as par t of various Board and Committee","page_number":24,"box":{"x":70,"y":317,"width":767,"height":11}},{"id":"4fec9468-504b-474a-b29a-ecd258d272df","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews repor ts from, among others, management, the","page_number":24,"box":{"x":69,"y":332,"width":815,"height":11}},{"id":"ea5ce1b2-dcf9-4f67-aff3-a4f7bb2e7fb8","block_type":"box","text":"independent registered public accounting firm for the Fund, sub-advisers and internal auditors for the investment","page_number":24,"box":{"x":70,"y":347,"width":803,"height":11}},{"id":"1dac2af7-f367-4b6f-b71d-2f1b28acdc3e","block_type":"box","text":"adviser or its affiliates, as appropriate, regarding risks faced by the Fund and management’s or the service provider’s","page_number":24,"box":{"x":69,"y":362,"width":840,"height":11}},{"id":"10e418d1-0fb6-4070-87d9-538d027eaafb","block_type":"box","text":"risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees,","page_number":24,"box":{"x":69,"y":377,"width":812,"height":11}},{"id":"bf33f5dc-2682-4098-9db8-f27ae5ca733b","block_type":"box","text":"and facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities","page_number":24,"box":{"x":69,"y":392,"width":817,"height":12}},{"id":"3075b5a9-757f-4ca6-bb1e-ff3e8ccf0704","block_type":"box","text":"and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and","page_number":24,"box":{"x":69,"y":407,"width":812,"height":11}},{"id":"9d7ae3e1-a0e4-45c4-9615-eaa6dc2360db","block_type":"box","text":"testing of the Fund’s compliance program and repor ts to the Board regarding compliance matters for the Fund and its","page_number":24,"box":{"x":68,"y":423,"width":840,"height":11}},{"id":"57589c2a-45b8-4e00-9f52-d727f119be60","block_type":"box","text":"service providers. The Independent Trustees have engaged independent legal counsel to assist them in per forming","page_number":24,"box":{"x":69,"y":438,"width":822,"height":11}},{"id":"bd3b2c5b-25f7-454e-9b29-b02d6a6223a6","block_type":"box","text":"their oversight responsibilities.","page_number":24,"box":{"x":68,"y":453,"width":218,"height":11}},{"id":"1f435cd2-7788-49dd-98d6-3ae2374b4fb2","block_type":"box","text":"Audit Committee.","page_number":24,"box":{"x":101,"y":476,"width":122,"height":8}},{"id":"60942e94-8e49-4cba-afaa-ce6a4186bae1","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":24,"box":{"x":229,"y":475,"width":673,"height":12}},{"id":"ff0d9fdf-9313-4fd7-93f4-867c5470a2d3","block_type":"box","text":"A. Cotty, Jeffrey Jarczyk, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Trustees.","page_number":24,"box":{"x":68,"y":491,"width":831,"height":11}},{"id":"894a1466-94aa-4c6e-aa07-bcd154250948","block_type":"box","text":"The principal responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval,","page_number":24,"box":{"x":68,"y":506,"width":820,"height":11}},{"id":"39ae7770-32b6-4b17-af16-abd024c5b070","block_type":"box","text":"the selection, retention, termination and compensation of the Fund’s independent registered public accounting firm","page_number":24,"box":{"x":68,"y":521,"width":823,"height":11}},{"id":"eb58dc38-ff97-47d8-a6d6-7e2ce59ef054","block_type":"box","text":"(the “Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":24,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"26712451-a054-423a-9579-ca9eafa33db4","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":24,"box":{"x":70,"y":551,"width":825,"height":11}},{"id":"18fb4abd-79b5-4829-ae0c-d5bdae8ae51a","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":24,"box":{"x":70,"y":566,"width":807,"height":11}},{"id":"cb5a28bb-6021-453f-b4fa-cfee8e87734c","block_type":"box","text":"fees for the Fund; (3) review the conduct and results of each independent audit of the Fund’s annual financial","page_number":24,"box":{"x":68,"y":581,"width":781,"height":11}},{"id":"dcc4e7c4-f813-4b43-b7f9-240be926531e","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":24,"box":{"x":69,"y":597,"width":834,"height":11}},{"id":"1fe22073-7190-4f55-a1a9-8921515977ec","block_type":"box","text":"regarding the accounting or financial repor ting policies and practices of the Fund and the internal controls of the Fund","page_number":24,"box":{"x":69,"y":612,"width":838,"height":11}},{"id":"28a3204d-6d7b-43f0-89c4-ac344f389aa6","block_type":"box","text":"and cer tain service providers; (5) oversee the per formance of the Fund’s Independent Registered Public Accounting","page_number":24,"box":{"x":69,"y":627,"width":825,"height":11}},{"id":"5e356c74-595c-42e9-a398-d16295ea5dac","block_type":"box","text":"Firm; (6) review and discuss with management and the Fund’s Independent Registered Public Accounting Firm the","page_number":24,"box":{"x":70,"y":642,"width":809,"height":11}},{"id":"5f690750-82f4-4762-846f-4d39d4840b99","block_type":"box","text":"per formance and findings of the Fund’s internal auditors; (7) discuss with Fund management its policies regarding","page_number":24,"box":{"x":70,"y":657,"width":815,"height":11}},{"id":"c7b0fcd0-2312-400f-a3f2-7597d9edd308","block_type":"box","text":"risk assessment and risk management as such matters relate to the Fund’s financial repor ting and controls;","page_number":24,"box":{"x":69,"y":672,"width":774,"height":11}},{"id":"79e40b59-dbbd-4311-9968-c859e422f661","block_type":"box","text":"(8) resolve any disagreements between Fund management and the Independent Registered Public Accounting Firm","page_number":24,"box":{"x":69,"y":687,"width":815,"height":11}},{"id":"090aa7bf-f84d-41ae-b5ef-5e4a035f49d7","block_type":"box","text":"regarding financial repor ting; and (9) under take such other duties and responsibilities as may from time to time be","page_number":24,"box":{"x":69,"y":702,"width":819,"height":12}},{"id":"a5230988-3d58-483d-8789-1b60b57361e2","block_type":"box","text":"delegated by the Board to the Audit Committee. The Board has adopted a written char ter for the Audit Committee.","page_number":24,"box":{"x":69,"y":717,"width":812,"height":12}},{"id":"866103aa-18e8-4665-82bf-9bcb90847dc8","block_type":"box","text":"During the fiscal year ended April 30, 2026, the Audit Committee met four times.","page_number":24,"box":{"x":70,"y":732,"width":576,"height":12}},{"id":"cf8d0215-40ee-4aa8-9f17-dca62e6d5ac7","block_type":"box","text":"Governance and Nominating Committee.","page_number":24,"box":{"x":102,"y":755,"width":286,"height":11}},{"id":"3bcde061-ef18-4ce0-87a2-496d82b5383b","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":24,"box":{"x":394,"y":755,"width":464,"height":11}},{"id":"a455b03a-d4d5-4d6e-add6-441612963b65","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton,","page_number":24,"box":{"x":70,"y":770,"width":838,"height":12}},{"id":"52e8e84c-89ef-4739-900c-deeb0d8864e5","block_type":"box","text":"Henry R. Keizer and Marc D. Stern, all of whom are Independent Trustees. The principal responsibilities of the","page_number":24,"box":{"x":70,"y":785,"width":784,"height":12}},{"id":"05d9d2b0-14a0-4ce9-9f8e-e9c1de50269d","block_type":"box","text":"Governance Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Fund and","page_number":24,"box":{"x":69,"y":801,"width":801,"height":11}},{"id":"8052cd04-cf22-4075-9d9b-0546763797ed","block_type":"box","text":"recommend Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the","page_number":24,"box":{"x":69,"y":816,"width":829,"height":11}},{"id":"88563688-db1f-4863-b5e1-c9bb59bf000f","block_type":"box","text":"Board with respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee","page_number":24,"box":{"x":70,"y":831,"width":828,"height":11}},{"id":"c4ef3581-f12a-42a3-9069-aa0631d41f3a","block_type":"box","text":"periodic self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review","page_number":24,"box":{"x":70,"y":846,"width":809,"height":11}},{"id":"c4b66477-fcb9-4db3-a6b8-ab71fe83360f","block_type":"box","text":"and make recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters","page_number":24,"box":{"x":69,"y":861,"width":838,"height":11}},{"id":"1bd17e35-9182-4d1f-97fc-00b5a292c117","block_type":"box","text":"and develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to","page_number":24,"box":{"x":69,"y":876,"width":800,"height":11}},{"id":"bf6a9b90-6e88-4816-8d4a-8704cd81c165","block_type":"box","text":"Board policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of","page_number":24,"box":{"x":70,"y":891,"width":813,"height":11}},{"id":"2981265e-fff8-48e1-b988-b2abee5411c7","block_type":"box","text":"ethics as they relate to Independent Trustees; and (7) under take such other duties and responsibilities as may from","page_number":24,"box":{"x":69,"y":906,"width":829,"height":12}},{"id":"20ef2970-c8eb-4e5c-a272-cb78412473b3","block_type":"box","text":"I-8","page_number":24,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"86e542ad-9e6a-4153-acb6-b4fc283e2f9c","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":24,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"3dda40ea-c400-4cb6-afcc-c85337e54cfc","block_type":"box","text":"time to time be delegated by the Board to the Governance Committee. The Governance Committee may consider","page_number":25,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"899c36e1-f154-420c-958c-bd11600cf74a","block_type":"box","text":"nominations for Trustees made by the Fund’s shareholders as it deems appropriate. Under the Fund’s Amended and","page_number":25,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"e23b0c1e-eb6e-467b-8e53-e37d06dd5453","block_type":"box","text":"Restated Bylaws(“Bylaws”), shareholders must follow cer tain procedures to nominate a person for election as a","page_number":25,"box":{"x":70,"y":75,"width":797,"height":11}},{"id":"a384eb9e-cff3-48c3-859c-c90cb58cfd07","block_type":"box","text":"Trustee at a shareholder meeting at which Trustees are to be elected. Under these advance notice procedures,","page_number":25,"box":{"x":68,"y":90,"width":792,"height":11}},{"id":"75799e15-93fc-49e0-a83c-3bb788626756","block_type":"box","text":"notice of the proposed nominee to the Secretary of the Fund must be delivered to or mailed and received at the","page_number":25,"box":{"x":69,"y":105,"width":797,"height":11}},{"id":"8f3971b4-3706-42d5-b22a-4240ddd44b25","block_type":"box","text":"principal executive offices of the Fund not later than the close of business on the fifth day following the day on which","page_number":25,"box":{"x":70,"y":120,"width":831,"height":12}},{"id":"2345801e-400d-4349-bfca-b919f97cdc3f","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":25,"box":{"x":69,"y":135,"width":812,"height":12}},{"id":"64d7cf89-bcab-4f46-872f-a724cc406462","block_type":"box","text":"first occurs. The Fund’s Bylaws provide that notice of a proposed nomination must include cer tain information about","page_number":25,"box":{"x":68,"y":150,"width":830,"height":12}},{"id":"0dc78a6a-7257-4ff7-9760-ad679d6b9a43","block_type":"box","text":"the shareholder and the nominee, as well as cer tain other information, including a written consent of the proposed","page_number":25,"box":{"x":68,"y":166,"width":820,"height":11}},{"id":"74ed043d-543c-4ce7-9107-629bd50dfd22","block_type":"box","text":"nominee to serve if elected. Reference is made to the Fund’s Bylaws for more details. The Board has adopted a","page_number":25,"box":{"x":69,"y":181,"width":799,"height":11}},{"id":"12ae9cd7-b0a4-4d3b-9086-83390be90bce","block_type":"box","text":"written char ter for the Governance Committee. During the fiscal year ended April 30, 2026, the Governance","page_number":25,"box":{"x":68,"y":196,"width":767,"height":11}},{"id":"de6497d0-25ef-4f8c-81cd-54d6cc493343","block_type":"box","text":"Committee met eleven times.","page_number":25,"box":{"x":69,"y":211,"width":208,"height":9}},{"id":"cb14d94d-3c33-4cdb-a726-d5ca5cd8b37d","block_type":"box","text":"Compliance Committee.","page_number":25,"box":{"x":102,"y":234,"width":168,"height":11}},{"id":"3db150b5-ed15-4f60-ae9a-2b97c63a596d","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":25,"box":{"x":276,"y":234,"width":629,"height":11}},{"id":"c95855b8-7fa8-4c9b-899b-270d82f01179","block_type":"box","text":"Walton (Chair), Jeffrey Jarczyk, Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of","page_number":25,"box":{"x":68,"y":249,"width":828,"height":11}},{"id":"31f79481-74a5-4c7f-b5a4-4c1d6c0d57da","block_type":"box","text":"whom are Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its","page_number":25,"box":{"x":68,"y":264,"width":771,"height":11}},{"id":"cbc71d4d-5e5a-447d-91bf-1ad19223abcb","block_type":"box","text":"responsibility to oversee regulatory and fiduciary compliance matters involving the Fund, the fund-related activities of","page_number":25,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"0e2dba76-5b7e-49b6-bc75-3ef31b6f01f7","block_type":"box","text":"BlackRock and any sub-adviser and the Fund’s third-par ty service providers. The Compliance Committee’s","page_number":25,"box":{"x":70,"y":294,"width":753,"height":11}},{"id":"7f1b91a0-bd75-4dc2-899a-c36a455a3ae1","block_type":"box","text":"responsibilities include, without limitation, to (1) oversee the compliance policies and procedures of the Fund and its","page_number":25,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"b6a3badf-f203-42c2-9fa4-86b7db96fd28","block_type":"box","text":"service providers and recommend changes or additions to such policies and procedures; (2) review information on","page_number":25,"box":{"x":69,"y":324,"width":815,"height":12}},{"id":"52a93b2e-7b76-4f7d-9631-22df3407ec5a","block_type":"box","text":"and, where appropriate, recommend policies concerning the Fund’s compliance with applicable law; (3) review","page_number":25,"box":{"x":69,"y":340,"width":784,"height":11}},{"id":"1620018f-55ee-4fef-a41f-5dabc39fef9e","block_type":"box","text":"repor ts from, oversee the annual per formance review of, and make cer tain recommendations and determinations","page_number":25,"box":{"x":69,"y":355,"width":811,"height":11}},{"id":"891169f9-a30b-4b51-824a-d19a325f4f06","block_type":"box","text":"regarding the Fund’s Chief Compliance Officer (the “CCO”), including determining the amount and structure of the","page_number":25,"box":{"x":69,"y":370,"width":811,"height":11}},{"id":"12137143-f13c-415a-938b-6dafeae4a2ba","block_type":"box","text":"CCO’s compensation and recommending such amount and structure to the full Board for approval and ratification;","page_number":25,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"a0a765a3-762c-4c2b-be3b-7af30d714d72","block_type":"box","text":"and (4) under take such other duties and responsibilities as may from time to time be delegated by the Board to the","page_number":25,"box":{"x":69,"y":400,"width":825,"height":11}},{"id":"c97087b5-24d8-4972-923f-b0f1aeaae7db","block_type":"box","text":"Compliance Committee. The Board has adopted a written char ter for the Compliance Committee. During the fiscal","page_number":25,"box":{"x":69,"y":415,"width":811,"height":11}},{"id":"b94ba53e-15bb-4d5e-b791-308d6585e221","block_type":"box","text":"year ended April 30, 2026, the Compliance Committee met four times.","page_number":25,"box":{"x":68,"y":430,"width":504,"height":11}},{"id":"15028716-bafc-480a-817d-2e8c6d93ede1","block_type":"box","text":"Per formance Oversight Committee.","page_number":25,"box":{"x":102,"y":453,"width":248,"height":11}},{"id":"f1019655-e7f5-4d56-82c2-084cdef31d70","block_type":"box","text":"The members of the Per formance Oversight Committee (the “Per formance","page_number":25,"box":{"x":356,"y":453,"width":531,"height":11}},{"id":"5f2f71e4-2a17-4795-8e4f-a84d03f9b218","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton, Neil A.","page_number":25,"box":{"x":69,"y":468,"width":829,"height":11}},{"id":"e2bb13a0-73c4-4cfa-abcf-0b1956b96a7c","block_type":"box","text":"Cotty and Marc D. Stern, all of whom are Independent Trustees. The Per formance Oversight Committee’s purpose is","page_number":25,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"c6df39fa-3905-47cd-bd5d-98d48557e075","block_type":"box","text":"to assist the Board in fulfilling its responsibility to oversee the Fund’s investment per formance relative to its agreed","page_number":25,"box":{"x":68,"y":498,"width":832,"height":11}},{"id":"f208ec01-7b45-4194-a89c-4f1bbc35505b","block_type":"box","text":"upon per formance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":25,"box":{"x":69,"y":513,"width":816,"height":11}},{"id":"517299ee-aa68-41c7-aaae-9e7e9135fe1b","block_type":"box","text":"agreements. The Per formance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":25,"box":{"x":69,"y":528,"width":782,"height":12}},{"id":"44a3ac75-4f8a-464b-bd72-90612fda3b01","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Fund’s investment objective, policies","page_number":25,"box":{"x":70,"y":543,"width":829,"height":12}},{"id":"afa2e7d8-8228-4609-9853-93cad7770e0f","block_type":"box","text":"and practices; (2) review information on the Fund’s investment per formance; (3) review information on appropriate","page_number":25,"box":{"x":69,"y":559,"width":816,"height":11}},{"id":"27e9f052-9f66-4633-bbb9-2f788976af69","block_type":"box","text":"benchmarks and competitive universes and unusual or exceptional investment matters; (4) review personnel and","page_number":25,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"1db61545-28ac-4e36-9692-3e7551096a56","block_type":"box","text":"other resources devoted to management of the Fund and evaluate the nature and quality of information furnished to","page_number":25,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"a4917939-2dad-40de-9068-4fe4fc9df334","block_type":"box","text":"the Per formance Oversight Committee; (5) recommend any required action regarding changes in fundamental and","page_number":25,"box":{"x":68,"y":604,"width":811,"height":11}},{"id":"62d9569b-e74f-4766-9608-1ded45d54b51","block_type":"box","text":"non-fundamental investment policies and restrictions, fund mergers or liquidations; (6) request and review","page_number":25,"box":{"x":69,"y":619,"width":757,"height":11}},{"id":"3e4326c6-6534-46c3-b40a-096b427b9d22","block_type":"box","text":"information on the nature, extent and quality of services provided to the shareholders; (7) make recommendations to","page_number":25,"box":{"x":70,"y":634,"width":835,"height":11}},{"id":"b7bf5c06-478f-4ef8-a598-8357bc5b22de","block_type":"box","text":"the Board concerning the approval or renewal of investment advisory agreements; and (8) under take such other","page_number":25,"box":{"x":68,"y":649,"width":800,"height":12}},{"id":"90b08ed9-76e9-4a69-89bd-8d028f55e0ab","block_type":"box","text":"duties and responsibilities as may from time to time be delegated by the Board to the Per formance Oversight","page_number":25,"box":{"x":69,"y":664,"width":780,"height":12}},{"id":"b5052e86-bd84-44db-905a-e2dc4736e0ff","block_type":"box","text":"Committee. The Board has adopted a written char ter for the Per formance Oversight Committee. During the fiscal year","page_number":25,"box":{"x":69,"y":680,"width":838,"height":11}},{"id":"fae4fc30-6489-42e6-8102-32af5096e80b","block_type":"box","text":"ended April 30, 2026, the Per formance Oversight Committee met five times.","page_number":25,"box":{"x":69,"y":695,"width":546,"height":11}},{"id":"2983be96-0d49-4ba8-9afe-560a4bd95988","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":25,"box":{"x":101,"y":718,"width":186,"height":10}},{"id":"7a20798e-2f34-41cf-88dc-a64eb91af200","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":25,"box":{"x":293,"y":717,"width":598,"height":11}},{"id":"e9a18d4a-a4a5-48dc-9032-62e8fbef71f3","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":25,"box":{"x":70,"y":732,"width":817,"height":12}},{"id":"26945efe-97d2-40be-a4e7-7f3a71115c0f","block_type":"box","text":"serves as an interested Trustee. The principal responsibilities of the Ad Hoc Topics Committee are to (1) act on","page_number":25,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"0ce2b5f3-6e49-491c-b202-f59cb3173002","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":25,"box":{"x":69,"y":763,"width":788,"height":11}},{"id":"929d545e-16df-47c2-87be-7e8ca891388e","block_type":"box","text":"meetings of the Board; and (3) exercise such other authority as may from time to time be delegated to the Ad Hoc","page_number":25,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"b4e20029-b7d4-4c70-b91e-3ca3f59dde16","block_type":"box","text":"Topics Committee by the Board. The Board has adopted a written char ter for the Ad Hoc Topics Committee. During","page_number":25,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"bc005fa3-18d4-4014-ad10-e7b5e08ab70a","block_type":"box","text":"the fiscal year ended April 30, 2026, the Ad Hoc Topics Committee did not meet.","page_number":25,"box":{"x":68,"y":808,"width":577,"height":11}},{"id":"a4167e95-bf71-45b0-84ac-458245479bf1","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":25,"box":{"x":101,"y":831,"width":771,"height":11}},{"id":"0d3ca670-2845-476b-9432-8aba97168ae2","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":25,"box":{"x":69,"y":846,"width":827,"height":11}},{"id":"a79c7e39-b6a8-4772-a9ed-a98cca31a2f0","block_type":"box","text":"of Policy”). The Board believes that each Independent Trustee satisfied, at the time he or she was initially elected or","page_number":25,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"1794838a-d87c-410f-b3b6-90b9f527f924","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Fur thermore,","page_number":25,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"01c077a6-3d45-46f2-8848-3d71c0716429","block_type":"box","text":"in determining that a par ticular Independent Trustee was and continues to be qualified to serve as a Trustee, the","page_number":25,"box":{"x":70,"y":891,"width":807,"height":12}},{"id":"dcc64bb3-4e88-4e8f-aa58-f68ac45c331b","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":25,"box":{"x":70,"y":906,"width":787,"height":12}},{"id":"9ec8277d-2bbb-4044-b564-7798fca773be","block_type":"box","text":"I-9","page_number":25,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"bb408982-7dc2-4fbb-8813-5342e491ee44","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":25,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c5024666-7d4d-44f1-be06-d38e5160ef02","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":26,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"0b788516-4004-4450-ae79-201494ad281d","block_type":"box","text":"which allow the Board to operate effectively in governing the Fund and protecting the interests of shareholders.","page_number":26,"box":{"x":68,"y":60,"width":792,"height":11}},{"id":"4794edf4-fa35-4b79-bf4a-180392bb7869","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":26,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"2c767d2b-8b32-4be8-afe2-12ac807f6aee","block_type":"box","text":"discuss information provided to them, to interact effectively with the Fund’s investment adviser, sub-advisers, other","page_number":26,"box":{"x":69,"y":90,"width":823,"height":11}},{"id":"c0deac6c-4bee-49ea-aa96-1ce62c722123","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":26,"box":{"x":69,"y":105,"width":771,"height":11}},{"id":"98688e6a-15f3-4a23-b9f4-1c9f0dd854ab","block_type":"box","text":"business judgment in the per formance of their duties as Trustees.","page_number":26,"box":{"x":69,"y":120,"width":473,"height":12}},{"id":"be9de4db-028c-4a6f-baef-a63449f589fa","block_type":"box","text":"Each Trustee’s ability to per form his or her duties effectively is evidenced by his or her educational background","page_number":26,"box":{"x":102,"y":143,"width":792,"height":11}},{"id":"5c34ad8d-444b-4057-8c4e-1bd5ffc72a2c","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":26,"box":{"x":69,"y":158,"width":807,"height":11}},{"id":"62ab920d-5c91-4458-8d3a-2557be63b2b7","block_type":"box","text":"board member of the Fund and the other funds in the BlackRock Fund Complexes (and any predecessor funds), other","page_number":26,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"1e73e984-1aea-4b02-923a-752fbe9df6d2","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":26,"box":{"x":70,"y":188,"width":759,"height":12}},{"id":"36c5e464-bdba-401f-8688-883a15d14f3b","block_type":"box","text":"par ticipation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":26,"box":{"x":70,"y":203,"width":685,"height":12}},{"id":"e9487848-13f6-4545-adc7-5a653d748492","block_type":"box","text":"ad hoc","page_number":26,"box":{"x":762,"y":204,"width":47,"height":8}},{"id":"39d57b3f-8d3c-4516-971c-db441a46a3f3","block_type":"box","text":"committees","page_number":26,"box":{"x":814,"y":204,"width":82,"height":8}},{"id":"eb991a54-2259-4f5b-b79a-9599e3647071","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":26,"box":{"x":68,"y":218,"width":395,"height":12}},{"id":"005cb16e-9cc5-4e26-ae53-1c4690bf83e0","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":26,"box":{"x":101,"y":241,"width":751,"height":11}},{"id":"8297943a-f4e6-4fc9-8428-2f018a8d29ed","block_type":"box","text":"suppor t the conclusion that each Trustee should serve on the Board.","page_number":26,"box":{"x":69,"y":257,"width":492,"height":10}},{"id":"fc66b96a-dab8-48d6-b35b-1a41a82e8da8","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":26,"box":{"x":68,"y":285,"width":409,"height":8}},{"id":"b264438a-2eb5-48c7-b2ed-6d59722b2a89","block_type":"box","text":"Independent Trustees","page_number":26,"box":{"x":70,"y":301,"width":154,"height":11}},{"id":"caa1c1f7-e092-4490-bb1e-2cf79b76c35c","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":26,"box":{"x":69,"y":316,"width":781,"height":11}},{"id":"8ed2b1bb-a1dd-4227-ac24-309c23f9e8cf","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":26,"box":{"x":265,"y":331,"width":604,"height":12}},{"id":"9259af45-4e19-4f30-8422-02fbb76105b3","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":26,"box":{"x":265,"y":346,"width":623,"height":12}},{"id":"01d6974b-15ae-4c45-b35e-413bd8bdf9be","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":26,"box":{"x":265,"y":362,"width":637,"height":11}},{"id":"36493588-2adf-4793-8f52-705056c27516","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":26,"box":{"x":265,"y":377,"width":631,"height":11}},{"id":"020a2b77-e163-4750-94bf-55bd3f94effc","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the Nor th American","page_number":26,"box":{"x":264,"y":392,"width":626,"height":10}},{"id":"6b7a74b2-c216-4fcd-a1d1-3ae8a4e6ed6d","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":26,"box":{"x":265,"y":407,"width":639,"height":11}},{"id":"0f884cc5-94f4-4238-a045-75c8582fe38f","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":26,"box":{"x":264,"y":422,"width":637,"height":11}},{"id":"9bda1a4d-9439-4b6c-943d-0cef3829fa89","block_type":"box","text":"exper tise across asset classes and strategies, and insight and perspective on the","page_number":26,"box":{"x":265,"y":437,"width":586,"height":11}},{"id":"df91578d-2c0a-4c89-b087-918e8816a850","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":26,"box":{"x":265,"y":452,"width":640,"height":11}},{"id":"6d61744a-26b3-4d89-bf91-8f918f495282","block_type":"box","text":"Committee and the Per formance Oversight Committee.","page_number":26,"box":{"x":265,"y":467,"width":389,"height":12}},{"id":"d463e533-e0ee-4857-8f30-5bc9c9a62921","block_type":"box","text":"Susan J. Car ter Susan J. Car ter has over 35 years of experience in investment management. She has","page_number":26,"box":{"x":69,"y":490,"width":806,"height":11}},{"id":"dcfac9d1-a098-4148-8b84-8fc8b65e6139","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":26,"box":{"x":265,"y":505,"width":604,"height":11}},{"id":"e81a14b8-955b-4028-a05b-447dcfec9145","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":26,"box":{"x":265,"y":520,"width":632,"height":12}},{"id":"6e4da112-addd-42b9-aa5b-f050ca07d48b","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":26,"box":{"x":265,"y":535,"width":562,"height":9}},{"id":"cea38ec8-9854-4454-b6fa-e39117d65f33","block_type":"box","text":"Ms. Car ter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":26,"box":{"x":265,"y":550,"width":616,"height":11}},{"id":"6da7a766-b9aa-4c22-bd4c-425f4040444d","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":26,"box":{"x":264,"y":566,"width":591,"height":11}},{"id":"62313153-85db-4b76-a200-2d6a72081403","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":26,"box":{"x":265,"y":581,"width":641,"height":11}},{"id":"d4812a31-71cf-4332-b6f1-6ef77cb9c0ba","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":26,"box":{"x":264,"y":596,"width":638,"height":11}},{"id":"e2f9af85-e8fb-4462-9712-43adf45f44e1","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":26,"box":{"x":265,"y":611,"width":584,"height":11}},{"id":"21806d89-eff0-492e-a511-60f650977e35","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":26,"box":{"x":265,"y":626,"width":630,"height":11}},{"id":"f4af514d-00a7-4dce-afb0-a13e65d0f32c","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":26,"box":{"x":265,"y":641,"width":634,"height":11}},{"id":"b722c022-c6b1-49e5-80c7-5673e8c2e796","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":26,"box":{"x":265,"y":656,"width":599,"height":11}},{"id":"77748aa2-b1b9-4b8b-8987-5fd7594ea1ef","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":26,"box":{"x":265,"y":672,"width":407,"height":11}},{"id":"9f542215-c77b-48ef-b3a2-cda78e2af428","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":26,"box":{"x":69,"y":694,"width":837,"height":11}},{"id":"dcf26760-03d2-454e-bb7b-3282737c3271","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":26,"box":{"x":265,"y":709,"width":638,"height":11}},{"id":"d6680648-ca7e-4568-a2cc-2eb0ab16ff41","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":26,"box":{"x":265,"y":724,"width":642,"height":12}},{"id":"13c6ddbf-f7ae-49d4-884e-37418bbd0d07","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":26,"box":{"x":265,"y":739,"width":601,"height":12}},{"id":"5c351ce3-e31e-4d9e-a433-2d1ac9825acc","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":26,"box":{"x":265,"y":755,"width":595,"height":11}},{"id":"e0c6ac04-af16-4e7d-846b-9b11b20215da","block_type":"box","text":"perspective on the markets and the economy.","page_number":26,"box":{"x":265,"y":770,"width":323,"height":11}},{"id":"4110f5a7-60e1-44e1-9bb9-2f95ab7ccdf3","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry,","page_number":26,"box":{"x":70,"y":792,"width":798,"height":12}},{"id":"dca1b607-c0fd-4254-a4ff-2f382a57a6d6","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":26,"box":{"x":265,"y":807,"width":631,"height":12}},{"id":"22a539ea-b8e4-492f-9aef-ecdf94b3979f","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":26,"box":{"x":265,"y":823,"width":633,"height":11}},{"id":"c1dc31c5-668e-41bf-a883-13ba2cc67282","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":26,"box":{"x":265,"y":838,"width":628,"height":11}},{"id":"0cad2d3c-a077-47e5-aba7-b6fdd7abe9e8","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":26,"box":{"x":265,"y":853,"width":596,"height":11}},{"id":"3a81f979-136b-469c-a328-e7578f64900d","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial exper t, as such","page_number":26,"box":{"x":265,"y":868,"width":616,"height":11}},{"id":"67a388d9-ba16-4b27-a3cd-e992eceaf46f","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":26,"box":{"x":264,"y":883,"width":368,"height":11}},{"id":"275f4927-45dc-4b08-8e22-15335a27928a","block_type":"box","text":"I-10","page_number":26,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"2e6f95da-b1e3-4f9c-bd1b-06106d443bd6","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":26,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"a0d479c3-40e0-4d75-8ccb-7940ce6fe174","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":27,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"52ae7673-9b9b-464f-a9e9-409685c3894a","block_type":"box","text":"Jeffrey Jarczyk Jeffrey Jarczyk is a CPA and has more than 30 years of experience in the financial","page_number":27,"box":{"x":69,"y":65,"width":777,"height":12}},{"id":"6969e1bd-3770-4906-8759-3d1ebb23598c","block_type":"box","text":"services industry, including over 19 years at Fidelity Investments, where he served, at","page_number":27,"box":{"x":265,"y":81,"width":613,"height":11}},{"id":"71942454-766c-478d-a379-bef00f80a65f","block_type":"box","text":"different times, as the Chief Auditor and the Chief Accounting Officer of Fidelity","page_number":27,"box":{"x":265,"y":96,"width":563,"height":11}},{"id":"0867fbfd-d41e-4cf3-bcf2-736d2236fe66","block_type":"box","text":"Investments’ parent company, FMR LLC. Prior to working at Fidelity, Mr. Jarczyk was a","page_number":27,"box":{"x":265,"y":111,"width":607,"height":11}},{"id":"4b398471-882a-48cd-b456-58e5e1fab8b0","block_type":"box","text":"par tner at Deloitte and Ar thur Andersen for approximately 17 years. These positions have","page_number":27,"box":{"x":265,"y":126,"width":638,"height":11}},{"id":"78753aed-a2e5-4fd4-ae61-a5216faea1f2","block_type":"box","text":"allowed him to work extensively with audit and risk committees and company executives","page_number":27,"box":{"x":265,"y":141,"width":626,"height":11}},{"id":"9ed0be74-2478-48d3-8c66-854f9f7a5b67","block_type":"box","text":"helping to identify, manage and mitigate risks for financial services companies.","page_number":27,"box":{"x":265,"y":156,"width":563,"height":11}},{"id":"edcb7a58-3b7a-4df7-8e0a-c978b37d617c","block_type":"box","text":"Mr. Jarczyk also served as consultant to the Independent Trustees prior to becoming an","page_number":27,"box":{"x":265,"y":171,"width":625,"height":12}},{"id":"30e294cd-ac8f-42fc-93d1-f7b7a0ca41ae","block_type":"box","text":"Independent Trustee.","page_number":27,"box":{"x":265,"y":187,"width":149,"height":10}},{"id":"837a13a5-3532-43c3-b439-4180f01b2ebc","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":27,"box":{"x":70,"y":209,"width":806,"height":11}},{"id":"23b3735f-efce-4212-8fd6-334108b16b99","block_type":"box","text":"global exper tise gained through his 35 year career at KPMG, a global professional","page_number":27,"box":{"x":264,"y":224,"width":584,"height":11}},{"id":"ff04b136-ec79-4d9f-859e-4962e2092e4a","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":27,"box":{"x":265,"y":240,"width":622,"height":11}},{"id":"903527b0-0096-4c28-a2e7-39ed53e4ec38","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":27,"box":{"x":265,"y":254,"width":638,"height":12}},{"id":"d4f6609e-39cf-407c-8177-5b76e44dd95e","block_type":"box","text":"and exper tise in financial repor ting, accounting, auditing, risk management, and","page_number":27,"box":{"x":265,"y":269,"width":570,"height":12}},{"id":"8ad73565-6c4f-4a4f-b76c-da8a8f868695","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":27,"box":{"x":265,"y":285,"width":642,"height":11}},{"id":"8652f490-9aa9-44ff-a7e3-69f771d83d6a","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":27,"box":{"x":265,"y":300,"width":626,"height":11}},{"id":"0f6e5cd4-5cbb-4672-b1c7-2e8c0b549e2b","block_type":"box","text":"industries including professional services, proper ty and casualty reinsurance, insurance,","page_number":27,"box":{"x":265,"y":315,"width":630,"height":11}},{"id":"fb0a5dfa-c6bd-49fb-bc29-3332c016b2b5","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":27,"box":{"x":265,"y":330,"width":602,"height":11}},{"id":"07c6b1e0-79fb-40c7-8143-2dd60681114d","block_type":"box","text":"technology. Mr. Keizer is a cer tified public accountant and also served on the board of the","page_number":27,"box":{"x":264,"y":345,"width":643,"height":11}},{"id":"9e1dcc98-d46d-4c06-bd39-159f18f37972","block_type":"box","text":"American Institute of Cer tified Public Accountants. Mr. Keizer has been determined by the","page_number":27,"box":{"x":264,"y":360,"width":639,"height":11}},{"id":"fd85121f-b72f-454a-a133-4936563bc089","block_type":"box","text":"Audit Committee to be an audit committee financial exper t, as such term is defined in the","page_number":27,"box":{"x":264,"y":375,"width":641,"height":11}},{"id":"3dab8b9f-000c-4d2c-a5e7-d7531620284b","block_type":"box","text":"applicable Commission rules.","page_number":27,"box":{"x":265,"y":391,"width":208,"height":10}},{"id":"dc301754-a31a-47f5-a51c-80fdee52be30","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":27,"box":{"x":69,"y":413,"width":769,"height":11}},{"id":"3f278b99-9041-4604-83bd-a2aba36ed9c2","block_type":"box","text":"investment companies, most recently as a member of the boards of cer tain BlackRock","page_number":27,"box":{"x":265,"y":428,"width":621,"height":11}},{"id":"92a3fb6c-d1cc-4811-a9ea-9e3abcf95be8","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":27,"box":{"x":265,"y":443,"width":599,"height":12}},{"id":"b527a0e1-2002-4777-a7c4-23e1d231fb0e","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":27,"box":{"x":265,"y":458,"width":641,"height":12}},{"id":"ea4d5a2b-3944-4bc2-ab7a-116076b9b3d6","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":27,"box":{"x":264,"y":474,"width":602,"height":11}},{"id":"c565604e-fe36-4d85-81fc-8947d98ab6c2","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":27,"box":{"x":264,"y":489,"width":617,"height":11}},{"id":"4a4cfd96-a17c-4580-82cb-8d4477458c12","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":27,"box":{"x":265,"y":504,"width":629,"height":11}},{"id":"a5eeeee7-bb31-457b-b68f-abd830055b68","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":27,"box":{"x":264,"y":519,"width":628,"height":11}},{"id":"94b5ee7d-10d2-47f2-8875-404cd3aa257e","block_type":"box","text":"ar ticles and books on these topics.","page_number":27,"box":{"x":265,"y":534,"width":251,"height":11}},{"id":"ff277832-f432-4543-9d7e-b53d074d75c7","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":27,"box":{"x":70,"y":557,"width":764,"height":11}},{"id":"47df9a50-ac9e-4f70-b4da-e8f40262eb3a","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":27,"box":{"x":265,"y":572,"width":642,"height":11}},{"id":"4f4f0d6a-a8ce-45c3-85a8-3b53e78e7549","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a par tner,","page_number":27,"box":{"x":264,"y":587,"width":593,"height":11}},{"id":"e39395bc-7d85-42ba-ac07-19cfff4a7ab7","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":27,"box":{"x":265,"y":602,"width":603,"height":11}},{"id":"2275706d-4a20-44a0-b409-14ea7e5de0ae","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":27,"box":{"x":265,"y":617,"width":629,"height":12}},{"id":"d0ae52c1-5d3f-40cf-9459-5a81266eb4f3","block_type":"box","text":"I-11","page_number":27,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"cc634365-88d0-426b-aee9-62f9e24f0521","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":27,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"4c6f200d-3961-4fe6-91a8-77955f888aad","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":28,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"9c5a79ee-d7ac-473d-959c-28c355a8d479","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":28,"box":{"x":70,"y":65,"width":804,"height":12}},{"id":"c84245b3-97fa-444c-89e9-0f2c853a54ed","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":28,"box":{"x":265,"y":81,"width":552,"height":11}},{"id":"46f23cf7-3d5c-4e0e-b1ec-eb6a92ea360e","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":28,"box":{"x":265,"y":96,"width":636,"height":11}},{"id":"e8c16c78-d05a-4220-a305-edae868b7507","block_type":"box","text":"2009. During 14 years as the Director of OCIE, she led the SEC’s nationwide examination","page_number":28,"box":{"x":265,"y":111,"width":639,"height":11}},{"id":"c7fb6b5d-a239-4328-9eb7-eb6eefa7bf3e","block_type":"box","text":"oversight program for advisers, mutual funds, hedge funds, broker-dealers, stock","page_number":28,"box":{"x":265,"y":126,"width":576,"height":11}},{"id":"2a35193d-1856-4bae-88f7-66a50102bdae","block_type":"box","text":"exchanges, and other industry firms. Prior to that, from 1985 to 1995, she held various","page_number":28,"box":{"x":265,"y":141,"width":626,"height":11}},{"id":"bbe90d71-c0e4-4628-98af-50083ee1e86f","block_type":"box","text":"roles at the SEC, including Associate Director for Enforcement for the SEC’s Pacific","page_number":28,"box":{"x":265,"y":156,"width":592,"height":11}},{"id":"a69485af-a797-4c4b-9bec-6b959faaea45","block_type":"box","text":"Regional Office and executive assistant and senior advisor to then SEC Chairman Ar thur","page_number":28,"box":{"x":265,"y":171,"width":629,"height":12}},{"id":"1cf789e4-6249-41ce-9b2b-f457fd22c975","block_type":"box","text":"Levitt. More recently, Ms. Richards served as Chief Compliance Officer of the Asset and","page_number":28,"box":{"x":265,"y":186,"width":626,"height":12}},{"id":"24ce6b6f-8121-4b4d-82c6-6909fa44ea3c","block_type":"box","text":"Wealth Management global lines of business at JPMorgan Chase & Co. from 2013 to","page_number":28,"box":{"x":264,"y":201,"width":608,"height":12}},{"id":"2c3802b7-174d-40aa-b8ac-554ef62d0f5b","block_type":"box","text":"2018 where she led its global compliance program, advised business leaders on","page_number":28,"box":{"x":265,"y":217,"width":575,"height":11}},{"id":"1545e74b-89d2-4a29-890a-c0b76308a229","block_type":"box","text":"compliance issues, oversaw risk assessment, monitoring, testing and training, and","page_number":28,"box":{"x":264,"y":232,"width":591,"height":11}},{"id":"08a181e3-3e89-4454-b229-c7d9b3c5cda4","block_type":"box","text":"maintained relationships with regulators. In addition, Ms. Richards served as a member","page_number":28,"box":{"x":265,"y":247,"width":627,"height":11}},{"id":"c34a722d-69c3-41ed-be79-4e5a36dbe1d3","block_type":"box","text":"of the National Adjudicatory Council of the Financial Industry Regulatory Authority","page_number":28,"box":{"x":265,"y":262,"width":578,"height":11}},{"id":"a3724dad-3c46-4e8a-9212-2a58b7681e94","block_type":"box","text":"(FINRA) from 2019 to 2022 and held the chair and vice chair posts during her tenure.","page_number":28,"box":{"x":265,"y":277,"width":607,"height":11}},{"id":"198b8ddc-9b94-45ff-88fa-17924e63c76c","block_type":"box","text":"Prior thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers LLP","page_number":28,"box":{"x":265,"y":292,"width":615,"height":11}},{"id":"6ee76d5a-bff7-49cd-b5cf-1f0184d76a2b","block_type":"box","text":"(“PwC”) and co-leader of its Asset Management Regulatory group. At PwC, she assisted a","page_number":28,"box":{"x":265,"y":307,"width":638,"height":12}},{"id":"146ffe7e-630e-40e9-878d-84b97e061826","block_type":"box","text":"broad range of financial services clients in designing and implementing risk management","page_number":28,"box":{"x":265,"y":322,"width":635,"height":12}},{"id":"69b98aa7-cd67-4975-9c10-a666d6b13827","block_type":"box","text":"and compliance programs, and preparing for new regulatory expectations. These positions","page_number":28,"box":{"x":265,"y":338,"width":642,"height":11}},{"id":"8c547a21-1824-4add-b7f7-c9beda438300","block_type":"box","text":"have provided her with insight and perspective on the markets and the economy, as well","page_number":28,"box":{"x":265,"y":353,"width":627,"height":11}},{"id":"1dccdcf7-3f33-4b5a-9883-757cfaba5570","block_type":"box","text":"as asset management regulation and compliance. In addition, Ms. Richards serves as a","page_number":28,"box":{"x":265,"y":368,"width":628,"height":11}},{"id":"239e833c-9ef0-4e34-ae17-ded57f74fe43","block_type":"box","text":"member of the Audit Committee and the Compliance Committee.","page_number":28,"box":{"x":265,"y":383,"width":460,"height":11}},{"id":"df3e2b80-9d42-4d0b-8bc0-55c014fa696d","block_type":"box","text":"Mark Stalnecker Mark Stalnecker has gained a wealth of experience in investing and asset management","page_number":28,"box":{"x":70,"y":406,"width":818,"height":11}},{"id":"9ddd1178-674c-4842-8029-af16d591cb28","block_type":"box","text":"from his over 13 years of service as the Chief Investment Officer of the University of","page_number":28,"box":{"x":264,"y":421,"width":603,"height":11}},{"id":"433fdda1-7574-4090-96e4-0b46653ee9f1","block_type":"box","text":"Delaware as well as from his various positions with First Union Corporation, including","page_number":28,"box":{"x":265,"y":436,"width":606,"height":11}},{"id":"80280c55-88eb-4cbc-afbe-f4d95c49c838","block_type":"box","text":"Senior Vice President and State Investment Director of First Investment Advisors. The","page_number":28,"box":{"x":265,"y":451,"width":608,"height":9}},{"id":"7477a1cf-672a-42c8-9bb1-00f9dc3d8734","block_type":"box","text":"Board benefits from his experience and perspective as the Chief Investment Officer of a","page_number":28,"box":{"x":265,"y":466,"width":626,"height":11}},{"id":"15025dee-0934-44e0-a090-ebe447ceb3b4","block_type":"box","text":"university endowment and from the oversight experience he gained from service on","page_number":28,"box":{"x":265,"y":481,"width":591,"height":11}},{"id":"7ef484c2-fab1-493e-844c-62b452d6d8a5","block_type":"box","text":"various private and non-profit boards.","page_number":28,"box":{"x":264,"y":496,"width":265,"height":11}},{"id":"06988278-40fd-4d63-98ea-8d69cc3c507a","block_type":"box","text":"Marc D. Stern Marc D. Stern has more than 30 years of experience in investing and asset management.","page_number":28,"box":{"x":70,"y":519,"width":833,"height":11}},{"id":"0ebb7c56-8d5a-44fa-866c-af52496b0867","block_type":"box","text":"Mr. Stern served as the Chief Executive Officer at Bessemer Trust, a wealth management","page_number":28,"box":{"x":265,"y":534,"width":638,"height":11}},{"id":"fddc70af-a824-40ac-970b-1c28c2c6bc7e","block_type":"box","text":"business, for 13 years. During his tenure at Bessemer Trust, Mr. Stern served on the","page_number":28,"box":{"x":265,"y":549,"width":608,"height":11}},{"id":"fdeeecf1-dfa9-4b0e-aa9b-beb0971ddcb5","block_type":"box","text":"firm’s board of directors, chaired the board’s trust and investment committee, and led the","page_number":28,"box":{"x":264,"y":564,"width":645,"height":11}},{"id":"629e036c-0570-4570-af2a-2ffaacecaff7","block_type":"box","text":"firm’s executive committee. He also served as Bessemer’s Chief Investment Officer for 8","page_number":28,"box":{"x":264,"y":579,"width":639,"height":9}},{"id":"4689cb34-fd23-4174-bb78-98a56a68d2a9","block_type":"box","text":"years, where he was Chair of the Investment Policy and Strategy Committee with","page_number":28,"box":{"x":264,"y":595,"width":573,"height":11}},{"id":"f599c2d0-e91d-4d35-9f7f-267e5a0dc59b","block_type":"box","text":"responsibility for overall asset allocation and investment strategy. Mr. Stern also served","page_number":28,"box":{"x":265,"y":610,"width":625,"height":11}},{"id":"bdb90d53-a420-4398-8f89-39c88875dad9","block_type":"box","text":"as Chair of the Private Clients Investment group at AllianceBernstein. These positions","page_number":28,"box":{"x":265,"y":625,"width":610,"height":11}},{"id":"f68be550-403a-48f1-9c62-2fe75a5381d1","block_type":"box","text":"provide Mr. Stern with insight and perspective into investment management, the economy,","page_number":28,"box":{"x":265,"y":640,"width":642,"height":11}},{"id":"6b5f50e4-9dea-488c-8624-8fe5e2711565","block_type":"box","text":"and fiduciary governance. Mr. Stern also served as consultant to the Independent","page_number":28,"box":{"x":265,"y":655,"width":583,"height":11}},{"id":"d07bb326-1a3b-4d14-9291-c6cca07fe88b","block_type":"box","text":"Trustees prior to becoming an Independent Trustee.","page_number":28,"box":{"x":264,"y":670,"width":369,"height":11}},{"id":"bac7f0fc-c728-4ed9-86aa-5cf8543536eb","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment","page_number":28,"box":{"x":70,"y":693,"width":807,"height":11}},{"id":"36914b28-f00a-4e0b-9839-9ebd6280f8c2","block_type":"box","text":"companies, most recently as a member of the boards of cer tain BlackRock-advised Funds","page_number":28,"box":{"x":264,"y":708,"width":641,"height":11}},{"id":"1600190b-696a-4574-a44c-1a8f8a399197","block_type":"box","text":"and predecessor funds, including the legacy BlackRock funds. He has over 30 years of","page_number":28,"box":{"x":265,"y":723,"width":618,"height":11}},{"id":"789232dc-87ea-4bae-9b57-07793e3e59d5","block_type":"box","text":"experience in public accounting. Mr. Urish has served as a managing member of an","page_number":28,"box":{"x":265,"y":738,"width":594,"height":11}},{"id":"4e1e09c2-6b19-4258-a552-531d043583dd","block_type":"box","text":"accounting and consulting firm. Mr. Urish has been determined by the Audit Committee to","page_number":28,"box":{"x":265,"y":753,"width":639,"height":12}},{"id":"2d3285f4-d0fb-485e-b019-e9bca28b46aa","block_type":"box","text":"be an audit committee financial exper t, as such term is defined in the applicable","page_number":28,"box":{"x":265,"y":768,"width":575,"height":11}},{"id":"ec3912e1-2b62-4b06-aeb3-cfcb6e97eea7","block_type":"box","text":"Commission rules.","page_number":28,"box":{"x":265,"y":784,"width":131,"height":9}},{"id":"9b5cbcc1-59fc-4113-9c6c-ec7954225867","block_type":"box","text":"I-12","page_number":28,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"151f2f25-b2c9-41c4-a04e-e69b791ade33","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":28,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"9c70dd1f-130b-4b45-aafe-a46b6739c1f5","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":29,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"cdaebd45-825b-4e73-b4ce-bf418d26e847","block_type":"box","text":"Claire A. Walton Claire A. Walton has over 25 years of experience in investment management. She has","page_number":29,"box":{"x":69,"y":65,"width":808,"height":12}},{"id":"1de2ac75-9640-4a78-bfe6-27793ec3efdb","block_type":"box","text":"served as the Chief Operating Officer and Chief Financial Officer of Liber ty Square Asset","page_number":29,"box":{"x":265,"y":81,"width":630,"height":11}},{"id":"fd9fb75a-ac3a-44b5-885b-176837f59a7c","block_type":"box","text":"Management, LP / Steel Par tners Japan Asset Management, LP from 1998 to 2015, an","page_number":29,"box":{"x":265,"y":96,"width":627,"height":11}},{"id":"ff3e276c-3216-4dca-82e8-82a1c846bd59","block_type":"box","text":"investment manager that specialized in long/shor t non-U.S. equity investments, and was","page_number":29,"box":{"x":265,"y":111,"width":632,"height":11}},{"id":"024a4f70-484a-4a28-aaaf-6db260af51de","block_type":"box","text":"an owner and General Par tner of Neon Liber ty Capital Management, LLC from 2003 to","page_number":29,"box":{"x":265,"y":126,"width":615,"height":11}},{"id":"6737fb53-f122-4def-9f00-5114a8a747ef","block_type":"box","text":"2023, a firm focusing on long/shor t equities in global emerging and frontier markets.","page_number":29,"box":{"x":265,"y":141,"width":608,"height":11}},{"id":"7e070333-ed04-41ff-b29b-8d8bdaf3b362","block_type":"box","text":"These positions have provided her with insight and perspective on the markets and the","page_number":29,"box":{"x":264,"y":156,"width":620,"height":11}},{"id":"bf41df36-1060-4a01-901f-c68b339a6df6","block_type":"box","text":"economy. Ms. Walton has been determined by the Audit Committee to be an audit","page_number":29,"box":{"x":265,"y":171,"width":584,"height":11}},{"id":"a4ce7f59-04f9-4caf-a2e9-9d3636c24716","block_type":"box","text":"committee financial exper t, as such term is defined in the applicable Commission rules.","page_number":29,"box":{"x":264,"y":186,"width":629,"height":11}},{"id":"50658894-bc15-4e97-8e96-ef6965eb02fe","block_type":"box","text":"Interested Trustees","page_number":29,"box":{"x":70,"y":209,"width":138,"height":9}},{"id":"57bdeb3c-85ad-4e7d-a4cf-5c7d5393797b","block_type":"box","text":"Rober t Fairbairn Rober t Fairbairn has more than 25 years of experience with BlackRock, Inc. and over 30","page_number":29,"box":{"x":70,"y":224,"width":823,"height":11}},{"id":"5194db2a-5575-43ca-82a3-b5445f93d8cd","block_type":"box","text":"years of experience in finance and asset management. In par ticular, Mr. Fairbairn’s","page_number":29,"box":{"x":264,"y":239,"width":593,"height":12}},{"id":"95db2a0a-a885-466d-8bce-14e95257ea8d","block_type":"box","text":"positions as Vice Chairman of BlackRock, Inc., Member of BlackRock’s Global Operating","page_number":29,"box":{"x":265,"y":254,"width":629,"height":12}},{"id":"f98ffa56-2137-4baa-a066-3e0c01647ef6","block_type":"box","text":"Committee and Co-Chair of BlackRock’s Human Capital Committee provide the Board with","page_number":29,"box":{"x":265,"y":269,"width":639,"height":11}},{"id":"7c69d446-0f71-491f-89fa-084447cb40b5","block_type":"box","text":"a wealth of practical business knowledge and leadership. 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Mr. Fairbairn also","page_number":29,"box":{"x":265,"y":360,"width":620,"height":12}},{"id":"e5cfbe32-9f9d-45ed-87fa-43fac1573408","block_type":"box","text":"serves as a board member for the funds in the BlackRock Fixed-Income Complex.","page_number":29,"box":{"x":265,"y":375,"width":578,"height":11}},{"id":"5264bde7-050f-4ed3-be87-4a466d34c813","block_type":"box","text":"John M. Perlowski John M. Perlowski’s experience as Senior Managing Director of BlackRock, Inc. since","page_number":29,"box":{"x":69,"y":398,"width":800,"height":11}},{"id":"add927d1-b75a-4f13-810e-70c8fbe800e3","block_type":"box","text":"2026, as Managing Director of BlackRock, Inc. from 2009 to 2025, as the Head of","page_number":29,"box":{"x":265,"y":413,"width":593,"height":11}},{"id":"2fb15b40-abdb-49ea-860f-fee50d4b9bb1","block_type":"box","text":"BlackRock Global Business Operations Services since 2009, and as President and Chief","page_number":29,"box":{"x":265,"y":428,"width":633,"height":11}},{"id":"463d6654-51cb-4b4f-93e4-ca85a6d9250a","block_type":"box","text":"Executive Officer of the BlackRock-advised Funds provides him with a strong","page_number":29,"box":{"x":265,"y":443,"width":542,"height":12}},{"id":"e66301b4-14df-4226-b6c9-143c342c93fb","block_type":"box","text":"understanding of the BlackRock-advised Funds, their operations, and the business and","page_number":29,"box":{"x":265,"y":458,"width":617,"height":12}},{"id":"8ab08587-eed2-428b-82ef-926972dca345","block_type":"box","text":"regulatory issues facing the BlackRock-advised Funds. Mr. Perlowski’s prior position as","page_number":29,"box":{"x":265,"y":474,"width":620,"height":11}},{"id":"05533158-502f-4fa6-b7e6-287522c180ea","block_type":"box","text":"Managing Director and Chief Operating Officer of the Global Product Group at Goldman","page_number":29,"box":{"x":265,"y":489,"width":616,"height":11}},{"id":"7c4fab3a-bbe5-4cfa-9528-3b9b1f41bd25","block_type":"box","text":"Sachs Asset Management, and his former service as Treasurer and Senior Vice President","page_number":29,"box":{"x":265,"y":504,"width":639,"height":11}},{"id":"126f2d68-fcf8-45c0-810a-770848629852","block_type":"box","text":"of the Goldman Sachs Mutual Funds and as Director of the Goldman Sachs Offshore","page_number":29,"box":{"x":265,"y":519,"width":603,"height":9}},{"id":"331a5c19-bfa8-416e-b91c-e0ab43355840","block_type":"box","text":"Funds provides the Board with the benefit of his experience with the management","page_number":29,"box":{"x":265,"y":534,"width":582,"height":11}},{"id":"7c278403-6319-4395-9e71-2b47b671227d","block_type":"box","text":"practices of other financial companies. 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Mr. Perlowski is a member of","page_number":29,"box":{"x":264,"y":564,"width":572,"height":11}},{"id":"11ada4cd-a1cf-4488-a57d-bb9444455f7d","block_type":"box","text":"BlackRock’s Global Executive Committee.","page_number":29,"box":{"x":265,"y":580,"width":294,"height":8}},{"id":"bbefcc6e-f6be-47f8-baf9-695c9bb47a3b","block_type":"box","text":"Biographical Information","page_number":29,"box":{"x":69,"y":611,"width":178,"height":11}},{"id":"7e5c8b91-1fae-4ee6-b335-48ed3ea74487","block_type":"box","text":"Cer tain biographical and other information relating to the Trustees of the Fund is set for th below, including their","page_number":29,"box":{"x":102,"y":634,"width":796,"height":11}},{"id":"f31c0886-7d35-4416-acd8-481dc67e42a6","block_type":"box","text":"address and year of bir th, principal occupations for at least the last five years, length of time served, total number 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Stern* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":34,"box":{"x":79,"y":87,"width":517,"height":9}},{"id":"df0f08d6-ee70-4831-832a-d663cdddf16f","block_type":"box","text":"None None","page_number":34,"box":{"x":666,"y":87,"width":192,"height":9}},{"id":"1b853026-4243-4570-b3b2-de3dd23ae3f7","block_type":"box","text":"Kenneth L. Urish .","page_number":34,"box":{"x":79,"y":102,"width":126,"height":9}},{"id":"aaf6d714-5c97-4fdd-809d-5d3055114790","block_type":"box","text":"................................................","page_number":34,"box":{"x":211,"y":109,"width":385,"height":2}},{"id":"df60f3b4-6a0e-442c-87d1-e9c5a4d69700","block_type":"box","text":"None Over $100,000","page_number":34,"box":{"x":666,"y":101,"width":228,"height":11}},{"id":"b1986230-78fb-4b30-a7f4-7b19e53eeda3","block_type":"box","text":"Claire A. Walton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":34,"box":{"x":79,"y":117,"width":517,"height":9}},{"id":"6acc8bfa-f5d1-4d3f-8404-1f2298e05847","block_type":"box","text":"None Over $100,000","page_number":34,"box":{"x":666,"y":116,"width":228,"height":12}},{"id":"1f2768ee-d554-4387-a950-0c001b97e35a","block_type":"box","text":"Interested Trustees","page_number":34,"box":{"x":70,"y":132,"width":138,"height":9}},{"id":"5fc5cfd1-6806-4deb-984d-296c5457bd0d","block_type":"box","text":"Rober t Fairbairn","page_number":34,"box":{"x":79,"y":148,"width":113,"height":8}},{"id":"aabc7165-4547-495a-bfa8-58ef0f8366fc","block_type":"box","text":"..................................................","page_number":34,"box":{"x":195,"y":155,"width":401,"height":1}},{"id":"d6d1005d-203c-423b-b39a-5c5df7241857","block_type":"box","text":"None Over $100,000","page_number":34,"box":{"x":666,"y":147,"width":228,"height":11}},{"id":"834af26c-7fc6-422a-b1c4-3d2460a757ce","block_type":"box","text":"John M. Perlowski","page_number":34,"box":{"x":78,"y":163,"width":127,"height":8}},{"id":"fa842567-855c-468a-833a-2a74b2915c9f","block_type":"box","text":"................................................","page_number":34,"box":{"x":211,"y":170,"width":385,"height":1}},{"id":"2fb25f06-8f2c-4b40-9b6c-357741b68808","block_type":"box","text":"None Over $100,000","page_number":34,"box":{"x":666,"y":162,"width":228,"height":11}},{"id":"5b798b46-fe71-42e4-a73f-3405ee512902","block_type":"box","text":"*","page_number":34,"box":{"x":69,"y":187,"width":3,"height":2}},{"id":"62936f44-2174-4a5e-81d6-680a02b3b8de","block_type":"box","text":"Information is provided as of April 1, 2026, the date Mr. Jarczyk and Mr. Stern first served as consultants to the Independent Trustees.","page_number":34,"box":{"x":94,"y":187,"width":771,"height":9}},{"id":"6d66366a-8876-43a9-93cb-46b62532761e","block_type":"box","text":"As of August 5, 2026, the Trustees and officers of the Fund as a group directly or indirectly beneficially owned","page_number":34,"box":{"x":101,"y":208,"width":786,"height":11}},{"id":"dca60f61-e53d-4913-a4e2-7c4f6d7f7f72","block_type":"box","text":"an aggregate of less than 1% of any class of the outstanding shares of the Fund. As of December 31, 2025 (and,","page_number":34,"box":{"x":69,"y":223,"width":809,"height":11}},{"id":"03877f60-e5b8-4607-9fd4-55a377583e19","block_type":"box","text":"with respect to Mr. Jarczyk and Mr. Stern, as of April 1, 2026) none of the Independent Trustees of the Fund or their","page_number":34,"box":{"x":68,"y":238,"width":829,"height":11}},{"id":"b1185def-e483-4b6e-accd-a1f83af73723","block_type":"box","text":"immediate family members owned beneficially or of record any securities of the Fund’s investment adviser, sub","page_number":34,"box":{"x":70,"y":253,"width":795,"height":11}},{"id":"738f4215-d272-4498-be6f-927b8b4137ee","block_type":"box","text":"adviser, principal underwriter, or any person directly or indirectly controlling, controlled by, or under common control","page_number":34,"box":{"x":69,"y":268,"width":820,"height":12}},{"id":"2a0355a8-223d-4212-9f87-25f316ad469e","block_type":"box","text":"with such entities.","page_number":34,"box":{"x":68,"y":284,"width":129,"height":8}},{"id":"ff695fb1-6a96-4285-8791-8927dee02917","block_type":"box","text":"Compensation of Trustees","page_number":34,"box":{"x":69,"y":314,"width":190,"height":11}},{"id":"876d8f0a-ca6d-400f-9b71-2146c132e250","block_type":"box","text":"Each Trustee who is an Independent Trustee is paid as compensation an annual retainer of $375,000 per year","page_number":34,"box":{"x":102,"y":336,"width":791,"height":11}},{"id":"7c4951be-99cd-409f-8381-59d4a58d7c70","block_type":"box","text":"for his or her services as a board member of the BlackRock-advised Funds in the BlackRock Multi-Asset Complex,","page_number":34,"box":{"x":68,"y":351,"width":810,"height":11}},{"id":"b4dd920d-e330-4fae-b497-7b6af9b2bf9d","block_type":"box","text":"including the Fund, and a $20,000 board meeting fee to be paid for each in-person board meeting attended (and may","page_number":34,"box":{"x":70,"y":366,"width":837,"height":12}},{"id":"b489bcab-fbf2-4283-9a7a-229b306390cd","block_type":"box","text":"receive a board meeting fee for telephonic attendance at board meetings), for up to five board meetings held in a","page_number":34,"box":{"x":69,"y":382,"width":807,"height":11}},{"id":"0fec2d6d-dce9-4cc8-bee2-5bbfeef31191","block_type":"box","text":"calendar year (compensation for meetings in excess of this number to be determined on a case-by-case basis),","page_number":34,"box":{"x":69,"y":397,"width":791,"height":11}},{"id":"9e1ccf4d-1cb1-4a33-b17b-0479f934405a","block_type":"box","text":"together with out-of-pocket expenses in accordance with a board policy on travel and other business expenses","page_number":34,"box":{"x":68,"y":412,"width":786,"height":11}},{"id":"b99bd91f-eeb6-48c5-9f56-cabe01cc0d21","block_type":"box","text":"relating to attendance at meetings. The Chairs of the Audit Committee, Compliance Committee, Governance","page_number":34,"box":{"x":69,"y":427,"width":769,"height":11}},{"id":"a90fc92f-da37-4c70-abe4-814a53987ee3","block_type":"box","text":"Committee and Per formance Oversight Committee are paid as compensation an additional annual retainer of","page_number":34,"box":{"x":69,"y":442,"width":778,"height":11}},{"id":"12800cd6-f9c9-4cee-a9c1-5ccfa44ff39a","block_type":"box","text":"$45,000, respectively. The Chair of the Board is paid an additional annual retainer of $150,000.","page_number":34,"box":{"x":69,"y":457,"width":689,"height":11}},{"id":"32deebc4-e011-4e08-b728-0a17b883f7e1","block_type":"box","text":"The following table sets for th the compensation the Fund paid to the Trustees for the fiscal year ended","page_number":34,"box":{"x":101,"y":480,"width":733,"height":11}},{"id":"7d69ed77-1ee7-4cdd-88ff-63e6081e8ea0","block_type":"box","text":"April 30, 2026 and the aggregate compensation paid to them by all BlackRock-advised Funds for the calendar year","page_number":34,"box":{"x":68,"y":495,"width":818,"height":11}},{"id":"c14c3b35-fe24-4a8a-8538-80f65665c008","block_type":"box","text":"ended December 31, 2025.","page_number":34,"box":{"x":69,"y":510,"width":197,"height":11}},{"id":"2cecabde-e2ad-4b2b-b62e-872fafea656e","block_type":"box","text":"Name","page_number":34,"box":{"x":69,"y":569,"width":32,"height":7}},{"id":"6172c5fd-2d3a-4ac0-a772-a59d48c0a417","block_type":"box","text":"Compensation from","page_number":34,"box":{"x":509,"y":559,"width":112,"height":8}},{"id":"bc2569e6-82be-4a37-849a-97aa78ef74e6","block_type":"box","text":"the Fund","page_number":34,"box":{"x":540,"y":569,"width":50,"height":7}},{"id":"217c7086-2360-4dc6-ba8b-25d67bd5a45c","block_type":"box","text":"Estimated","page_number":34,"box":{"x":663,"y":538,"width":58,"height":8}},{"id":"60d730cb-5578-49b6-b959-f912a299aa6c","block_type":"box","text":"Annual","page_number":34,"box":{"x":672,"y":549,"width":39,"height":7}},{"id":"92562517-e4af-49a6-901a-c057df0c8dc0","block_type":"box","text":"Benefits upon","page_number":34,"box":{"x":652,"y":559,"width":79,"height":8}},{"id":"49aaf765-97d0-40d2-bc58-9b7780164e29","block_type":"box","text":"Retirement","page_number":34,"box":{"x":660,"y":569,"width":64,"height":7}},{"id":"c67323e8-8832-4873-ba95-a89204341ad2","block_type":"box","text":"Aggregate Compensation","page_number":34,"box":{"x":761,"y":538,"width":148,"height":9}},{"id":"0dfb1773-890b-40aa-b7da-de8ed25b340b","block_type":"box","text":"from the Fund","page_number":34,"box":{"x":795,"y":548,"width":80,"height":8}},{"id":"1954bd7e-29b8-41f4-95cf-c7bb5df09d54","block_type":"box","text":"and Other BlackRock","page_number":34,"box":{"x":772,"y":559,"width":127,"height":7}},{"id":"8532f584-5ad7-4ab6-bbfc-e2a320d2a3ee","block_type":"box","text":"Advised Funds","page_number":34,"box":{"x":791,"y":569,"width":84,"height":7}},{"id":"66ef5e55-4791-4f00-ad80-eaaeb4c44529","block_type":"box","text":"1","page_number":34,"box":{"x":876,"y":569,"width":3,"height":3}},{"id":"5bac76f3-3486-4f98-908d-43786eefe3ba","block_type":"box","text":"Independent Trustees","page_number":34,"box":{"x":70,"y":587,"width":154,"height":10}},{"id":"356938ea-965d-4f3d-88d3-37121e89a89d","block_type":"box","text":"Christopher J. 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Car ter . . .","page_number":34,"box":{"x":79,"y":617,"width":138,"height":9}},{"id":"30f407d6-d216-4998-95c7-26cc3082d355","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,209 None","page_number":34,"box":{"x":223,"y":616,"width":486,"height":11}},{"id":"f0fc8a82-4274-456f-af08-5bd6546ad0c1","block_type":"box","text":"$445,000","page_number":34,"box":{"x":800,"y":616,"width":71,"height":11}},{"id":"4d76f0d0-cc61-4876-af66-8cc71c0054e4","block_type":"box","text":"Collette Chilton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,209 None","page_number":34,"box":{"x":79,"y":631,"width":630,"height":11}},{"id":"f2632994-566d-4508-8edf-428532573510","block_type":"box","text":"$445,000","page_number":34,"box":{"x":800,"y":631,"width":71,"height":11}},{"id":"03118b9e-e8f5-47f4-a574-a80c1c3ca9be","block_type":"box","text":"Neil A. Cotty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,239 None","page_number":34,"box":{"x":79,"y":646,"width":630,"height":12}},{"id":"8b4d73bf-64ee-4213-80bb-c83b5100e4cb","block_type":"box","text":"$467,500","page_number":34,"box":{"x":800,"y":646,"width":71,"height":11}},{"id":"7c370212-372b-437e-9b77-ad11029ab2e2","block_type":"box","text":"Jeffrey Jarczyk","page_number":34,"box":{"x":78,"y":662,"width":102,"height":11}},{"id":"e22b62c4-13a1-4bde-9034-a053687dd929","block_type":"box","text":"2","page_number":34,"box":{"x":180,"y":662,"width":4,"height":5}},{"id":"d7f48e8d-08fa-4975-a603-7d2ba922fc23","block_type":"box","text":"....................................","page_number":34,"box":{"x":190,"y":669,"width":288,"height":2}},{"id":"81b32d1a-6352-4827-9df0-70d6bda3bd65","block_type":"box","text":"$209 None None","page_number":34,"box":{"x":547,"y":661,"width":306,"height":11}},{"id":"336379f2-7fec-4e8e-953a-6c65075f27ce","block_type":"box","text":"Henry R. Keizer","page_number":34,"box":{"x":79,"y":677,"width":109,"height":11}},{"id":"09a064a9-2e81-4603-8cfb-82712148ad32","block_type":"box","text":"3","page_number":34,"box":{"x":189,"y":677,"width":4,"height":5}},{"id":"a9109d4b-c074-4907-85a2-abb24e6ee378","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,304 None","page_number":34,"box":{"x":199,"y":676,"width":510,"height":12}},{"id":"79293523-8c41-40a4-ba8c-649ee6c95096","block_type":"box","text":"$490,000","page_number":34,"box":{"x":800,"y":676,"width":71,"height":12}},{"id":"d7122fe4-d317-4574-9a92-760818991020","block_type":"box","text":"Cynthia A. Montgomery","page_number":34,"box":{"x":79,"y":692,"width":164,"height":11}},{"id":"f77ae835-fb39-4a50-a7e7-f73911857887","block_type":"box","text":"4","page_number":34,"box":{"x":244,"y":693,"width":4,"height":4}},{"id":"6151f080-eb05-4c01-b651-30b491dc6f32","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,283 None","page_number":34,"box":{"x":256,"y":692,"width":453,"height":11}},{"id":"fbc96380-dbc8-4632-8c55-53e1b8c7d800","block_type":"box","text":"$490,000","page_number":34,"box":{"x":800,"y":692,"width":71,"height":11}},{"id":"bd4863cf-0aca-4b5d-a55d-f11515d4f9e2","block_type":"box","text":"Donald C. Opatrny","page_number":34,"box":{"x":79,"y":707,"width":129,"height":11}},{"id":"fcc24306-71c2-4bd3-9d20-d023dc758096","block_type":"box","text":"5","page_number":34,"box":{"x":208,"y":708,"width":4,"height":4}},{"id":"6eef40fc-5f68-4483-a2d6-b790f7e07f47","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,283 None","page_number":34,"box":{"x":215,"y":707,"width":494,"height":11}},{"id":"647fe326-f3e0-4ec4-9805-e0bd1774ac74","block_type":"box","text":"$490,000","page_number":34,"box":{"x":800,"y":707,"width":71,"height":11}},{"id":"40931ee5-3f7a-4738-8e4f-40a4bbae189c","block_type":"box","text":"Lori Richards","page_number":34,"box":{"x":79,"y":723,"width":91,"height":8}},{"id":"09ac451d-d592-4f3a-bcc5-827207f58670","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,209 None","page_number":34,"box":{"x":174,"y":722,"width":535,"height":11}},{"id":"9c484bb4-ecca-4f15-9eec-7f7e61ceeef0","block_type":"box","text":"$445,000","page_number":34,"box":{"x":800,"y":722,"width":71,"height":11}},{"id":"c4455f65-14ac-49ba-8ecf-d1ffd3f93bde","block_type":"box","text":"Mark Stalnecker","page_number":34,"box":{"x":79,"y":738,"width":115,"height":9}},{"id":"438d5f6c-2340-407b-bb0f-de4345fdcc7a","block_type":"box","text":"6","page_number":34,"box":{"x":194,"y":738,"width":5,"height":4}},{"id":"9b4396c1-14f3-4d99-8a34-c54be626bf5e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,455 None","page_number":34,"box":{"x":207,"y":737,"width":502,"height":11}},{"id":"047841c8-0a80-427d-a0db-ac4ba3939421","block_type":"box","text":"$595,000","page_number":34,"box":{"x":800,"y":737,"width":71,"height":11}},{"id":"8d7f348d-e67f-4930-a4a3-2039c4c8c4f6","block_type":"box","text":"Marc D. 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Perlowski","page_number":34,"box":{"x":78,"y":828,"width":127,"height":9}},{"id":"7e1ea766-6e3d-4e76-9264-aa07458234ab","block_type":"box","text":".................................","page_number":34,"box":{"x":215,"y":836,"width":263,"height":1}},{"id":"05d936dd-e001-485e-b4ac-df4af1b1e601","block_type":"box","text":"None None None","page_number":34,"box":{"x":548,"y":828,"width":305,"height":9}},{"id":"799e7f11-13dc-410c-a539-f6d307150fe4","block_type":"box","text":"1","page_number":34,"box":{"x":69,"y":853,"width":3,"height":3}},{"id":"2192e198-33c7-42f9-b800-c4e789196f75","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Trustee receives compensation, see “Biographical Information” beginning on","page_number":34,"box":{"x":94,"y":853,"width":786,"height":9}},{"id":"c2226af4-bf8a-40be-9e3d-a2ddd16b4fb4","block_type":"box","text":"page I-13.","page_number":34,"box":{"x":94,"y":863,"width":55,"height":9}},{"id":"276ef0f8-6506-4df7-acf8-5d369c14ce8b","block_type":"box","text":"2","page_number":34,"box":{"x":69,"y":876,"width":3,"height":3}},{"id":"1eefb9ce-1950-4331-bb1e-ec65c107d537","block_type":"box","text":"Compensation includes $209 earned as a consultant to the Independent Trustees for the period April 1, 2026 to July 1, 2026.","page_number":34,"box":{"x":93,"y":875,"width":724,"height":9}},{"id":"18888d46-9275-46ab-bb71-65c272af24d7","block_type":"box","text":"3","page_number":34,"box":{"x":69,"y":888,"width":3,"height":4}},{"id":"3199b65a-0bb1-485f-a874-6a4e20ff23a2","block_type":"box","text":"Chair of the Audit Committee.","page_number":34,"box":{"x":93,"y":888,"width":168,"height":7}},{"id":"aba8e145-3830-436b-ae8e-392d0332d3b9","block_type":"box","text":"4","page_number":34,"box":{"x":68,"y":901,"width":4,"height":3}},{"id":"242c31f3-fccc-440f-bb9d-86dcdcde6c02","block_type":"box","text":"Chair of the Governance Committee.","page_number":34,"box":{"x":93,"y":901,"width":206,"height":7}},{"id":"85efa36b-2505-4a76-8437-5ed00a1680cc","block_type":"box","text":"5","page_number":34,"box":{"x":69,"y":913,"width":3,"height":4}},{"id":"5e2c8767-7226-4d68-b384-c713486ef8a4","block_type":"box","text":"Chair of the Per formance Oversight Committee.","page_number":34,"box":{"x":93,"y":913,"width":269,"height":9}},{"id":"fd2a089a-37e5-48dd-bbd2-47a5056f1d40","block_type":"box","text":"I-18","page_number":34,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"54ad5c03-31c5-47cc-9052-c23812678f64","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":34,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"7337075e-8100-4bbd-9597-de1f33c2b677","block_type":"box","text":"6","page_number":35,"box":{"x":69,"y":45,"width":3,"height":4}},{"id":"15eebc6c-489b-4eb7-8f56-07661dfeb85e","block_type":"box","text":"Chair of the Board and Chair of the Ad Hoc Topics Committee.","page_number":35,"box":{"x":93,"y":45,"width":352,"height":9}},{"id":"b2456e0b-3985-4e01-a661-ad37b16ee1c7","block_type":"box","text":"7","page_number":35,"box":{"x":69,"y":58,"width":3,"height":3}},{"id":"204ba513-bac0-4c66-a9e2-ff7e4f91ab1f","block_type":"box","text":"Chair of the Compliance Committee.","page_number":35,"box":{"x":93,"y":58,"width":205,"height":9}},{"id":"b1d99009-1081-41a2-ae34-f27da3cdc974","block_type":"box","text":"IV. 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BlackRock has contractually agreed to waive its management fees by the amount of investment","page_number":35,"box":{"x":69,"y":207,"width":797,"height":11}},{"id":"4ce1b305-be74-4b56-94ce-7f0d9c5141d5","block_type":"box","text":"advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by","page_number":35,"box":{"x":69,"y":222,"width":789,"height":12}},{"id":"f26c75ba-53b5-4f3e-8290-800d6fc9149e","block_type":"box","text":"BlackRock or its affiliates, through June 30, 2028. The contractual agreements may be terminated upon 90 days’","page_number":35,"box":{"x":70,"y":237,"width":810,"height":12}},{"id":"0d82c16d-263a-4361-a239-ef2f8d499b90","block_type":"box","text":"notice by a majority of the Independent Trustees of the Fund or by a vote of a majority of the outstanding voting","page_number":35,"box":{"x":69,"y":252,"width":792,"height":12}},{"id":"a2b9f308-a188-4260-946a-8eb1c8b92eda","block_type":"box","text":"securities of the Fund.","page_number":35,"box":{"x":69,"y":268,"width":158,"height":9}},{"id":"1a9dc4f7-2879-437a-993d-c7da308c7864","block_type":"box","text":"BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual","page_number":35,"box":{"x":102,"y":290,"width":778,"height":12}},{"id":"1fe3fe85-bbbe-4504-bb9e-ccd490c9b758","block_type":"box","text":"Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest","page_number":35,"box":{"x":70,"y":305,"width":824,"height":12}},{"id":"b91cf41e-040c-424e-bf81-1e9de587f27a","block_type":"box","text":"Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses (as defined in the Prospectus)) to","page_number":35,"box":{"x":70,"y":321,"width":795,"height":11}},{"id":"baaed8b6-e858-4d51-9f88-16f66b7b56db","block_type":"box","text":"1.20% (for Investor A Shares), 1.95% (for Investor C Shares), 0.95% (for Institutional Shares), 1.45% (for Class R","page_number":35,"box":{"x":70,"y":336,"width":806,"height":11}},{"id":"81b47181-6fab-4b18-9528-a12a4562c4e8","block_type":"box","text":"Shares) and 0.90% (for Class K Shares) of average daily net assets through June 30, 2028. The contractual","page_number":35,"box":{"x":69,"y":351,"width":771,"height":11}},{"id":"449512d7-0a0a-4d03-94ca-30c2bcc13a9d","block_type":"box","text":"agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees of the Fund or by a","page_number":35,"box":{"x":69,"y":366,"width":809,"height":11}},{"id":"500a68bd-d673-4ea3-a9ba-11e0316b598d","block_type":"box","text":"vote of a majority of the outstanding voting securities of the Fund.","page_number":35,"box":{"x":68,"y":381,"width":468,"height":11}},{"id":"45da0dc6-cf67-4231-91ec-8fc5ad2c70a3","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":35,"box":{"x":102,"y":404,"width":800,"height":11}},{"id":"bc8a51d8-46e4-4aff-8e3b-6856bd4a19fa","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of the Manager,","page_number":35,"box":{"x":70,"y":419,"width":834,"height":11}},{"id":"07f4589f-e64e-46ae-88cf-163cb83543e5","block_type":"box","text":"to per form investment advisory services with respect to the Fund. In addition, the Manager may delegate cer tain of","page_number":35,"box":{"x":68,"y":434,"width":825,"height":11}},{"id":"a5cac501-edb2-4c52-9ba9-397af354cc04","block_type":"box","text":"its investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":35,"box":{"x":70,"y":449,"width":801,"height":11}},{"id":"c270abab-7425-4bf5-85eb-1808e50d2407","block_type":"box","text":"permitted by applicable law. The Manager may terminate any or all sub-advisers or such delegation arrangements in","page_number":35,"box":{"x":70,"y":464,"width":823,"height":11}},{"id":"8a7b2e6b-d372-45b9-9275-f065fa14bc99","block_type":"box","text":"its sole discretion at any time to the extent permitted by applicable law.","page_number":35,"box":{"x":70,"y":480,"width":508,"height":10}},{"id":"5ce01b74-0271-4824-9c27-29ca123c8269","block_type":"box","text":"The Manager has entered into a sub-advisory agreement (the “Sub-Advisory Agreement”) with BlackRock","page_number":35,"box":{"x":101,"y":502,"width":746,"height":11}},{"id":"3facc1ff-b96b-4f0a-953e-b77481582ff0","block_type":"box","text":"International Limited (“BIL” or the “Sub-Adviser”), pursuant to which the Sub-Adviser receives for the services it","page_number":35,"box":{"x":70,"y":517,"width":793,"height":11}},{"id":"b354b654-c4a0-4a98-aaec-0541b3dc2c8b","block_type":"box","text":"provides for that por tion of the Fund for which the Sub-Adviser serves as sub-adviser a monthly fee at an annual rate","page_number":35,"box":{"x":70,"y":532,"width":830,"height":11}},{"id":"3d587948-e9b2-4a91-9f53-afbd3cec22ce","block_type":"box","text":"equal to a percentage of the management fee paid to the Manager under the Management Agreement.","page_number":35,"box":{"x":69,"y":547,"width":731,"height":12}},{"id":"16160e78-ead4-413e-9cb6-6cbd9ea253d9","block_type":"box","text":"The table below sets for th information about the total management fees paid by the Fund to the Manager (which","page_number":35,"box":{"x":101,"y":570,"width":802,"height":11}},{"id":"4b5fcfec-3419-4f0f-af59-8241c897bb8b","block_type":"box","text":"includes amounts paid by the Manager to the Sub-Adviser), and the amounts waived and/or reimbursed by the","page_number":35,"box":{"x":70,"y":585,"width":785,"height":11}},{"id":"40a4b989-f323-4298-aed5-054477a3ea16","block_type":"box","text":"Manager, for the periods 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Year Ended April 30, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,477,114 $12,420 $226,745","page_number":35,"box":{"x":70,"y":681,"width":830,"height":11}},{"id":"932a6cf3-3b5b-4ab1-af89-b9556a622ab8","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,286,562 $ 4,585 $ 72,273","page_number":35,"box":{"x":70,"y":696,"width":830,"height":12}},{"id":"8ffe00f7-dde7-461f-bc74-55382aa0a81a","block_type":"box","text":"Information Regarding the Portfolio Managers","page_number":35,"box":{"x":69,"y":728,"width":335,"height":11}},{"id":"2a156371-385e-4a86-8905-cca8e5ff7233","block_type":"box","text":"Alister Hibber t and Michael Constantis, CFA are the Fund’s por tfolio managers and are jointly and primarily","page_number":35,"box":{"x":101,"y":751,"width":762,"height":11}},{"id":"2f6a0cc3-cba2-45b0-b0c1-dad6599c5731","block_type":"box","text":"responsible for the day-to-day management of the 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$0","page_number":36,"box":{"x":326,"y":128,"width":549,"height":8}},{"id":"7e1757d3-a42a-4bfa-8197-606716545d55","block_type":"box","text":"Alister Hibber t 1 9 1 0 3 0","page_number":36,"box":{"x":73,"y":141,"width":799,"height":7}},{"id":"875b6675-e9d4-48e2-853f-a5f3b7d8cb38","block_type":"box","text":"$8.98 Million $20.00 Billion $337.70 Million $0 $17.78 Billion $0","page_number":36,"box":{"x":326,"y":153,"width":549,"height":8}},{"id":"73a0de29-78f0-4599-8e1e-851ae9a287e6","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":36,"box":{"x":69,"y":188,"width":304,"height":11}},{"id":"28ac734a-f8d0-41cb-a495-0e42c82feae4","block_type":"box","text":"The discussion below describes the por tfolio managers’ compensation as of April 30, 2026.","page_number":36,"box":{"x":101,"y":210,"width":658,"height":12}},{"id":"ce5b5f6a-1594-4899-9bda-a090b963f5d4","block_type":"box","text":"BlackRock’s financial arrangements with its por tfolio managers, its competitive compensation and its career","page_number":36,"box":{"x":102,"y":233,"width":774,"height":11}},{"id":"9d43b881-57ae-48bd-afe2-05bc7944ba95","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":36,"box":{"x":70,"y":248,"width":837,"height":11}},{"id":"91df499c-bf6d-4454-9e13-4173aa3c2973","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":36,"box":{"x":69,"y":263,"width":823,"height":11}},{"id":"5cce0923-6e61-420a-84a5-0a7a6139da13","block_type":"box","text":"compensation include a base salary, a per formance-based discretionary bonus, par ticipation in various benefits","page_number":36,"box":{"x":69,"y":278,"width":799,"height":11}},{"id":"11753681-626f-4b50-8261-9b760a6c2f23","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":36,"box":{"x":70,"y":293,"width":670,"height":12}},{"id":"101185ee-1243-4558-9ff3-76587fbdd156","block_type":"box","text":"Base Compensation.","page_number":36,"box":{"x":102,"y":316,"width":148,"height":11}},{"id":"ab68575b-9602-42a3-b980-f2b03709a4e6","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":36,"box":{"x":257,"y":316,"width":640,"height":11}},{"id":"398fb40b-d535-4fcd-8629-6ed411bcd2d4","block_type":"box","text":"firm.","page_number":36,"box":{"x":68,"y":331,"width":32,"height":9}},{"id":"c41c9bcb-021a-408f-af41-6e4b690398ce","block_type":"box","text":"Discretionary Incentive Compensation","page_number":36,"box":{"x":69,"y":362,"width":277,"height":11}},{"id":"ab70e96a-a6aa-493b-afed-5f35e7dc2335","block_type":"box","text":"Generally, discretionary incentive compensation for Fundamental Equities por tfolio managers is based on a","page_number":36,"box":{"x":102,"y":384,"width":763,"height":11}},{"id":"53ca152b-0b76-4ea0-9c32-ab85e33c7396","block_type":"box","text":"formulaic compensation program. BlackRock’s formulaic por tfolio manager compensation program is based on team","page_number":36,"box":{"x":68,"y":399,"width":832,"height":12}},{"id":"f2003496-8a01-4b63-9fff-9cbc1f991954","block_type":"box","text":"revenue and pre-tax investment per formance relative to appropriate competitors or benchmarks over 3- and 5-year","page_number":36,"box":{"x":69,"y":414,"width":815,"height":12}},{"id":"7a66bbd5-d575-4b6a-b44d-37170fea20e1","block_type":"box","text":"per formance periods, as applicable. In most cases, these benchmarks are the same as the benchmark or","page_number":36,"box":{"x":70,"y":429,"width":757,"height":11}},{"id":"e7657eba-cacb-4361-b2c9-d74b819c8d17","block_type":"box","text":"benchmarks against which the per formance of the Fund or other accounts managed by the por tfolio managers are","page_number":36,"box":{"x":69,"y":445,"width":814,"height":11}},{"id":"1a614c6a-beb6-4c61-af1e-6add0ef4f266","block_type":"box","text":"measured. BlackRock’s global compensation team determines the benchmarks or rankings against which the","page_number":36,"box":{"x":69,"y":460,"width":780,"height":11}},{"id":"a348c217-637c-4bed-9622-c84b08161cbe","block_type":"box","text":"per formance of the Fund and other accounts managed by the por tfolio management team is compared and the","page_number":36,"box":{"x":70,"y":475,"width":791,"height":11}},{"id":"b7416a71-0fac-4bcd-9668-d7a62295521e","block_type":"box","text":"period of time over which per formance is evaluated. With respect to these por tfolio managers such benchmarks for","page_number":36,"box":{"x":70,"y":490,"width":823,"height":11}},{"id":"89f685a4-1f8e-4f62-a96a-202559f5324b","block_type":"box","text":"the Fund and other accounts are: MSCI WORLD NET TR USD Index; MSCI World NET TR in GBP Index (official levels);","page_number":36,"box":{"x":68,"y":505,"width":829,"height":11}},{"id":"a3407b82-065e-444f-9977-b83ea6384c76","block_type":"box","text":"MSCI World Net TR Index in EUR; MSCI Europe Net TR in EUR; MSCI Europe ex UK Net TR Index; MSCI Europe Index","page_number":36,"box":{"x":70,"y":520,"width":825,"height":11}},{"id":"de4e027b-37df-4951-a566-858cfa190164","block_type":"box","text":"(Net Total Return USD); S&P 500 Index.","page_number":36,"box":{"x":69,"y":535,"width":281,"height":11}},{"id":"c7648925-80d2-4af1-972b-8d3d9d174747","block_type":"box","text":"A smaller element of por tfolio manager discretionary compensation may include consideration of: financial","page_number":36,"box":{"x":101,"y":558,"width":759,"height":11}},{"id":"8cd3cfb6-af7b-4438-90bd-f07f775b5f62","block_type":"box","text":"results, expense control, profit margins, strategic planning and implementation, quality of client service, market","page_number":36,"box":{"x":69,"y":573,"width":798,"height":11}},{"id":"b196acdb-ae67-4bf4-b1f3-4f208d40345f","block_type":"box","text":"share, corporate reputation, capital allocation, compliance and risk control, leadership, technology and innovation.","page_number":36,"box":{"x":69,"y":588,"width":814,"height":12}},{"id":"47c5a4a2-cfeb-48c8-af05-9af6b25edb45","block_type":"box","text":"These factors are considered collectively by BlackRock management and the relevant Chief Investment Officers.","page_number":36,"box":{"x":68,"y":603,"width":798,"height":12}},{"id":"70bda125-123e-426e-8396-54cee6189675","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":36,"box":{"x":102,"y":626,"width":389,"height":11}},{"id":"4519b41d-7acd-4694-be6f-01d1c45ffbff","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":36,"box":{"x":499,"y":626,"width":383,"height":11}},{"id":"b18e8aae-5f23-449e-947d-c487a5f4c293","block_type":"box","text":"por tfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":36,"box":{"x":70,"y":641,"width":815,"height":11}},{"id":"f2537164-5946-407f-98fc-c1062ed17ff4","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":36,"box":{"x":68,"y":656,"width":522,"height":11}},{"id":"88480a81-a01b-4844-92dc-8aec0e0f3157","block_type":"box","text":"Por tfolio managers receive their annual discretionary incentive compensation in the form of cash. Por tfolio","page_number":36,"box":{"x":102,"y":679,"width":760,"height":11}},{"id":"3e71a065-730e-44f3-8bda-6e308070ffc6","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":36,"box":{"x":69,"y":694,"width":795,"height":11}},{"id":"3556a0a3-bfa1-4b4b-931c-ec6c6770cf9c","block_type":"box","text":"awards annually as par t of their discretionary incentive compensation. Paying a por tion of discretionary incentive","page_number":36,"box":{"x":69,"y":709,"width":805,"height":11}},{"id":"f40ca966-1308-44bb-810e-5abee449042f","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a por tfolio manager for a","page_number":36,"box":{"x":69,"y":724,"width":822,"height":12}},{"id":"ef1d4878-0876-424f-a04b-fe1433a9942e","block_type":"box","text":"given year “at risk” based on BlackRock’s ability to sustain and improve its per formance over future periods. In some","page_number":36,"box":{"x":68,"y":739,"width":839,"height":12}},{"id":"048c4adc-af46-4b75-81fd-8998969eb0ba","block_type":"box","text":"cases, additional deferred BlackRock, Inc. stock may be granted to cer tain key employees as par t of a long-term","page_number":36,"box":{"x":69,"y":755,"width":802,"height":11}},{"id":"7c5f6f01-8211-489a-a051-7a50fd0cf3ab","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate per formance. Deferred","page_number":36,"box":{"x":70,"y":770,"width":820,"height":11}},{"id":"bfc211d6-b9bd-4045-a8bc-13d6a58abe3f","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":36,"box":{"x":70,"y":785,"width":801,"height":11}},{"id":"10e98c90-092f-4500-95d1-4eac770efc25","block_type":"box","text":"pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The por tfolio","page_number":36,"box":{"x":70,"y":800,"width":831,"height":11}},{"id":"3f41ed9f-1d65-403b-a260-a78dd75f920d","block_type":"box","text":"managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":36,"box":{"x":69,"y":815,"width":479,"height":11}},{"id":"3f8756ee-36c8-4167-a09c-c83aa8c6ea16","block_type":"box","text":"For cer tain por tfolio managers, a por tion of the discretionary incentive compensation is also distributed in the","page_number":36,"box":{"x":102,"y":838,"width":785,"height":11}},{"id":"26cf904e-9717-4338-8b96-780cdac42645","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":36,"box":{"x":68,"y":853,"width":836,"height":11}},{"id":"0621d058-6e5e-47d3-8916-6c484a78d0b4","block_type":"box","text":"which provides direct alignment of por tfolio manager discretionary incentive compensation with investment product","page_number":36,"box":{"x":68,"y":868,"width":821,"height":11}},{"id":"c8eea706-3399-40ee-ae51-95e5f7f0d9d8","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":36,"box":{"x":69,"y":883,"width":829,"height":11}},{"id":"aff77e67-27d5-4f30-b378-7a53a141dfe7","block_type":"box","text":"I-20","page_number":36,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"908e3a2d-df3e-4138-b2b5-ba49d51d476a","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":36,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"4b360e21-32e9-4b13-9bcb-0e19a138b060","block_type":"box","text":"por tfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":37,"box":{"x":70,"y":45,"width":835,"height":11}},{"id":"7ae32e65-1fba-4bf8-b184-5a5f7e2cff84","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":37,"box":{"x":69,"y":60,"width":414,"height":11}},{"id":"9b629395-ac88-4db3-b291-9f0f77116969","block_type":"box","text":"Other Compensation Benefits.","page_number":37,"box":{"x":101,"y":82,"width":218,"height":11}},{"id":"93e7b1ca-dd15-4aad-93fc-c481b23f967d","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":37,"box":{"x":327,"y":82,"width":552,"height":12}},{"id":"49248415-a9da-4c12-8cb6-be9809b4c7f4","block_type":"box","text":"managers may be eligible to receive or par ticipate in one or more of the following:","page_number":37,"box":{"x":69,"y":98,"width":582,"height":11}},{"id":"b515ebff-2965-4160-9107-653833f05513","block_type":"box","text":"Incentive Savings Plans —","page_number":37,"box":{"x":102,"y":120,"width":189,"height":12}},{"id":"929b6784-544f-4a0d-8f57-322ceca1a9c3","block_type":"box","text":"United Kingdom-based por tfolio managers are also eligible to par ticipate in broad","page_number":37,"box":{"x":296,"y":120,"width":584,"height":12}},{"id":"bc7fb78d-4192-4ed5-a06a-f450ec9beec9","block_type":"box","text":"based plans offered generally to BlackRock employees, including broad-based retirement, health and other employee","page_number":37,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"e3f9815f-71d5-484e-bb62-256fbde24091","block_type":"box","text":"benefit plans. For example, BlackRock has created a variety of incentive savings plans in which BlackRock employees","page_number":37,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"5888bf08-2ab7-4b01-b2ec-a72178cf1991","block_type":"box","text":"are eligible to par ticipate, including the BlackRock Retirement Savings Plan (RSP) and the BlackRock Employee Stock","page_number":37,"box":{"x":69,"y":166,"width":836,"height":11}},{"id":"ff0c4796-8357-487e-bb61-8682d5530772","block_type":"box","text":"Purchase Plan (ESPP). The employer contribution to the RSP is between 10% and 15% of eligible pay capped at","page_number":37,"box":{"x":69,"y":181,"width":792,"height":11}},{"id":"cb5550ce-6a7e-4c43-b26d-15a75ebb771a","block_type":"box","text":"£160,000 per annum. The RSP offers a range of investment options, including several collective investment funds","page_number":37,"box":{"x":68,"y":196,"width":817,"height":11}},{"id":"481c7663-0569-436e-826c-5abaab1578d5","block_type":"box","text":"managed by the firm. BlackRock contributions follow the investment direction set by par ticipants for their own","page_number":37,"box":{"x":69,"y":211,"width":781,"height":11}},{"id":"947903c4-6860-40e9-9643-e4ce9d77ca46","block_type":"box","text":"contributions or, in the absence of an investment election being made, are invested into a target date fund that","page_number":37,"box":{"x":69,"y":226,"width":794,"height":11}},{"id":"6316c4e1-0ac6-4dd7-81ad-243c5f398914","block_type":"box","text":"corresponds to, or is closest to, the year in which the par ticipant attains age 65. The ESPP allows for investment in","page_number":37,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"d2727eb2-2ab7-4d47-901e-2ec1dc35832d","block_type":"box","text":"BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual","page_number":37,"box":{"x":70,"y":256,"width":784,"height":11}},{"id":"0c4b6a27-a79f-4f14-958a-cb48f1e86437","block_type":"box","text":"par ticipation in the ESPP is limited to the purchase of 1,000 shares of common stock or a US dollar value of","page_number":37,"box":{"x":70,"y":271,"width":776,"height":11}},{"id":"fc926471-4233-4d8b-bbce-c5cc8b8ff108","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible por tfolio managers are eligible to","page_number":37,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"ed186892-233c-4b86-8c92-4813410dd382","block_type":"box","text":"par ticipate in these plans.","page_number":37,"box":{"x":70,"y":302,"width":185,"height":11}},{"id":"d797725a-7923-4965-bd6f-2369ab8165bf","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":37,"box":{"x":69,"y":332,"width":268,"height":11}},{"id":"941f6f77-3933-42b7-a059-7332347f79ea","block_type":"box","text":"As of April 30, 2026, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":37,"box":{"x":101,"y":355,"width":733,"height":11}},{"id":"18d51ace-b522-45d0-b822-451241c6ad51","block_type":"box","text":"beneficially owned by the por tfolio managers in the Fund is shown below:","page_number":37,"box":{"x":69,"y":370,"width":519,"height":11}},{"id":"cbaa5f5a-1c78-473c-9e95-d89ad16b7d25","block_type":"box","text":"Portfolio Manager","page_number":37,"box":{"x":69,"y":411,"width":105,"height":8}},{"id":"a880b86e-42ee-4ebd-b399-187deeb2e05a","block_type":"box","text":"Dollar Range of Equity","page_number":37,"box":{"x":757,"y":400,"width":129,"height":9}},{"id":"572e298f-e0e2-4a3c-98eb-06f85b7eb53f","block_type":"box","text":"Securities Beneficially Owned","page_number":37,"box":{"x":732,"y":411,"width":173,"height":8}},{"id":"e396c105-279f-4460-95ef-6f2e6662ba19","block_type":"box","text":"1","page_number":37,"box":{"x":906,"y":411,"width":4,"height":3}},{"id":"0258037a-c453-474c-9c77-7793cb7b082c","block_type":"box","text":"Alister Hibber t","page_number":37,"box":{"x":68,"y":428,"width":103,"height":9}},{"id":"247b44cd-f8da-4faa-983b-cd3c2b80851d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Over $1,","page_number":37,"box":{"x":178,"y":428,"width":640,"height":11}},{"id":"2e367a1d-d62f-4d3f-86bd-d79f1404d9fc","block_type":"box","text":"000,000","page_number":37,"box":{"x":820,"y":428,"width":63,"height":11}},{"id":"dfa16312-63ef-4b3a-a1ea-83ee190ac538","block_type":"box","text":"Michael Constantis, CFA . .","page_number":37,"box":{"x":70,"y":443,"width":191,"height":11}},{"id":"b67e150d-828e-46de-8561-2c87794cf19f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Over $1,","page_number":37,"box":{"x":268,"y":443,"width":550,"height":11}},{"id":"fdedfdd9-5657-43e0-95b3-4bff41ab8310","block_type":"box","text":"000,000","page_number":37,"box":{"x":820,"y":443,"width":63,"height":11}},{"id":"953fe7b4-b94b-43e2-be15-c3854dbbe74c","block_type":"box","text":"1","page_number":37,"box":{"x":69,"y":468,"width":3,"height":3}},{"id":"b860397e-20a9-4cee-ae62-c302713f79e3","block_type":"box","text":"Includes securities attributable to par ticipation in cer tain deferred compensation and retirement programs.","page_number":37,"box":{"x":77,"y":468,"width":609,"height":9}},{"id":"f90f7a86-fafa-4496-8b68-1d5e2e9bcbea","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":37,"box":{"x":69,"y":496,"width":403,"height":12}},{"id":"975de5da-b889-4421-a7d0-ab92c3118024","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":37,"box":{"x":102,"y":519,"width":727,"height":11}},{"id":"f0d89c00-b3fb-484a-a869-e449e9ece433","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":37,"box":{"x":70,"y":534,"width":814,"height":11}},{"id":"42a6ad61-4abc-4f07-a182-8f6df2863b8b","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment oppor tunities, execution of","page_number":37,"box":{"x":70,"y":549,"width":837,"height":11}},{"id":"36b67001-fb24-45fd-8ba2-3fa4b8e40945","block_type":"box","text":"por tfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":37,"box":{"x":70,"y":564,"width":810,"height":12}},{"id":"7bc7e0b6-f93e-4897-bc86-b77f2d1f3f13","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Never theless, BlackRock furnishes investment","page_number":37,"box":{"x":69,"y":579,"width":782,"height":12}},{"id":"a84b01c6-af7c-4762-ac73-d2b104c528b7","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":37,"box":{"x":69,"y":595,"width":830,"height":11}},{"id":"30593241-b5df-425f-8497-e087be0edf52","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":37,"box":{"x":69,"y":610,"width":828,"height":11}},{"id":"40bbeb72-75da-4d84-a59a-0994347639f3","block_type":"box","text":"funds or have per formance or higher fees paid to BlackRock, or in which por tfolio managers have a personal interest","page_number":37,"box":{"x":68,"y":625,"width":834,"height":11}},{"id":"c34c3c44-b201-4b7a-8099-0c35e4668175","block_type":"box","text":"in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition,","page_number":37,"box":{"x":70,"y":640,"width":777,"height":11}},{"id":"d3c039ec-a5b3-4dd5-b7f0-0eb279e6100b","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":37,"box":{"x":70,"y":655,"width":821,"height":11}},{"id":"61340814-e26b-42eb-ac04-5f2d7f9f39a5","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":37,"box":{"x":69,"y":670,"width":819,"height":11}},{"id":"5eb828f6-e53b-43d1-a16d-245f49ae54d1","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":37,"box":{"x":69,"y":685,"width":832,"height":12}},{"id":"ea26e62b-fde7-49bd-86f5-ffb447844895","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":37,"box":{"x":68,"y":700,"width":804,"height":12}},{"id":"b72d3a8d-7152-42e9-b518-dd168567f28c","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":37,"box":{"x":69,"y":715,"width":760,"height":12}},{"id":"8a2d1a34-f4ce-4491-8ba0-865fb1817f7e","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":37,"box":{"x":69,"y":731,"width":834,"height":11}},{"id":"3ff7045d-8fc0-423a-885f-087395bd671c","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":37,"box":{"x":69,"y":746,"width":836,"height":11}},{"id":"6223295f-c678-4987-b908-fc24b63f69bc","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":37,"box":{"x":69,"y":761,"width":822,"height":11}},{"id":"9dc77019-0012-46a1-9c9b-1f31d0d0c8f1","block_type":"box","text":"public information. Cer tain por tfolio managers also may manage accounts whose investment strategies may at times","page_number":37,"box":{"x":70,"y":776,"width":835,"height":11}},{"id":"54492b60-9c22-4b7d-88e3-2d6e742aee55","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that Messrs. Constantis and Hibber t may be","page_number":37,"box":{"x":69,"y":791,"width":833,"height":11}},{"id":"f32d473b-0a1d-4807-a92d-d9060523c90f","block_type":"box","text":"managing hedge fund and/or long only accounts, or may be par t of a team managing hedge fund and/or long only","page_number":37,"box":{"x":69,"y":806,"width":811,"height":11}},{"id":"f79e6808-8015-4377-964a-d96e70b82c7b","block_type":"box","text":"accounts, subject to incentive fees. Messrs. Constantis and Hibber t may therefore be entitled to receive a por tion of","page_number":37,"box":{"x":69,"y":821,"width":834,"height":11}},{"id":"bf8ccf4e-e39b-4da6-9580-ff799fb0cb82","block_type":"box","text":"any incentive fees earned on such accounts.","page_number":37,"box":{"x":69,"y":836,"width":316,"height":12}},{"id":"fd92601e-6af0-4c28-8d40-398640300a48","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":37,"box":{"x":101,"y":859,"width":788,"height":11}},{"id":"806e5527-f4e2-4ac1-892b-eed2972e9ce2","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":37,"box":{"x":70,"y":874,"width":839,"height":11}},{"id":"51eb10aa-7132-4cda-99a0-61051240e47f","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":37,"box":{"x":68,"y":889,"width":823,"height":12}},{"id":"570a0bc9-f77d-4614-a146-1004a68043a8","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":37,"box":{"x":68,"y":904,"width":812,"height":12}},{"id":"3c3047be-d3e3-476c-883c-7ebaf1fd4b7e","block_type":"box","text":"I-21","page_number":37,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"fecc4989-7e38-490f-ae58-07cda462f9a7","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":37,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"45866cb8-15f2-45e6-bb80-f5afc8993ea6","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":38,"box":{"x":69,"y":45,"width":777,"height":11}},{"id":"034830bf-9d60-4420-abe6-a3210eacffa6","block_type":"box","text":"investments in a manner that is consistent with the par ticular investment discipline and client base, as appropriate.","page_number":38,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"a0d9e783-7f92-42f8-831e-55a5dfb5abff","block_type":"box","text":"Accounting Services","page_number":38,"box":{"x":68,"y":90,"width":150,"height":11}},{"id":"025a0046-4d10-4360-89cc-7419a681a9ea","block_type":"box","text":"Effective June 16, 2025, JPMorgan Chase Bank, N.A. (“JPM”) serves as the accounting services provider for the","page_number":38,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"4a59f248-b816-4fe1-875b-44d168e3b14b","block_type":"box","text":"Fund. Among other services, JPM maintains records of purchases and sales of securities, receipts and","page_number":38,"box":{"x":70,"y":128,"width":732,"height":11}},{"id":"82843743-7be4-4757-8f5f-cf0c6f34f788","block_type":"box","text":"disbursements of cash and other debits and credits; keeps accounting journals and ledgers; records capital share","page_number":38,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"ca3c5dc2-bd3c-43d6-9819-dba5722cc5ea","block_type":"box","text":"transactions; calculates expense caps, waivers and recoupments (if any); computes the Fund’s net income and","page_number":38,"box":{"x":68,"y":158,"width":794,"height":11}},{"id":"2bb40b80-e0ad-4160-a2b8-b4bbf8680612","block_type":"box","text":"capital gains and dividends payable; calculates and repor ts net asset value; works with independent pricing sources;","page_number":38,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"0dfa745e-f951-4069-b839-e68716f42c74","block_type":"box","text":"reconciles securities and cash positions with the Fund’s custodian; prepares cer tain financial statements, notices","page_number":38,"box":{"x":69,"y":188,"width":814,"height":11}},{"id":"278d24fc-1af3-48c6-92ef-239bbf6eb620","block_type":"box","text":"and repor ts; and prepares cer tain tax repor ts. In connection with its accounting services, JPM also provides cer tain","page_number":38,"box":{"x":69,"y":204,"width":826,"height":11}},{"id":"0e202ade-ca07-47b6-b50d-f3b6533e7e29","block_type":"box","text":"administrative services. Prior to June 16, 2025, State Street Bank and Trust Company (“State Street”) served as the","page_number":38,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"1c1f612d-1ede-4fda-8254-4d6ff5ca631b","block_type":"box","text":"accounting services provider for the Fund.","page_number":38,"box":{"x":69,"y":234,"width":297,"height":11}},{"id":"51ab1000-1795-4bcc-860e-a799a61c035e","block_type":"box","text":"The following table sets for th the fees paid by the Fund to JPM, State Street and the Manager for accounting","page_number":38,"box":{"x":101,"y":256,"width":775,"height":12}},{"id":"d9d80348-b182-46f5-91d6-afd90f806e17","block_type":"box","text":"services for the periods shown:","page_number":38,"box":{"x":69,"y":271,"width":223,"height":11}},{"id":"fd030ca1-bdf7-497a-b6b4-f1214e43550f","block_type":"box","text":"Fees Paid","page_number":38,"box":{"x":584,"y":300,"width":55,"height":7}},{"id":"85b0f250-abe9-4c0c-9b87-7da298208d21","block_type":"box","text":"to JPM","page_number":38,"box":{"x":591,"y":310,"width":40,"height":7}},{"id":"605a7a31-52c7-4d77-b413-addabb10107c","block_type":"box","text":"Fees Paid","page_number":38,"box":{"x":689,"y":300,"width":56,"height":7}},{"id":"a1e61c6d-32bd-483d-92f1-b52f1eaf254d","block_type":"box","text":"to State Street","page_number":38,"box":{"x":673,"y":310,"width":87,"height":7}},{"id":"4a002098-59aa-434b-8867-c876c940f66e","block_type":"box","text":"Fees Paid","page_number":38,"box":{"x":837,"y":300,"width":55,"height":7}},{"id":"d2b92556-810a-4b6e-a157-8dcb1489242a","block_type":"box","text":"to the Manager","page_number":38,"box":{"x":819,"y":310,"width":90,"height":9}},{"id":"c21181db-323f-40d9-ac21-30f18db2f26a","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":38,"box":{"x":70,"y":328,"width":438,"height":10}},{"id":"c32eedd1-3f43-4d48-9bc1-907ee05342db","block_type":"box","text":".....","page_number":38,"box":{"x":514,"y":335,"width":35,"height":1}},{"id":"0e8552b4-324b-4428-94dc-97d48279d6a8","block_type":"box","text":"$66,336 $ 22,115 $0","page_number":38,"box":{"x":581,"y":327,"width":248,"height":11}},{"id":"22e66f9a-1239-4f14-8108-b08cde7d2e85","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":38,"box":{"x":70,"y":343,"width":438,"height":11}},{"id":"19e86df8-d0cd-49ae-b81f-54a2eda433e6","block_type":"box","text":". . . . . N/A","page_number":38,"box":{"x":514,"y":343,"width":112,"height":11}},{"id":"f8a1d109-d3d3-4301-9cc1-36471a07a9b5","block_type":"box","text":"$183,541 $0","page_number":38,"box":{"x":681,"y":342,"width":148,"height":11}},{"id":"08e49bcc-0cbb-47a8-b401-8d5806884b87","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":38,"box":{"x":70,"y":358,"width":438,"height":11}},{"id":"cb4af811-424c-4473-8e57-7e1109ab49ff","block_type":"box","text":". . . . . N/A $ 73,422 $0","page_number":38,"box":{"x":514,"y":357,"width":315,"height":12}},{"id":"64939bef-6036-4cad-8cae-a55bfe2eb2a7","block_type":"box","text":"Custodian","page_number":38,"box":{"x":69,"y":404,"width":72,"height":9}},{"id":"d15ac708-7a65-402e-a539-71465ce2d68c","block_type":"box","text":"JPM, which has its principal offices at 270 Park Avenue, New York, New York 10017, serves as the custodian for","page_number":38,"box":{"x":101,"y":427,"width":806,"height":11}},{"id":"1f5c40b3-8416-4a9a-8083-26e8447a792b","block_type":"box","text":"the Fund. Among other responsibilities, JPM maintains a custody account or accounts in the name of the Fund,","page_number":38,"box":{"x":68,"y":442,"width":791,"height":11}},{"id":"b84a22d4-02b7-420b-8611-b3498a455926","block_type":"box","text":"receives and delivers all assets for the Fund upon purchase and upon sale or maturity, and collects and receives all","page_number":38,"box":{"x":69,"y":457,"width":824,"height":11}},{"id":"daf14c75-d512-4ddd-9c0f-8a4df8d5b132","block_type":"box","text":"income and other payments and distributions on account of the assets of the Fund.","page_number":38,"box":{"x":70,"y":472,"width":593,"height":12}},{"id":"34881998-99ef-4c7c-abf2-13e0acabf5b9","block_type":"box","text":"Transfer Agency and Shareholders’ Administrative Services","page_number":38,"box":{"x":68,"y":503,"width":432,"height":11}},{"id":"eaac668f-5b49-447a-98e0-28e0d5216cac","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) which has its principal place of business at 118","page_number":38,"box":{"x":102,"y":525,"width":760,"height":12}},{"id":"8dc8b32a-c5d9-4a17-a27a-5e4de877ab57","block_type":"box","text":"Flanders Road, Westborough, Massachusetts 01581, serves as the transfer and dividend disbursing agent for the","page_number":38,"box":{"x":70,"y":540,"width":814,"height":12}},{"id":"1e7cbd09-d0e4-4c02-bd1c-a9178f1cf719","block_type":"box","text":"Fund.","page_number":38,"box":{"x":70,"y":556,"width":36,"height":8}},{"id":"cd17a285-7941-48fa-81f9-bddd39f36c73","block_type":"box","text":"Pursuant to a Shareholders’ Administrative Services Agreement, the Manager provides cer tain shareholder","page_number":38,"box":{"x":102,"y":578,"width":762,"height":11}},{"id":"2248bbb6-e6c3-4a6a-b702-ff13beab1732","block_type":"box","text":"liaison services in connection with the Fund’s investor service center. The Fund reimburses the Manager for its costs","page_number":38,"box":{"x":70,"y":593,"width":834,"height":12}},{"id":"044698b5-8451-47c5-9674-2648f7a40f22","block_type":"box","text":"in maintaining the service center, which costs include, among other things, employee salaries, leasehold expenses,","page_number":38,"box":{"x":70,"y":609,"width":823,"height":11}},{"id":"faac9f38-3214-4d60-9d63-4e18b8ee7bf8","block_type":"box","text":"and other out-of-pocket expenses.","page_number":38,"box":{"x":69,"y":623,"width":240,"height":11}},{"id":"0448a6c3-2474-4c01-8975-cecacf1d5a8f","block_type":"box","text":"For the periods shown, the Fund reimbursed to BlackRock fees for shareholder liaison services pursuant to such","page_number":38,"box":{"x":102,"y":646,"width":802,"height":11}},{"id":"b9b7a812-bc62-4397-a381-072e2e0e529d","block_type":"box","text":"agreement as follows:","page_number":38,"box":{"x":69,"y":661,"width":156,"height":12}},{"id":"b18f5511-e044-4612-b308-3d13f4368a2c","block_type":"box","text":"Fees Paid to the Manager Fees Waived by the Manager","page_number":38,"box":{"x":561,"y":690,"width":348,"height":8}},{"id":"969a72fd-9f47-4b63-a538-6bb3dc2090ff","block_type":"box","text":"Fiscal Year Ended April 30, 2026","page_number":38,"box":{"x":70,"y":707,"width":232,"height":11}},{"id":"51c83efd-a134-4861-8172-953e72bc8d50","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,301 $ 4,722","page_number":38,"box":{"x":307,"y":707,"width":549,"height":11}},{"id":"4934af79-8b6e-40ae-a45c-353d247e37ab","block_type":"box","text":"Fiscal Year Ended April 30, 2025","page_number":38,"box":{"x":70,"y":723,"width":232,"height":10}},{"id":"a856a954-118c-4abf-9930-70e5e3faff9e","block_type":"box","text":"............................","page_number":38,"box":{"x":307,"y":730,"width":222,"height":1}},{"id":"32d82f9c-f555-44de-be90-2489e0e2c175","block_type":"box","text":"$16,844 $10,052","page_number":38,"box":{"x":605,"y":722,"width":251,"height":11}},{"id":"86e3ff47-9c81-4c99-b03e-63d03bdf386f","block_type":"box","text":"Fiscal Year Ended April 30, 2024","page_number":38,"box":{"x":70,"y":738,"width":232,"height":11}},{"id":"620ea5d1-ccbb-4284-9a56-df4a00e333de","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,297 $ 3,216","page_number":38,"box":{"x":307,"y":737,"width":549,"height":11}},{"id":"dfcb983f-06bc-4ea3-ac6c-d23091b46c64","block_type":"box","text":"Credit Agreement","page_number":38,"box":{"x":69,"y":769,"width":129,"height":11}},{"id":"674607c3-8f4a-476b-bf27-ad7281600858","block_type":"box","text":"The Fund, along with cer tain other funds managed by the Manager and its affiliates (“Par ticipating Funds”),","page_number":38,"box":{"x":101,"y":792,"width":765,"height":11}},{"id":"12f173ae-28a0-4a27-b5af-148310296576","block_type":"box","text":"is a par ty to a 364-day, $2.4 billion credit agreement with a group of lenders, which facility terminates on","page_number":38,"box":{"x":70,"y":806,"width":748,"height":12}},{"id":"f6b64661-1492-4f52-bc60-8be277105e4a","block_type":"box","text":"April 8, 2027 unless otherwise extended or renewed (the “Credit Agreement”). Excluding commitments designated","page_number":38,"box":{"x":68,"y":822,"width":818,"height":11}},{"id":"ff5626e6-cd95-4aaa-84d4-3763f25aa48a","block_type":"box","text":"for cer tain Par ticipating Funds, the Par ticipating Funds, including the Fund, can borrow up to an aggregate","page_number":38,"box":{"x":68,"y":837,"width":757,"height":11}},{"id":"91229ab8-6352-4317-932f-aeb4aefb9870","block_type":"box","text":"commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as","page_number":38,"box":{"x":69,"y":852,"width":801,"height":11}},{"id":"3adfca1a-ac43-47a4-ae2f-8c1f6d7a3d44","block_type":"box","text":"specified in the Credit Agreement. The Fund may borrow under the Credit Agreement to meet shareholder","page_number":38,"box":{"x":69,"y":867,"width":751,"height":12}},{"id":"d892126f-a17e-4a10-9084-a810df36d288","block_type":"box","text":"redemptions and for other lawful purposes. However, the Fund may not borrow under the Credit Agreement for","page_number":38,"box":{"x":69,"y":882,"width":784,"height":12}},{"id":"798fea7f-026b-4f23-b767-90fc320773f5","block_type":"box","text":"leverage. The Fund may borrow up to the maximum amount allowable under its current Prospectuses and SAI, subject","page_number":38,"box":{"x":70,"y":898,"width":839,"height":11}},{"id":"bcf965a7-2978-40e3-9eec-4e247d1c36fe","block_type":"box","text":"to various other legal, regulatory or contractual limits. Borrowing results in interest expense and other fees and","page_number":38,"box":{"x":68,"y":913,"width":794,"height":11}},{"id":"662cd069-f1c6-4c70-b9bf-dfdf50d00d7b","block_type":"box","text":"I-22","page_number":38,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"7f8e6e51-4648-4424-b173-d25a9ba39327","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":38,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"fa05bbb1-d6ed-4f5e-9bd3-de2220f550dc","block_type":"box","text":"expenses for the Fund which may impact the Fund’s net expenses. The costs of borrowing may reduce the Fund’s","page_number":39,"box":{"x":69,"y":45,"width":809,"height":11}},{"id":"bc2c79b2-a22a-4242-a359-1283361b71c6","block_type":"box","text":"return. The Fund is charged its pro rata share of upfront fees and commitment fees on the aggregate commitment","page_number":39,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"f81d7bbe-b8f0-4671-b45a-57f6f3430eb3","block_type":"box","text":"amount based on its net assets. If the Fund borrows pursuant to the Credit Agreement, the Fund is charged interest","page_number":39,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"b40acf02-48fd-460d-8b4f-9e2a668eb47d","block_type":"box","text":"at a variable rate.","page_number":39,"box":{"x":69,"y":90,"width":124,"height":9}},{"id":"bba4da09-6a89-4cf4-9a83-45102572de57","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":39,"box":{"x":68,"y":120,"width":491,"height":11}},{"id":"ce7698c9-bec0-403f-baa1-a7a832c8f58c","block_type":"box","text":"Set for th below is information on sales charges (including any contingent deferred sales charges (“CDSCs”))","page_number":39,"box":{"x":102,"y":143,"width":773,"height":11}},{"id":"33403186-e5e6-40ec-ba58-dec461989cd8","block_type":"box","text":"received by the Fund, including the amounts paid to affiliates of the Manager (“Affiliates”) for the period shown.","page_number":39,"box":{"x":69,"y":158,"width":796,"height":11}},{"id":"de63dac3-e03d-4d7d-9d16-a3b961cd311b","block_type":"box","text":"BlackRock Investments, LLC (“BRIL” or the “Distributor”), an affiliate of the Manager, acts as the Fund’s sole","page_number":39,"box":{"x":70,"y":173,"width":779,"height":11}},{"id":"1b2777f7-5067-42f7-aad4-dad5d5f72fb2","block_type":"box","text":"distributor.","page_number":39,"box":{"x":69,"y":188,"width":74,"height":9}},{"id":"3e63d9ce-e283-4481-9d97-60ffc153c424","block_type":"box","text":"Investor A Shares","page_number":39,"box":{"x":636,"y":217,"width":102,"height":7}},{"id":"abe75309-0490-45a2-8c78-acb105dd7675","block_type":"box","text":"Gross Sales","page_number":39,"box":{"x":466,"y":232,"width":68,"height":7}},{"id":"745365b4-7155-4aee-9f84-e5b2ea626a0c","block_type":"box","text":"Charges","page_number":39,"box":{"x":476,"y":242,"width":48,"height":9}},{"id":"8d7ad5e6-ca42-41e9-a585-3d4e24c3728d","block_type":"box","text":"Collected","page_number":39,"box":{"x":473,"y":252,"width":54,"height":8}},{"id":"cb4dd623-bef5-4adf-8535-b419aaee36a3","block_type":"box","text":"Sales Charges","page_number":39,"box":{"x":566,"y":232,"width":84,"height":9}},{"id":"846dcf9b-9029-4287-91ea-f726c35fe3af","block_type":"box","text":"Retained by","page_number":39,"box":{"x":574,"y":242,"width":69,"height":9}},{"id":"1793ed1a-304b-4531-a257-6f00d1052196","block_type":"box","text":"BRIL","page_number":39,"box":{"x":595,"y":253,"width":27,"height":7}},{"id":"fa97cb15-3f84-4f4f-9ed9-345c09a8998b","block_type":"box","text":"Sales Charges","page_number":39,"box":{"x":679,"y":232,"width":84,"height":9}},{"id":"05271608-4c79-407d-86f5-1856fdd68900","block_type":"box","text":"Paid To","page_number":39,"box":{"x":701,"y":242,"width":41,"height":8}},{"id":"141f3eb0-4c37-40ce-b18a-91c5e0186ff8","block_type":"box","text":"Affiliates","page_number":39,"box":{"x":695,"y":252,"width":52,"height":8}},{"id":"c6d62fae-0c4d-4424-8c2f-21563a1347be","block_type":"box","text":"CDSCs Received","page_number":39,"box":{"x":803,"y":232,"width":96,"height":7}},{"id":"cf00b1c8-f255-4f62-83d7-2c88a273deb4","block_type":"box","text":"On Redemption of","page_number":39,"box":{"x":799,"y":242,"width":105,"height":9}},{"id":"358d347d-f95c-4d3d-9e2e-a05603c93ed2","block_type":"box","text":"Load-Waived Shares","page_number":39,"box":{"x":793,"y":252,"width":116,"height":8}},{"id":"d86273e5-b517-4c8d-a467-f001d318b92e","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . . . . . . . . . . . . . $100,188 $ 7,530 $ 7,530 $4,688","page_number":39,"box":{"x":70,"y":269,"width":807,"height":12}},{"id":"504a9191-edf4-4e0f-b5be-83fbc1180d5c","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . . . . . . . . . . . . . $215,707 $15,360 $15,360 $2,257","page_number":39,"box":{"x":70,"y":285,"width":807,"height":11}},{"id":"60e59445-56ca-4d71-8058-3fad083b098f","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . . . . . . . . . . . . . $155,131 $ 9,991 $ 9,991 $ 450","page_number":39,"box":{"x":70,"y":300,"width":807,"height":11}},{"id":"2a1e1da0-37a2-4613-92fd-786b6d57f86f","block_type":"box","text":"Investor C Shares","page_number":39,"box":{"x":760,"y":330,"width":103,"height":7}},{"id":"fa20837b-bbeb-4e43-8f8f-e32e28ff9b64","block_type":"box","text":"CDSCs Received","page_number":39,"box":{"x":713,"y":346,"width":97,"height":7}},{"id":"6f7309fa-e297-4071-aa73-8ffda76d9a68","block_type":"box","text":"by BRIL","page_number":39,"box":{"x":740,"y":356,"width":44,"height":9}},{"id":"49ff4056-930c-4c58-9635-69301f7d4f58","block_type":"box","text":"CDSCs Paid","page_number":39,"box":{"x":840,"y":346,"width":69,"height":7}},{"id":"ebcb755b-d420-4f1c-a7ff-a1d2bd7e3c09","block_type":"box","text":"to Affiliates","page_number":39,"box":{"x":841,"y":356,"width":68,"height":7}},{"id":"7d4fcd87-2bf0-48b4-bcb9-bedf14138e28","block_type":"box","text":"Fiscal Year Ended April 30, 2026. . . . . . . . . . .","page_number":39,"box":{"x":70,"y":374,"width":319,"height":10}},{"id":"c6fbb1ba-052b-4fa0-bcb1-2851cc1a432a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 258 $ 258","page_number":39,"box":{"x":395,"y":373,"width":506,"height":10}},{"id":"731bc5c6-66e4-4004-bf25-69683200e6ba","block_type":"box","text":"Fiscal Year Ended April 30, 2025. . . . . . . . . . .","page_number":39,"box":{"x":70,"y":389,"width":319,"height":11}},{"id":"1df39a90-478a-4b9e-a985-faebd302d232","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,615 $2,615","page_number":39,"box":{"x":395,"y":388,"width":506,"height":11}},{"id":"acdfcfb6-61d7-486e-8047-1b72a37cb79f","block_type":"box","text":"Fiscal Year Ended April 30, 2024. . . . . . . . . . .","page_number":39,"box":{"x":70,"y":404,"width":319,"height":11}},{"id":"eab044d4-f25b-4858-a200-2394983054d7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 697 $ 697","page_number":39,"box":{"x":395,"y":403,"width":506,"height":11}},{"id":"f5919b89-c7da-449f-a670-6480c4963d2a","block_type":"box","text":"The table below provides information for the fiscal year ended April 30, 2026 about the 12b-1 fees the Fund paid","page_number":39,"box":{"x":101,"y":428,"width":807,"height":11}},{"id":"060651fc-6a79-4f36-9bb8-b9f81bccba60","block_type":"box","text":"to BRIL under the Fund’s 12b-1 plans. A por tion of the fees collected by BRIL were paid to affiliates for providing","page_number":39,"box":{"x":68,"y":443,"width":804,"height":11}},{"id":"e93a10ec-c0c5-4bf2-b36e-28874b5a40e5","block_type":"box","text":"shareholder servicing activities for Investor A Shares and for providing shareholder servicing and distribution-related","page_number":39,"box":{"x":69,"y":458,"width":826,"height":11}},{"id":"981bd829-5b6a-4bce-bc45-f75642b35e6b","block_type":"box","text":"activities and services for Investor C and Class R Shares.","page_number":39,"box":{"x":69,"y":473,"width":409,"height":9}},{"id":"5aa8fc19-0539-49e0-9bb6-af66cd596b5a","block_type":"box","text":"Class Name","page_number":39,"box":{"x":69,"y":501,"width":68,"height":7}},{"id":"d05a9795-1167-4d1a-bf92-f1bd1ca2569b","block_type":"box","text":"Fees Paid to BRIL","page_number":39,"box":{"x":806,"y":501,"width":103,"height":7}},{"id":"219d153d-4e6d-4750-9b8e-507900e8c5d3","block_type":"box","text":"Investor A Shares .","page_number":39,"box":{"x":70,"y":519,"width":134,"height":9}},{"id":"f76eeda1-0040-497e-a8cd-7542dec87b52","block_type":"box","text":"......................................................................","page_number":39,"box":{"x":210,"y":526,"width":564,"height":2}},{"id":"e7cdf230-58b7-4d0c-9215-3e457277dff9","block_type":"box","text":"$612,651","page_number":39,"box":{"x":822,"y":518,"width":71,"height":11}},{"id":"b2099e4d-2294-44b5-97e9-1a031fe66c27","block_type":"box","text":"Investor C Shares","page_number":39,"box":{"x":70,"y":534,"width":125,"height":9}},{"id":"120feebf-0c80-4f97-9cd4-980f930f4923","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 30,356","page_number":39,"box":{"x":210,"y":533,"width":683,"height":12}},{"id":"3fe17e4f-d115-41e5-ac06-e9b07b7eca30","block_type":"box","text":"Class R Shares","page_number":39,"box":{"x":69,"y":549,"width":109,"height":9}},{"id":"4c51555d-dbd7-455d-b720-98b97c7bf7ad","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,654","page_number":39,"box":{"x":185,"y":549,"width":708,"height":11}},{"id":"619980c4-6a17-4cde-b9e1-e7c1abf374e2","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":39,"box":{"x":68,"y":596,"width":318,"height":11}},{"id":"4e3a2596-8719-4c5b-a97a-caa11b60b604","block_type":"box","text":"An illustration of the computation of the public offering price of the Investor A Shares of the Fund based on the","page_number":39,"box":{"x":101,"y":618,"width":790,"height":12}},{"id":"ad5de843-2479-4a11-81ee-4511ba15c3c9","block_type":"box","text":"value of the Fund’s Investor A Shares’ net assets and number of Investor A Shares outstanding as of April 30, 2026","page_number":39,"box":{"x":68,"y":634,"width":831,"height":11}},{"id":"df7fd4d0-3034-4158-99e4-a0a3ccb4e867","block_type":"box","text":"is set for th below.","page_number":39,"box":{"x":70,"y":649,"width":126,"height":9}},{"id":"dbd0ebdc-3175-47df-9ef2-e0238cc509e6","block_type":"box","text":"Investor A","page_number":39,"box":{"x":827,"y":677,"width":58,"height":7}},{"id":"edbcb878-e3ee-4273-bed1-092f2cc182bd","block_type":"box","text":"Shares","page_number":39,"box":{"x":836,"y":687,"width":39,"height":7}},{"id":"07397451-35c9-44fa-97c5-89f85b0db25c","block_type":"box","text":"Net Assets","page_number":39,"box":{"x":70,"y":705,"width":76,"height":9}},{"id":"049d6edf-640b-42fe-8c0a-30effbd433c6","block_type":"box","text":".............................................................................","page_number":39,"box":{"x":150,"y":712,"width":621,"height":2}},{"id":"63be95bc-d5e8-448d-b004-8e1fd3f694c0","block_type":"box","text":"$262,661,139","page_number":39,"box":{"x":803,"y":704,"width":106,"height":11}},{"id":"220b6485-9209-4383-a01c-81d7af989010","block_type":"box","text":"Number of Shares Outstanding . . .","page_number":39,"box":{"x":70,"y":720,"width":245,"height":11}},{"id":"29c2bd1a-bc49-48d9-971c-20f667bc3939","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,","page_number":39,"box":{"x":321,"y":720,"width":524,"height":10}},{"id":"52e15749-0e44-4461-b9b9-47a9346fef89","block_type":"box","text":"180,146","page_number":39,"box":{"x":847,"y":720,"width":62,"height":10}},{"id":"ae10f29c-de11-4b42-b85c-d5863a55a396","block_type":"box","text":"Net Asset Value Per Share (net assets divided by number of shares outstanding)","page_number":39,"box":{"x":70,"y":735,"width":571,"height":11}},{"id":"86b1704c-48cb-408e-9257-e669c5859bc1","block_type":"box","text":"................","page_number":39,"box":{"x":647,"y":742,"width":124,"height":2}},{"id":"841b704e-8ceb-4055-b80a-d5460b440380","block_type":"box","text":"$17.30","page_number":39,"box":{"x":857,"y":734,"width":52,"height":11}},{"id":"a40a77e2-c889-4363-a47c-9f0fcf0116b4","block_type":"box","text":"Sales Charge (5.25% of offering price; 5.54% of net asset value per share)","page_number":39,"box":{"x":69,"y":750,"width":534,"height":11}},{"id":"b3d7bb80-0038-4e6e-a4ac-ccaaaaacc11b","block_type":"box","text":"1","page_number":39,"box":{"x":604,"y":751,"width":4,"height":4}},{"id":"35b1d945-47cb-430d-b9ce-e2a61be8587b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . $0.96","page_number":39,"box":{"x":615,"y":749,"width":294,"height":11}},{"id":"ec86832d-1433-4955-8585-930c6d2cd0fc","block_type":"box","text":"Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":39,"box":{"x":69,"y":770,"width":702,"height":11}},{"id":"c67f0c74-8dc2-4a27-ad82-ebbefc6a52a0","block_type":"box","text":"$18.26","page_number":39,"box":{"x":857,"y":769,"width":52,"height":10}},{"id":"22811c64-012b-4b06-8186-9ce8cab79b11","block_type":"box","text":"1","page_number":39,"box":{"x":69,"y":802,"width":3,"height":3}},{"id":"f1436808-bff2-40b1-a5cb-96b5bb4c26b7","block_type":"box","text":"Rounded to the nearest one-hundredth percent; assumes maximum sales charge is applicable.","page_number":39,"box":{"x":94,"y":802,"width":541,"height":9}},{"id":"3cc74a68-2489-435f-93e5-0be2576749ba","block_type":"box","text":"The offering price for the Fund’s other share classes is equal to the share class’ net asset value computed as","page_number":39,"box":{"x":101,"y":823,"width":787,"height":11}},{"id":"5cf974e1-03cf-4fee-97dd-286669923dbd","block_type":"box","text":"set for th above for Investor A Shares. Though not subject to a sales charge, cer tain share classes may be subject to","page_number":39,"box":{"x":69,"y":838,"width":833,"height":11}},{"id":"5340acbf-f44a-4b60-ab72-8ce5e9ee78c9","block_type":"box","text":"a CDSC on redemption. For more information on the purchasing and valuation of shares, please see “Purchase of","page_number":39,"box":{"x":69,"y":853,"width":813,"height":11}},{"id":"9a4baf90-ec85-4aab-9daf-d9172b9fb742","block_type":"box","text":"Shares” and “Pricing of Shares” in Par t II of this SAI.","page_number":39,"box":{"x":69,"y":868,"width":377,"height":11}},{"id":"afe8c02a-ac05-4f2e-a7a3-63e8513f0969","block_type":"box","text":"I-23","page_number":39,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"5ab9c7e7-8eaa-4b0a-bcf4-40655459c4e2","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":39,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"89d71181-afcb-4cbc-b6d8-d8ba5d78e081","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":40,"box":{"x":68,"y":45,"width":302,"height":11}},{"id":"b07704b4-f43d-491e-a9e1-ea3f8d0c3fa8","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in Par t II of this SAI for more information.","page_number":40,"box":{"x":102,"y":67,"width":609,"height":12}},{"id":"8efb8c66-0a38-4586-9ccb-c63c841d7061","block_type":"box","text":"Information about the brokerage commissions paid by the Fund, including commissions paid to Affiliates, for the","page_number":40,"box":{"x":102,"y":90,"width":801,"height":11}},{"id":"11db9d5e-588e-4d9c-9689-b7827f26a4cf","block_type":"box","text":"periods shown is set for th in the following table:","page_number":40,"box":{"x":70,"y":105,"width":342,"height":11}},{"id":"7bcbfe48-848b-4313-a8ed-429f3e551724","block_type":"box","text":"Aggregate Brokerage","page_number":40,"box":{"x":613,"y":134,"width":125,"height":8}},{"id":"fe24f46d-8cb3-42e5-b779-d99650574952","block_type":"box","text":"Commissions Paid","page_number":40,"box":{"x":623,"y":144,"width":106,"height":7}},{"id":"d39cad83-efad-4fb4-95b3-5db2600d87ae","block_type":"box","text":"Brokerage Commissions","page_number":40,"box":{"x":769,"y":133,"width":140,"height":9}},{"id":"274eca96-cf6f-4a86-8bd6-334444c80887","block_type":"box","text":"Paid to Affiliates","page_number":40,"box":{"x":791,"y":143,"width":96,"height":8}},{"id":"17cc56bb-7bd7-450b-8ce5-8c1771925f36","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $348,374 $0","page_number":40,"box":{"x":70,"y":161,"width":778,"height":11}},{"id":"9aa46f3d-6352-4fc3-a817-9813a74832d4","block_type":"box","text":"Fiscal Year Ended April 30, 2025","page_number":40,"box":{"x":70,"y":176,"width":232,"height":11}},{"id":"091b2d26-8cd3-4dbd-9bfc-3e4ade2d9b91","block_type":"box","text":"1","page_number":40,"box":{"x":303,"y":177,"width":4,"height":4}},{"id":"55cfaad9-8b73-4c1f-bc29-1f0f67b4e693","block_type":"box","text":"..................................","page_number":40,"box":{"x":311,"y":184,"width":271,"height":1}},{"id":"626120a2-904a-49ea-80af-e178c97c492a","block_type":"box","text":"$229,454 $0","page_number":40,"box":{"x":640,"y":176,"width":208,"height":11}},{"id":"0bb1cedb-f267-40cb-ad96-415eb1899c65","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $108,139 $0","page_number":40,"box":{"x":70,"y":191,"width":778,"height":11}},{"id":"4419d888-62f5-4942-aaec-29948da12788","block_type":"box","text":"1","page_number":40,"box":{"x":69,"y":216,"width":3,"height":3}},{"id":"42b6a170-62d7-47af-a04d-001677fd1c74","block_type":"box","text":"The increase in brokerage commissions paid by the Fund as compared to the prior fiscal year was due to an increase in assets under","page_number":40,"box":{"x":76,"y":216,"width":760,"height":9}},{"id":"c6de80ec-76e6-4f08-bda0-1be2eae3c13d","block_type":"box","text":"management and stock-specific trading during the fiscal year ended April 30, 2025.","page_number":40,"box":{"x":69,"y":226,"width":475,"height":9}},{"id":"1eea980c-5522-438f-b12f-e85e80f6bd3f","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":40,"box":{"x":101,"y":247,"width":770,"height":11}},{"id":"c0968645-906c-4a66-ac83-fb96082273f6","block_type":"box","text":"28(e) research/brokerage services under Section 28(e) of the Securities Exchange Act of 1934, as amended, and","page_number":40,"box":{"x":69,"y":262,"width":814,"height":11}},{"id":"287b1fe3-b4ca-41bf-8f5a-0deaf5500d6b","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended April 30, 2026. The provision of","page_number":40,"box":{"x":68,"y":277,"width":831,"height":11}},{"id":"b902df8c-352b-47a1-bfc9-328015ece7fc","block_type":"box","text":"Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage business","page_number":40,"box":{"x":69,"y":292,"width":822,"height":11}},{"id":"1386dd3e-9c82-47f0-a4f2-9e0fbd322ece","block_type":"box","text":"with such brokers.","page_number":40,"box":{"x":68,"y":308,"width":130,"height":8}},{"id":"10191261-fe9f-4f0d-948d-eb92e6e22c0c","block_type":"box","text":"Amount of Commissions","page_number":40,"box":{"x":355,"y":336,"width":141,"height":7}},{"id":"b6a47332-651e-4fb2-a44a-a477bf18fa1d","block_type":"box","text":"Paid to Brokers for Providing","page_number":40,"box":{"x":342,"y":346,"width":168,"height":9}},{"id":"0b78c7ba-b1ab-4b8d-b23c-04d52abf9115","block_type":"box","text":"28(e) Eligible Research Services","page_number":40,"box":{"x":330,"y":356,"width":191,"height":9}},{"id":"f5683cef-7f19-4d0e-b032-dc52e2066fdc","block_type":"box","text":"Amount of Brokerage","page_number":40,"box":{"x":588,"y":346,"width":124,"height":9}},{"id":"4ced0005-223b-4509-83f0-37eacbe7c4b6","block_type":"box","text":"Transactions Involved","page_number":40,"box":{"x":587,"y":356,"width":126,"height":7}},{"id":"bca7d290-cd18-4b2b-890b-f581f5954914","block_type":"box","text":"$0 $0","page_number":40,"box":{"x":417,"y":373,"width":243,"height":10}},{"id":"2697589b-8a14-4f29-b419-c068bfed2274","block_type":"box","text":"The Fund held no securities of its regular brokers or dealers (as defined in Rule 10b-1 under the Investment","page_number":40,"box":{"x":101,"y":397,"width":769,"height":12}},{"id":"cd18e08e-353a-4393-8444-238d9fa4dd41","block_type":"box","text":"Company Act) or their parents as of April 30, 2026 whose shares were purchased during the fiscal year ended","page_number":40,"box":{"x":69,"y":412,"width":786,"height":12}},{"id":"662c49ed-3b7d-4fd8-99e2-070a2b2e071e","block_type":"box","text":"April 30, 2026.","page_number":40,"box":{"x":68,"y":428,"width":108,"height":11}},{"id":"7ff7eb67-5f4e-4e3c-8ab9-3c7a8833793e","block_type":"box","text":"Securities Lending","page_number":40,"box":{"x":68,"y":458,"width":135,"height":11}},{"id":"162c4caa-7aae-44cf-b920-04a44031cb6d","block_type":"box","text":"To the extent that the Fund engages in securities lending, the Fund conducts its securities lending pursuant to an","page_number":40,"box":{"x":101,"y":481,"width":807,"height":11}},{"id":"39e418c6-8d9f-4b2d-a2fa-46986521090b","block_type":"box","text":"exemptive order from the Commission permitting it to lend por tfolio securities to borrowers affiliated with the Fund","page_number":40,"box":{"x":69,"y":496,"width":817,"height":11}},{"id":"ce140048-9eb0-4b27-a486-e97523c44f97","block_type":"box","text":"and to retain an affiliate of the Fund as securities lending agent. To the extent that the Fund engages in securities","page_number":40,"box":{"x":69,"y":511,"width":813,"height":11}},{"id":"e09a9279-c566-4532-b113-38dfb8011890","block_type":"box","text":"lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for the Fund, subject to the","page_number":40,"box":{"x":70,"y":526,"width":838,"height":11}},{"id":"b1e22e5b-581b-4645-8702-9695ea938ac4","block_type":"box","text":"overall supervision of the Manager, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":40,"box":{"x":69,"y":541,"width":813,"height":11}},{"id":"3e9b2671-a992-405b-81f8-a4d797338d5e","block_type":"box","text":"BIM administers the lending program in accordance with guidelines approved by the Board.","page_number":40,"box":{"x":70,"y":556,"width":646,"height":11}},{"id":"8ded3c4f-69d1-43f2-84e5-24c381d302dc","block_type":"box","text":"The Fund retains a por tion of the securities lending income and remits the remaining por tion to BIM as","page_number":40,"box":{"x":101,"y":579,"width":735,"height":11}},{"id":"63528152-bc1a-4925-8ec8-733c1afb74d2","block_type":"box","text":"compensation for its services as securities lending agent. Securities lending income is generally equal to the total of","page_number":40,"box":{"x":69,"y":594,"width":834,"height":11}},{"id":"b42b40d2-09c6-42c3-b332-1328cafe5b66","block_type":"box","text":"income earned from the reinvestment of cash collateral (and excludes collateral investment fees as defined below),","page_number":40,"box":{"x":70,"y":609,"width":822,"height":11}},{"id":"8bced4b8-cdd5-448e-8ead-18652c86ab62","block_type":"box","text":"and any fees or other payments to and from borrowers of securities. As securities lending agent, BIM bears all","page_number":40,"box":{"x":69,"y":624,"width":787,"height":11}},{"id":"55d00861-4f5b-4711-9361-68efb02da08e","block_type":"box","text":"operational costs directly related to securities lending. The Fund is responsible for fees in connection with the","page_number":40,"box":{"x":69,"y":639,"width":783,"height":12}},{"id":"e4896418-57d2-46b3-acda-691dc20d1ee7","block_type":"box","text":"investment of cash collateral received for securities on loan in a money market fund managed by BlackRock (the","page_number":40,"box":{"x":70,"y":654,"width":800,"height":12}},{"id":"c5527262-87f7-4bb2-a3bd-a16e6d2e8551","block_type":"box","text":"“collateral investment fees”); however, the securities lending agent has agreed to reduce the amount of securities","page_number":40,"box":{"x":70,"y":669,"width":813,"height":12}},{"id":"077b597b-ee14-4e74-80ab-19397eaa708a","block_type":"box","text":"lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate","page_number":40,"box":{"x":70,"y":685,"width":830,"height":11}},{"id":"0b2c9ff3-82f7-4dbe-8d30-65b7444840f7","block_type":"box","text":"of 0.04%. Such money market fund shares will not be subject to a sales load, distribution fee or service fee.","page_number":40,"box":{"x":69,"y":700,"width":773,"height":11}},{"id":"b4db26f0-1115-4d15-a8e2-68c1208a20b4","block_type":"box","text":"To the extent that the Fund invests cash collateral in a non-government money market fund, the Fund may be","page_number":40,"box":{"x":101,"y":722,"width":776,"height":12}},{"id":"8d8f7695-a2a1-46c7-aabf-d41d736e6293","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":40,"box":{"x":69,"y":738,"width":831,"height":11}},{"id":"ee6bff25-1f61-44b2-9e07-c122b1943956","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":40,"box":{"x":68,"y":753,"width":812,"height":11}},{"id":"ea8260b3-2125-441e-ba94-18f5573f57c0","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":40,"box":{"x":69,"y":768,"width":799,"height":11}},{"id":"3727d1f6-bd5f-450f-a5a8-e02f0a6559f9","block_type":"box","text":"Additionally, the Fund will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions on","page_number":40,"box":{"x":68,"y":783,"width":835,"height":11}},{"id":"a2c5855f-2468-4a52-ba62-9c1d0cf2755c","block_type":"box","text":"a single day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (i.e., less","page_number":40,"box":{"x":69,"y":798,"width":818,"height":11}},{"id":"86fc31c7-e278-443a-9493-6e54cf80cf6c","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":40,"box":{"x":68,"y":813,"width":789,"height":11}},{"id":"c989854e-2549-45e2-90e1-cf35986bb083","block_type":"box","text":"making a good faith estimate of cer tain costs the money market fund would incur if it were to sell a pro rata amount","page_number":40,"box":{"x":69,"y":828,"width":829,"height":12}},{"id":"a4f16e64-752f-404b-ad35-e6574f1584ee","block_type":"box","text":"of each security in the por tfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a","page_number":40,"box":{"x":69,"y":843,"width":839,"height":12}},{"id":"89096d0a-1a1f-44f6-bb92-b81f3fe9e20c","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":40,"box":{"x":69,"y":858,"width":802,"height":12}},{"id":"b8d36550-df39-4fdc-afb4-0fc601738e14","block_type":"box","text":"por tfolio security in good faith and suppor ted by data, it is required to apply a default liquidity fee of 1% on the value","page_number":40,"box":{"x":70,"y":874,"width":830,"height":11}},{"id":"31a08a52-f3ce-4f64-a641-f64cf5c8947a","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":40,"box":{"x":69,"y":889,"width":838,"height":11}},{"id":"6f6593df-b9cc-4e5a-8528-79108d2667d9","block_type":"box","text":"Fund’s returns on securities lending.","page_number":40,"box":{"x":70,"y":904,"width":258,"height":11}},{"id":"243c1f8b-1567-4a10-9236-cf62eaaaa819","block_type":"box","text":"I-24","page_number":40,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"75719dd2-a121-478e-8a10-bf6da6ff8deb","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":40,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"534a0696-a65b-4a2d-b591-129136f87612","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. The","page_number":41,"box":{"x":102,"y":45,"width":774,"height":11}},{"id":"3570bd16-9538-4634-ae95-a1d82f92cc52","block_type":"box","text":"determination of the Fund’s asset class category (fixed-income, domestic equity, international equity, or fund of","page_number":41,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"0e499c7e-8271-478a-abd8-ffbb57fdd345","block_type":"box","text":"funds), each of which may be subject to a different fee arrangement, is based on a methodology agreed to by the","page_number":41,"box":{"x":68,"y":75,"width":809,"height":11}},{"id":"231e861f-3194-4ed2-8ba0-bf40f8f249ea","block_type":"box","text":"Fund and BIM.","page_number":41,"box":{"x":70,"y":90,"width":100,"height":9}},{"id":"b77c7e07-9df2-49f5-b6dc-7d996ca310d9","block_type":"box","text":"Pursuant to the securities lending agreement effective January 1, 2026: (i) the Fund retains 81% of securities","page_number":41,"box":{"x":102,"y":113,"width":783,"height":11}},{"id":"a85f85fc-88a1-4440-ba10-d84b86cfcf85","block_type":"box","text":"lending income (which excludes collateral investment fees); and (ii) this amount can never be less than 70% of the","page_number":41,"box":{"x":70,"y":128,"width":815,"height":11}},{"id":"a9589172-6a2d-4e1a-b383-eb86e6be85f9","block_type":"box","text":"sum of securities lending income plus collateral investment fees.","page_number":41,"box":{"x":69,"y":143,"width":463,"height":11}},{"id":"0bcb4386-7729-447f-8c7b-2cf45c062e90","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":41,"box":{"x":102,"y":166,"width":753,"height":11}},{"id":"4a695200-7ad0-4311-b7e4-b9537ef6f76e","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Fund,","page_number":41,"box":{"x":69,"y":181,"width":778,"height":11}},{"id":"e5423c0c-baa7-4765-971a-5ab7f98837d6","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":41,"box":{"x":70,"y":196,"width":817,"height":11}},{"id":"abf3ccf9-4c68-4fba-8d35-d8a18b1a960a","block_type":"box","text":"lending income as follows: (i) 84% of securities lending income (which excludes collateral investment fees); and","page_number":41,"box":{"x":70,"y":211,"width":794,"height":11}},{"id":"3146aefa-d1aa-4409-8d38-7437639b1540","block_type":"box","text":"(ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":41,"box":{"x":69,"y":226,"width":825,"height":11}},{"id":"cb7cdd11-e271-42a0-b529-3313aa4f8a03","block_type":"box","text":"Prior to January 1, 2026, the Fund was subject to the same securities lending fee arrangement.","page_number":41,"box":{"x":102,"y":249,"width":683,"height":11}},{"id":"c826e67b-9e7e-4802-a4e6-e26f723dec54","block_type":"box","text":"The services provided to the Fund by BIM, in the most recent fiscal year ended April 30, 2026, primarily included","page_number":41,"box":{"x":101,"y":271,"width":804,"height":12}},{"id":"1c2e8975-1f55-4acf-92e1-2e880cae8b1a","block_type":"box","text":"the following:","page_number":41,"box":{"x":68,"y":286,"width":93,"height":12}},{"id":"f50d4c86-3df6-4a97-8e63-68a7f791e8d3","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":41,"box":{"x":69,"y":307,"width":818,"height":11}},{"id":"dd6a31c0-c69a-4467-9248-568be547833d","block_type":"box","text":"on behalf of the Fund with each such borrower;","page_number":41,"box":{"x":102,"y":322,"width":333,"height":10}},{"id":"e7083001-66b8-4f88-bced-19cb18146410","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":41,"box":{"x":69,"y":342,"width":538,"height":11}},{"id":"e4e2fb7d-9004-492d-b8b0-2b4974486a9b","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":41,"box":{"x":69,"y":362,"width":330,"height":11}},{"id":"2c932372-dff9-471a-84f6-9e9a06ff2322","block_type":"box","text":"(4) monitoring the daily value of the loaned securities and directing the payment of additional collateral or the return","page_number":41,"box":{"x":69,"y":382,"width":834,"height":12}},{"id":"2e35273f-798d-483c-84ab-c49f7daafa5d","block_type":"box","text":"of excess collateral, as necessary;","page_number":41,"box":{"x":102,"y":397,"width":246,"height":12}},{"id":"976f69f4-0014-4fca-88fb-10c9be5abd3f","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":41,"box":{"x":69,"y":418,"width":562,"height":11}},{"id":"a6059403-7fa2-4ae5-bbc0-38837f9d0707","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":41,"box":{"x":69,"y":438,"width":665,"height":11}},{"id":"455368f5-89eb-40b4-addf-95311423ca58","block_type":"box","text":"(7) in the event of default by a borrower with respect to any securities loan, using the collateral or the proceeds of","page_number":41,"box":{"x":69,"y":458,"width":822,"height":11}},{"id":"05b62508-9fc6-4d54-9b09-91af8b4c3fc3","block_type":"box","text":"the liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that","page_number":41,"box":{"x":101,"y":473,"width":803,"height":11}},{"id":"dd13e42a-ab5e-4227-9794-09bbfa2db309","block_type":"box","text":"of the loaned securities; and","page_number":41,"box":{"x":102,"y":488,"width":203,"height":11}},{"id":"4fc92046-af12-4260-b1b5-de76a6b19693","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Fund at loan termination.","page_number":41,"box":{"x":69,"y":508,"width":808,"height":12}},{"id":"ca83ada5-ff66-4a87-a0d7-40d7f83cfd55","block_type":"box","text":"The following table shows the dollar amounts of income and fees/compensation related to the securities lending","page_number":41,"box":{"x":101,"y":531,"width":805,"height":11}},{"id":"bbc0fdfb-cf33-4858-9bef-7d46928f3180","block_type":"box","text":"activities of the Fund during its most recent fiscal year ended April 30, 2026.","page_number":41,"box":{"x":69,"y":546,"width":548,"height":11}},{"id":"bae77981-d65e-4134-a82c-092331a6e3ad","block_type":"box","text":"Gross income from securities lending activities","page_number":41,"box":{"x":69,"y":574,"width":343,"height":11}},{"id":"c0832c2e-cc66-49ee-8e3c-5c2369a16be0","block_type":"box","text":"..................................................","page_number":41,"box":{"x":414,"y":581,"width":401,"height":2}},{"id":"eab9d7e9-19c8-4f05-9cb7-41e6bacc5b6c","block_type":"box","text":"$118,708","page_number":41,"box":{"x":837,"y":573,"width":72,"height":12}},{"id":"d1b782c4-2c9f-48da-b5f6-011a3b132372","block_type":"box","text":"Fees and/or compensation for securities lending activities and related services","page_number":41,"box":{"x":70,"y":593,"width":565,"height":12}},{"id":"f34e5cfa-0bb9-4181-b1b4-040222b46b23","block_type":"box","text":"Securities lending income paid to BIM for services as securities lending agent .","page_number":41,"box":{"x":79,"y":608,"width":565,"height":12}},{"id":"b2b64caf-d09b-4ccf-83a1-b3e08d075fe0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . $ 1,315","page_number":41,"box":{"x":650,"y":608,"width":259,"height":11}},{"id":"db1990c0-88a6-4436-96e8-5b44540023b0","block_type":"box","text":"Cash collateral management expenses not included in securities lending income paid to BIM . .","page_number":41,"box":{"x":79,"y":624,"width":679,"height":11}},{"id":"ec855cf8-b409-48d3-adf2-5b242f1664e4","block_type":"box","text":". . . . . . . $ 1,120","page_number":41,"box":{"x":765,"y":623,"width":144,"height":11}},{"id":"31ce7e8a-06ee-427e-bbf6-1a4c9a90c8c4","block_type":"box","text":"Administrative fees not included in securities lending income paid to BIM","page_number":41,"box":{"x":78,"y":639,"width":519,"height":11}},{"id":"c62ca156-4c92-4b59-b554-0d06d619d78c","block_type":"box","text":"........................... $ 0","page_number":41,"box":{"x":602,"y":638,"width":307,"height":10}},{"id":"bf91af1f-f96f-4f92-947d-217b64b40588","block_type":"box","text":"Indemnification fees not included in securities lending income paid to BIM","page_number":41,"box":{"x":79,"y":654,"width":526,"height":11}},{"id":"b5bc4fe9-9cc4-444e-804c-a12b3ec52aeb","block_type":"box","text":".......................... $ 0","page_number":41,"box":{"x":610,"y":653,"width":299,"height":11}},{"id":"3fb06225-5457-4b5e-a9c4-1862eb07295e","block_type":"box","text":"Rebates (paid to borrowers)","page_number":41,"box":{"x":79,"y":669,"width":197,"height":11}},{"id":"78dd7efc-10f9-401d-8ea5-3966b4278914","block_type":"box","text":"..................................................................","page_number":41,"box":{"x":284,"y":676,"width":531,"height":2}},{"id":"7b6ae95b-fe19-43de-93bd-f83d7f1d6e5a","block_type":"box","text":"$110,282","page_number":41,"box":{"x":837,"y":668,"width":72,"height":11}},{"id":"a0dab4b9-cb37-4ba6-a71c-44f1e6f8fc1a","block_type":"box","text":"Other fees not included in securities lending income paid to BIM . . . . . . . . .","page_number":41,"box":{"x":79,"y":684,"width":532,"height":11}},{"id":"06db3f16-d2cb-428f-94cd-3a1a879af0c7","block_type":"box","text":"......................... $ 0","page_number":41,"box":{"x":618,"y":683,"width":291,"height":11}},{"id":"1bcc1ac1-92fd-422d-bbdc-8c59d2cafd61","block_type":"box","text":"Aggregate fees/compensation for securities lending activities","page_number":41,"box":{"x":68,"y":699,"width":455,"height":11}},{"id":"4e556126-5191-429b-b188-def5e29e6868","block_type":"box","text":"....................................","page_number":41,"box":{"x":528,"y":707,"width":287,"height":1}},{"id":"e4e0eef1-3bea-4df0-ad7f-d0b7e7fcadff","block_type":"box","text":"$112,717","page_number":41,"box":{"x":837,"y":699,"width":72,"height":11}},{"id":"77264633-54fe-46e3-a333-8ce5af2eda99","block_type":"box","text":"Net income from securities lending activities","page_number":41,"box":{"x":69,"y":719,"width":327,"height":11}},{"id":"bdb59094-4ff1-49b9-a579-b961217331fd","block_type":"box","text":"...................................................","page_number":41,"box":{"x":406,"y":726,"width":409,"height":2}},{"id":"e65e3230-5464-47c7-8d26-99aa9e433aea","block_type":"box","text":"$ 5,991","page_number":41,"box":{"x":837,"y":718,"width":72,"height":12}},{"id":"5a9a49b5-3a36-4f27-863e-bfa2c1324a79","block_type":"box","text":"VIII. Additional Information","page_number":41,"box":{"x":68,"y":755,"width":195,"height":9}},{"id":"e63944f9-d50b-42f0-a908-1474cce1ce4f","block_type":"box","text":"Counsel.","page_number":41,"box":{"x":101,"y":777,"width":62,"height":9}},{"id":"82309497-5d51-429f-b323-69101dda1804","block_type":"box","text":"Ropes & Gray LLP, with offices at 1211 Avenue of the Americas, New York, New York 10036, is counsel","page_number":41,"box":{"x":170,"y":777,"width":737,"height":11}},{"id":"667bb498-4f95-4c9b-ac2f-7a8aa2d5ab14","block_type":"box","text":"to the Trust","page_number":41,"box":{"x":68,"y":793,"width":83,"height":8}},{"id":"839b1e68-b52d-411f-998e-0ce5699d184c","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":41,"box":{"x":102,"y":815,"width":352,"height":11}},{"id":"573c3db1-5058-4273-ad61-c11c3529f661","block_type":"box","text":"Deloitte & Touche LLP, with offices located at 115 Federal","page_number":41,"box":{"x":461,"y":815,"width":412,"height":11}},{"id":"f0d889ee-c965-49d5-9d1a-4115c0579af4","block_type":"box","text":"Street, Boston, Massachusetts 02110, serves as the Fund’s independent registered public accounting firm.","page_number":41,"box":{"x":69,"y":830,"width":772,"height":11}},{"id":"63c771ed-0468-4bd3-9a10-812f03c114ac","block_type":"box","text":"Additional Benchmark Performance Information.","page_number":41,"box":{"x":101,"y":853,"width":351,"height":9}},{"id":"cd1dd9e8-3cdb-4c03-ba22-d5be9d1f791f","block_type":"box","text":"As noted in the Prospectus, per formance of the Fund’s","page_number":41,"box":{"x":458,"y":853,"width":392,"height":11}},{"id":"658374d2-fc1f-4eef-a398-ee64b38e12fd","block_type":"box","text":"benchmark, the MSCI World Index (Net), shown in the Prospectus generally assumes the reinvestment of dividends","page_number":41,"box":{"x":69,"y":868,"width":819,"height":11}},{"id":"3a510348-fbce-4425-8fe0-bf300ee6a3af","block_type":"box","text":"after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as","page_number":41,"box":{"x":69,"y":883,"width":804,"height":11}},{"id":"8bbb6bc5-ce6e-4bb6-956d-4be5d8fa330c","block_type":"box","text":"I-25","page_number":41,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"e6702735-63a3-43f5-a671-eb1a1f2bb3c0","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":41,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"1254b181-0cc7-44a4-830f-7e86a37c425f","block_type":"box","text":"determined by the index provider. Please see below for the per formance of the MSCI World Index that does not","page_number":42,"box":{"x":69,"y":45,"width":791,"height":11}},{"id":"d33795bc-90e2-493b-ba43-95e2339f7b3c","block_type":"box","text":"reflect the deduction of such maximum withholding taxes for the periods noted below:","page_number":42,"box":{"x":69,"y":60,"width":610,"height":11}},{"id":"227baa8d-bd85-4435-aa72-ed4263e96be0","block_type":"box","text":"For the periods ended 12/31/25","page_number":42,"box":{"x":69,"y":88,"width":193,"height":9}},{"id":"91551c23-6ee2-4561-a39f-798aeec44bd3","block_type":"box","text":"Average Annual Total Returns","page_number":42,"box":{"x":68,"y":98,"width":173,"height":9}},{"id":"c9297724-05c8-4d52-bd39-5eff2c0f9208","block_type":"box","text":"1 Year 5 Years 10 Years","page_number":42,"box":{"x":716,"y":98,"width":193,"height":7}},{"id":"1994a34b-7122-404c-a360-8002a7661c12","block_type":"box","text":"MSCI World Index","page_number":42,"box":{"x":70,"y":116,"width":123,"height":9}},{"id":"f92ce1d9-9d08-41c0-9621-62e67b283b75","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) . . . . . . . .","page_number":42,"box":{"x":79,"y":130,"width":431,"height":11}},{"id":"9635016c-2ea5-4839-a77c-6b713445e8e7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . 21.60% 12.66% 12.74%","page_number":42,"box":{"x":516,"y":130,"width":401,"height":9}},{"id":"54840bfe-d45d-4d7b-903e-8894f237b0fa","block_type":"box","text":"Description of Shares.","page_number":42,"box":{"x":102,"y":154,"width":159,"height":11}},{"id":"3df149b3-396a-47f1-be41-b9a931d668cd","block_type":"box","text":"The Fund was organized as a statutory trust under Delaware law on April 22, 2005 under","page_number":42,"box":{"x":268,"y":154,"width":636,"height":12}},{"id":"0fb01305-439d-4eb7-b85f-54d801b319f9","block_type":"box","text":"the name Merrill Lynch Global Equity Fund. On July 28, 2005 the Fund changed its name to Merrill Lynch Global","page_number":42,"box":{"x":68,"y":169,"width":795,"height":12}},{"id":"f7efe0e4-2c9f-40c0-9381-26ad31d486d4","block_type":"box","text":"Equity Oppor tunities Fund, effective September 29, 2006, the Fund changed its name to BlackRock Global Dynamic","page_number":42,"box":{"x":70,"y":184,"width":825,"height":12}},{"id":"3c70b88b-bc73-4b99-be9d-c0689ce6ccc0","block_type":"box","text":"Equity Fund, effective October 15, 2012, the Fund changed its name to BlackRock Long-Horizon Equity Fund and","page_number":42,"box":{"x":70,"y":200,"width":799,"height":11}},{"id":"f2e1d5f3-156e-4f31-9675-f803434dff36","block_type":"box","text":"effective March 1, 2022, the Fund changed its name to BlackRock Unconstrained Equity Fund. Under the Agreement","page_number":42,"box":{"x":69,"y":215,"width":830,"height":11}},{"id":"b02c1cf1-f8a0-40ce-a1e6-a292d48eafbe","block_type":"box","text":"and Declaration of Trust that establishes the Fund, the Trustees are authorized to issue beneficial interests in the","page_number":42,"box":{"x":69,"y":230,"width":812,"height":10}},{"id":"63bc88d5-d189-4fc3-88ed-c7fb19d369e1","block_type":"box","text":"Fund and create future series. Under the Agreement and Declaration of Trust, the Trustees may also, subject to","page_number":42,"box":{"x":70,"y":245,"width":794,"height":11}},{"id":"2628cd17-3236-420b-b99e-de5a51ebcfec","block_type":"box","text":"applicable law, (i) divide the beneficial interests in the Fund or each class thereof into shares, with or without par","page_number":42,"box":{"x":69,"y":260,"width":805,"height":11}},{"id":"23bf0bc4-4774-493e-b258-7d7fb4bc7813","block_type":"box","text":"value as the Trustees shall determine; (ii) issue shares without limitation as to number (including fractional shares)","page_number":42,"box":{"x":68,"y":275,"width":823,"height":11}},{"id":"4f61ad81-21e6-49dc-828f-1314710bf6c0","block_type":"box","text":"at such time or times and on such terms as the Trustees may deem appropriate; (iii) classify or reclassify any issued","page_number":42,"box":{"x":69,"y":290,"width":833,"height":11}},{"id":"11638851-d4a2-4f1e-88e3-bc8d32005634","block_type":"box","text":"shares of the Fund or any class thereof into shares of one or more series or classes thereof; and (iv) take such other","page_number":42,"box":{"x":69,"y":305,"width":836,"height":12}},{"id":"15ab5e0e-2bc8-483f-8aa7-031ee64b6566","block_type":"box","text":"action with respect to the shares as the Trustees may deem desirable. The Fund is classified as a non-diversified","page_number":42,"box":{"x":69,"y":321,"width":808,"height":11}},{"id":"46a40671-e7bb-4270-a2f5-472b0e668789","block_type":"box","text":"open-end investment company as defined under the Investment Company Act. The Fund’s shares currently are","page_number":42,"box":{"x":69,"y":336,"width":786,"height":11}},{"id":"fd2ccab4-9371-4ffb-809e-7595e9433d03","block_type":"box","text":"divided into Investor A, Investor C, Institutional, Class R and Class K Shares. 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Additional copies of the Fund’s annual and semi-annual repor ts to","page_number":43,"box":{"x":69,"y":794,"width":815,"height":11}},{"id":"b26267b3-5d97-4143-bc12-70fc3c78ed90","block_type":"box","text":"shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional Information may be","page_number":43,"box":{"x":69,"y":809,"width":785,"height":11}},{"id":"1fdbc13c-49bf-4b78-a9ad-5ec9bca4e4ae","block_type":"box","text":"obtained at no charge by telephoning the Distributor at the telephone number appearing on the front page of this SAI.","page_number":43,"box":{"x":69,"y":824,"width":836,"height":11}},{"id":"6a0c1680-09b9-41ba-af73-369d22ec0b74","block_type":"box","text":"I-27","page_number":43,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"6c994476-8aca-4bc8-84fb-924c165d9b08","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":43,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"59e0105c-ccbb-4df7-8126-83e8ee0383e3","block_type":"box","text":"PART II","page_number":44,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"fe49764e-6410-477d-9f45-6a2f7bebf062","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":44,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"aa7366a9-9a03-4d07-9ade-7bb64646bd0c","block_type":"box","text":"a “Fund” or collectively with others as the “Funds.” Cer tain Funds may also be referred to as “Municipal Funds” if","page_number":44,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"b283e11c-82ec-4b9c-a97c-639e4a3ad2e5","block_type":"box","text":"they invest cer tain of their assets in municipal investments described below.","page_number":44,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"fd6add26-67d6-4fa4-b264-b163a6b7c8af","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":44,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"36d17cd4-bc17-483b-b7e0-2a10c5e6ffb9","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":44,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"f033d7ae-3a71-4009-a833-d9b149b736f0","block_type":"box","text":"stock and shares of beneficial interest are referred to herein as “shares” or “Common Stock,” holders of shares of","page_number":44,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"e0958156-4aa5-4c3f-bfa6-f9e36a3133e2","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":44,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"cecc96f4-ac2a-44de-86a5-f94750e19066","block_type":"box","text":"“Directors,” the boards of trustees/directors of each Fund are referred to as the “Board of Directors” or the “Board,”","page_number":44,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"dd24e280-639a-46f0-ae1d-1dfc88263700","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":44,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"fc286df8-f785-4feb-9323-dc9ae0930481","block_type":"box","text":"of each Fund and is referred to herein as the “Manager” or “BlackRock,” and the investment advisory agreement or","page_number":44,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"fda410b5-e3fd-4983-a9a8-14d7ee85f4cd","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":44,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"bc508d0f-4a62-48ef-94f9-acbfd613ef40","block_type":"box","text":"Ar ticles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “char ter.”","page_number":44,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"a3722719-02e4-4707-b3ce-9fd575a5da32","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":44,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"735e5f08-98ba-419c-8877-51dd9ca9f298","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":44,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"01b046ef-33d5-4097-a8ad-251bf68b1f30","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":44,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"5872fa0a-c207-49f2-9cc4-8e348324a0d0","block_type":"box","text":"Cer tain Funds are “feeder” funds (each, a “Feeder Fund”) that invest all or a por tion of their assets in a","page_number":44,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"d0aed0cd-6721-4a87-a50d-50ca0b27260d","block_type":"box","text":"corresponding “master” por tfolio (each, a “Master Por tfolio”) of a master limited liability company (each, a “Master","page_number":44,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"d2289344-8a94-460c-bee9-cdcb8294b9d1","block_type":"box","text":"LLC”), a mutual fund that has the same objective and strategies as the Feeder Fund. All investments are generally","page_number":44,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"637a9be5-3f42-4549-913b-389f97fc4537","block_type":"box","text":"made at the level of the Master Por tfolio. This structure is sometimes called a “master/feeder” structure. A Feeder","page_number":44,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"926d293f-e78d-4214-89c8-dc6d7ca952e1","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Por tfolio in","page_number":44,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"080bc33e-22a6-4846-96d7-bf22e4543ce7","block_type":"box","text":"which it invests. For simplicity, this SAI uses the term “Fund” to include both a Feeder Fund and its Master Por tfolio.","page_number":44,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"cc8f3946-e118-4068-818f-a3abe7e40036","block_type":"box","text":"In addition to containing information about the Funds, Par t II of this SAI contains general information about all","page_number":44,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"929641ed-449b-42e2-8f83-11f4a33a258d","block_type":"box","text":"funds in the BlackRock-advised fund complex. Cer tain information contained herein may not be relevant to a","page_number":44,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"13517362-3c02-4e91-80c3-458e19d41f6c","block_type":"box","text":"par ticular Fund.","page_number":44,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"b2bcca46-9962-4a5f-be36-61e690aef683","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":44,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"fbb61c9b-76b9-4b83-a630-dc1169c03f95","block_type":"box","text":"Set for th below are descriptions of some of the types of investments and investment strategies that one or more","page_number":44,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"e067967d-1e40-4f9c-834b-44b3e39ee974","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":44,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"0790a709-2b5b-4edb-a6f1-a5073de7a751","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":44,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"1df3366b-2bfa-42d9-b7c7-87899606c75b","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Par t","page_number":44,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"6dd13d31-d239-4c13-8b46-504af18d4b56","block_type":"box","text":"I of this SAI for fur ther information on each Fund’s investment policies and risks. Information contained in this","page_number":44,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"77749466-799f-4c8f-b5ca-2798ae3d9038","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":44,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"dc65077d-1122-41e6-928c-a512e87d4862","block_type":"box","text":"applies only to those Funds specifically identified in Par t I of this SAI as making each type of investment or using","page_number":44,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"09db98f1-1c8b-46f8-89b0-f0ee4a242a38","block_type":"box","text":"each investment strategy (each, a “Covered Fund”). Information that does not apply to a Covered Fund does not form","page_number":44,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"97a670f9-6f6e-468e-ab74-0bffb4916e55","block_type":"box","text":"a par t of that Covered Fund’s SAI and should not be relied on by investors in that Covered Fund. Only information that","page_number":44,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"afae8c95-f4c1-4742-a10e-f0b3e1fe4611","block_type":"box","text":"is clearly identified as applicable to a Covered Fund is considered to form a par t of that Covered Fund’s SAI.","page_number":44,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"4a252633-9ef6-457f-b8e0-759a0352686c","block_type":"box","text":"Asset-Backed Securities.","page_number":44,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"fe6b0b1a-2ff6-466f-9b8f-3b897a3a3220","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":44,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"1a961751-a1c6-4646-abf8-1983fdba5f6b","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":44,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"1310f201-1394-4acb-934e-acf98f4ba6e3","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":44,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"030488f4-5667-47ed-bdf4-f33f025947ee","block_type":"box","text":"credit card receivables) are passed through to a Fund. The value of asset-backed securities, like that of traditional","page_number":44,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"6a58e0fa-bee9-48b0-aa6f-97570d093abe","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":44,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"f6efc4df-2bc4-4439-b7c7-45bf367da21f","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":44,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"5d1ec8f6-6d4d-4b21-b5ed-894c1e995d3d","block_type":"box","text":"price paid by a Fund for its asset-backed securities, the yield the Fund expects to receive from such securities and","page_number":44,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"9bca5247-ad38-4eab-b147-6810f880c61b","block_type":"box","text":"the average life of the securities are based on a number of factors, including the anticipated rate of prepayment of","page_number":44,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"a17da160-57db-4238-9619-f8e0a75531ac","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":44,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"f6db5ecd-11e0-4736-b0a1-03d482bf0b3a","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":44,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"b6577a7d-f51d-4357-9575-94a0fea17820","block_type":"box","text":"Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of","page_number":44,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"736acf45-70d0-43ea-b380-f9f639dcbad7","block_type":"box","text":"interest that is lower than the rate on the security that was prepaid. To the extent that a Fund purchases asset","page_number":44,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"0a210ae1-e4e9-4dfe-aff5-367b9d65498d","block_type":"box","text":"backed securities at a premium, prepayments may result in a loss to the extent of the premium paid. If a Fund buys","page_number":44,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"f3147f20-fe8a-40fe-bcf3-708c59517558","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":44,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"5ff2f465-1b23-4a74-9beb-385e71718946","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":44,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"8f5eceb3-d9ba-443b-b468-22ef828186d9","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":44,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"37ddb790-1dfb-4faf-bb16-b09af6d7efff","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This par ticular risk may effectively","page_number":44,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"59e7fede-2d66-4499-af98-059facc3b50c","block_type":"box","text":"change a security that was considered shor t- or intermediate-term at the time of purchase into a longer term security.","page_number":44,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"c38fa855-cddb-4d9d-a93a-25d905ef91b6","block_type":"box","text":"II-1","page_number":44,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"4c3bfd5b-f08d-4e21-837b-59bf90420b76","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":44,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ae3e0bf7-7344-4aee-8200-da5faac40009","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":45,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"55ab9a41-74ea-4f62-b1fd-b5a24a5cdbf9","block_type":"box","text":"than does the value of shor ter-term securities, maturity extension risk could increase the volatility of the Fund. When","page_number":45,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"bd795e53-1116-42b2-a107-f5cd8e7b5253","block_type":"box","text":"interest rates decline, the value of an asset-backed security with prepayment features may not increase as much as","page_number":45,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"5ba7094a-f9d8-4e33-824a-eecf837a3840","block_type":"box","text":"that of other fixed-income securities, and, as noted above, changes in market rates of interest may accelerate or","page_number":45,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"91b241b2-1d3a-46fa-8dcd-bb19b98716e1","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":45,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"f9a7c187-cd1b-46d0-9242-1b5ed8a87df3","block_type":"box","text":"Asset-Based Securities.","page_number":45,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"1f5d2959-1dc7-4802-be99-f1201ebd8201","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":45,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"f9179d2a-7e2a-47c5-b1a4-9430d56c526f","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":45,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"0c612476-f42b-40df-8cca-e919d1d363ff","block_type":"box","text":"asset such as gold bullion. These securities are referred to as “asset-based securities.” A Fund will purchase only","page_number":45,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"c2a43465-6c0d-4196-9eb8-dea8463f131f","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":45,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"8361edc4-e91e-45c7-bff5-5a6da817f316","block_type":"box","text":"investment grade (for example, AAA, AA, A or BBB by S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), or Baa by","page_number":45,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"23c67d47-2e9b-480c-889a-317da567c9ad","block_type":"box","text":"Moody’s Investors Service, Inc. (“Moody’s”) or commercial paper rated A-1 by S&P or Prime-1 by Moody’s) or by","page_number":45,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"ce6d1d06-5048-4728-ba07-0767571646af","block_type":"box","text":"issuers that the Manager has determined to be of similar creditwor thiness. Obligations ranked in the four th highest","page_number":45,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"11688680-3ac2-4398-8983-b69069db474f","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":45,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"de06393c-7df1-4e95-805e-4f0eec84b4d2","block_type":"box","text":"likely to be downgraded than securities rated in the three highest rating categories. If an asset-based security is","page_number":45,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"47ee55fb-ef1f-423e-9cbf-8e9e345e6caa","block_type":"box","text":"backed by a bank letter of credit or other similar facility, the Manager may take such backing into account in","page_number":45,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"ee20383e-6964-4f2f-92c0-ba8a5a37dc4a","block_type":"box","text":"determining the creditwor thiness of the issuer. While the market prices for an asset-based security and the related","page_number":45,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"33dcae74-1497-40cf-a334-077e92eb34ef","block_type":"box","text":"natural resource asset generally are expected to move in the same direction, there may not be per fect correlation in","page_number":45,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"0b5fd2fd-cb99-45d2-9b34-a97bfd10f61a","block_type":"box","text":"the two price movements. Asset-based securities may not be secured by a security interest in or claim on the","page_number":45,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"21069c4c-e1ff-4e4d-bad4-0a61102a27ea","block_type":"box","text":"underlying natural resource asset. The asset-based securities in which a Fund may invest may bear interest or pay","page_number":45,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"61c125f4-63cd-4f2c-8503-914c45bc8d3a","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":45,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"446c33de-c79a-427d-b1a2-0b03f0fbf14f","block_type":"box","text":"at maturity in cash at the stated principal amount or, at the option of the holder, directly in a stated amount of the","page_number":45,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"23d8286f-6465-4106-8c53-fbb7c963869d","block_type":"box","text":"asset to which it is related. In such instance, because no Fund presently intends to invest directly in natural resource","page_number":45,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"f5775c84-4744-4a78-a399-49d1331308e4","block_type":"box","text":"assets, a Fund would sell the asset-based security in the secondary market, to the extent one exists, prior to","page_number":45,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"b8c21f7d-fb9e-4ed9-a175-2f532c1f38c3","block_type":"box","text":"maturity if the value of the stated amount of the asset exceeds the stated principal amount and thereby realize the","page_number":45,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"e28e848a-0629-4721-8ca2-fc943b671f64","block_type":"box","text":"appreciation in the underlying asset.","page_number":45,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"e58b0f2b-dd7f-4480-8728-79d09c422d41","block_type":"box","text":"Precious Metal-Related Securities.","page_number":45,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"f2c9e9da-de6a-44b1-8ae3-7775ec134f5b","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":45,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"d28bac31-3646-44cd-8ca8-71239c0f0bdd","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":45,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"98e972c3-4955-4b0e-a882-a71d3a085cf8","block_type":"box","text":"e.g.","page_number":45,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"bc40d1d9-23bf-42ae-89ba-ad40059f084c","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":45,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"c1fea5dd-a6bb-48ec-9ad4-9d80e182518f","block_type":"box","text":"indexed to the value of such metals. Such securities may be purchased when they are believed to be attractively","page_number":45,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"6c239d49-f55d-445b-86a6-0a3b1b37f4fb","block_type":"box","text":"priced in relation to the value of a company’s precious metal-related assets or when the values of precious metals","page_number":45,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"91009f99-c8a8-459e-a5cd-e1057390f202","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":45,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"42ddddf7-b7d0-45b2-a671-0bd2c2ea31fe","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":45,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"4efea6ff-1fe1-4eed-997c-f553cc99ca1f","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":45,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"ae4e1b8f-8e3b-4f88-8971-a66c1a7d7beb","block_type":"box","text":"metal prices during such periods. In addition, the instability of precious metal prices may result in volatile earnings of","page_number":45,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"2c8a76a3-f92d-479b-86b4-f6dc321602f4","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":45,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"a1e3bd9d-98d1-42c7-b9e9-0dcbe03041bd","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":45,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"c9ac65d6-e2a9-4d25-8270-33b0166c2032","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":45,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"939a1159-b878-40a7-8694-8918e28a8424","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":45,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"ec80f3b5-4505-4af8-aa46-116875195954","block_type":"box","text":"South African gold production.","page_number":45,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"28fe2511-e6b7-43fb-9617-1d410aeb1e30","block_type":"box","text":"Borrowing and Leverage.","page_number":45,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"cec96899-cfe0-45ec-b8e8-08f7b473d1fa","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":45,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"8f68e9ec-8340-4fe8-aef3-afad71caed11","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":45,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"39b481a7-8332-4ee4-9cea-da953f4ddc8c","block_type":"box","text":"securities at any time when borrowings exceed 5% of their total assets, except (a) to honor prior commitments or","page_number":45,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"dfe2ab76-1fc6-4664-821d-15ffb6db3005","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":45,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"c6411ab7-aab7-40ba-8b9d-8f0c59a2a9d5","block_type":"box","text":"other securities transactions.","page_number":45,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"94679c8a-050d-4bfa-b137-6f22008e06e8","block_type":"box","text":"Cer tain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s Prospectus.","page_number":45,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"3badfe84-5d5b-4361-b973-715ae34a064d","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":45,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"78f8f2b7-98d0-4103-a577-ffe9f21bbde0","block_type":"box","text":"leveraging increases the Fund’s exposure to capital risk, and borrowed funds are subject to interest costs that will","page_number":45,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"f766f398-2dc2-44c1-a720-bb13d49a8a9d","block_type":"box","text":"reduce net income. The use of leverage by a Fund creates an oppor tunity for greater total return, but, at the same","page_number":45,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"e0530c9f-0240-41d0-904b-ad46e7e86c26","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":45,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"1cf2e788-43df-4125-bfd2-bcf59e027669","block_type":"box","text":"shares and in the yield on the Fund’s por tfolio. Although the principal of such borrowings will be fixed, the Fund’s","page_number":45,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"a492627c-6756-4228-a235-0d87ebfb6555","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":45,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"7dbcb469-16c9-4b67-ba50-26f3be4745c4","block_type":"box","text":"for the Fund that can exceed the income from the assets purchased with the borrowings. To the extent the income or","page_number":45,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"8721e41e-180b-4ea7-bc35-153ceb0ee90b","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":45,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"cf3e4fbb-3b46-4b93-98cb-5baff92b6380","block_type":"box","text":"pay on the borrowings, the Fund’s return will be greater than if leverage had not been used. Conversely, if the income","page_number":45,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"c2eb1f57-86b8-4d63-ac02-f5b0f3e5d408","block_type":"box","text":"or capital appreciation from the securities purchased with such borrowed funds is not sufficient to cover the cost of","page_number":45,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"9423b653-534c-4dba-9f0a-bcd0469a8bf6","block_type":"box","text":"borrowing, the return to the Fund will be less than if leverage had not been used and, therefore, the amount available","page_number":45,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"3f058505-df55-47d0-ac18-d337587faf65","block_type":"box","text":"for distribution to shareholders as dividends will be reduced. In the latter case, the Manager in its best judgment","page_number":45,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"5e2b0309-0aa8-4f32-8426-c01fd66aa5d0","block_type":"box","text":"II-2","page_number":45,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"a64f8bb1-e330-4bd5-901e-b8b26ffcb995","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":45,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"542ff397-beff-433b-8e9e-f81e13112734","block_type":"box","text":"never theless may determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":46,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"48590f8f-34f0-4096-8470-e50b570efe1d","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":46,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"31bb30d5-80af-4cdc-ab72-9479fa1ed2e7","block_type":"box","text":"Cer tain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements","page_number":46,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"e277b9e4-aa3d-4ef6-8cc4-b9129210e28c","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":46,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"0b47b7ce-3a4e-4671-a50e-bdb500506019","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s por tfolio in accordance with the","page_number":46,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"75cbed89-ba68-4aa1-9830-29510d154acf","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":46,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"84474af5-5ee0-4703-8839-e15ce5cd9358","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":46,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"c6326c59-11fd-4d9f-940a-8125f734cf33","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":46,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"7309e3cb-784d-4195-96f0-675f3174d18c","block_type":"box","text":"Each Fund may at times borrow from affiliates of the Manager, provided that the terms of such borrowings are","page_number":46,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"fad79207-472b-4b37-89cc-b723184fe6b4","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":46,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"6f85a972-24ee-4676-b100-0e73f23075e0","block_type":"box","text":"Cash Management.","page_number":46,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"83a13bb3-0352-441b-8feb-5070b69d5e77","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":46,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"e8731add-0153-44cb-8225-8ed733e73d19","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":46,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"d5d7d106-51ab-4540-a04d-d01949fe1e27","block_type":"box","text":"in the opinion of the Manager, a por tion of a Fund’s assets may be invested in cer tain types of instruments with","page_number":46,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"1626f9bf-b571-4ad6-8fef-888be9d79353","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":46,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"c2f5838b-ca02-4bc5-9bc6-9a052a806a7f","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":46,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"263dbb7d-4a6e-4667-9bef-01ad030e90c8","block_type":"box","text":"Securities”); (ii) other fixed-income securities rated Aa or higher by Moody’s or AA or higher by S&P or, if unrated, of","page_number":46,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"0c4d2bae-754c-43b8-bd41-69d07a7282d4","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":46,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"495f17e2-e390-45ff-8105-0bac7e18c071","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":46,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"407d2b5a-f7d9-4650-8c66-22025f2fe400","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":46,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"0a32f465-362a-45a0-81c3-baae775f44fa","block_type":"box","text":"have outstanding debt rated Aa or higher by Moody’s or AA or higher by S&P or outstanding commercial paper, bank","page_number":46,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"90275493-fe25-4bc1-9cab-9d80f912a7d5","block_type":"box","text":"obligations or other shor t-term obligations rated Prime-1 by Moody’s or A-1 by S&P; or, if no such ratings are","page_number":46,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"9d08cfc8-2f9b-4014-8f17-7aaf4ad0d6bc","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":46,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"063db97d-5537-483d-8fa0-57c089b1f3f4","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":46,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"00a03a1c-83f7-490b-9460-cd17c6599d36","block_type":"box","text":"Collateralized Debt Obligations.","page_number":46,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"3d91cb65-226a-49c1-82b9-5b3fd817172d","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":46,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"30b7e9f0-97bf-4d51-ab2c-1e2cadf66ff5","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":46,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"46b4ea1b-1a4b-4afc-9d4d-7b4e5b3ee4c9","block_type":"box","text":"structured securities. CDOs are types of asset-backed securities. A CBO is ordinarily issued by a trust or other","page_number":46,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"3d2419ff-bb7c-4dca-bae1-36e3669087c6","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":46,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"94441d9d-4b2e-4995-b955-8cf117ac4403","block_type":"box","text":"include high risk, below investment grade securities) held by such issuer. A CLO is ordinarily issued by a trust or","page_number":46,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"d7c1c65b-e550-4cba-bebb-cb4d8db7f81b","block_type":"box","text":"other SPE and is typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S.","page_number":46,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"d3d18f61-47ca-467e-b374-eb0e758b9fd9","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":46,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"63307e59-e87c-4a0a-8b7e-6eb424c94213","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":46,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"8cd7d49c-6ef1-4a2a-8d0b-d74ce092c6c3","block_type":"box","text":"the United States may not be deemed to be foreign securities if the CLO is collateralized by a pool of loans, a","page_number":46,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"7cbf5607-c7cc-4f56-b0ec-4a748ba2170b","block_type":"box","text":"substantial por tion of which are U.S. loans. Although cer tain CDOs may benefit from credit enhancement in the form","page_number":46,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"65e36bce-d022-44ee-be8d-0b4d2eda5cdf","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":46,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"c9373b9d-583a-48ec-a32a-035127c03d25","block_type":"box","text":"present, and may fail to protect a Fund against the risk of loss on default of the collateral. Cer tain CDO issuers may","page_number":46,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"76b2470d-c444-4031-ab89-509605058fb8","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":46,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"835532a1-a4c3-4a35-bec3-c54fc522d3e6","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":46,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"2bf5640f-c694-4c06-9256-8383737786fb","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":46,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"1fb534dc-e0f0-472e-9f84-45befb3f0561","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more por tions, called tranches,","page_number":46,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"fd949125-6111-42f4-bb64-a2a16477f997","block_type":"box","text":"varying in risk and yield. The riskiest por tion is the “equity” tranche, which bears the first loss from defaults from the","page_number":46,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"a64a8f3f-bc7d-40cf-b0b4-9ad0087a4ccf","block_type":"box","text":"bonds or loans in the SPE and serves to protect the other, more senior tranches from default (though such protection","page_number":46,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"b32e6162-30df-4fbe-a974-3ff6c5cdfcfb","block_type":"box","text":"is not complete). Since it is par tially protected from defaults, a senior tranche from a CBO or CLO typically has higher","page_number":46,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"01360e5b-bb7b-418b-8f93-435a589268ef","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":46,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"4411ebac-5945-4afd-98df-daf8f3d25c3b","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":46,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"8f9dcb71-3549-4f87-94f7-602cec8d77ae","block_type":"box","text":"of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage","page_number":46,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"1c9fde17-d37f-475e-a511-efe2c425d036","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":46,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"e0609905-6556-4779-91a9-82c266d73bf2","block_type":"box","text":"anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on cer tain tranches","page_number":46,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"4353b983-aa9d-4b4f-aedc-5f78379bc131","block_type":"box","text":"of a CDO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than","page_number":46,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"34bd27a5-a24d-4ff2-8760-0f434e722599","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":46,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"cb31432c-ea39-4791-91c1-8a99320d78db","block_type":"box","text":"The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the","page_number":46,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"1d934c2d-13c3-4421-a02c-638f7acfb13d","block_type":"box","text":"CDO in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not","page_number":46,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"300e434f-5950-4a82-80e3-371709a73fa0","block_type":"box","text":"registered under the securities laws. However, an active dealer market may exist for CDOs, allowing a CDO to qualify","page_number":46,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"e8dd92e4-c9a9-4bb0-a988-9e8aa7e59567","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":46,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"7d7e10a0-6fbb-4aef-aecc-25814f9a5411","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":46,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"f4396dc2-4ced-4199-a84a-8816427a2f97","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":46,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"e38776b2-1e22-4933-b378-93191836b266","block_type":"box","text":"II-3","page_number":46,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"156aa695-e08a-4f2d-a5a3-7ba06f5119e9","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":46,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"1eea3255-6281-43f5-8ebe-4c1b3cd5de9f","block_type":"box","text":"risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical","page_number":47,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"e54a37ef-6fcf-4a10-bf41-78a3a3cac124","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":47,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"bad83bf5-c856-4de0-a06f-37152e44f4fa","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":47,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"d771bc0c-5762-48dd-bde9-9db2c19d62e4","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":47,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"d7689ad8-22ce-45b2-95a9-f33733dbc0f1","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":47,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"9d08fd2c-28b3-4563-99db-493713ebf7e3","block_type":"box","text":"(vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the","page_number":47,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"0af12182-540d-4663-90dc-63711eeeb914","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":47,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"b47a10ca-8fd1-47b5-be25-0aa00962be02","block_type":"box","text":"Commercial Paper.","page_number":47,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"fcd5d3d8-6b40-415a-9c0a-f68949335963","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":47,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"9512c2d5-551a-4736-840b-334a62d6397b","block_type":"box","text":"Fund includes “Section 4(a)(2) paper,” a term that includes debt obligations issued in reliance on the “private","page_number":47,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"836440e4-2e04-4ea5-b546-0c3de7da4736","block_type":"box","text":"placement” exemption from registration afforded by Section 4(a)(2) of the Securities Act. Section 4(a)(2) paper is","page_number":47,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"27a40599-9201-47f5-9c11-32dd022fa5ac","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":47,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"6a83c581-7ba7-4c87-86ad-4e70954467fd","block_type":"box","text":"investors such as the Fund through or with the assistance of investment dealers who make a market in the Section","page_number":47,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"09ca5b6c-d055-4274-91d4-7b362e6e9477","block_type":"box","text":"4(a)(2) paper, thereby providing liquidity. Cer tain transactions in Section 4(a)(2) paper may qualify for the registration","page_number":47,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"38affcdd-a25f-488c-96c5-07392cc18651","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":47,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"61d69a14-372b-4a87-af61-56b025bac97f","block_type":"box","text":"time of purchase) “A-1” by S&P or “Prime-1” by Moody’s or when deemed advisable by a Fund’s Manager or sub","page_number":47,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"18512900-5635-4ef0-ad71-5ab411cbb210","block_type":"box","text":"adviser, “high quality” issues rated “A-2”, “Prime-2” or “F-2” by S&P, Moody’s or Fitch, respectively.","page_number":47,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"f50c01b9-5933-4183-a90d-f3ee88d68ac1","block_type":"box","text":"Commercial paper is generally considered to be shor t-term unsecured debt of corporations. Like all fixed income","page_number":47,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"c64816e9-ab59-4817-9d1e-c12dedd72df4","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":47,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"d1c421b7-9b20-4550-abab-09294b80f237","block_type":"box","text":"paper prices will decline and vice versa. However, the shor t-term nature of a commercial paper investment generally","page_number":47,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"fad56211-6184-4cd7-a5b6-f2c7a3090f5e","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":47,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"0b87ea76-5deb-4811-af06-d778b6fc229b","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":47,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"953b883b-13da-4d91-aee5-f5f39b92cee7","block_type":"box","text":"debt because securities with shor ter maturities typically have lower effective yields than those with longer maturities.","page_number":47,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"97683b02-0bbe-4067-a9ca-93ea1e714573","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":47,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"fc30e08e-c3d7-4ff8-b27a-f2c0ca12c2d6","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":47,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"148951ce-6d5d-4bc1-9598-2b8f95714788","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":47,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"9a8f4e70-b8e1-45cc-8b10-0bb2a74e9d89","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":47,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"c37e072b-5dd7-43d2-8543-2acb89e877b1","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":47,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"171be404-5642-4c4e-8925-92676c01fbd7","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":47,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"a6938f58-0fa8-4a4b-b8d8-9b0bc90edcd8","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":47,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"1884bd45-03cf-4888-b410-1dac9f73a5c5","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":47,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"72174ab9-3caa-4bbc-8ed9-b35e688f073b","block_type":"box","text":"variable.","page_number":47,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"912e7ae0-ad2e-4b8a-bd54-80472e5667eb","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":47,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"5db219ad-67df-4fcd-b146-ef541a277ae0","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":47,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"e412d51f-d51d-44ec-9601-bd5a633358a1","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":47,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"56343240-7cfc-4652-9891-0fdc384c6f89","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":47,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"7a2fd6bf-a5b1-4df4-9f9a-5402ebb6aef9","block_type":"box","text":"rising inflation, the prices of cer tain commodities, such as oil and metals, have historically tended to increase. Of","page_number":47,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"de5a16fe-236c-4b96-8ee8-c16639c07c0a","block_type":"box","text":"course, there cannot be any guarantee that these investments will per form in that manner in the future, and at","page_number":47,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"30f4b20a-f7e1-4d3c-a508-b84e6cc03ffe","block_type":"box","text":"cer tain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":47,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"0a3b8f93-d988-4b73-995e-0dff069f2bdf","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":47,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"e868159a-8322-4fc8-b630-0b0dbc6fc5e1","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":47,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"3849b323-4610-4911-bd7d-468a2dc0f51d","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":47,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"b854d913-4b0b-4217-9480-0e0770817d94","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":47,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"0836c5e2-db7d-47e1-96a8-cfd0f8dff293","block_type":"box","text":"securities. Over the long term, the returns on the Fund’s investments are expected to exhibit low or negative","page_number":47,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"44cd3e1b-8117-4975-8657-acbbe46ba5d6","block_type":"box","text":"correlation with stocks and bonds.","page_number":47,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"c230731b-8712-45c0-bbc0-c3b3b79c1cc6","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":47,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"b7fd242b-005d-4023-9237-30a4f56b3a45","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":47,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"c0eddfe7-1e99-4c17-bc25-86460688f135","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":47,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"a24afa3d-ed17-458e-914b-ad588d2f72d3","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":47,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"38e1df00-7dff-40b0-9510-aed5ded51c14","block_type":"box","text":"be predominantly a security if (a) the issuer of the hybrid instrument receives payment in full of the purchase price of","page_number":47,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"4cdee8b3-1141-4d54-9a2d-ab3bf745b6e2","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":47,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"d10767f4-3cbb-46d4-8cdb-f45156a3c5e9","block_type":"box","text":"holder of the hybrid instrument is not required to make any payment to the issuer in addition to the purchase price","page_number":47,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"c3d83de1-88bc-48e5-a1e6-d95595ade169","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":47,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"106d7df6-6e15-4c54-bf36-30c1d2c5bed5","block_type":"box","text":"instrument or at maturity; (c) the issuer of the hybrid instrument is not subject by the terms of the instrument to","page_number":47,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"0cbac646-d02a-4a11-b56e-c28f3a58213a","block_type":"box","text":"mark-to-market margining requirements; and (d) the hybrid instrument is not marketed as a contract of sale of a","page_number":47,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"a133174e-5390-44e2-a4e9-ccf8badf959a","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":47,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"e395766b-ff25-434c-aeb3-82dd516424f8","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":47,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"bf464dda-ec7f-45f4-b5ed-e798bc2fbe76","block_type":"box","text":"principal protected hybrid instrument means that the issuer will pay, at a minimum, the par value of the note at","page_number":47,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"934e30cf-56d6-4824-a4a5-52b570489c40","block_type":"box","text":"II-4","page_number":47,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"71882ce2-8942-4027-8246-2bbf3fba7a77","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":47,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"34ac1a8b-d2bb-4c57-bcfe-4fccc28c820e","block_type":"box","text":"maturity. Therefore, if the commodity value to which the hybrid instrument is linked declines over the life of the note,","page_number":48,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"b20cf709-3187-4fd2-8ea6-a2d386d84220","block_type":"box","text":"the Fund will receive at maturity the face or stated value of the note. With a principal protected hybrid instrument, the","page_number":48,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"19b88ceb-10aa-4703-89e0-107f6dc48eca","block_type":"box","text":"Fund will receive at maturity the greater of the par value of the note or the increase in its value based on the","page_number":48,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"e3f26fd4-f3a9-4f9c-8ba2-5b47fa6fdc8e","block_type":"box","text":"underlying commodity or index. This protection is, in effect, an option whose value is subject to the volatility and price","page_number":48,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"80fd848b-9c93-48e8-bf81-c28573698b64","block_type":"box","text":"level of the underlying commodity. The Manager’s decision whether to use principal protection depends in par t on the","page_number":48,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"a237001e-a157-4166-8ab1-294e974cf8aa","block_type":"box","text":"cost of the protection. In addition, the protection feature depends upon the ability of the issuer to meet its obligation","page_number":48,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"a3ef9b0b-e013-4a8e-b799-e2407353ea7d","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditwor thiness of the issuer. With full principal protection,","page_number":48,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"370d5bc4-e04c-445a-8196-800374ea2187","block_type":"box","text":"the Fund will receive at maturity of the hybrid instrument either the stated par value of the hybrid instrument, or","page_number":48,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"76e19505-c740-48e4-881c-c98194886a79","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":48,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"1ef2bbc3-e399-4e73-9c57-a2edc0817a51","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":48,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"710bc08a-3741-40b4-ab83-ebb2b4cd31bf","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":48,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"fac66771-aea5-4f06-aa4d-4588c0c2c49e","block_type":"box","text":"variable to which the hybrid instrument is linked declines in value during the term of the hybrid instrument. However,","page_number":48,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"f15d359d-896a-4b36-8f48-0a80f203082e","block_type":"box","text":"par tially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":48,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"beb4143b-47d0-4082-af11-ac1115a42f82","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":48,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"828b3f82-fb84-42ca-954d-86d5b8ac19b0","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":48,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"fd30484c-be5a-4f92-ba0c-28aebfc20aec","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":48,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"8046ebeb-b561-4513-aeb3-a80f3e53e9f1","block_type":"box","text":"economic variable may have declined sufficiently in value such that some or all of the face value of the hybrid","page_number":48,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"cd2af304-789c-4493-86ae-c98685ffac8f","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":48,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"07f633bb-c6e6-4c2d-a8df-1b35c760fb8c","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":48,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"ec385915-a2ca-401f-b91d-7f523d29fa6f","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":48,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"2e25c5e1-7076-494f-bf70-19cd7a12be2d","block_type":"box","text":"index or other economic variable over the term of the note, the cost of the note, and any other economic factors that","page_number":48,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"f00d776e-f25d-40ff-b8f1-b7cdc4b014f0","block_type":"box","text":"the Manager believes are relevant.","page_number":48,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"1f935278-4489-4499-969b-4563f3207751","block_type":"box","text":"Limitations on Leverage.","page_number":48,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"e6decd5a-d18a-4e51-ad9a-6cec41b8338c","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":48,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"3aff53a5-72fb-4f82-aee0-04668dfc3203","block_type":"box","text":"avoid being subject to undue leverage risk, a Fund will seek to limit the amount of economic leverage it has under any","page_number":48,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"4fd7b132-9412-4ecb-a21b-73580d228cc7","block_type":"box","text":"one hybrid instrument that it buys and the leverage of the Fund’s overall por tfolio. A Fund will not invest in a hybrid","page_number":48,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"f534b9c7-7215-4d26-82e0-c531d40768dc","block_type":"box","text":"instrument if, at the time of purchase: (i) that instrument’s “leverage ratio” exceeds 300% of the price increase in","page_number":48,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"0b10b526-d696-45d4-83fd-6636d58e6946","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":48,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"fe3dad03-4bc7-4d22-9ca7-fb2e28a5e05f","block_type":"box","text":"ratio” exceeds 150%, measured at the time of purchase. “Leverage ratio” is the expected increase in the value of a","page_number":48,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"283845b2-9abc-454f-94ff-7e1499dc2e13","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":48,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"5c8b877f-e72f-41cc-bdeb-14fc5d3059ce","block_type":"box","text":"other economic factor. In other words, for a hybrid instrument with a leverage factor of 150%, a 1% gain in the","page_number":48,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"29a9af45-00e1-4827-8c0c-06b622e1d4c1","block_type":"box","text":"underlying economic variable would be expected to result in a 1.5% gain in value for the hybrid instrument.","page_number":48,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"8d3da693-49cc-4b8c-a107-697259a358f3","block_type":"box","text":"Conversely, a hybrid instrument with a leverage factor of 150% would suffer a 1.5% loss if the underlying economic","page_number":48,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"338c6f16-b9b2-4bb1-bb4f-49d4102e4cfe","block_type":"box","text":"variable lost 1% of its value. “Por tfolio leverage ratio” is defined as the average (mean) leverage ratio of all","page_number":48,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"a2df1be4-4f44-46d8-b1e1-339adca9fbbf","block_type":"box","text":"instruments in a Fund’s por tfolio, weighted by the market values of such instruments or, in the case of futures","page_number":48,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"8edc8d31-6f67-44f6-be30-e61667ba624b","block_type":"box","text":"contracts, their notional values. A Fund may at times or from time to time decide not to use leverage in its","page_number":48,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"a8aa7dba-6e66-43a6-88a3-2acb590c32bd","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":48,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"016ce818-2e34-4233-9bf4-16573d5c4fa4","block_type":"box","text":"Counterpar ty Risk.","page_number":48,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"eebdadc9-bdaf-415a-876e-6ab291303fe7","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":48,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"000fc513-e674-4339-b8e4-b37c5c42652b","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":48,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"fd1813f1-eadc-42c1-9f9b-1f7060177d63","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":48,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"717ebcd5-8d7a-4ef2-b26e-ee74e8f4c602","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":48,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"1dbc8771-a4c3-48f4-ad4e-fd6d62d98be6","block_type":"box","text":"e.g.","page_number":48,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"7549286c-de97-42ea-9ae5-9dbb9bb99012","block_type":"box","text":",","page_number":48,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"47537a80-77d4-40b8-a913-9e1a396b5256","block_type":"box","text":"ratings of AAA or AA by S&P). Therefore, the risk is small that an exchange clearinghouse might be unable to meet its","page_number":48,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"c22576ea-d590-45d9-8a2f-6c02b29e13c9","block_type":"box","text":"obligations at maturity. However, with a hybrid instrument, a Fund will take on the counterpar ty credit risk of the","page_number":48,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"f704b88f-b1d3-4ca5-aca1-eeb3e5f0a827","block_type":"box","text":"issuer. That is, at maturity of the hybrid instrument, there is a risk that the issuer may be unable to per form its","page_number":48,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"ccc15fd4-8843-48c3-954e-fff01b3ab6b8","block_type":"box","text":"obligations under the structured note.","page_number":48,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"7f4ef29c-7df6-4bf5-a698-baa608167424","block_type":"box","text":"Convertible Securities.","page_number":48,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"6e31aef3-cf8c-4f51-b004-e5cd7c5c31b1","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":48,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"a939a636-8747-4cee-bc3c-5739ceef4227","block_type":"box","text":"may be conver ted into or exchanged for a prescribed amount of common stock or other equity security of the same or","page_number":48,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"b7e64e57-6e3d-4a48-b5a9-3f33975d6111","block_type":"box","text":"a different issuer within a par ticular period of time at a specified price or formula. A conver tible security entitles the","page_number":48,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"adbdd53d-75e1-4813-983e-84f419c66ca7","block_type":"box","text":"holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the conver tible","page_number":48,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"6e918200-1a64-4149-9f16-4530c1605ff6","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":48,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"984a862b-1bab-4536-b123-b7e0a7a32730","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":48,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"15d9acd3-e1b3-4542-947f-ac4f4a838a04","block_type":"box","text":"with generally higher yields than those of common stocks of the same or similar issuers, but lower yields than","page_number":48,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"8f63dbbb-53f8-4f62-83de-a8c2ad47f480","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":48,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"0df45a03-a225-400f-8723-fb7c1efa4907","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":48,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"63b47dff-7455-45d6-89b9-c593ee040d3c","block_type":"box","text":"standing of the issuer and other factors also may have an effect on the conver tible security’s investment value.","page_number":48,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"94a22ec2-c804-450c-b0aa-d939e8f6a3af","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":48,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"6f0979db-8fb1-4b77-97a7-3d25c6d19132","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":48,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"72a7bda5-938a-46a2-97bd-fc31b7daf5d9","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":48,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"623438b5-ed21-409a-9bb6-ec8b7d5e25b0","block_type":"box","text":"II-5","page_number":48,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"bb0afd8a-5f36-4d10-811b-c1cd0528232d","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":48,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"3e39f2f1-69b9-488a-afb3-f5af873258ea","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":49,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"e1223a46-9e70-4048-b5ba-c8f13db56a93","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":49,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"0f9aa06a-6950-4e99-a81e-f87a5d5ac4f8","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":49,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"1de2b837-7723-4616-aa61-ca107e6e89a2","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":49,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"f49d5e6f-f754-4870-8b01-c47af311b359","block_type":"box","text":"in value relative to the underlying common stock due to their fixed-income nature. As a result of the conversion","page_number":49,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"42f4758a-b991-4348-994c-7e67b82d6bce","block_type":"box","text":"feature, however, the interest rate or dividend preference on a conver tible security is generally less than would be the","page_number":49,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"9c173d6f-8d1b-424d-9517-69456e8305ae","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":49,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"a24c49ce-729b-4e9b-9f15-5cc2300b2ae6","block_type":"box","text":"In analyzing conver tible securities, the Manager will consider both the yield on the conver tible security relative to","page_number":49,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"330743bf-09e4-4b45-b971-433c3ac8a5b9","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":49,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"8dbbb3bc-c4ce-4ed7-9894-c42971b723c0","block_type":"box","text":"things.","page_number":49,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"15fb6748-7c14-42a5-87f8-7285aab49000","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":49,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"019188f2-fc2d-4663-b08d-e1dc8176c38f","block_type":"box","text":"substantial por tion of the conver tible securities held by a Fund are denominated in U.S. dollars, the underlying equity","page_number":49,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"643bad42-7cd0-4e7a-abc3-aa1c416be8ec","block_type":"box","text":"securities may be quoted in the currency of the country where the issuer is domiciled. As a result, fluctuations in the","page_number":49,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"e471b1d8-a435-458e-b7f4-a57d9ec2ba93","block_type":"box","text":"exchange rate between the currency in which the debt security is denominated and the currency in which the share","page_number":49,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"e85c7456-24ec-4115-9161-c0af2512763c","block_type":"box","text":"price is quoted will affect the value of the conver tible security. With respect to conver tible securities denominated in","page_number":49,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"e1f039e6-2352-4de3-b83f-aa0916fbb737","block_type":"box","text":"a currency different from that of the underlying equity securities, the conversion price may be based on a fixed","page_number":49,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"bb5581f6-9993-4b1b-8d77-45e263164a24","block_type":"box","text":"exchange rate established at the time the security is issued, which may increase the effects of currency risk. As","page_number":49,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"6bdf9fbc-4b3a-4fbd-9ab4-f3734b2ad9e2","block_type":"box","text":"described below, a Fund is authorized to enter into foreign currency hedging transactions in which it may seek to","page_number":49,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"73fd2c50-97ad-46e3-816c-024b2d201ad7","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":49,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"c1dbdb27-48d4-4c40-8f15-99fdd0b1f615","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":49,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"ef842b5d-a2d3-43d1-8222-c532bd00ce4a","block_type":"box","text":"nonconver tible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":49,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"3199fb4d-5ab8-48f2-9c7d-67b35818cb49","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (","page_number":49,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"f99cf31e-2c4b-45fd-b6cd-41b8982138b8","block_type":"box","text":"i.e.","page_number":49,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"06911d2a-7c59-4d4e-9ef4-571232391358","block_type":"box","text":", strictly on the basis of its yield) is","page_number":49,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"55c2643e-8b00-4cdf-9ab3-f0dee11f270d","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":49,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"f75b3293-4672-465c-8207-612abd6f1718","block_type":"box","text":"conver tible security typically will fluctuate. At the same time, however, the value of the conver tible security will be","page_number":49,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"654661b7-9c64-495a-8a5e-c7959c9fc334","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":49,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"8e79e6dd-8804-41fd-a9d7-8fdd521c2052","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":49,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"4c74d639-27e4-41f1-be68-4fc4c5192acf","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":49,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"b5804693-9409-4830-947a-4894466dde6a","block_type":"box","text":"the price of the conver tible security is governed principally by its investment value. To the extent the conversion value","page_number":49,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"1266a65f-726c-43a0-9ee0-8448e14407b1","block_type":"box","text":"of a conver tible security increases to a point that approximates or exceeds its investment value, the price of the","page_number":49,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"90591a9b-3ca5-4d6e-85b8-aaf4bad085c4","block_type":"box","text":"conver tible security will be influenced principally by its conversion value. A conver tible security will sell at a premium","page_number":49,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"91f85965-1299-4f78-b94a-8ad7171d5960","block_type":"box","text":"over the conversion value to the extent investors place value on the right to acquire the underlying common stock","page_number":49,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"40639bf8-a9b0-4d68-8d09-87a68b9e0714","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of conver tible securities issued in Japan and","page_number":49,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"044e519e-8794-4857-90bf-1b8db25fcc4e","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":49,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"ba226275-e55c-4292-92f1-2791c0339cb7","block_type":"box","text":"than the securities’ investment value.","page_number":49,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"1448bab6-25aa-4c0e-beae-68b16073b6f7","block_type":"box","text":"Holders of conver tible securities generally have a claim on the assets of the issuer prior to the common","page_number":49,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"8945aff3-e499-4268-8826-84fa8e354b49","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A conver tible security may be","page_number":49,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"162ba9e7-d480-4965-bd3d-0d94caf943a3","block_type":"box","text":"subject to redemption at the option of the issuer at a price established in a char ter provision, indenture or other","page_number":49,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"b32049ce-208c-476b-86c4-8d9e3712c5c4","block_type":"box","text":"governing instrument pursuant to which the conver tible security was issued. If a conver tible security held by a Fund is","page_number":49,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"dffdde84-3918-49ce-b2ee-3fef7bdac6d9","block_type":"box","text":"called for redemption, the Fund will be required to redeem the security, conver t it into the underlying common stock","page_number":49,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"d4e3f7b0-936c-4e6b-b409-a0adfce1789d","block_type":"box","text":"or sell it to a third par ty. Cer tain conver tible debt securities may provide a put option to the holder, which entitles the","page_number":49,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"c34513aa-e3ca-4def-8046-759bd4afaf5e","block_type":"box","text":"holder to cause the security to be redeemed by the issuer at a premium over the stated principal amount of the debt","page_number":49,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"b2f4020f-53ce-4dc1-adde-9837418137b8","block_type":"box","text":"security under cer tain circumstances.","page_number":49,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"844c2806-d234-443a-ba74-868c58573360","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":49,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"3c27f8f5-bed8-4ffd-aa73-e1fefab50920","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":49,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"edbecb17-3e30-45e3-b9c5-40136e943374","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":49,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"728a8c7b-c110-4bf3-b4fc-8afe84b01a63","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":49,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"cb098a9a-d1bd-4ceb-af0f-b467d2918b50","block_type":"box","text":"issue a Cash-Settled Conver tible that is conver tible into common stock only if the company successfully completes a","page_number":49,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"bce90b29-2933-48cd-9723-751647d02711","block_type":"box","text":"public offering of its common stock prior to maturity and otherwise pays a cash amount to reflect any equity","page_number":49,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"2ad27179-c8dd-4734-b4bd-2023e600a315","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":49,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"7c78aca9-0416-483c-bbfa-f0618d11df9c","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security,","page_number":49,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"0616f78e-fa1f-4b31-9c5b-c93aff6d01bf","block_type":"box","text":"i.e.","page_number":49,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"a46970a3-f6b5-448a-8bd4-c2cd000f3e55","block_type":"box","text":", fixed-income (“fixed","page_number":49,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"4ad30bf1-cbc0-4076-81ab-108326b32e0d","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":49,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"63e19bfb-a15a-4302-a160-5c9d24ef167e","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":49,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"93a73dc0-b3bd-4dde-aa93-7ca782862483","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":49,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"156109f1-458a-482d-8749-8f702865a50e","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":49,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"b8f22bb6-f0d5-421d-aa37-42c5ac9ca868","block_type":"box","text":"II-6","page_number":49,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"61c2419e-a51b-42ea-9a43-2c2ab45d3587","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":49,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f9a471cb-0310-452a-a08e-203cc1c0f2e4","block_type":"box","text":"specified quantity of the underlying stocks within a specified period of time at a specified price or, in the case of a","page_number":50,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"40b97929-dac6-459f-90ba-9cb4d1ed51cb","block_type":"box","text":"stock index option, the right to receive a cash payment based on the value of the underlying stock index.","page_number":50,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"7c3dfc40-d5b4-4c2a-82e0-8ff442470d8a","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":50,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"57ecba70-e03c-4540-a35a-3c312facc5bc","block_type":"box","text":"conver tible security, which is a single security that has a unitary market value, a Manufactured Conver tible is","page_number":50,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"d9010111-3dd1-4254-9696-36d65d8fae8f","block_type":"box","text":"comprised of two or more separate securities, each with its own market value. Therefore, the total “market value” of","page_number":50,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"77fcb85d-73e0-4922-bfb2-7da0b86606b2","block_type":"box","text":"such a Manufactured Conver tible is the sum of the values of its fixed-income component and its conver tibility","page_number":50,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"fdc05c0d-428d-49ee-8bb9-d9879715d7bb","block_type":"box","text":"component.","page_number":50,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"38567740-2bdc-43bb-bf2e-aa3fca2f32a8","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Conver tible than in the purchase of a traditional","page_number":50,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"6a69519a-e422-4269-a1ef-c6ce5ecc8f7b","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":50,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"22a6c761-2295-47a5-947e-5fee6d2c032e","block_type":"box","text":"fixed-income instrument and an equity feature with respect to the stock of the issuer of the fixed-income instrument","page_number":50,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"6cb8e3d4-1825-4e0e-a8be-4c1fa7b8a0b7","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":50,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"1fbe7096-dce8-47de-a880-81f8b1b0d6cb","block_type":"box","text":"fixed-income instrument of an issuer with an equity feature with respect to the stock of a different issuer when the","page_number":50,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"1162df67-b705-451d-9f8f-9ad2d5fdcccb","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":50,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"9c4ef3bb-629f-4ade-9bab-374f14a1dda3","block_type":"box","text":"investments. For example, the Manager may combine an equity feature with respect to an issuer’s stock with a fixed","page_number":50,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"865adca6-702f-403a-a92a-a7722b4b3806","block_type":"box","text":"income security of a different issuer in the same industry to diversify the Fund’s credit exposure, or with a U.S.","page_number":50,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"ed119c5c-c8e2-4f2a-ab8d-750745ce6552","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":50,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"ffcc24a7-5b66-4e95-9387-bb42247494b9","block_type":"box","text":"security issued by that issuer. A Manufactured Conver tible also is a more flexible investment in that its two","page_number":50,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"38fb2921-e7ae-445b-8a0e-5a518203d37b","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":50,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"ed5d2097-87fe-406d-9ef6-6d642a9f0ede","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":50,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"cfff69e3-049d-48ec-845b-e5515e695948","block_type":"box","text":"Conver tible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":50,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"3836f253-4898-4b18-8499-27d6eb78d015","block_type":"box","text":"favorable market conditions.","page_number":50,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"ea25dc15-dd8d-4da8-8bab-186b8b7a341a","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":50,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"89618ffa-3048-44d5-a306-6eade0f07467","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":50,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"b797f76e-e101-4f7e-819b-71e9029a6381","block_type":"box","text":"by combining a shor t-term U.S. Treasury instrument and a call option on a stock, the Manufactured Conver tible would","page_number":50,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"39750723-39d4-4975-b269-f724934e6929","block_type":"box","text":"be expected to outper form a traditional conver tible of similar maturity that is conver tible into that stock during","page_number":50,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"fd2951e7-8686-4f26-a034-c3eba5b3ec4a","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":50,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"06660d55-850b-47a9-a1ad-edae04efca46","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":50,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"abd94ffc-c8d8-41e4-91b1-850257c23216","block_type":"box","text":"Corporate Loans.","page_number":50,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"e14e79f9-d066-40f2-8fc3-8cb6c68f1258","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":50,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"d82dcfa8-4927-43ee-ba89-ceac560a1419","block_type":"box","text":"grade floating rate instruments. Usually, they are freely callable at the issuer’s option. Cer tain Funds may invest in","page_number":50,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"2527babc-1df3-40d9-a37c-898c4e816eb4","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":50,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"06d87df5-e57a-402c-bad9-76445814b67f","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":50,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"a4e51c1a-396b-4431-b8fe-6289d725ebdf","block_type":"box","text":"in such Loans in the form of par ticipations in Loans (“Par ticipations”) and assignments of all or a por tion of Loans","page_number":50,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"09b635e6-09cd-4c32-bc15-b3d519ba3e38","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":50,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"b41c2f01-e6a2-454d-8dd3-0da3a57fa6a3","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":50,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"0ff98665-b65a-4b11-82ce-3dabf10da388","block_type":"box","text":"only with the Lender, not with the borrower. The Fund will have the right to receive payments of principal, interest and","page_number":50,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"906f3a64-71f5-41e7-aa2b-b830b08f0df4","block_type":"box","text":"any fees to which it is entitled only from the Lender selling the Par ticipation and only upon receipt by the Lender of","page_number":50,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"9d8d6391-a9aa-47b4-9524-23f9dc4779bb","block_type":"box","text":"the payments from the borrower. In connection with purchasing Par ticipations, the Fund generally will have no right to","page_number":50,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"fdbba639-8fa2-4f1e-be9e-a866e727b643","block_type":"box","text":"enforce compliance by the borrower with the terms of the loan agreement relating to the Loans, nor any rights of set","page_number":50,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"cf7810fc-3639-4c1f-82b9-71d9f7910661","block_type":"box","text":"off against the borrower, and the Fund may not benefit directly from any collateral suppor ting the Loan in which it has","page_number":50,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"63928d80-f086-4fea-8a29-e90d6cc1e64c","block_type":"box","text":"purchased the Par ticipation. As a result, the Fund will assume the credit risk of both the borrower and the Lender","page_number":50,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"986fb413-78e2-4c1c-9984-1f9a681cccde","block_type":"box","text":"that is selling the Par ticipation. In the event of the insolvency of the Lender selling the Par ticipation, the Fund may be","page_number":50,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"0a4fa37e-b626-452d-acd8-d8fad87a99cc","block_type":"box","text":"treated as a general creditor of the Lender and may not benefit from any set-off between the Lender and the","page_number":50,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"54416910-30c2-46a4-8b01-6f26b6f098ca","block_type":"box","text":"borrower. The Fund will acquire Par ticipations only if the Lender interpositioned between the Fund and the borrower is","page_number":50,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"686dd638-3bea-4032-9a17-25b9d6657c51","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":50,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"3e8e2d99-3065-4d85-9aa0-6fc2764b9c6a","block_type":"box","text":"Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterpar ty’s credit","page_number":50,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"8900d559-ea61-4963-8ed5-f5a5ab28b9b6","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":50,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"2bdbd08e-f65e-49a7-a964-65786e68b8e8","block_type":"box","text":"whereby a Fund would agree to purchase a Par ticipation or Assignment at set terms in the future. For more","page_number":50,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"6225d659-8d54-44c8-a270-0e0b48f3da99","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":50,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"6716582a-a4bd-4283-bc7c-bc1413319640","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":50,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"59be71a2-afdf-4f3c-b6de-f8ec6b428fdb","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Par ticipations. In cer tain cases, the market for such","page_number":50,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"d12ae811-9978-4a7f-9c55-cb259fe10dd3","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":50,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"dbe09f4f-08eb-4d0d-9600-d47883fee7a6","block_type":"box","text":"could be sold only to a limited number of institutional investors. The lack of a sufficiently liquid secondary market","page_number":50,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"03c00eb1-2f6f-491a-9741-36d0eeb58b29","block_type":"box","text":"may have an adverse impact on the value of such instruments and on the Fund’s ability to dispose of par ticular","page_number":50,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"70b0dbaa-dd4e-452f-8974-b82cdc8e3adb","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":50,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"b81ba5eb-d07b-4c66-9908-b8dde8b4d7b5","block_type":"box","text":"of the borrower.","page_number":50,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"2047cb34-464f-4b6e-ac93-ab4492b42ce8","block_type":"box","text":"II-7","page_number":50,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"2b52467c-f7d4-4989-9ce9-0e4b301058bc","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":50,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ca71a0ea-e29b-47b3-af3d-b9185aa1f9d0","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":51,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"c031510a-4a40-4a85-be7e-f30548c9a25a","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":51,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"45d619ca-188a-4827-b017-ac249d3c4e26","block_type":"box","text":"Failure by the syndicate agent to fulfill its obligations may delay or adversely affect receipt of payment by the Fund.","page_number":51,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"14b9dd6e-9b0f-41dc-98a0-69e31e1c82f8","block_type":"box","text":"The Loans in which the Fund may invest are subject to the risk of loss of principal and income. Although","page_number":51,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"9aab1632-3112-47f9-8ab8-e697150b7f65","block_type":"box","text":"borrowers frequently provide collateral to secure repayment of these obligations they do not always do so. If they do","page_number":51,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"0de4bfce-7a82-40b0-9dd8-4be1f9c28d6f","block_type":"box","text":"provide collateral, the value of the collateral may not completely cover the borrower’s obligations at the time of a","page_number":51,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"eb93f856-54c8-4e19-90d9-b0f1c5ccc0c5","block_type":"box","text":"default. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit a","page_number":51,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"b511afff-d42a-498f-9b1f-89cdeb610f16","block_type":"box","text":"Fund’s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of","page_number":51,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"3b13c79e-594a-4df7-81da-379578a04a52","block_type":"box","text":"a bankruptcy, the holder of a Loan may not recover its principal, may experience a long delay in recovering its","page_number":51,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"585e158a-78ca-4eec-8b10-da29a6c49cbf","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":51,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"43e9ceb9-8f3c-4522-8103-1449e7ce66f0","block_type":"box","text":"Transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of","page_number":51,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"02861369-7819-4cce-ac3d-3356a3c45735","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":51,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"764b9bf5-608f-4a83-b02d-309c18201551","block_type":"box","text":"obligations. To the extent the extended settlement process gives rise to shor t-term liquidity needs, a Fund may hold","page_number":51,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"221ba212-7538-405c-991d-873c7e5ebf48","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":51,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"73faf786-e3a2-4b63-a3af-2f40c692edb3","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":51,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"4ad3071d-20ca-4906-a0d7-220d123524f1","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":51,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"a7fe72bb-8cab-470e-9f38-f5f2bfce08e0","block_type":"box","text":"interests in Loans, such as the Funds, may not have the protection of the anti-fraud provisions of the federal","page_number":51,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"434c5168-78ed-43be-a5a4-c8083fb6656b","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, par ties generally would","page_number":51,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"4ba128d6-6a46-4eb2-9d82-e97a543bb9d0","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":51,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"5189d455-274e-45e2-a3fe-b41c5f2b3b01","block_type":"box","text":"state law.","page_number":51,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"476b4eb5-77fc-4b8b-aed0-04d330506cde","block_type":"box","text":"Direct Lending.","page_number":51,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"60b9c86c-7c70-44c7-970d-7eaa22227961","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":51,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"b2b37907-f617-4bd3-858b-0d913d5a8e6f","block_type":"box","text":"between the Fund and a borrower may not be administered by an underwriter or agent bank. The Fund may provide","page_number":51,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"371dd768-d0b5-4b36-86d1-60a3e2e0a2ca","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":51,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"debb5cca-f36c-4753-8f6a-96312a70878f","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":51,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"bd874575-85e1-42ee-88f4-58b36da0ba9a","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":51,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"79024801-d730-4271-91f7-b2990a5d550d","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditwor thiness of the","page_number":51,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"41fc54cf-1a86-40a0-81b1-9ddb6c8dbbe6","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":51,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"a450e42e-dbc1-4fb5-8583-ccf12822b837","block_type":"box","text":"loans are substantially similar to those associated with investing in corporate loans. In making a direct loan, the Fund","page_number":51,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"c64d084e-cfe7-4cac-8566-1aa315411acc","block_type":"box","text":"is exposed to the risk that the borrower may default or become insolvent and, consequently, that the Fund will lose","page_number":51,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"706a9341-7610-402b-ad10-1034ac2dfe17","block_type":"box","text":"money on the loan. Fur thermore, direct loans may subject the Fund to liquidity and interest rate risk and cer tain","page_number":51,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"c14f92f0-e062-4991-96f3-d72e2d91596a","block_type":"box","text":"direct loans may be deemed illiquid. Direct loans are not publicly traded and may not have a secondary market. The","page_number":51,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"15fc861c-08f3-49e2-b4b4-d4e5e1ec34b3","block_type":"box","text":"lack of a secondary market for direct loans may have an adverse impact on the ability of the Fund to dispose of a","page_number":51,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"7419a17b-d403-4f6c-84d3-e70f2004c906","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":51,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"7d710071-c4ff-4746-ac08-feb063620c3a","block_type":"box","text":"When engaging in direct lending, the Fund’s per formance may depend, in par t, on the ability of the Fund to","page_number":51,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"5575759b-16c4-4d3c-8012-0585702eef90","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":51,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"1b744e24-07e4-4d62-bb25-b6d2008cc997","block_type":"box","text":"Increased competition for, or a diminishment in the available supply of, qualifying loans could result in lower yields on","page_number":51,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"ef9127d4-5192-4fc7-9066-9c0f10382717","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":51,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"b0817946-c3be-4c00-a53a-376078f81bcd","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":51,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"45648040-97d3-462b-9e31-1d0308ebdace","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":51,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"1b30243b-e855-409d-88db-1faf817b98c0","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":51,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"f4ba4ac1-a889-4900-8aba-f72bc48a863a","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":51,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"277e0693-3af9-443f-9ed4-4d4d97d36c7a","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":51,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"4b0a906d-0285-401a-bb3a-03cdbd4234f6","block_type":"box","text":"Credit Linked Securities.","page_number":51,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"b5be986b-b832-40aa-8a42-2a64021ba210","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":51,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"9394eb59-6674-4f73-a43b-2ac031ad4ca4","block_type":"box","text":"securities, which are issued by a limited purpose trust or other vehicle that, in turn, invests in a derivative instrument","page_number":51,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"f440a2a1-338b-4daa-8e20-5c38d05a2c0f","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":51,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"dfd029f9-c535-4618-a11d-27b08156a1c1","block_type":"box","text":"to provide exposure to cer tain fixed-income markets. For instance, a Fund may invest in credit linked securities as a","page_number":51,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"1ce3ecb0-e245-49c9-b8ff-2a8ea31cd0b1","block_type":"box","text":"cash management tool in order to gain exposure to a cer tain market and/or to remain fully invested when more","page_number":51,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"17dc87a3-64c9-46ff-8e7c-259820ee100f","block_type":"box","text":"traditional income producing securities are not available.","page_number":51,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"dced5cdb-5a63-4605-9601-9fb840f5cada","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":51,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"4cdb1c59-d809-4f47-b805-8fc10cdd097f","block_type":"box","text":"income payments (in the form of distributions) and payment of principal at the end of the term of the security.","page_number":51,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"b6477c3d-77ea-43a5-9768-951234987f4e","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":51,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"7dd1ad21-ed2d-4d96-9c3b-7cd21328644f","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":51,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"8747bad4-93f8-4751-97a4-295055795045","block_type":"box","text":"instance, the issuer may sell one or more credit default swaps, under which the issuer would receive a stream of","page_number":51,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"45fb7744-37fb-41aa-a351-3a9472cd63a7","block_type":"box","text":"II-8","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"ec94cd50-b22b-444e-8314-8cd861df0fae","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":51,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8fd90103-3893-4a3a-b93f-054d7ff559b3","block_type":"box","text":"payments over the term of the swap agreements provided that no event of default has occurred with respect to the","page_number":52,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"57fe3d05-a441-48f6-a8d3-5543eacc4b3c","block_type":"box","text":"referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and","page_number":52,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"ded3c240-9993-40bf-9f58-d8965a7da32c","block_type":"box","text":"the issuer would be obligated to pay the counterpar ty the par (or other agreed upon value) of the referenced debt","page_number":52,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"2089c054-9053-4164-8408-cfa7ed2fe9c0","block_type":"box","text":"obligation. This, in turn, would reduce the amount of income and principal that a Fund would receive. A Fund’s","page_number":52,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"27d23664-6aff-4834-8b50-3b0365be2436","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":52,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"de3f7656-9618-43b0-b9ca-7abdadac0aef","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":52,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"7751af3e-c219-4bfc-a393-14477530d9ef","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":52,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"66fb5829-0bd3-44db-b23b-377d0e3e404d","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":52,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"72419142-d055-456a-a5ef-6ca4274cacc9","block_type":"box","text":"investments.","page_number":52,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"ac9a29be-d9f0-4826-9db7-1c71ee01905d","block_type":"box","text":"Debt Securities.","page_number":52,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"61624906-573f-4299-97d0-10205a37a6d7","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":52,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"62fd8092-0dce-4911-99a3-ad2c6472cddb","block_type":"box","text":"timely payments of principal and interest. The degree of credit risk depends on the issuer’s financial condition and on","page_number":52,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"30be3877-7fa8-49d6-b56a-3ea9afbbac83","block_type":"box","text":"the terms of the debt securities. Changes in an issuer’s credit rating or the market’s perception of an issuer’s","page_number":52,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"9a5a219e-8931-46b5-9fb4-db4ec02b9b4c","block_type":"box","text":"creditwor thiness may also affect the value of a Fund’s investment in that issuer. Credit risk is reduced to the extent","page_number":52,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"7f637a2a-7991-4c27-b750-c672acfbb42c","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":52,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"09136361-7ca0-40a4-81b1-fb8532563642","block_type":"box","text":"All debt securities, however, are subject to interest rate risk. This is the risk that the value of the security may","page_number":52,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"03a2b43c-9455-4b6d-a528-9076e9795694","block_type":"box","text":"fall when interest rates rise. If interest rates move sharply in a manner not anticipated by Fund management, a","page_number":52,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"f2d91e7b-5819-4a65-9a09-6ce2096ea6c5","block_type":"box","text":"Fund’s investments in debt securities could be adversely affected and the Fund could lose money. In general, the","page_number":52,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"7b31f38f-0b34-46f9-ae92-417cd0ed4914","block_type":"box","text":"market price of debt securities with longer maturities will go up or down more in response to changes in interest","page_number":52,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"4b12e38c-a0d9-4435-9aba-0f35cd855411","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":52,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"8ccd561e-2a60-4b9e-9cce-d64c6800dcfc","block_type":"box","text":"During periods of rising interest rates, the average life of cer tain fixed-income securities is extended because of","page_number":52,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"0c4c0896-6695-4219-a35e-7bd25e3aba78","block_type":"box","text":"slower than expected principal payments. This may lock in a below-market interest rate and extend the duration of","page_number":52,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"87dc1b69-5836-46b8-a2b8-84e0dba4a6cb","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":52,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"c8f42b56-0e21-4620-a3c8-df08387f3ea4","block_type":"box","text":"interest rates. As a result, in a period of rising interest rates, these securities may exhibit additional volatility and","page_number":52,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"24775a76-bac1-4003-8409-47d640c9cb86","block_type":"box","text":"lose value. This is known as extension risk.","page_number":52,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"ad5e7a46-8afb-472b-ae4d-d6911d57742f","block_type":"box","text":"The value of fixed-income securities in the Funds can be expected to vary inversely with changes in prevailing","page_number":52,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"924ee5e5-bc37-4500-8b96-b32cc8b072ec","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":52,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"fb11a86f-2363-460d-a1b8-e0dca297bdef","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":52,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"f66cba3b-4565-4ccb-a7b2-2fa90078a45c","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":52,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"36f2f8a9-88d1-4d81-b9b4-757c4bc45dc9","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":52,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"661c3543-c954-4244-889b-29c9b7ab1e7c","block_type":"box","text":"Floating and Variable Rate Securities","page_number":52,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"e07368e7-2dad-4b57-89a5-07d76afb9106","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":52,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"9f7070b0-8bff-48b6-9404-8687d633b1ab","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":52,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"2d0588c1-d443-4261-9d80-49c3bfe6a3df","block_type":"box","text":"with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest","page_number":52,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"76a16c63-ec90-4bcf-938b-2a5c7f919f78","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":52,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"4da97651-4e77-45a7-8108-611bc03ac23d","block_type":"box","text":"impact of interest rate changes on floating rate investments is typically mitigated by the periodic interest rate reset of","page_number":52,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"fbb8b5a5-a3b1-4225-a2e4-849ec6823620","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":52,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"c441e5a2-a0f8-41c1-ae18-5b2d8f8cf286","block_type":"box","text":"market interest rates.","page_number":52,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"97f26591-2248-4f85-b110-76a9026c9136","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":52,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"7c60f807-795c-42e1-9200-c892cc684573","block_type":"box","text":"Cer tain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":52,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"5a55cdf1-2d71-43bd-a5c3-167fde26777a","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":52,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"3f621c1c-964b-444a-8257-0503979ac6cc","block_type":"box","text":"common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of","page_number":52,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"edec0593-cea8-4459-b17b-3f2b8c6b7f3d","block_type":"box","text":"the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as par t of a semi-annual coupon.","page_number":52,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"e18c156c-1b97-47d8-b10d-aa5653149a51","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thir ty years, although it is","page_number":52,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"a4697dc1-2b7a-4bb0-abc1-e74addc5e451","block_type":"box","text":"possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on","page_number":52,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"d989f80c-b937-41fa-9f32-c9f4ad210044","block_type":"box","text":"a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if a Fund","page_number":52,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"cbc61f33-236a-4a17-8c89-b7349ce8a111","block_type":"box","text":"purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5%","page_number":52,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"53838551-8120-47ea-b85d-8dd2de92c0f6","block_type":"box","text":"semi-annually), and inflation over the first six months was 1%, the mid-year par value of the bond would be $1,010","page_number":52,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"33ba91bc-bd22-44ee-9955-f1fa1e79e285","block_type":"box","text":"and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half","page_number":52,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"0727a091-c144-4eda-996c-bde3658c1429","block_type":"box","text":"of the year resulted in the whole year’s inflation equaling 3%, the end-of-year par value of the bond would be $1,030","page_number":52,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"5410e6bb-1d93-45d3-a398-34d484f1bc34","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":52,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"e0b5e75c-782f-40d0-9389-7391150eef65","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":52,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"aaf7597f-d284-40d5-a035-9c411d4445f7","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":52,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"4dce416c-44bd-4447-8639-b0cf81eaefd3","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":52,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"45beabde-8a39-42ac-9336-ee898f0466c9","block_type":"box","text":"guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the","page_number":52,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"88d5b99d-bd1d-4b57-b875-383a50d80d2f","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. Cer tain Funds may also invest in other","page_number":52,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"a3b89f72-fd0d-4ff2-a4a7-75a4be12a5fc","block_type":"box","text":"inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided,","page_number":52,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"574edb10-7446-4618-a31d-8d563ec652f5","block_type":"box","text":"II-9","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"269f5313-81ea-410f-b834-ffe07dcc5e9a","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":52,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"cdd14e30-6c0b-440b-a3d2-21cb552e1285","block_type":"box","text":"the adjusted principal value of the bond repaid at maturity may be less than the original principal. In addition, if the","page_number":53,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"4590b1c1-d339-4d56-a4dd-b26c00717927","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":53,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"5ad88b10-311f-4ecf-992b-bf2608f3a441","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":53,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"dfb9847c-e47b-4b6e-971e-05e5e1064031","block_type":"box","text":"The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real","page_number":53,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"f20c1a63-fcd0-49dc-aedf-9f56a8a834ae","block_type":"box","text":"interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. Therefore,","page_number":53,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"b0b18b76-dcdc-4111-8f1a-39db93ae9247","block_type":"box","text":"if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an","page_number":53,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"496e55dd-89b2-4ba2-9126-c878fb4706c1","block_type":"box","text":"increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than","page_number":53,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"eb4d5e7d-5cf2-41e6-9eae-ff1dceeabc3e","block_type":"box","text":"inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no","page_number":53,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"52f7a65a-95a1-4456-b776-95f3bc5cd300","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":53,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"93145e8f-9c46-4612-bdef-460aaa649190","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":53,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"11ffc051-f962-452c-9ca7-122e4ae08dbf","block_type":"box","text":"inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to","page_number":53,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"1303cbf1-8f64-46ab-b4a9-aceab87a27d0","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":53,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"8970a963-5450-4028-9bb7-c59e49f6334c","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":53,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"b9507bd3-c0a8-4ee3-8541-0e75fca761d3","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":53,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"a3acf37c-109f-4992-8c16-2bedde21c388","block_type":"box","text":"Consumer Price Index for Urban Consumers (“CPI-U”), which is calculated monthly by the U.S. Bureau of Labor","page_number":53,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"3d70a775-f2b6-4514-a94b-f5ccbdbb5770","block_type":"box","text":"Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing,","page_number":53,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"8bf8f65a-9462-4395-a7f3-befc86d7b257","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":53,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"d83fb992-799a-4435-9498-d8fec6c57710","block_type":"box","text":"reflect a comparable inflation index, calculated by that government. There can be no assurance that the CPI-U or any","page_number":53,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"71446bd4-e0ea-48e0-9488-d2eab9520890","block_type":"box","text":"foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover,","page_number":53,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"88a5b87f-51e0-4206-a797-18a3e934052d","block_type":"box","text":"there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the","page_number":53,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"51cf4e90-dab7-4309-a0eb-aae58c05f40b","block_type":"box","text":"United States.","page_number":53,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"fab4bda6-3ccc-4230-82d6-5724702b17fb","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":53,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"82ea4f38-c66e-4f6b-9cc4-8698110474ae","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":53,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"50a6d3e6-393f-4224-afe8-4f0a50d9e3cf","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":53,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"7686f293-4264-49e0-ac21-3cc7eb3290c4","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":53,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"588f69c4-0455-425c-8eae-06b73d81898f","block_type":"box","text":"securities rated in the four highest rating categories of an NRSRO or deemed to be of equivalent quality by a Fund’s","page_number":53,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"fbd2c3f3-cc28-47e4-b75a-3a2d17b6bf65","block_type":"box","text":"Manager. Cer tain Funds may invest in debt securities rated Aaa by Moody’s or AAA by S&P. It should be noted that","page_number":53,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"2b26061e-e6fd-4154-bb87-0f4d849a929b","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":53,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"cc17ea95-6446-4aab-82a3-6571a882fcc2","block_type":"box","text":"i.e.","page_number":53,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"372a8581-a81c-448f-af2d-4ffd000781ae","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":53,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"3e76e1a2-f338-4ed6-8978-ee870ad7dfa3","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":53,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"ddc2fee3-4cef-4f94-9380-82ee20e74b7e","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":53,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"2af078fe-80cb-47d7-bffd-66d8c0ac0d3a","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":53,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"41f177cd-dfda-495c-b0c5-eb54e9c20f8d","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":53,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"23cca91d-14c4-4a52-8d12-71801e030104","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":53,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"e8f9670e-141d-498e-b757-1d39fd17384c","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":53,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"6500d6e5-41e5-4ace-a3d6-34ef1eb2e72e","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":53,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"96d1ac1f-dfe4-46e9-9bc9-1363bae546a1","block_type":"box","text":"“junk bonds” are debt securities that are rated below investment grade by the major rating agencies or are securities","page_number":53,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"a1d63d6d-5c50-473e-9f5d-08f66a22f12d","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and oppor tunity","page_number":53,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"324f025b-8946-475f-a557-dc74cdee01e0","block_type":"box","text":"for gain, non-investment grade debt securities may be subject to greater risks than securities which have higher credit","page_number":53,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"3c73238f-957b-40ba-93ac-76aea4cbce32","block_type":"box","text":"ratings, including a high risk of default, and their yields will fluctuate over time. High yield securities will generally be","page_number":53,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"2d69de70-bf52-4891-b72a-c6fbb2ccb68a","block_type":"box","text":"in the lower rating categories of recognized rating agencies (rated “Ba” or lower by Moody’s or “BB” or lower by S&P)","page_number":53,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"2f413a70-13ad-4ed7-937e-994771743534","block_type":"box","text":"or will be non-rated. The credit rating of a high yield security does not necessarily address its market value risk, and","page_number":53,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"3b136a5f-ca1d-485f-8d7f-5437440aa294","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":53,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"5c936b76-8101-4789-affa-631992342b36","block_type":"box","text":"condition. High yield securities are considered to be speculative with respect to the capacity of the issuer to timely","page_number":53,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"c33efe29-f438-49cd-bfd4-45810fd5b385","block_type":"box","text":"repay principal and pay interest or dividends in accordance with the terms of the obligation and may have more credit","page_number":53,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"d553b8fb-a31f-42c3-a241-ca9b64a53fda","block_type":"box","text":"risk than higher rated securities.","page_number":53,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"33568fb4-60a7-4c52-99c5-500be30f7b0e","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":53,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"76eafc3a-f276-47da-b395-002e4411a2a9","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"ed3ad07f-d578-42fd-bc24-63bd105a406a","block_type":"box","text":"Junk bonds may be issued by less creditwor thy companies. These securities are vulnerable to adverse changes","page_number":53,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"f74ebaa3-7bcf-4672-a3cb-3ffaeb20a324","block_type":"box","text":"in the issuer’s industry and to general economic conditions. Issuers of junk bonds may be unable to meet their","page_number":53,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"1e9dc9c0-79be-48b3-97ae-6da748c5edff","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":53,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"32168d17-9e24-46cc-962d-1a220cefd3a7","block_type":"box","text":"unavailability of additional financing.","page_number":53,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"8a7a8a8b-cbf2-488d-9033-21be2d5d07fd","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"062302a6-8859-46e7-9f17-7373cf5500f0","block_type":"box","text":"The issuers of junk bonds may have a larger amount of outstanding debt relative to their assets than issuers of","page_number":53,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"9a62070c-0ea0-4e66-bb86-715e45835747","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":53,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"c3a2d2ed-f019-449d-944a-8870c6cbbff7","block_type":"box","text":"The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the","page_number":53,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"c31a5ae9-0ee5-4221-a846-75e9c68d0bfb","block_type":"box","text":"II-10","page_number":53,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6511a6ac-0b9c-4fbe-a871-d2a7556df702","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":53,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"7aace541-965d-484c-b9cc-0c4237897c69","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":54,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"b153a80d-df9f-411e-aa8f-421fceaa1e24","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":54,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"6bdd3272-c3d2-4ca8-b348-5e73ebf67301","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"f1ce3027-f7ee-4623-808e-7951fab52d9c","block_type":"box","text":"Junk bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the","page_number":54,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"53549a8b-dc51-4d94-b5bd-31209450cb57","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":54,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"188f0eb0-03a2-4a92-b64c-d2a83ccedc06","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":54,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"3c82d7d8-d18f-40e0-b648-ab1f5f78f7f3","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":54,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"bd997973-4a44-4fd0-a682-fdb30f54fb20","block_type":"box","text":"investors in higher rated securities.","page_number":54,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"41e5c7f5-035b-4873-a46b-a3e02766d436","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"fc3aa948-5738-42fc-815b-7d24f40071f1","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":54,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"9f7c0276-1f7c-454f-8933-1fa631f98325","block_type":"box","text":"before it matures. If an issuer redeems the junk bonds, a Fund may have to invest the proceeds in bonds with","page_number":54,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"067a956c-a520-4660-85cc-9ff4df465a69","block_type":"box","text":"lower yields and may lose income.","page_number":54,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"4b191e6c-a9b8-41e2-86f4-601bd3ddc776","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"d5bb486d-bc79-44e0-b0bb-3a1b26e19c5a","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":54,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"a511c2ba-b1a3-47ec-a974-a6d144ac1f39","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":54,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"1c2d4bf4-07ff-4688-aada-7b5a9fd09dd0","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"e99730bd-289e-4db6-a0ab-aad53f3381e9","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":54,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"2e0205a4-6025-4fd8-a73b-fa943e4f5149","block_type":"box","text":"Under cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield","page_number":54,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"01e80202-4394-4b12-b463-84a350e6edeb","block_type":"box","text":"securities due to the limited number of investors in that sector of the market. There are fewer dealers in the junk","page_number":54,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"f040066c-8d7a-4733-9217-cb280dcc281a","block_type":"box","text":"bond market, and there may be significant differences in the prices quoted for junk bonds by the dealers, and","page_number":54,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"a3c8da83-8e07-44e0-999f-3c94509522b6","block_type":"box","text":"such quotations may not be the actual prices available for a purchase or sale. Because junk bonds are less","page_number":54,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"925b2c75-c64f-4a3a-8082-14285767ac35","block_type":"box","text":"liquid than higher rated bonds, judgment may play a greater role in valuing cer tain of a Fund’s por tfolio securities","page_number":54,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"a1baa2d1-ee51-4bbd-bb3d-50f18412e055","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":54,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"642da47c-e4df-4a97-a36c-650439e92053","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"5708e467-ac57-4602-876b-784c6779112b","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":54,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"c22ade5f-0135-4c78-8cd4-a53e88707ac9","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":54,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"b5cb64de-c37c-4e2a-9eaa-adc4c21dcc48","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":54,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"63cfcfb9-c1df-4800-9fe3-ff04ec22d628","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":54,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"ed015219-7d75-4d36-a710-719faa981dc6","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":54,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"d735c4e1-aeef-4d3a-ba3a-baa2194a118c","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":54,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"f3fcf1ea-a183-47fc-90a8-fb0db21296e0","block_type":"box","text":"cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield securities","page_number":54,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"91466ee0-b6eb-4c6d-81e4-442377af0116","block_type":"box","text":"due to the limited number of investors in that sector of the market. An illiquid secondary market may adversely","page_number":54,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"1584309a-5e03-4add-86af-8573480d5cab","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the par ticular","page_number":54,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"4713cd2c-c0cb-4210-a454-296e2f680848","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":54,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"ca8169c1-a4cb-4ff6-a61a-c2d82e985002","block_type":"box","text":"on high yield securities are available only from a limited number of dealers, and such quotations may not be the","page_number":54,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"089293e2-6c2f-47c3-8021-bf5fec5c526d","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":54,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"35081e8a-41c4-4c17-b0be-66c61b4be1c0","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":54,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"37e829dd-f690-4693-8a60-36d6206b4efb","block_type":"box","text":"reliable objective data makes it more difficult to value a Fund’s securities, and judgment plays a more impor tant","page_number":54,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"223a7b82-ffa1-4d12-8f28-31aa5e670f65","block_type":"box","text":"role in determining such valuations.","page_number":54,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"77d4f073-472e-4ddd-9518-c61564863b29","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"aec017db-a4f2-4c71-8be8-f8aac8a17073","block_type":"box","text":"A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with","page_number":54,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"034c686e-4167-447d-8527-052f3c57f364","block_type":"box","text":"a defaulting issuer.","page_number":54,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"839ca6b8-969e-4441-b3cd-6f88a9797459","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"4891d5d7-cbfb-4b02-9f89-397490660dd6","block_type":"box","text":"The junk bond markets may react strongly to adverse news about an issuer or the economy, or to the perception","page_number":54,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"7971ed6b-2b55-401f-a2e9-b80390e15360","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":54,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"4d20ae3f-76fd-4fb1-a559-04aa5c7fab6b","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":54,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"ec4bd617-17ee-4a87-8e59-9c9902842565","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":54,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"ef65c302-aca6-4610-8084-4b908b3dd17b","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":54,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"ccc23c5c-575c-4001-9143-f02dd0869cbb","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":54,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"4a1bee2d-d60b-4527-a9e5-02dd16d7c88f","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by cer tain","page_number":54,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"f26dd086-9c43-4b34-894e-b476798836da","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":54,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"1dd5e440-7291-401d-b8b2-7bfa92f85ead","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"7fdea400-eed9-4918-9e68-b2e67f2e2c5c","block_type":"box","text":"The rating assigned by a rating agency evaluates the issuing agency’s assessment of the safety of a non","page_number":54,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"f294f4d5-e7ce-4797-b128-ddfe1908e642","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":54,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"17b14c3a-6502-4b1c-a383-f920bca6ba61","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":54,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"b5a924d1-4aa4-4810-88a3-36262cc3f79f","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser per forms its own analysis of the","page_number":54,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"0d53e7ac-f075-40ab-9cf0-dd25cfe1a31e","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s per formance may","page_number":54,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"eba27a70-478e-4eaf-9b2b-9506af89209f","block_type":"box","text":"depend more on the Manager’s or sub-adviser’s own credit analysis than in the case of mutual funds investing in","page_number":54,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"fa7cc62a-e40d-4b81-8f4d-421df9698407","block_type":"box","text":"higher-rated securities.","page_number":54,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"518488e2-523e-45e4-8fee-cd99a43fa15c","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":54,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"307e563e-8573-4f4d-94b3-37dcd677cc19","block_type":"box","text":"relating to the creditwor thiness of issuers, the ratings and per formance of the securities, the protections afforded","page_number":54,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"8315c0c6-6820-4831-88d6-255a304731b7","block_type":"box","text":"the securities and the diversity of the Fund. The Manager or sub-adviser continuously monitors the issuers of non","page_number":54,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"2644c232-0087-48f0-aaf3-b87b6347591f","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":54,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"fb171397-6861-47c4-93d8-2610b0fd644a","block_type":"box","text":"II-11","page_number":54,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"eaed0106-49bb-4402-8fe4-6d91c078b4c3","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":54,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b2e2b8cf-1927-4ea9-a74e-62011e5e7338","block_type":"box","text":"well as in an effor t to control the liquidity of the Fund so that it can meet redemption requests. If a security’s rating","page_number":55,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"c38f0fa1-cee7-497f-bb33-236a68316a0f","block_type":"box","text":"is reduced below the minimum credit rating that is permitted for a Fund, the Fund’s adviser or sub-adviser will","page_number":55,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"1f61a352-7f58-4a28-bbe7-ae2432757881","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":55,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"25f52607-f533-4896-9cb2-f62cb682d77d","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":55,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"e5ee1aeb-d318-4624-988c-10386fd4566b","block_type":"box","text":"the Fund could be forced to sell its holdings without regard to the investment merits, thereby decreasing the assets","page_number":55,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"7e40f3fd-f41b-4fc6-b5ed-f132d05cf7f1","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":55,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"d4132505-8d24-475a-9797-72804e40286b","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":55,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"0f4eab38-fb9e-4f87-8b89-cb41f5605edc","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":55,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"aa5f80ba-1c24-4288-836e-a20885248226","block_type":"box","text":"Mezzanine Investments.","page_number":55,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"2f72ca32-d616-44ef-8695-559f99554f71","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":55,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"901f7096-14a0-45bb-9134-e7caa6913bf0","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":55,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"bb641002-cdef-4310-96a9-d53de0b538a4","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":55,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"cf5c059f-cfda-4413-bb97-e55376a0a16c","block_type":"box","text":"e.g.","page_number":55,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"58c29912-4369-4db4-ab1d-3e30172b82b4","block_type":"box","text":", with","page_number":55,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"3e70e9b3-2578-4320-8057-eceb6dbfc96d","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":55,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"2670b8b8-3613-432a-bb2a-acc62b79e7ee","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":55,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"6c3cdab5-32ba-4d0b-bcdb-61a97e9f6d16","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":55,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"676e45cd-892e-48b0-b40d-281c3a228827","block_type":"box","text":"other obligations of the issuer.","page_number":55,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"33d5b4b8-4c13-442e-8592-9f9fcab06a07","block_type":"box","text":"Pay-in-kind Bonds.","page_number":55,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"49457985-dc71-4df7-b322-64ea61e20df8","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":55,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"23c9bb05-679f-46f9-9906-d158174ae21e","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":55,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"6dc59d85-dfc4-4ae2-be0f-c2bc9afa0728","block_type":"box","text":"bonds also carry additional risk as holders of these types of securities realize no cash until the cash payment date","page_number":55,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"eab097c8-ec49-4582-b633-0e06ef70747a","block_type":"box","text":"unless a por tion of such securities is sold and, if the issuer defaults, a Fund may obtain no return at all on its","page_number":55,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"f8b164e7-ac21-4b57-8fab-59c8bb1679cb","block_type":"box","text":"investment. The market price of pay-in-kind bonds is affected by interest rate changes to a greater extent, and","page_number":55,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"1cca3c37-7978-4afe-92bd-622b851bc102","block_type":"box","text":"therefore tends to be more volatile, than that of securities which pay interest in cash. Additionally, current U.S.","page_number":55,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"8fdeafb8-00af-4ae7-abc6-e1812b5da95b","block_type":"box","text":"federal tax law requires the holder of pay-in-kind bonds to accrue income with respect to these securities prior to the","page_number":55,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"88650f14-a5e0-45e2-8b42-46578bcf01d7","block_type":"box","text":"receipt of cash payments. To maintain its qualification as a regulated investment company and avoid liability for U.S.","page_number":55,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"3c35ddde-cb0c-46ce-9cf0-230b023c1c87","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":55,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"c9bac146-1710-4dce-9795-859cf99956fc","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":55,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"2433147e-cd09-4d4e-9e5b-49f5e5299caf","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":55,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"1f4e0be9-7d7a-43bd-8906-fde14666f474","block_type":"box","text":"Supranational Entities.","page_number":55,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"eee09435-1a71-457f-a13b-bf646a1d7cd8","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":55,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"feb4e68a-4424-42f8-8a8b-696ef2643d2e","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":55,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"5d657554-52d4-4d89-a4ba-945fcf533dfc","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":55,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"3bf7a4b0-da01-4b92-899a-904384058765","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":55,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"8ee1c8ce-aa39-49f6-afaa-168fb1dc0ed1","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":55,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"21ad2a7b-9f9b-40f0-8980-509907034435","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":55,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"ec6310f3-bb6e-4068-95e1-195e4beee732","block_type":"box","text":"additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay","page_number":55,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"075f469b-36cd-4128-9460-e85553f6f26a","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":55,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"ad8a54ed-94b1-4c9e-bf5d-43a76a61b1e1","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":55,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"97db37d8-17e3-41f5-a313-8a533c7d4506","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":55,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"9753e46e-09c7-42b8-ad78-d4fc67409859","block_type":"box","text":"the form of Depositary Receipts or other securities conver tible into securities of foreign issuers. Depositary Receipts","page_number":55,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"ffb3d39a-0469-4290-8c87-7a4eb921804b","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":55,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"0ff4b761-8256-45a4-9555-488c994f67c2","block_type":"box","text":"conver ted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":55,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"a15d7545-1a71-44f8-9330-e3e2e481417d","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":55,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"8582d84c-157f-47a2-8cb2-24c30b22771a","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":55,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"81384952-644e-4a64-a77d-0e8e89d61b2a","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":55,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"8f7c4857-73e6-4540-9c11-ff1d2afdf95e","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":55,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"f8dfd475-c96a-442f-9904-558f2029f571","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":55,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"1023bfd5-e5ab-4699-b681-46290b676d8e","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":55,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"bd322a09-07cd-4397-a756-5cc8e06b060a","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":55,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"07f2924c-4c18-4371-9a1a-3532a9371fe3","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other par ties with whom the depository bank","page_number":55,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"8c88cfb4-25b3-42c0-94ac-71513a53600f","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":55,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"9c033af0-4385-42e7-806a-5fafca5f87a8","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":55,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"d2a0c702-356b-4ff5-9203-746eb3f4fca4","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":55,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"9caf5734-4bb8-4648-85bd-7ccb38cda872","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":55,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"36c0dbc3-8361-4d28-84d8-f049621ca4fd","block_type":"box","text":"Available information concerning the issuer may not be as current as for sponsored ADRs, EDRs and GDRs, and the","page_number":55,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"28f55c02-f4f4-4278-ae6f-759a93f4a378","block_type":"box","text":"prices of unsponsored ADRs, EDRs and GDRs may be more volatile than if such instruments were sponsored by the","page_number":55,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"93d6841a-b4d8-487f-b355-93ac4bb8a165","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":55,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"c63244a3-1119-485b-8dd4-f3134cdcfad0","block_type":"box","text":"into which they may be conver ted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":55,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"f3cdcab0-450a-44ea-900e-3143cde2943b","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":55,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"c6a19f59-7d3a-40c8-b6c8-16ab8379fdd9","block_type":"box","text":"II-12","page_number":55,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"aa1e53a5-ee15-4397-8255-8c87521bdc08","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":55,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"532508e6-2eda-4b7c-8853-438581518ead","block_type":"box","text":"Derivatives.","page_number":56,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"549d2cba-0589-4fce-b5fa-03580d2e31d2","block_type":"box","text":"General.","page_number":56,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"3d4072ca-15e0-4fc4-be63-647c1d11cfe6","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":56,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"c7a8aac5-e5f5-4626-8892-620e7713d026","block_type":"box","text":"their value from one or more securities, commodities (such as gold or oil), currencies, interest rates, credit events or","page_number":56,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"63a20999-fc4e-4035-8222-74c7c6259645","block_type":"box","text":"indices (a measure of value or rates, such as the S&P 500 Index or the prime lending rate) or other reference asset.","page_number":56,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"41404408-48d3-4bf4-83d7-40221300c578","block_type":"box","text":"Derivatives may allow a Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and","page_number":56,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"8e69a6b2-f0fc-4ea7-8fff-424eb9c2b353","block_type":"box","text":"efficiently than with other transactions. Cer tain Funds may use derivatives to maintain a por tion of their long and","page_number":56,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"43c8b76b-7f91-4a8a-af4f-577c45afaf4d","block_type":"box","text":"shor t positions. Unless otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset","page_number":56,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"cf651f09-03cc-4be9-85b4-32b114d5b3d0","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":56,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"39a44851-5ccd-4887-8464-26380065fde4","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":56,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"548383ca-2c55-4888-8ac8-df92d46c5813","block_type":"box","text":"i.e.","page_number":56,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"a674f0b4-84bc-422a-aa9a-8e619df43735","block_type":"box","text":", the payment","page_number":56,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"01ef0f59-9610-4783-9d3f-dcf1f5c6ce72","block_type":"box","text":"obligations of derivatives contracts are netted against one another with the Fund receiving or paying, as the case may","page_number":56,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"e9df8e91-372e-4487-8b36-df2bb9faa45b","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":56,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"359269ba-1f47-4935-b0a1-3338801bded0","block_type":"box","text":"Hedging.","page_number":56,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"55c30951-b9cc-45f0-936f-77a41f171779","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":56,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"97e638be-07fd-4a74-b946-e6d52b1dfbe8","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":56,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"7dd62e0d-8020-4dd9-9e67-aeee23cadce8","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":56,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"2e8bb9e0-4bb6-4421-b656-31225e9fdd03","block_type":"box","text":"reduce or eliminate gains. In addition, hedging may cause losses if the market moves in an unanticipated manner, or","page_number":56,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"45e86395-81b3-431f-8780-e6f23dfe5cf3","block_type":"box","text":"if the cost of the derivative outweighs the benefit of the hedge. The effectiveness of hedging may be reduced by","page_number":56,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"336d97af-d586-4630-9ce2-0f4a004c3213","block_type":"box","text":"correlation risk,","page_number":56,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"9901467e-1ac8-459c-b6d0-3395dbaec923","block_type":"box","text":"i.e.","page_number":56,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"07f717c9-2d9e-45fa-ab99-6921b04c3300","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":56,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"9c76f8a4-4d38-45e8-91f0-b8bbbc46dd2d","block_type":"box","text":"hedged as expected by a Fund, which may result in additional losses to the Fund. The inability to close or offset","page_number":56,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"45179184-ba41-44cb-9bb2-879fd4941c35","block_type":"box","text":"derivatives could also reduce the effectiveness of a Fund’s hedging. There is no assurance that a Fund’s hedging will","page_number":56,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"f49bfb76-01b2-4e04-81ca-2a693c88d218","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":56,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"e9898790-c521-4a4e-bcb7-80e6dac49f3b","block_type":"box","text":"Speculation.","page_number":56,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"ffb0fa9c-8071-484b-87bc-7bd09979a473","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":56,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"4eb464f5-845f-4629-bd9f-7ee86d910e3d","block_type":"box","text":"use of a derivative is speculative if the Fund is primarily seeking to achieve gains, rather than offset the risk of other","page_number":56,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"1f71b266-429e-4c7b-abf6-dc19bc353c8a","block_type":"box","text":"positions. To the extent a Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the","page_number":56,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"8ce4ac1d-8b53-4c23-aaa8-01c46f2a0d69","block_type":"box","text":"risks of loss of that derivative, which may sometimes be greater than the derivative’s cost, and the potential for loss","page_number":56,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"9418049b-ead5-4e6d-aeba-aae2dbb84efd","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":56,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"f5e4809c-9ce4-4369-916c-abdabe4105af","block_type":"box","text":"Regulation of Derivatives.","page_number":56,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"10241953-c9c5-4ee9-b762-cf8576d445f6","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":56,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"4dcf0efc-6133-48d1-bb75-1f179a82ee96","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":56,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"5e26bea7-8e66-4e1f-b514-31059e494271","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":56,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"0b00fceb-3ad9-405c-b507-3ff54c5123db","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":56,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"153ad412-4f2c-4d73-90d9-3e0f941e1e37","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":56,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"2adb2162-59a0-4266-ba55-21b6afe5c530","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":56,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"3aa39297-2f8d-43d1-8f5f-4d971c353d8c","block_type":"box","text":"coverage”).","page_number":56,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"a6c0b344-2774-4cf4-bb75-ede71143fbdc","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":56,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"9bddbe10-3b75-48aa-bfa8-35949d95d3c3","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":56,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"66a7387e-2711-462d-88e1-d08cb7fdc524","block_type":"box","text":"of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery","page_number":56,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"b3975d6d-4fa7-4b54-9ebd-cf7d7f65dcc1","block_type":"box","text":"of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or","page_number":56,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"f7c4d69e-8559-41e6-a125-f49706f07e2a","block_type":"box","text":"settlement payment or otherwise; (2) any shor t sale borrowing; (3) reverse repurchase agreements and similar","page_number":56,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"01a88741-f8c2-437a-9f4c-76621e6e3bc5","block_type":"box","text":"financing transactions (","page_number":56,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"974f8d45-652e-4704-808c-b9bf235d6cd1","block_type":"box","text":"e.g.","page_number":56,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"472704e1-f880-4fd8-9fa7-3a01a43e6595","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":56,"box":{"x":263,"y":649,"width":646,"height":11}},{"id":"aedb6324-4daf-42a5-b083-088a1550358f","block_type":"box","text":"treat all of these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":56,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"b64d5877-9c6b-4a57-810a-75901105f0c1","block_type":"box","text":"securities (","page_number":56,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"02fa43fb-51fa-43bd-b9af-e9bbb01e97df","block_type":"box","text":"e.g.","page_number":56,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"2ae16505-aba4-4f00-8413-82fbfcbc4535","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":56,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"4dc18991-e6f4-49e9-8bfe-45a45ac026b0","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":56,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"d076fdba-4fbd-4a12-aad0-448169cd7d9c","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":56,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"9afe134a-83a1-483d-891f-6c58db95462f","block_type":"box","text":"Commitments”).","page_number":56,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"49aeed05-af75-476e-8224-66f61b178ae9","block_type":"box","text":"Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with","page_number":56,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"b01e9d4f-d84b-4dcc-80d4-f0d82fd9d9bf","block_type":"box","text":"Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a Fund to adopt and","page_number":56,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"dce0ea71-9e3e-4d9b-ac34-11344b0b8262","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":56,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"593c9c40-f250-4088-b81b-7143c69c2fbf","block_type":"box","text":"absolute limit on Fund leverage risk calculated based on value-at-risk (“VaR”). The DRMP is administered by a","page_number":56,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"a20c8d70-6a17-457a-93d8-5f378ac1c254","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":56,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"1efacfd9-ae9b-417e-90b8-494180057bbd","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":56,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"cd665487-8845-4125-b02d-8f9de5ce6cf6","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and cer tain other requirements if a Fund’s","page_number":56,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"961025d1-af6a-4d1f-aa0d-be40e0fa0c46","block_type":"box","text":"“derivatives exposure” is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund","page_number":56,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"9c46a1b3-3b26-4f5f-8286-0f223071b9fd","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":56,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"ab6a470a-38e2-4e8d-a3e5-913938d53216","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":56,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"32b4eaa2-fa10-4894-9f62-7ccb860d61c6","block_type":"box","text":"II-13","page_number":56,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ada247e8-400d-46a3-88e2-11875f3bba0c","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":56,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e2ba81f0-34b6-4b0f-be6c-fa0ae71b7506","block_type":"box","text":"Dodd-Frank Regulations.","page_number":57,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"7505b353-cfdf-4f7a-a9bb-b13febd6dd29","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":57,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"ad6a6d84-fdd3-4fc7-895c-8541fee2fbd8","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":57,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"405e678a-7640-49a5-b3e0-ed2c9fffdebb","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":57,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"71e7828b-46da-43ff-8e19-4e7efc32548c","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":57,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"54b81f06-0572-47b8-89ef-c2a62d73248a","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":57,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"ba19ef07-b55d-4da4-8136-8e47846fedb9","block_type":"box","text":"Many OTC derivatives dealers are required to register with the CFTC as “swap dealers” and/or with the SEC as","page_number":57,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"49ddf7ee-798c-46ec-8339-6a855c16bd0d","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":57,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"1adc4bb1-077b-42cf-8632-4f1ec9bd7e68","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, repor ting, transparency, position limits,","page_number":57,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"3479abc9-43b7-49d3-9f4c-29233db31d4b","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":57,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"d2ede7df-7946-4618-bed3-294ec46c77ae","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":57,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"df963e2e-6cc5-4dcb-a038-52e95d1c34a7","block_type":"box","text":"The CFTC requires that cer tain interest rate swaps and cer tain credit default swaps must be executed in","page_number":57,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"43e1675c-4633-417a-b40e-030c420e361c","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":57,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"f915dd91-8d05-4bd1-9c3c-8a5c1bfdb5f8","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":57,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"88c35777-46ff-42a2-9153-637d644452b7","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":57,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"27922b15-b891-46ad-9c42-98ac42ebc796","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":57,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"bddfb23f-23cd-452f-9bc4-b053539557da","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":57,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"d3610348-6c18-4974-be45-6257cf4ef1fa","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":57,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"57ae49cf-4bde-46be-bdaa-f2f0f4ba872e","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":57,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"a3f9e842-905d-4c6b-aaf9-44809f98b91a","block_type":"box","text":"the FCM and the customer. These regulatory requirements may make it more difficult and costly for the Funds to","page_number":57,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"cfd3b0b4-61cc-439a-88ba-933bb4824891","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":57,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"e59bb255-845e-41cf-9d5b-25c5434ff78d","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":57,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"8024e8ff-71c8-4847-acab-f55015ff79f0","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":57,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"20272c3b-bfaf-4ea9-9bcb-055c71805b8c","block_type":"box","text":"member FCM or as a direct member, a Fund would be required to comply with the rules of the execution facility,","page_number":57,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"10ba0e46-4646-4247-a9e8-a276ae8c2168","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":57,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"1b793614-9967-455e-9164-6d10f85343f9","block_type":"box","text":"With respect to cleared OTC derivatives and futures contracts and options on futures, a Fund will not face a","page_number":57,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"9e39c830-3bfd-4fae-8042-0d9a192d2625","block_type":"box","text":"clearinghouse directly but rather will do so through a FCM that is registered with the CFTC and/or SEC and that acts","page_number":57,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"e0b4c116-98bc-49e5-a25b-e339a4447d2c","block_type":"box","text":"as a clearing member. A Fund may face the indirect risk of the failure of another clearing member customer to meet","page_number":57,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"703f7404-ccf7-4a42-b967-6cb381605aec","block_type":"box","text":"its obligations to its clearing member. Such scenario could arise due to a default by the clearing member on its","page_number":57,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"5fcc8351-2988-4a4d-814a-694606addaa2","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":57,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"68fabecb-7331-4366-abd6-ede34afd45e5","block_type":"box","text":"member.","page_number":57,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"a615dc3a-77b2-4506-b6bf-ed4e39f0db26","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":57,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"8681f9d1-d487-4950-a16d-26194c09d423","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":57,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"b72d153d-cf1b-4144-8ba9-7bd4e3a03643","block_type":"box","text":"was widely permitted for OTC derivatives before Dodd-Frank. While an FCM may require its customer to post initial","page_number":57,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"16669779-e9e2-4061-bbe8-de2eb1a64e04","block_type":"box","text":"margin in excess of clearinghouse requirements, and cer tain clearinghouses may share a por tion of their earnings on","page_number":57,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"a3a6171b-e614-41db-9d58-59c377bba613","block_type":"box","text":"initial margin with their clearing members, some por tion of the initial margin that is passed through to the","page_number":57,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"0c040d97-8e14-4d56-98b5-a9b65d56409f","block_type":"box","text":"clearinghouse does not generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on","page_number":57,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"3178d565-e61f-46ca-b6a5-38a2558f47d5","block_type":"box","text":"initial margin for cleared OTC derivatives as they could earn with respect to non-cleared OTC derivatives may cause","page_number":57,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"13f3e3c0-2a84-40a8-b1c1-53e8313e7183","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":57,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"2718ed31-b0fb-470e-8632-ff92e38cd6ca","block_type":"box","text":"provide for non-cleared OTC derivatives. Fur thermore, customers, including the Funds, are subject to additional fees","page_number":57,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"b8734caa-420d-4fad-a4c4-4e63402abf29","block_type":"box","text":"payable to FCMs with respect to cleared OTC derivatives, which may raise the cost to Funds of clearing as compared","page_number":57,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"85dacf2e-0383-4066-bbd7-65a4826f7db8","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":57,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"e01aefe8-7ec7-452f-9e24-28185ed70cfe","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":57,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"83b68e59-5642-48e4-96b8-e034884285a7","block_type":"box","text":"exchange variation margin with a Fund and may be required by applicable regulations to collect (and in some cases","page_number":57,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"7c54b0fc-c98d-4e42-8e50-c81cce82aaf6","block_type":"box","text":"exchange) initial margin with a Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":57,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"a9389a38-d282-493a-87cf-110e5d916bc7","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than cer tain","page_number":57,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"0948abba-9493-442d-af1b-01cff5d67a21","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":57,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"3b24357a-75c1-44ed-8b20-926c534390f0","block_type":"box","text":"The CFTC, cer tain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":57,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"ed1ba2ad-927c-4a0a-9c17-0d2f936ccd8f","block_type":"box","text":"and monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":57,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"6a47a8e3-231a-41a0-a2e5-d34804ad4101","block_type":"box","text":"group of persons acting in concer t, may hold or control in par ticular contracts. In addition, U.S. federal position limits","page_number":57,"box":{"x":68,"y":816,"width":837,"height":11}},{"id":"f8f2f252-2e65-4b75-93e7-bc23d0cdaaa7","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on cer tain agricultural, metals and energy","page_number":57,"box":{"x":69,"y":831,"width":789,"height":11}},{"id":"265c3a5b-eeb4-4aaf-a99f-f1a37e853b18","block_type":"box","text":"commodities. All positions owned or controlled by the same person or entity, even if in different accounts, must be","page_number":57,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"7761b375-74c0-494d-b2af-ef8bf818da48","block_type":"box","text":"aggregated for purposes of complying with the speculative limits. Thus, even if a Fund does not intend to exceed","page_number":57,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"9c35be8e-5778-470e-a728-e683545b907a","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":57,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"85daf938-a598-457c-8253-8341415b94e6","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":57,"box":{"x":69,"y":891,"width":827,"height":12}},{"id":"22f244c0-2b30-4c64-b056-867f75c433e3","block_type":"box","text":"held by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or the","page_number":57,"box":{"x":69,"y":906,"width":805,"height":12}},{"id":"106e04e8-3504-4b91-9bf6-37d02d880953","block_type":"box","text":"II-14","page_number":57,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f87c878f-97c1-46d6-9a65-05e415bcb3c7","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":57,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e7c175d0-9611-4f04-96bb-8f42bb496fc2","block_type":"box","text":"elimination of open positions, if it occurs, may adversely affect the profitability of a Fund. A violation of position limits","page_number":58,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"85bd7aec-eecb-4d11-926a-fff7d778b63e","block_type":"box","text":"could also lead to regulatory action materially adverse to a Fund’s investment strategy. A Fund may also be affected","page_number":58,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"d27c6192-a5ed-4edf-a4c7-134ce835d3f4","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":58,"box":{"x":69,"y":75,"width":785,"height":11}},{"id":"ac4fb5a2-b431-4135-bae3-57dd0dea079b","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":58,"box":{"x":70,"y":90,"width":350,"height":11}},{"id":"70c53bbe-5a6b-4d0e-9096-20661e94ed7f","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":58,"box":{"x":101,"y":113,"width":256,"height":11}},{"id":"db2f764e-f8bb-43fa-9fae-4da5dacdf154","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":58,"box":{"x":364,"y":113,"width":513,"height":11}},{"id":"6e450b23-ebb2-4e19-b007-0af981e0beeb","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":58,"box":{"x":70,"y":128,"width":757,"height":11}},{"id":"ae2bc67f-80c9-45c0-82e0-e18057c02dc6","block_type":"box","text":"par ticipating in, or otherwise adversely impact the liquidity of, par ticipating in the commodities markets. For example,","page_number":58,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"9f228d83-6514-4d1b-ab28-58b2e7c634d1","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced cer tain","page_number":58,"box":{"x":68,"y":158,"width":762,"height":11}},{"id":"88a50a0d-3a17-421c-885d-c5583d5796e3","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":58,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"0792c38b-5560-487c-987e-57a84f1e7139","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":58,"box":{"x":69,"y":188,"width":798,"height":12}},{"id":"8b3c9f5f-5784-454f-9dd9-7e3049b4b1ce","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) repor ting and recordkeeping","page_number":58,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"7e5d6692-5f11-436c-8c07-47f2802d7a6c","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of fur ther example, the European Union Markets in","page_number":58,"box":{"x":69,"y":218,"width":787,"height":12}},{"id":"f3a92dcd-4786-41cf-b257-bb993e7e8ff4","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":58,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"852042aa-1299-4033-8176-9ad6155a3038","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":58,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"4a359475-2360-411d-aaf2-776c9a11ef9c","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":58,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"58209219-dd39-4376-8d60-490a121b62b3","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In par ticular, MiFID II requires European Union","page_number":58,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"56b8452f-bf99-4b3d-8ca1-70fad2dcf198","block_type":"box","text":"Member States to apply position limits to the size of a net position a person can hold at any time in commodity","page_number":58,"box":{"x":70,"y":294,"width":793,"height":11}},{"id":"a3f45f36-a251-4df7-9a00-c8200fc8fd35","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":58,"box":{"x":69,"y":309,"width":765,"height":11}},{"id":"37e4ab03-4196-422a-a846-27d3a5fdcadf","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":58,"box":{"x":69,"y":324,"width":720,"height":11}},{"id":"a8124a40-6284-4e34-a962-79db45c009b3","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require cer tain prudentially","page_number":58,"box":{"x":102,"y":347,"width":802,"height":11}},{"id":"668e0fb4-f6e1-405a-8005-a8dd629e989a","block_type":"box","text":"regulated entities and cer tain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":58,"box":{"x":69,"y":362,"width":762,"height":11}},{"id":"f8a82362-4d22-4660-bef6-5cd1b4692072","block_type":"box","text":"derivatives contracts and cer tain other financial contracts, terms that delay or restrict the rights of counterpar ties","page_number":58,"box":{"x":69,"y":377,"width":810,"height":12}},{"id":"7db1d313-12d4-40f4-b985-77f2e06b755d","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":58,"box":{"x":69,"y":392,"width":812,"height":12}},{"id":"ee36353a-909a-45d7-a34e-34d7094f8933","block_type":"box","text":"transfers of credit suppor t in the event that the prudentially regulated entity and/or its affiliates are subject to","page_number":58,"box":{"x":68,"y":407,"width":787,"height":12}},{"id":"a6be2a08-ed80-4d09-968d-170395b9d4a8","block_type":"box","text":"cer tain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":58,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"cfbda0fc-3639-46ce-a570-2a323afe8758","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterpar ties located in those jurisdictions. In par ticular, in the United","page_number":58,"box":{"x":67,"y":438,"width":795,"height":11}},{"id":"d6cffa02-94ce-4fef-8ea1-e1fbf6642b42","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or conver t to equity the liabilities","page_number":58,"box":{"x":70,"y":453,"width":835,"height":11}},{"id":"4ff81aa4-cd1e-4427-8d11-d3f8729c2e36","block_type":"box","text":"to a Fund of a counterpar ty experiencing financial difficulties (sometimes referred to as a “bail in”). It is possible that","page_number":58,"box":{"x":68,"y":468,"width":839,"height":11}},{"id":"faaa7d64-2991-49b5-8602-5d109a56b732","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":58,"box":{"x":68,"y":483,"width":814,"height":11}},{"id":"20460f1c-75b8-4af9-b535-ba44f26f39f8","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":58,"box":{"x":69,"y":498,"width":773,"height":11}},{"id":"e11ac24a-7e8c-4f5a-bd07-1e0de89ea4f5","block_type":"box","text":"collateral received under such contracts.","page_number":58,"box":{"x":69,"y":514,"width":288,"height":8}},{"id":"620dd572-7573-42a5-afb0-e7ef2a199835","block_type":"box","text":"Risk Factors in Derivatives.","page_number":58,"box":{"x":102,"y":536,"width":191,"height":9}},{"id":"173d46f8-7ccd-4c32-a67b-f211626bef35","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":58,"box":{"x":101,"y":559,"width":597,"height":11}},{"id":"d9eb86e0-c3c4-4443-b82e-e08681246686","block_type":"box","text":"Correlation Risk","page_number":58,"box":{"x":102,"y":581,"width":114,"height":9}},{"id":"5f204900-b3cc-428e-bd34-5c194ac6388d","block_type":"box","text":"— the risk that changes in the value of a derivative will not match the changes in the value of","page_number":58,"box":{"x":220,"y":581,"width":668,"height":12}},{"id":"5d8000f7-6e50-4bbc-8262-26663dc3d476","block_type":"box","text":"the por tfolio holdings that are being hedged or of the par ticular market or security to which the Fund seeks exposure.","page_number":58,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"1a68696a-4041-4372-afa0-1076a811d2aa","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":58,"box":{"x":68,"y":612,"width":818,"height":11}},{"id":"6ca2f516-9fd8-46cb-a470-6218f1672471","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":58,"box":{"x":70,"y":627,"width":806,"height":11}},{"id":"bd5ccf21-1e78-43a9-a69e-bbd482062057","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":58,"box":{"x":69,"y":642,"width":725,"height":11}},{"id":"7d40912c-632f-4647-895f-251be1ce087b","block_type":"box","text":"Counterpar ty Risk","page_number":58,"box":{"x":102,"y":665,"width":128,"height":11}},{"id":"a00b5bae-b921-44c5-b699-9a54d3bafc1a","block_type":"box","text":"— the risk that a derivatives transaction counterpar ty will be unable or unwilling to make","page_number":58,"box":{"x":233,"y":665,"width":632,"height":11}},{"id":"90a15a01-b4ed-479a-ac5c-7a395e08988f","block_type":"box","text":"payments or otherwise honor its obligations to a Fund and the related risks of having concentrated exposure to such","page_number":58,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"6f8286f2-b7be-418b-8359-d0d1f1834324","block_type":"box","text":"a counterpar ty. In par ticular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":58,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"79fcd751-4fae-4529-a712-49c0354a95f5","block_type":"box","text":"corporation and often do not require payment of margin, and to the extent that the Fund has unrealized gains in such","page_number":58,"box":{"x":69,"y":710,"width":834,"height":11}},{"id":"0172f992-3b12-47cd-887a-19de50d30d9c","block_type":"box","text":"instruments or has deposited collateral with its counterpar ties the Fund is at risk that its counterpar ties will become","page_number":58,"box":{"x":70,"y":725,"width":831,"height":11}},{"id":"c5df44b8-de91-4f66-97be-5ab8644418e4","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterpar ty risk by","page_number":58,"box":{"x":69,"y":740,"width":806,"height":11}},{"id":"4ddca27e-8e68-4993-8b69-7382abc85de3","block_type":"box","text":"engaging in OTC derivatives transactions only with creditwor thy entities that have substantial capital or that have","page_number":58,"box":{"x":69,"y":755,"width":803,"height":11}},{"id":"b3f1a0aa-2cfd-4008-ba93-fac15b245c4f","block_type":"box","text":"provided the Fund with a third-par ty guaranty or other credit suppor t. When a Fund enters into a derivatives","page_number":58,"box":{"x":70,"y":771,"width":760,"height":11}},{"id":"977776da-49cc-4e62-86ac-33363e089b13","block_type":"box","text":"transaction that is centrally cleared (whether mandatorily or voluntarily), the Fund is subject to the credit risk of the","page_number":58,"box":{"x":68,"y":785,"width":819,"height":12}},{"id":"a3c0529c-58d1-4ba2-bf24-39737f5c6adc","block_type":"box","text":"clearing house and the clearing member through which it holds its cleared position. Credit risk of market par ticipants","page_number":58,"box":{"x":69,"y":801,"width":834,"height":11}},{"id":"3144837b-f8d3-49f2-ab03-7d9b0b7abd8f","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":58,"box":{"x":68,"y":816,"width":826,"height":11}},{"id":"427d7654-829a-45b2-8fe2-c804ae8afbb5","block_type":"box","text":"clearing members. It is not clear how an insolvency proceeding of a clearing house would be conducted and what","page_number":58,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"62a7e46a-3833-4909-93f0-5636b4278199","block_type":"box","text":"impact an insolvency of a clearing house would have on the financial system. Also, a Fund will not be fully protected","page_number":58,"box":{"x":70,"y":846,"width":824,"height":11}},{"id":"ebdbfe1a-8514-4f4e-a233-a5a99b22ceb3","block_type":"box","text":"in the event of the bankruptcy of a Fund’s clearing member because the Fund would be limited to recovering only a","page_number":58,"box":{"x":70,"y":861,"width":816,"height":11}},{"id":"de7d89a6-dd36-4933-a4ac-2578cc1e45ab","block_type":"box","text":"pro rata share of the funds held by the clearing member on behalf of customers by account class for cleared","page_number":58,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"7fed8ebd-9759-431a-991b-b59377a9e6bf","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":58,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"829b6834-6975-4853-9009-c0b11d50494a","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":58,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"13b3501f-64a4-4c43-88be-c6a1c3534549","block_type":"box","text":"II-15","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e30b2ebe-466f-4f7d-8cf1-d865bc8484cc","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":58,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"550527bd-aa2e-425c-8a06-bb55dd36937c","block_type":"box","text":"applicable regulations, or in the event of fraud or misappropriation of customer assets by a clearing member, a Fund","page_number":59,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"439481ad-5944-486b-9057-fd168c4d1ac3","block_type":"box","text":"could have only an unsecured creditor claim in an insolvency of the clearing member with respect to the assets held","page_number":59,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"0480ee93-1c3f-41f0-84bb-93a20e5a7475","block_type":"box","text":"by the clearing member.","page_number":59,"box":{"x":69,"y":75,"width":169,"height":11}},{"id":"684cac6d-5377-45bf-9774-df132474cbc7","block_type":"box","text":"Credit Risk","page_number":59,"box":{"x":102,"y":98,"width":78,"height":9}},{"id":"3c1ff3d7-aa6d-4aa6-90c7-4e7ffe3cce5b","block_type":"box","text":"— the risk that the reference entity in a credit default swap or similar derivative will not be able to","page_number":59,"box":{"x":184,"y":98,"width":698,"height":11}},{"id":"048c1466-5df7-436c-839a-2a66e279d697","block_type":"box","text":"honor its financial obligations.","page_number":59,"box":{"x":69,"y":113,"width":213,"height":11}},{"id":"b9229442-1018-4362-a2ab-86a99847a56a","block_type":"box","text":"Currency Risk","page_number":59,"box":{"x":102,"y":135,"width":98,"height":11}},{"id":"16e884bb-e276-4bda-b210-78e4b964b187","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":59,"box":{"x":204,"y":135,"width":669,"height":12}},{"id":"e9fb3f5d-daf2-4322-b9c5-529e0496e4f1","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":59,"box":{"x":68,"y":150,"width":300,"height":11}},{"id":"4e71b4ba-a031-4703-911e-9e55a2333751","block_type":"box","text":"Illiquidity Risk","page_number":59,"box":{"x":102,"y":173,"width":98,"height":11}},{"id":"122ef065-f37f-4ab3-b449-41dc560e8b32","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":59,"box":{"x":204,"y":173,"width":693,"height":11}},{"id":"0cfbe331-427e-4e36-ae04-6df4377380f4","block_type":"box","text":"or at the price desired by a Fund in connection with payments of margin, collateral, or settlement payments. There","page_number":59,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"c1c15645-bb4b-498f-9dbb-d9d5650c45fb","block_type":"box","text":"can be no assurance that a Fund will be able to unwind or offset a derivative at its desired price, in a secondary","page_number":59,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"b953ec5a-2924-4f01-8d04-ae5d15a32358","block_type":"box","text":"market or otherwise. It may, therefore, not be possible for the Fund to unwind its position in a derivative without","page_number":59,"box":{"x":69,"y":218,"width":799,"height":12}},{"id":"84068195-167d-4288-b5fb-05519f825e7a","block_type":"box","text":"incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve substantial","page_number":59,"box":{"x":70,"y":234,"width":824,"height":11}},{"id":"e15d27b0-cb1d-4417-8ad7-6ba4e8c66e32","block_type":"box","text":"illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascer tain a market value for such derivatives. A","page_number":59,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"5687d94f-512d-4178-813c-c6366def0179","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":59,"box":{"x":70,"y":264,"width":762,"height":11}},{"id":"2b156bdf-0bfd-40de-87d9-46534764a905","block_type":"box","text":"purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which the Manager","page_number":59,"box":{"x":70,"y":279,"width":827,"height":11}},{"id":"a841f49d-a6ee-4df2-ad64-fc223fd67977","block_type":"box","text":"anticipates the Fund can receive on each business day at least two independent bids or offers, unless a quotation","page_number":59,"box":{"x":69,"y":294,"width":816,"height":11}},{"id":"efc3739d-4eac-4b91-9ea5-63b8c582fe8c","block_type":"box","text":"from only one dealer is available, in which case that dealer’s quotation may be used. The illiquidity of the derivatives","page_number":59,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"7bbe1075-e314-4004-be67-21ac72b4fd2d","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":59,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"2a8daf4a-60a1-4946-b780-c5a3f033b046","block_type":"box","text":"the par ticipation of speculators, government regulation and intervention, and technical and operational or system","page_number":59,"box":{"x":68,"y":339,"width":809,"height":12}},{"id":"e9347151-ca41-4fb5-9390-d53c5f568f9b","block_type":"box","text":"failures. In addition, the liquidity of a market in an exchange-traded derivative contract may be adversely affected by","page_number":59,"box":{"x":68,"y":355,"width":826,"height":11}},{"id":"71a0f075-972c-4b94-824d-d857be021b43","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":59,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"9ed79540-069e-4234-b83b-4e97499bf6d4","block_type":"box","text":"traded contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may","page_number":59,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"1ff03885-9b03-4d66-b9ad-cd9fe8730541","block_type":"box","text":"be entered into at a price beyond the limit, thus preventing the liquidation of open positions. Prices have in the past","page_number":59,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"60fce6e3-f592-47ce-8970-b85ff647fd5a","block_type":"box","text":"moved to the daily limit on a number of consecutive trading days with little to no trading. If it is not possible to close","page_number":59,"box":{"x":69,"y":415,"width":828,"height":11}},{"id":"fcc2a2d9-e952-4827-8579-7273faff71ae","block_type":"box","text":"an open derivative position entered into by the Fund, the Fund would continue to be required to make daily cash","page_number":59,"box":{"x":69,"y":430,"width":796,"height":11}},{"id":"ef39488d-d396-4f44-89dc-5ad822e798d0","block_type":"box","text":"payments of variation margin in the event of adverse price movements. In such a situation, if the Fund has","page_number":59,"box":{"x":70,"y":445,"width":759,"height":12}},{"id":"0efc485c-9efe-4366-8544-2044520a2e8b","block_type":"box","text":"insufficient cash, it may have to sell por tfolio securities to meet daily variation margin requirements at a time when it","page_number":59,"box":{"x":70,"y":460,"width":837,"height":12}},{"id":"bdd4f22b-e651-4d1f-81a2-2ae73c9e7860","block_type":"box","text":"may be disadvantageous to do so.","page_number":59,"box":{"x":69,"y":476,"width":243,"height":11}},{"id":"7a277199-ae3c-4eb0-a5d7-23e07316a387","block_type":"box","text":"Index Risk","page_number":59,"box":{"x":102,"y":498,"width":73,"height":9}},{"id":"db6b4184-b7fa-48d0-af04-aeb6ca23c3fe","block_type":"box","text":"— if the derivative is linked to the per formance of an index, it will be subject to the risks associated","page_number":59,"box":{"x":179,"y":498,"width":714,"height":11}},{"id":"e9fbc133-d45f-4424-a4ec-65e7cc3b29a1","block_type":"box","text":"with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a","page_number":59,"box":{"x":68,"y":513,"width":800,"height":12}},{"id":"1312baae-090b-4cdd-ab84-0312ebc231f8","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":59,"box":{"x":69,"y":528,"width":678,"height":11}},{"id":"d5975f25-4526-41d3-ab63-c32f25e58558","block_type":"box","text":"Legal Risk","page_number":59,"box":{"x":102,"y":551,"width":73,"height":11}},{"id":"cb1fd0c3-2216-4397-9d78-d5e0aa6c95a5","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality","page_number":59,"box":{"x":179,"y":551,"width":717,"height":11}},{"id":"d13f83de-c616-484f-8789-52ff99d8f994","block_type":"box","text":"or enforceability of a contract.","page_number":59,"box":{"x":69,"y":566,"width":211,"height":11}},{"id":"d19effd0-d8fb-4919-a9ad-147737fcf467","block_type":"box","text":"Leverage Risk","page_number":59,"box":{"x":102,"y":589,"width":99,"height":11}},{"id":"310e1746-a086-4ccf-afe4-a1b33dae66bf","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":59,"box":{"x":205,"y":589,"width":648,"height":11}},{"id":"c86a73b6-5d56-4921-a182-5b55196e4837","block_type":"box","text":"Relatively small market movements may result in large changes in the value of a derivatives position and can result","page_number":59,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"03981a49-1bf5-4acb-984b-3c1d7c9cc20f","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":59,"box":{"x":70,"y":619,"width":425,"height":11}},{"id":"d03a5e29-2acb-4afa-984e-d79192ad2079","block_type":"box","text":"Market Risk","page_number":59,"box":{"x":102,"y":642,"width":85,"height":9}},{"id":"0399b8c9-2ac9-4c1c-8108-c278a2901df3","block_type":"box","text":"— the risk that changes in the value of one or more markets or changes with respect to the value of","page_number":59,"box":{"x":191,"y":642,"width":716,"height":11}},{"id":"14826558-30e4-4624-be5a-a59b130357b8","block_type":"box","text":"the underlying asset will adversely affect the value of a derivative. In the event of an adverse movement, a Fund may","page_number":59,"box":{"x":68,"y":657,"width":833,"height":11}},{"id":"82da1397-d524-441e-894b-790f7249738d","block_type":"box","text":"be required to pay substantial additional margin to maintain its position or the Fund’s returns may be adversely","page_number":59,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"367fd924-5c0e-41fe-8d21-8407f635e84f","block_type":"box","text":"affected.","page_number":59,"box":{"x":69,"y":687,"width":62,"height":9}},{"id":"89161dc6-3284-4b09-9ae5-c67f79486a85","block_type":"box","text":"Operational Risk","page_number":59,"box":{"x":102,"y":710,"width":117,"height":11}},{"id":"34ebeeaf-37d2-4f62-a757-d5e8591e27be","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":59,"box":{"x":223,"y":710,"width":674,"height":11}},{"id":"4f1d0d70-8b1e-41ce-8026-57ca4ecf5935","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":59,"box":{"x":70,"y":725,"width":451,"height":11}},{"id":"17f91984-d2ad-4c47-ad8c-7a5af2a3c183","block_type":"box","text":"Valuation Risk","page_number":59,"box":{"x":103,"y":748,"width":99,"height":9}},{"id":"39c9c20b-25cf-4d29-877b-db737f5753b3","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":59,"box":{"x":206,"y":748,"width":701,"height":11}},{"id":"88763531-538a-482d-babc-3b001036c8ba","block_type":"box","text":"possible especially in times of market distress, since many market par ticipants may be reluctant to purchase","page_number":59,"box":{"x":70,"y":763,"width":779,"height":11}},{"id":"6b997fac-0e61-4ea1-9ad5-028badbba2ce","block_type":"box","text":"complex instruments or quote prices for them.","page_number":59,"box":{"x":69,"y":778,"width":329,"height":11}},{"id":"5727795f-a718-4e53-a119-6efe7d531ca8","block_type":"box","text":"Volatility Risk","page_number":59,"box":{"x":103,"y":801,"width":93,"height":11}},{"id":"29c58950-e5d3-4cb6-b41e-67a0b931131c","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a shor t time period.","page_number":59,"box":{"x":200,"y":801,"width":652,"height":11}},{"id":"97ae3012-add4-4d8e-b12a-1c7523d29b29","block_type":"box","text":"Types of Derivatives Transactions.","page_number":59,"box":{"x":103,"y":823,"width":240,"height":11}},{"id":"cc099eca-314a-429b-8bd1-a9bfa8ed97f2","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":59,"box":{"x":101,"y":846,"width":771,"height":11}},{"id":"7721c20e-934a-474c-8875-3a98027b8ca6","block_type":"box","text":"including the following:","page_number":59,"box":{"x":70,"y":861,"width":159,"height":11}},{"id":"81654bcf-ddf3-4824-b564-0fbcef36e7ff","block_type":"box","text":"Futures.","page_number":59,"box":{"x":102,"y":884,"width":56,"height":9}},{"id":"dbe40f26-4eb3-4a41-af54-7f7f6288430c","block_type":"box","text":"II-16","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b987827f-881b-4c2a-b5be-4aa83c39034d","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":59,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"9b74be06-a0e4-4851-b4c3-27593f4b808b","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":60,"box":{"x":101,"y":45,"width":791,"height":11}},{"id":"87620268-705f-4eea-9044-88dcd741e402","block_type":"box","text":"exchange-traded contracts that require a purchaser to take delivery, and a seller to make delivery, of a specified","page_number":60,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"364229e9-ad3c-48ac-8869-32e7cd07c8bc","block_type":"box","text":"amount of an asset at a specified future date and price. Upon purchasing or selling a futures contract, a Fund is","page_number":60,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"43e86f6f-446e-48f7-8a8a-593fe100ac18","block_type":"box","text":"required to deposit initial margin equal to a percentage of the contract value. Futures contracts are marked to market","page_number":60,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"e3b7c75b-97c9-4a2b-a5fd-49b4123200e9","block_type":"box","text":"daily for the duration of the contract, and the Fund will either post additional margin or be entitled to a payment, as","page_number":60,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"14afdf58-38c1-4e8f-8c7d-f39713675243","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":60,"box":{"x":69,"y":120,"width":478,"height":11}},{"id":"120b723a-a80d-46ca-ad38-84f7da59159c","block_type":"box","text":"A Fund may sell a futures contract prior to the completion of its term to limit its risk of loss from a decline in the","page_number":60,"box":{"x":101,"y":143,"width":801,"height":11}},{"id":"d78f5027-da30-4b5e-8912-31814ad693d0","block_type":"box","text":"market value of por tfolio holdings correlated with the futures contract. However, in the event the market value of the","page_number":60,"box":{"x":69,"y":158,"width":829,"height":11}},{"id":"73656069-5de5-4059-b5bc-8198c375efdd","block_type":"box","text":"por tfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":60,"box":{"x":70,"y":173,"width":822,"height":11}},{"id":"fa5f9f87-050b-45fa-b859-d1b038191a52","block_type":"box","text":"the futures position and a lower return on the por tfolio holdings than would have been realized without the purchase","page_number":60,"box":{"x":68,"y":188,"width":830,"height":12}},{"id":"880b14a7-d16f-4680-b7e8-c26f15084d4c","block_type":"box","text":"of the futures contract.","page_number":60,"box":{"x":69,"y":203,"width":162,"height":9}},{"id":"04cb2334-7ed9-4bb3-8781-a4081a7c4c23","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":60,"box":{"x":101,"y":226,"width":756,"height":11}},{"id":"598fe3d7-a540-40a2-b1ee-e71b448edbd2","block_type":"box","text":"commodities directly. In the event that such securities or commodities decline in value or a Fund determines not to","page_number":60,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"0b557c40-a892-4c1e-b014-06f301c7f24c","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":60,"box":{"x":69,"y":256,"width":789,"height":12}},{"id":"24acb18c-d133-4e52-97d1-e41d689eb74c","block_type":"box","text":"relating to the futures position.","page_number":60,"box":{"x":69,"y":271,"width":219,"height":12}},{"id":"3552e6a0-7015-4ef7-b006-9112a6e446a0","block_type":"box","text":"Futures contracts are also subject to position limits. In order to comply with position limits, a Fund may be","page_number":60,"box":{"x":102,"y":294,"width":757,"height":11}},{"id":"dfd8f1eb-d617-4202-9d6f-835aed6617b7","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":60,"box":{"x":69,"y":309,"width":797,"height":11}},{"id":"9d6a46b8-332b-4a14-8da4-b0b5dbc4f615","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":60,"box":{"x":70,"y":324,"width":816,"height":12}},{"id":"58860a7e-aa66-45fc-9375-68956e8f876f","block_type":"box","text":"Regulations” above.","page_number":60,"box":{"x":70,"y":340,"width":140,"height":11}},{"id":"319f827a-1544-44d1-b933-91547f7bd572","block_type":"box","text":"A Fund is also permitted to purchase or sell call and put options on futures contracts, including financial futures","page_number":60,"box":{"x":101,"y":362,"width":799,"height":11}},{"id":"d172c96e-448e-491b-9368-d5f41a5e98c0","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":60,"box":{"x":69,"y":377,"width":818,"height":12}},{"id":"b2d2c345-c285-406e-bd92-e119092c8dff","block_type":"box","text":"(","page_number":60,"box":{"x":69,"y":393,"width":3,"height":10}},{"id":"7e367ad2-0a28-48e7-8a5d-d7791466257c","block_type":"box","text":"i.e.","page_number":60,"box":{"x":74,"y":393,"width":21,"height":8}},{"id":"8bd36255-7e35-4f23-a6ce-d3fa3d327788","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":60,"box":{"x":97,"y":392,"width":803,"height":12}},{"id":"3778f317-194f-429c-9018-13abae2c6322","block_type":"box","text":"may purchase put options or write call options on futures contracts and stock indices in lieu of selling the underlying","page_number":60,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"392d4471-82be-4e5b-9991-228b761336a1","block_type":"box","text":"futures contract in anticipation of a decrease in the market value of its securities. Similarly, a Fund can purchase call","page_number":60,"box":{"x":68,"y":423,"width":835,"height":11}},{"id":"50e6e604-b02c-42ad-a3a7-242a1999abe4","block_type":"box","text":"options, or write put options on futures contracts and stock indices, as a substitute for the purchase of such futures","page_number":60,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"8d5b37c8-d0e4-4133-b8f7-485304a0dbf1","block_type":"box","text":"contracts to hedge against the increased cost resulting from an increase in the market value of securities which the","page_number":60,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"eec59a64-22d9-4513-87f4-72becf4762b7","block_type":"box","text":"Fund intends to purchase.","page_number":60,"box":{"x":70,"y":468,"width":183,"height":11}},{"id":"8742a378-b0c6-423b-b2a9-69235ae92803","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":60,"box":{"x":101,"y":491,"width":768,"height":11}},{"id":"ae45ebc5-35fb-4d5e-914c-b5c94b9bc7a9","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":60,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"5f22703a-c413-4c57-9adb-a3422ffc67a9","block_type":"box","text":"determined by reference to the value of a security, an index of securities or a commodity at a future point in time. The","page_number":60,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"67b22421-6603-4ed7-a783-747eebe46760","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":60,"box":{"x":69,"y":536,"width":773,"height":11}},{"id":"141b10f9-1bb5-444d-ba39-fca57683abb2","block_type":"box","text":"illiquidity.","page_number":60,"box":{"x":70,"y":551,"width":63,"height":11}},{"id":"ec18e38f-ce2e-44ee-9c14-8d67d489cdba","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":60,"box":{"x":102,"y":574,"width":757,"height":11}},{"id":"d444bca3-decf-4c0b-b98a-298da4d842e8","block_type":"box","text":"illiquidity risk, market risk and counterpar ty risk with respect to a Fund’s futures broker or the clearinghouse. See","page_number":60,"box":{"x":70,"y":589,"width":807,"height":11}},{"id":"a1a383f5-3990-45b2-8dba-2380eafdf811","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":60,"box":{"x":70,"y":604,"width":269,"height":9}},{"id":"3f59e3e7-f2b3-49e9-a1c7-77ef7662c8d0","block_type":"box","text":"Cer tain Funds may invest in futures based on carbon “allowances.” Under cer tain regulatory regimes, a limit is","page_number":60,"box":{"x":102,"y":627,"width":791,"height":11}},{"id":"0bf6599c-c3b7-4b76-b8f5-d480e1b8b595","block_type":"box","text":"set by a regulator, such as a government entity, on the total amount of specific greenhouse gases, such as CO2, that","page_number":60,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"97660d60-8b68-4187-a912-5647851bd2e3","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":60,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"d6d46006-5686-468a-8826-a310b9888e1d","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":60,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"124d04ed-b136-429d-a607-73e7fec2bbc1","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":60,"box":{"x":68,"y":687,"width":657,"height":9}},{"id":"8ce44abe-e614-4f74-b7b5-d48e90beda20","block_type":"box","text":"The price for carbon futures contracts is based on a number of factors, including the supply of and the demand","page_number":60,"box":{"x":101,"y":710,"width":792,"height":11}},{"id":"e5bcf86c-b578-43b1-85b2-9932e1b942a5","block_type":"box","text":"for carbon futures contracts. Changes in law, market conditions and expectations, position limits, collateral","page_number":60,"box":{"x":68,"y":725,"width":764,"height":11}},{"id":"abde4f61-49ac-4227-acd8-eefb9575f37c","block_type":"box","text":"requirements, and other factors each can impact the supply of and demand for carbon futures contracts. The market","page_number":60,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"1e773535-3b09-4f41-9fd1-8f6af9eea8bf","block_type":"box","text":"for carbon futures contracts is still developing and may be subject to periods of illiquidity. During such times it may be","page_number":60,"box":{"x":68,"y":755,"width":841,"height":11}},{"id":"a3dc0413-7d8b-49c0-a1ce-8e44b7cdc542","block_type":"box","text":"difficult or impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it","page_number":60,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"2db4fdf2-bdf3-47bb-a54c-525abe6dd26e","block_type":"box","text":"difficult to find a counterpar ty willing to transact at a reasonable price and sufficient size.","page_number":60,"box":{"x":69,"y":785,"width":637,"height":12}},{"id":"3f8c4a2e-2d79-4aaa-97a5-11cfddece649","block_type":"box","text":"Swap Agreements.","page_number":60,"box":{"x":102,"y":808,"width":131,"height":11}},{"id":"6fb575f1-ef1f-4c0d-a78b-da10b80e016e","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":60,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"6af04654-f157-4c60-afae-9c12d5a9cd7f","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":60,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"266b2fe0-6683-42c5-be36-902cb016ed46","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two par ties agree to exchange the returns","page_number":60,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"7724737d-cbfb-4dfe-a3b7-73ea17c7bf0d","block_type":"box","text":"earned or realized from one or more underlying assets or rates of return, which may be adjusted for an interest","page_number":60,"box":{"x":69,"y":876,"width":792,"height":11}},{"id":"8a12e081-e521-4024-8c16-60f3b6e8b318","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the par ties are generally calculated with respect to","page_number":60,"box":{"x":68,"y":891,"width":832,"height":12}},{"id":"96a47295-e897-4772-9283-f03679cd096c","block_type":"box","text":"a “notional amount,”","page_number":60,"box":{"x":69,"y":907,"width":147,"height":10}},{"id":"6105f8ea-2be6-4d1d-813b-109d0d274e7f","block_type":"box","text":"e.g.","page_number":60,"box":{"x":223,"y":908,"width":25,"height":10}},{"id":"34ec454b-cc4c-4a0e-9543-a8098695ec5f","block_type":"box","text":", the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":60,"box":{"x":251,"y":906,"width":602,"height":11}},{"id":"07614403-31a7-4ced-bd1e-8b00d46550bd","block_type":"box","text":"II-17","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"931b8da4-16d1-4c91-a8ea-5e220356096f","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":60,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"4e8fe519-7f20-44e9-baae-c995566e94cb","block_type":"box","text":"interest rate, in a par ticular foreign currency, or in a “basket” of securities representing a par ticular index. The","page_number":61,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"4aac3675-b3f4-486e-ad0d-347409464f4a","block_type":"box","text":"notional amount of the swap agreement is only used to calculate the obligations that the par ties to a swap","page_number":61,"box":{"x":69,"y":60,"width":762,"height":11}},{"id":"4b2d6a7d-f0a2-4c81-9243-4ba820f33c5c","block_type":"box","text":"agreement have agreed to exchange. A Fund’s obligations (or rights) under a swap agreement will generally be equal","page_number":61,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"86f91575-35f8-427c-b978-b8b4132429f8","block_type":"box","text":"only to the net amount to be paid or received under the agreement based on the relative values of the positions held","page_number":61,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"c097f03e-bc44-43d6-8dc7-b5fa647f4628","block_type":"box","text":"by each par ty to the agreement. Swaps that are not cleared involve substantial counterpar ty risk. A Fund will typically","page_number":61,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"2ed1c117-2d0d-4f9d-85db-2c7f316e6479","block_type":"box","text":"attempt to mitigate this counterpar ty risk by entering into swap agreements only with creditwor thy entities that have","page_number":61,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"1a18ebb8-5987-403a-8fca-aa73ce796418","block_type":"box","text":"substantial capital or that have provided the Fund with a third-par ty guaranty or other credit suppor t. A Fund’s ability","page_number":61,"box":{"x":69,"y":136,"width":827,"height":11}},{"id":"1fa0af14-5a23-4cc1-8099-8801992f8f28","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":61,"box":{"x":68,"y":151,"width":763,"height":11}},{"id":"f4d3668c-1f70-457f-93d3-66beda3be082","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":61,"box":{"x":102,"y":173,"width":329,"height":11}},{"id":"68694b33-89df-4395-b433-a359c20d358d","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":61,"box":{"x":438,"y":173,"width":439,"height":11}},{"id":"00b4d49f-22d0-4d89-9754-7c4195fa4aa2","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":61,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"fbccee2a-2182-4020-a147-0705d18f1dd1","block_type":"box","text":"“seller” an up-front payment, or a periodic stream of payments, over the term of the contract, provided generally that","page_number":61,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"c11ad452-ae74-42e6-a6db-7ffff2b80508","block_type":"box","text":"no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the","page_number":61,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"b99967e9-ad1e-40e7-9d8a-d1159e7c1272","block_type":"box","text":"buyer the difference between the notional amount of the contract and the value of a por tfolio of securities issued by","page_number":61,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"315005e1-ff7c-4087-834d-68deca327643","block_type":"box","text":"the reference entity. A Fund may be either the buyer or seller in the transaction. The Funds may enter into credit","page_number":61,"box":{"x":68,"y":249,"width":798,"height":11}},{"id":"9d6513dd-5a72-4339-b7c1-4f7d09274677","block_type":"box","text":"default swaps that reference the obligations of a single entity (“single-name CDS”) or the obligations of entities that","page_number":61,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"c46c8a9a-9afc-447d-8b9d-cf15af554751","block_type":"box","text":"make up an index (“index CDS”). References to “credit default swaps” shall collectively refer to single-name CDS and","page_number":61,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"07299035-9c12-4c6c-b74d-49284a0597c1","block_type":"box","text":"index CDS.","page_number":61,"box":{"x":70,"y":294,"width":75,"height":9}},{"id":"1f2a6cc4-7fdd-4f22-b415-f2fa73a19aa6","block_type":"box","text":"Credit default swaps have as reference obligations one or more securities or loans that are not currently held by","page_number":61,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"3ab301c5-184a-4ebe-9e89-89bc2a0fd1a0","block_type":"box","text":"a Fund. In circumstances in which a Fund does not own the securities or loans that are deliverable under a credit","page_number":61,"box":{"x":69,"y":332,"width":806,"height":9}},{"id":"42de3140-756e-43e8-9093-e909ce0a45a1","block_type":"box","text":"default swap, the Fund is exposed to the risk that deliverable securities will not be available in the market, or will be","page_number":61,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"e80b3c55-814b-4638-b323-34e7f66a9cc7","block_type":"box","text":"available only at unfavorable prices, as would be the case in a so-called “shor t squeeze.” In cer tain instances of","page_number":61,"box":{"x":69,"y":362,"width":804,"height":11}},{"id":"2f4e8f85-5828-43c7-bb33-fb9eed935b8e","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":61,"box":{"x":70,"y":377,"width":812,"height":12}},{"id":"c36f871f-17cb-47c2-ac86-569400185dcb","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Cer tain initiatives","page_number":61,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"6a95ec0a-c63a-416a-9944-4baa1efedec8","block_type":"box","text":"adopted by derivatives market par ticipants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":61,"box":{"x":69,"y":408,"width":819,"height":11}},{"id":"03dee18a-e819-4268-8785-33692fc2725f","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":61,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"65b500e0-eab9-43e9-914d-85afe29a2890","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":61,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"9ed3c9b8-9025-4ce4-bcc3-f6a7efa2e316","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":61,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"b49015bf-040e-4e8a-93c2-ffced37f12b3","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":61,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"8319869e-f1c7-4a04-80bf-47540f512cbd","block_type":"box","text":"uncer tainty as to the occurrence of credit events and the risk of a “shor t squeeze” by providing that the ISDA Credit","page_number":61,"box":{"x":69,"y":483,"width":827,"height":11}},{"id":"d5c7ef72-cbc5-4c9b-9dc0-eb076da79d7e","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":61,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"e9cf3fd7-10b5-49b8-b132-76efebdbbcfe","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":61,"box":{"x":69,"y":513,"width":778,"height":11}},{"id":"7ab37b01-3a55-452b-b2e0-1b3681bcdc8b","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in cer tain limited circumstances refrain from","page_number":61,"box":{"x":69,"y":528,"width":809,"height":12}},{"id":"d64f9186-110f-4404-8a76-f0ace4049602","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":61,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"8f716ac2-2a52-4b97-b8f2-9b10a234a468","block_type":"box","text":"respect to a “credit event” or otherwise does not establish a cash settlement auction, a Fund may not be able to","page_number":61,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"f655cc81-caa8-47ba-8dda-99a4fbe05fe6","block_type":"box","text":"realize the full value of the credit default swap upon a default by the reference entity. Fur thermore, a Fund may enter","page_number":61,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"3e54851e-d477-45f2-a4d5-d5cadb523065","block_type":"box","text":"into cer tain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":61,"box":{"x":70,"y":589,"width":711,"height":11}},{"id":"4c855134-5b18-4c8b-a491-dd2542093dc6","block_type":"box","text":"If a Fund is a buyer, it will lose the payments made under the terms of the credit default swap and recover","page_number":61,"box":{"x":102,"y":612,"width":757,"height":11}},{"id":"234f85b3-2396-45e4-b105-fbe4f8cd56a5","block_type":"box","text":"nothing should no credit event occur. If a Fund is a seller and a credit event occurs, the value of any deliverable","page_number":61,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"1655b387-8e27-4de8-bee3-d579dbf51239","block_type":"box","text":"obligation received by the Fund or the amount of cash settlement received by the Fund pursuant to the relevant cash","page_number":61,"box":{"x":69,"y":642,"width":830,"height":11}},{"id":"45ab3c90-c56a-43b1-81e7-894375d23368","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":61,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"5e2095ff-679f-4f97-a238-58621103637a","block_type":"box","text":"it pays to the buyer, resulting in a loss of value to the Fund. A Fund that sells credit default swaps incurs leveraged","page_number":61,"box":{"x":70,"y":672,"width":817,"height":11}},{"id":"8daa9c04-2bef-445c-9844-6d6fa3a19346","block_type":"box","text":"exposure to the credit of one or more reference entities and is subject to many of the same risks it would incur if it","page_number":61,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"d616f638-38d2-4a52-a883-bc6ad5856496","block_type":"box","text":"were holding debt securities issued by the relevant reference entity. However, a Fund will not have any legal recourse","page_number":61,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"2e53ca59-6433-4d0f-9968-f8de07a76e53","block_type":"box","text":"against any reference entity and will not benefit from any collateral securing the reference entity’s debt obligations. In","page_number":61,"box":{"x":69,"y":717,"width":837,"height":12}},{"id":"b687748d-75f2-44b0-ad45-74362ef0556f","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":61,"box":{"x":68,"y":733,"width":820,"height":9}},{"id":"aaa1f868-1b1c-46fc-aaee-04409c5114cf","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":61,"box":{"x":70,"y":748,"width":828,"height":11}},{"id":"075be7d6-3c60-4c21-b87f-b9662b3d35e0","block_type":"box","text":"which of the reference entity’s debt obligations to deliver to the Fund following a credit event and will likely choose","page_number":61,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"fbb68818-c733-4f54-a631-3ee2c90614e8","block_type":"box","text":"the obligations with the lowest market value in order to maximize the payment obligations of the Fund. In addition,","page_number":61,"box":{"x":68,"y":778,"width":814,"height":11}},{"id":"ae369ce1-09c8-4ab6-8172-7cad58c44830","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":61,"box":{"x":69,"y":793,"width":766,"height":11}},{"id":"73391c0c-37ef-4c6f-9088-668ad96ad5ba","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":61,"box":{"x":69,"y":808,"width":840,"height":11}},{"id":"fe150045-e1a2-4a98-95ae-127bd34f114b","block_type":"box","text":"conditions.","page_number":61,"box":{"x":69,"y":823,"width":76,"height":9}},{"id":"99471b2e-4c69-488f-80d0-71d24cf14904","block_type":"box","text":"Dodd-Frank requires that cer tain index CDS be executed in regulated markets and submitted for clearing to","page_number":61,"box":{"x":102,"y":846,"width":762,"height":11}},{"id":"4f84fd4f-0d28-434d-a712-2f33894938a4","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":61,"box":{"x":69,"y":861,"width":824,"height":11}},{"id":"5c866e18-f929-469e-a781-168f4171d14b","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":61,"box":{"x":69,"y":876,"width":727,"height":11}},{"id":"a588f1d9-61b7-4d50-b1b5-2961c8c8a295","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":61,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"d36bc052-9b45-4634-a861-6bb5c43de956","block_type":"box","text":"clear some, but not all, of the other credit default swaps not subject to mandatory clearing. The Funds face","page_number":61,"box":{"x":69,"y":906,"width":764,"height":12}},{"id":"ca98766c-24f6-4bf4-a4db-d79c7e85c5b8","block_type":"box","text":"II-18","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"04cb5416-aad3-4cd6-989a-3d1debb6c688","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":61,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"3758a324-9f49-40c2-8892-79168e9477ef","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":62,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"a2ae9d2a-e38e-43aa-852f-bf3319b76661","block_type":"box","text":"CDS. The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared credit default","page_number":62,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"2fc811bb-933e-4372-8ec5-e545b7675fda","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":62,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"9e7a75e2-04e9-462d-a21f-f238d7d4d0e6","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":62,"box":{"x":70,"y":90,"width":828,"height":11}},{"id":"f388faca-f134-482f-a75b-9585b4b755ef","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":62,"box":{"x":68,"y":105,"width":355,"height":11}},{"id":"dc7279df-a118-46f0-9172-b731a3f091cb","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":62,"box":{"x":102,"y":128,"width":750,"height":11}},{"id":"bd57eded-b4ff-4ebe-b95c-149db12d607f","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":62,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"7648d4d4-d8a8-49ff-903a-46cc6b8137cf","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":62,"box":{"x":69,"y":158,"width":785,"height":11}},{"id":"b9681ae7-67e7-4a6e-a02e-0614bc25743e","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":62,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"0c468190-d0c6-4ea6-b1da-9bd5c6e5abd4","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":62,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"fed8a34c-988e-43f7-880e-cf5559cedd7a","block_type":"box","text":"underlying security or loan to or by the Fund rather than by way of cash settlement, and there may be a wider range of","page_number":62,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"d60c0b7d-e8e6-4592-8794-80e9da0ca729","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":62,"box":{"x":69,"y":218,"width":495,"height":12}},{"id":"4a37f6b1-1264-425a-a6c2-0dcddae0c999","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":62,"box":{"x":102,"y":241,"width":752,"height":11}},{"id":"a4a65214-e41f-4236-af1d-0d971564ab6f","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":62,"box":{"x":70,"y":256,"width":814,"height":12}},{"id":"e0fc6fc2-738a-48f5-a6a7-3c59ac84dc1f","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":62,"box":{"x":70,"y":272,"width":520,"height":11}},{"id":"391cfce5-f180-4af5-afd9-397792947028","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":62,"box":{"x":102,"y":294,"width":273,"height":11}},{"id":"60ebe58e-aa7b-4570-865d-ef93125f588d","block_type":"box","text":"Cer tain Funds may enter into OTC derivatives in the form of interest rate","page_number":62,"box":{"x":381,"y":294,"width":515,"height":11}},{"id":"dcfc0ada-b665-4df2-82d1-bc0e0b06e33d","block_type":"box","text":"swaps and interest rate caps and floors. As described in fur ther detail below, a Fund may enter into these","page_number":62,"box":{"x":69,"y":309,"width":755,"height":11}},{"id":"38ecf862-e254-4079-9ec0-de33cf569f2a","block_type":"box","text":"transactions primarily to preserve a return or spread on a par ticular investment or por tion of its holdings, as a","page_number":62,"box":{"x":68,"y":324,"width":788,"height":12}},{"id":"321a6082-beda-451a-962b-b8ff6fa67171","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":62,"box":{"x":69,"y":339,"width":768,"height":12}},{"id":"7fc535b1-540c-4739-90a9-6a18598ea2a8","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":62,"box":{"x":70,"y":355,"width":461,"height":11}},{"id":"c274867b-ded0-4088-8969-69bdb809421d","block_type":"box","text":"Dodd-Frank requires that cer tain interest rate swaps be executed in regulated markets and submitted for","page_number":62,"box":{"x":102,"y":377,"width":748,"height":12}},{"id":"99df8028-f9c1-4b82-ab52-c8a0a47bdff0","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":62,"box":{"x":69,"y":392,"width":799,"height":12}},{"id":"b322dc8c-2c17-4e99-98cd-b2496270bc16","block_type":"box","text":"interest rate swaps are permitted, although not required, to be cleared. Most of the interest rate swaps entered into","page_number":62,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"162a0cc6-ab3b-4248-8802-a83510ad2d5f","block_type":"box","text":"by the Funds are cleared. The Funds face counterpar ty risk with respect to the clearinghouse when entering into","page_number":62,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"4ac8bf15-0896-408d-9275-e8c7a874de8c","block_type":"box","text":"cleared interest rate swaps.","page_number":62,"box":{"x":69,"y":438,"width":198,"height":11}},{"id":"bef93279-dcf6-4f9b-b556-31f1720ef024","block_type":"box","text":"The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared interest rate","page_number":62,"box":{"x":101,"y":460,"width":766,"height":12}},{"id":"602e3a9f-b8f8-4b0a-8330-a03ef9e532f7","block_type":"box","text":"swaps and interest rate caps and floors. The typical counterpar ties for a Fund’s non-cleared interest rate derivatives","page_number":62,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"7ece2bc9-1001-462d-b367-1e6b34813aaf","block_type":"box","text":"transactions are swap dealers and other creditwor thy entities that have substantial capital or that have provided the","page_number":62,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"a6b777b2-0d45-4689-bb55-1d9e56f9584d","block_type":"box","text":"Fund with a third-par ty guaranty or other credit suppor t. If the Fund’s counterpar ty defaults on such a transaction, a","page_number":62,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"6f6f4ef4-5790-48a4-b53e-fc30d2e19d71","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction but there can be no guarantee that the Fund will","page_number":62,"box":{"x":70,"y":521,"width":824,"height":11}},{"id":"b149a815-6de2-42ae-8c2b-e12d877f030b","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":62,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"291784a3-d3e4-44c0-869f-bbb5e3123057","block_type":"box","text":"other similar instruments traded in the interbank market. A Fund may be limited in its ability to enter into cer tain","page_number":62,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"8e8d907a-4524-415e-b805-ee10a46f839f","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":62,"box":{"x":70,"y":566,"width":480,"height":11}},{"id":"3141c389-f7be-4c48-97f0-9351a73bcdcb","block_type":"box","text":"Interest rate swaps are transactions in which each par ty makes periodic interest payments based on a fixed or","page_number":62,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"95a552af-1fc5-4cde-9873-6474bac46269","block_type":"box","text":"variable interest rate, index or asset in return for periodic payments from its counterpar ty based on a different fixed","page_number":62,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"2e6b4956-1645-4a18-be9d-49b65276585c","block_type":"box","text":"or variable interest rate, index or asset.","page_number":62,"box":{"x":69,"y":619,"width":280,"height":11}},{"id":"0b254493-eafe-4b27-b141-8cbcae7e82ab","block_type":"box","text":"The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a","page_number":62,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"0e873a41-81ee-4c57-8179-e9259ae5a613","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":62,"box":{"x":70,"y":657,"width":805,"height":11}},{"id":"667cb50c-53ae-49e8-8b3f-10d183b3e6a6","block_type":"box","text":"such interest rate floor.","page_number":62,"box":{"x":69,"y":672,"width":165,"height":9}},{"id":"2da8583f-5235-4f2a-bb63-577e05d0e6ec","block_type":"box","text":"The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises above a","page_number":62,"box":{"x":101,"y":695,"width":780,"height":11}},{"id":"ae9bc885-1487-427a-a753-31db40a32f9f","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":62,"box":{"x":70,"y":710,"width":805,"height":11}},{"id":"91f0be1f-3962-46e5-9977-786b8d154d9b","block_type":"box","text":"such interest rate cap.","page_number":62,"box":{"x":69,"y":725,"width":159,"height":11}},{"id":"6e0571de-1805-4983-8ed8-f84cc8e231cb","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another par ty their respective","page_number":62,"box":{"x":101,"y":748,"width":729,"height":11}},{"id":"056973d3-d71e-4496-9ae9-2688560825a4","block_type":"box","text":"commitments to pay or receive interest,","page_number":62,"box":{"x":69,"y":763,"width":282,"height":11}},{"id":"577a6ef8-bd58-41b7-bbf0-d440cad2668d","block_type":"box","text":"e.g.","page_number":62,"box":{"x":359,"y":764,"width":24,"height":10}},{"id":"b2785ebc-8e52-440f-b96d-f57fcd360f20","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":62,"box":{"x":386,"y":763,"width":482,"height":11}},{"id":"7a518aee-70ff-42ab-b81c-c2b76f68efce","block_type":"box","text":"example, if a Fund holds a mor tgage-backed security with an interest rate that is reset only once each year, it may","page_number":62,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"2dfb0e53-f8a6-4d33-bb78-a3d2fc167c69","block_type":"box","text":"swap the right to receive interest at this fixed rate for the right to receive interest at a rate that is reset every week.","page_number":62,"box":{"x":69,"y":793,"width":823,"height":11}},{"id":"dd1940de-55de-4a6d-8a77-c05159ddbdcc","block_type":"box","text":"This would enable a Fund to offset a decline in the value of the mor tgage-backed security due to rising interest rates","page_number":62,"box":{"x":68,"y":808,"width":832,"height":11}},{"id":"d008cadb-68e2-4e39-894d-a2b3d4f29786","block_type":"box","text":"but would also limit its ability to benefit from falling interest rates. Conversely, if a Fund holds a mor tgage-backed","page_number":62,"box":{"x":69,"y":823,"width":807,"height":12}},{"id":"2918243a-6c79-4865-8a80-33f91e239483","block_type":"box","text":"security with an interest rate that is reset every week and it would like to lock in what it believes to be a high interest","page_number":62,"box":{"x":69,"y":839,"width":836,"height":11}},{"id":"d8fc2c8c-746d-456d-b25c-d55282ecf60c","block_type":"box","text":"rate for one year, it may swap the right to receive interest at this variable weekly rate for the right to receive interest","page_number":62,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"22ea6157-9b5d-48d1-88d9-a15abacd49be","block_type":"box","text":"at a rate that is fixed for one year. Such a swap would protect the Fund from a reduction in yield due to falling interest","page_number":62,"box":{"x":69,"y":869,"width":840,"height":11}},{"id":"0ec94aef-95e2-42d9-b216-3a34892b6145","block_type":"box","text":"rates and may permit the Fund to enhance its income through the positive differential between one week and one","page_number":62,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"c62c8415-fb42-4f13-9c28-0039d021cfb9","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":62,"box":{"x":68,"y":899,"width":646,"height":11}},{"id":"0bcced10-8ac3-4fa6-9268-ef6b5133433e","block_type":"box","text":"II-19","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"005d0cbb-d143-4e42-99a5-255816c0f358","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":62,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"20d5d7c6-3db8-4cd9-9319-d5eb873ea901","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":63,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"ec42f6be-e3b9-44ee-becb-7d03adf62e63","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":63,"box":{"x":70,"y":60,"width":490,"height":11}},{"id":"b22f6bbf-5ae4-4971-ac9a-9e6957944481","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":63,"box":{"x":102,"y":82,"width":791,"height":12}},{"id":"06797c6c-52a7-46af-88ea-02e49e970532","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":63,"box":{"x":69,"y":98,"width":454,"height":9}},{"id":"d6ee1667-20c1-466f-b2b1-ca799d5171f4","block_type":"box","text":"Total Return Swaps.","page_number":63,"box":{"x":103,"y":120,"width":139,"height":11}},{"id":"ad3218f2-d490-4da9-8739-29f1522e28ab","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":63,"box":{"x":249,"y":120,"width":634,"height":12}},{"id":"24c1ea27-4b9b-4349-b046-70b459fb6336","block_type":"box","text":"the other par ty based on the return of the assets underlying the contract in exchange for periodic payments based on","page_number":63,"box":{"x":68,"y":135,"width":838,"height":12}},{"id":"20175dfa-7bb4-4d52-9b8a-2f11ff2af95c","block_type":"box","text":"a fixed or variable interest rate or the total return from different underlying assets. The return of the assets","page_number":63,"box":{"x":69,"y":150,"width":764,"height":12}},{"id":"575a9cb9-ef7a-4a9c-8cfc-30f48a3d4c61","block_type":"box","text":"underlying the contract includes both the income generated by the asset and the change in market value of the","page_number":63,"box":{"x":69,"y":166,"width":791,"height":11}},{"id":"33680561-ee88-4407-aace-c52baee08244","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":63,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"b9917874-b866-4339-97cd-5a7388dcf070","block_type":"box","text":"Total return swaps on a specified security, basket of securities or securities indices may sometimes be referred to as","page_number":63,"box":{"x":68,"y":196,"width":838,"height":11}},{"id":"f6161ae6-d130-4169-aebc-a5b92e82132b","block_type":"box","text":"“contracts for difference.”","page_number":63,"box":{"x":70,"y":211,"width":184,"height":9}},{"id":"8b0764db-a3f3-4238-9079-6250409f3fe2","block_type":"box","text":"Total return swaps may be used to obtain exposure to a security or market without owning or taking physical","page_number":63,"box":{"x":101,"y":234,"width":770,"height":11}},{"id":"31aae6cc-07a8-4f47-8b5d-e20f046752bf","block_type":"box","text":"custody of such security or investing directly in such market. Upon entering into a total return swap, a Fund is","page_number":63,"box":{"x":69,"y":249,"width":780,"height":11}},{"id":"521848f0-cbe8-4596-8c00-e4a43a6b5f49","block_type":"box","text":"required to deposit initial margin but the par ties do not exchange the notional amount. As a result, total return swaps","page_number":63,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"d650c140-8d3b-4e75-a74f-90703460bdf1","block_type":"box","text":"may effectively add leverage to the Fund’s por tfolio because the Fund would be subject to investment exposure on","page_number":63,"box":{"x":69,"y":279,"width":816,"height":11}},{"id":"8978fda2-8ae0-4185-8fa7-7e4a74bb315d","block_type":"box","text":"the notional amount of the swap.","page_number":63,"box":{"x":68,"y":294,"width":235,"height":11}},{"id":"7b0bd1e5-c816-44b7-9be3-cbe09299fd20","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":63,"box":{"x":101,"y":317,"width":746,"height":11}},{"id":"14dfcb61-8a3b-4da7-8075-3beccb13142a","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":63,"box":{"x":69,"y":332,"width":433,"height":11}},{"id":"b0a69a77-9cf7-4fea-8349-378d15594215","block_type":"box","text":"Options.","page_number":63,"box":{"x":102,"y":355,"width":57,"height":11}},{"id":"125b9cf4-e707-45f1-9f78-131afcc763d1","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":63,"box":{"x":102,"y":377,"width":319,"height":11}},{"id":"015c7616-dd86-4eb7-8d9f-7e823198ce50","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":63,"box":{"x":427,"y":377,"width":418,"height":12}},{"id":"15cff7b7-2a40-40fa-a74c-b4449d739192","block_type":"box","text":"securities, baskets of securities or securities indices, or par ticular measurements of value or rates, such as an index","page_number":63,"box":{"x":69,"y":392,"width":838,"height":11}},{"id":"aeb3f4d2-8604-47b2-8b94-7aa7ad92aab9","block_type":"box","text":"of the price of treasury securities or an index representative of shor t-term interest rates. Such investments may be","page_number":63,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"330ebb32-344c-4ba3-afb6-294309ef1aef","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":63,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"6d827802-1d4b-4a4c-b53a-c70e88c9df58","block_type":"box","text":"and expiration dates and require the par ties to post margin against their obligations, and the per formance of the","page_number":63,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"ec1631b3-9602-4109-b32f-f3b72a2351d1","block_type":"box","text":"par ties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":63,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"6c9bf431-1c10-42b9-82cd-855e6a3b55ee","block_type":"box","text":"OTC options have more flexible terms negotiated between the buyer and the seller, but are subject to greater credit","page_number":63,"box":{"x":69,"y":468,"width":822,"height":11}},{"id":"7c152973-797f-48e8-8520-8f00791057ed","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":63,"box":{"x":69,"y":483,"width":366,"height":11}},{"id":"1fb4a144-d2ec-4c54-b033-9eb3737336a1","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":63,"box":{"x":101,"y":506,"width":743,"height":11}},{"id":"d6b6e6ea-eac4-4c63-9689-51706fa03de3","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":63,"box":{"x":70,"y":521,"width":804,"height":11}},{"id":"c4f6cdd2-e559-4505-9385-787aa0715d75","block_type":"box","text":"exotic options that can only be exercised (or automatically expire) if the price of the underlying asset reaches one or","page_number":63,"box":{"x":69,"y":536,"width":827,"height":11}},{"id":"c82a6699-c783-4077-bc77-3029f2b0fdb9","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":63,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"b74b2151-6d68-435a-aeb9-3d42cff92d5b","block_type":"box","text":"a fixed all-or-nothing payout if one or more predetermined conditions are met. Exotic options are typically traded in","page_number":63,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"bae630d3-9fae-4021-a7bc-0131e2134cd2","block_type":"box","text":"OTC markets.","page_number":63,"box":{"x":69,"y":581,"width":95,"height":9}},{"id":"41b0f360-4587-409b-be07-6d7bfd04d0ef","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":63,"box":{"x":101,"y":604,"width":806,"height":11}},{"id":"f8ead9e8-1cca-47c9-8021-056c27397d8d","block_type":"box","text":"significant differences between the securities and options markets that could result in an imper fect correlation","page_number":63,"box":{"x":69,"y":619,"width":791,"height":11}},{"id":"86b53a7c-5afa-4c2c-a26a-6323162f1fcf","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":63,"box":{"x":69,"y":634,"width":801,"height":12}},{"id":"64bde1db-bdcf-4fdd-a5f5-6ffb3f4652f3","block_type":"box","text":"par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":63,"box":{"x":70,"y":649,"width":831,"height":12}},{"id":"d8e5245d-6b02-4223-bf76-d8210efd1504","block_type":"box","text":"which include the following: there may be insufficient trading interest in cer tain options; restrictions may be imposed","page_number":63,"box":{"x":68,"y":664,"width":833,"height":12}},{"id":"b248dfe6-f286-4f8c-b25f-5b29c1d35233","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":63,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"5c6bac9a-eb5f-400a-9ee3-99bdc4a8af8f","block_type":"box","text":"restrictions may be imposed with respect to par ticular classes or series of options or underlying securities; unusual","page_number":63,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"64808ca1-dfe4-4567-b766-1072fdf7216b","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":63,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"ee49031f-894f-447b-9851-0d40d716368b","block_type":"box","text":"Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or more","page_number":63,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"1e756742-ee3b-44de-a570-fe08827df1ee","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":63,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"13008ccf-123d-4ba9-bdf1-1a235fea5a47","block_type":"box","text":"trading of options (or a par ticular class or series of options), in which event the market on that Exchange (or in that","page_number":63,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"2639f745-d987-4753-bc94-a5f31f9e9f0d","block_type":"box","text":"class or series of options) would cease to exist, although outstanding options that had been issued by the Options","page_number":63,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"724b9b5a-dded-45ab-b3bd-e340b82f73f0","block_type":"box","text":"Clearing Corporation as a result of trades on that Exchange would continue to be exercisable in accordance with their","page_number":63,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"4a1cd586-89ea-48ff-b3ee-e82e92c2e09c","block_type":"box","text":"terms.","page_number":63,"box":{"x":68,"y":801,"width":45,"height":9}},{"id":"eaf8a91a-e5cb-41c6-b554-b7ed179467a0","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":63,"box":{"x":102,"y":823,"width":801,"height":12}},{"id":"ffc69c79-307d-47f6-bb53-6ef7bcaf3ddd","block_type":"box","text":"on the same asset that may be bought or written by a single investor, whether acting alone or in concer t with others","page_number":63,"box":{"x":69,"y":839,"width":826,"height":11}},{"id":"62dd2e8f-dc9d-4b1a-b672-d3d63c43cdba","block_type":"box","text":"(regardless of whether such options are written on the same or different exchanges or are held or written on one or","page_number":63,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"f66b23ce-b9d0-45ef-a284-fc275c412a1d","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":63,"box":{"x":69,"y":869,"width":762,"height":11}},{"id":"fa727ff4-9691-4883-9de5-3b6559d69304","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":63,"box":{"x":69,"y":884,"width":798,"height":11}},{"id":"5d084a52-21f7-4347-a1aa-0076309be91b","block_type":"box","text":"II-20","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"58096571-faad-4634-86f2-065028f2783d","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":63,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6745ffa1-1356-4151-b84a-b54e852ff4c2","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":64,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"3dfc5f69-2f6b-4397-8443-4d1a59201963","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":64,"box":{"x":69,"y":60,"width":491,"height":11}},{"id":"45bf174d-6a01-4552-99b0-c87e5ae3b14f","block_type":"box","text":"Call Options.","page_number":64,"box":{"x":102,"y":83,"width":89,"height":10}},{"id":"2abeb12f-89ab-4ebe-a30c-adbc70b62cbb","block_type":"box","text":"A Fund may purchase call options on any of the types of securities or instruments in which it may","page_number":64,"box":{"x":197,"y":82,"width":694,"height":12}},{"id":"4ef2a6e4-ea42-4ab7-8a97-47ae947f056c","block_type":"box","text":"invest. A purchased call option gives a Fund the right to buy, and obligates the seller to sell, the underlying security at","page_number":64,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"3b805489-e2ce-4bf7-bf9f-5d25a1a385e7","block_type":"box","text":"the exercise price at any time during the option period. A Fund also may purchase and sell call options on indices.","page_number":64,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"f28f1d37-b7a8-4187-a20a-cbd35171a1fd","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":64,"box":{"x":70,"y":128,"width":795,"height":11}},{"id":"1a8c4ad8-05cb-4717-9b34-a868ad7a1e19","block_type":"box","text":"underlying the option at a specified price upon exercise, an index option gives the holder the right to receive cash","page_number":64,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"1161a287-620f-450b-8f92-a1292419db37","block_type":"box","text":"upon exercise of the option if the level of the index upon which the option is based is greater than the exercise price","page_number":64,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"dc303b92-e695-48ce-bca4-91a56990f30f","block_type":"box","text":"of the option.","page_number":64,"box":{"x":69,"y":173,"width":93,"height":11}},{"id":"4e1f7e16-fa23-4a8b-ab3c-bc8103d8e45f","block_type":"box","text":"A written call option is covered if a Fund holds a call on the same security or index as the call written where the","page_number":64,"box":{"x":101,"y":196,"width":794,"height":11}},{"id":"78a2320a-5b66-4a70-8fca-afec4a81dee2","block_type":"box","text":"exercise price of the call held is (i) equal to or less than the exercise price of the call written, or (ii) greater than the","page_number":64,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"ced06178-c8ee-4ccb-a5bc-0ddf34bf614c","block_type":"box","text":"exercise price of the call written provided the difference is maintained by the Fund in assets which are not considered","page_number":64,"box":{"x":69,"y":226,"width":839,"height":11}},{"id":"61f7d4ba-27ae-4e10-a601-a2916307c38c","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":64,"box":{"x":70,"y":241,"width":778,"height":11}},{"id":"65411700-5a93-4a85-af3a-4708dd49ca7f","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":64,"box":{"x":70,"y":256,"width":711,"height":12}},{"id":"4b7bb82b-7405-4e57-b5a6-456eb4e1729b","block_type":"box","text":"A Fund may write (","page_number":64,"box":{"x":101,"y":279,"width":130,"height":11}},{"id":"a3727f7a-766d-4e81-8fb6-1f06b348c1bb","block_type":"box","text":"i.e.","page_number":64,"box":{"x":233,"y":279,"width":20,"height":9}},{"id":"99be12f6-6ddd-4c06-b008-7cd0f4259685","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":64,"box":{"x":256,"y":279,"width":627,"height":11}},{"id":"1d25d7ec-09c5-4699-85fd-1fef2c1d20a2","block_type":"box","text":"enter into closing purchase transactions with respect to cer tain of such options. A covered call option is an option in","page_number":64,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"2112e1ca-5492-44f1-a7f6-b679107bba4a","block_type":"box","text":"which a Fund, in return for a premium, gives another par ty a right to buy specified securities owned by the Fund at a","page_number":64,"box":{"x":68,"y":309,"width":827,"height":11}},{"id":"a87cf6c5-e26e-4864-a1ec-ce58f3ac5bee","block_type":"box","text":"specified future date and price set at the time of the contract. The principal reason for writing call options is the","page_number":64,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"7e313c12-337c-44e5-a7b2-62da57d3207a","block_type":"box","text":"attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone.","page_number":64,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"95ce3b38-ea64-4772-90e7-d7d69732a0ec","block_type":"box","text":"By writing covered call options, a Fund gives up the oppor tunity, while the option is in effect, to profit from any price","page_number":64,"box":{"x":70,"y":355,"width":823,"height":11}},{"id":"99758bd1-04dc-4014-b49f-09d67bf85d94","block_type":"box","text":"increase in the underlying security above the option exercise price. In addition, a Fund’s ability to sell the underlying","page_number":64,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"e82c5650-c2bd-45e9-b2c3-07c2fbcfaa8e","block_type":"box","text":"security will be limited while the option is in effect unless the Fund enters into a closing purchase transaction. A","page_number":64,"box":{"x":69,"y":385,"width":800,"height":11}},{"id":"4741c2a2-68cf-4621-b4d4-1552aa4bacc5","block_type":"box","text":"closing purchase transaction cancels out a Fund’s position as the writer of an option by means of an offsetting","page_number":64,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"e999d3d6-6742-4f20-bf97-78eaedd91125","block_type":"box","text":"purchase of an identical option prior to the expiration of the option it has written. Covered call options also serve as","page_number":64,"box":{"x":70,"y":415,"width":826,"height":11}},{"id":"d5e0f41f-0dee-4708-9162-65f0372ccc18","block_type":"box","text":"a par tial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":64,"box":{"x":69,"y":430,"width":760,"height":11}},{"id":"ba2cc1f7-36b6-406e-8158-3cada47f2480","block_type":"box","text":"A Fund may write","page_number":64,"box":{"x":101,"y":453,"width":120,"height":11}},{"id":"deea741e-4c55-4645-b820-a8846299312d","block_type":"box","text":"(i.e.","page_number":64,"box":{"x":228,"y":453,"width":25,"height":11}},{"id":"d146555a-4684-429b-8f47-8fddc07c498c","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":64,"box":{"x":256,"y":453,"width":628,"height":11}},{"id":"37eaa987-87ae-4205-ab67-0c5debded16f","block_type":"box","text":"are not currently held by the Fund. The principal reason for writing uncovered call options is to realize income without","page_number":64,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"ca51505b-d0b7-4d33-9179-17d3e2c73511","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":64,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"0bb440ac-3125-40c3-9930-7e3070a23563","block_type":"box","text":"a Fund must deposit and maintain sufficient margin with the broker-dealer through which it made the uncovered call","page_number":64,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"94c45949-d8b4-4de3-8c65-7cc2499cf8ea","block_type":"box","text":"option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised.","page_number":64,"box":{"x":69,"y":513,"width":818,"height":11}},{"id":"3df1269a-9966-4f58-abfe-728145e5de9d","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":64,"box":{"x":70,"y":528,"width":806,"height":12}},{"id":"548aa824-b6aa-4b97-9181-6ac09e3c624f","block_type":"box","text":"strategy to increase a Fund’s income with minimal capital risk. Uncovered calls are riskier than covered calls because","page_number":64,"box":{"x":69,"y":544,"width":839,"height":11}},{"id":"010ee4f8-aeb8-48e8-b5fd-2aa52cd6604d","block_type":"box","text":"there is no underlying security held by a Fund that can act as a par tial hedge. Uncovered calls have speculative","page_number":64,"box":{"x":68,"y":559,"width":793,"height":11}},{"id":"cb95e732-1ed9-4b1c-a154-ee1b2475419b","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":64,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"09c8e2c3-73a2-4acd-92b6-0543ec13bf13","block_type":"box","text":"the underlying security to meet its call obligation. There is also a risk, especially with preferred and debt securities","page_number":64,"box":{"x":68,"y":589,"width":818,"height":11}},{"id":"7610ea1c-aaef-489d-a4ed-97cc26b46eb5","block_type":"box","text":"that lack sufficient liquidity, that the securities may not be available for purchase. If the purchase price exceeds the","page_number":64,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"961e4fde-fc5f-4d57-a537-54a462c5c5fc","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":64,"box":{"x":69,"y":619,"width":326,"height":11}},{"id":"56b87a4b-7273-4d02-9141-dd8e955880ff","block_type":"box","text":"Put Options.","page_number":64,"box":{"x":102,"y":642,"width":85,"height":11}},{"id":"b33629c5-3871-4550-b9dd-ff315b35b53f","block_type":"box","text":"A Fund may purchase put options to seek to hedge against a decline in the value of its securities or","page_number":64,"box":{"x":194,"y":642,"width":712,"height":11}},{"id":"2378a5f0-58f9-4810-a192-102dbd89edd4","block_type":"box","text":"to enhance its return. By buying a put option, a Fund acquires a right to sell the underlying securities or instruments","page_number":64,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"dc717e37-5ba5-4cc6-9599-c23ff8026fe7","block_type":"box","text":"at the exercise price, thus limiting the Fund’s risk of loss through a decline in the market value of the securities or","page_number":64,"box":{"x":69,"y":672,"width":816,"height":11}},{"id":"d882c6b8-474e-4d0b-8df9-8bde59b958bd","block_type":"box","text":"instruments until the put option expires. The amount of any appreciation in the value of the underlying securities or","page_number":64,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"6d3a0de7-7096-4fdd-b7ea-45a36c0419b5","block_type":"box","text":"instruments will be par tially offset by the amount of the premium paid for the put option and any related transaction","page_number":64,"box":{"x":70,"y":702,"width":826,"height":11}},{"id":"53da3732-834a-449b-beb8-19d504125ee1","block_type":"box","text":"costs. Prior to its expiration, a put option may be sold in a closing sale transaction and profit or loss from the sale","page_number":64,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"8025292d-00e7-4952-a54b-93cb296384af","block_type":"box","text":"will depend on whether the amount received is more or less than the premium paid for the put option plus the related","page_number":64,"box":{"x":68,"y":732,"width":839,"height":11}},{"id":"9130ff0b-6a25-4673-b43a-f5f74fae719b","block_type":"box","text":"transaction costs. A closing sale transaction cancels out a Fund’s position as the purchaser of an option by means of","page_number":64,"box":{"x":68,"y":748,"width":841,"height":11}},{"id":"e8229ca8-ac6c-4825-995f-98e7f7bbda25","block_type":"box","text":"an offsetting sale of an identical option prior to the expiration of the option it has purchased. A Fund also may","page_number":64,"box":{"x":69,"y":763,"width":785,"height":11}},{"id":"66ed195c-0d11-4918-9350-afa2221e2f89","block_type":"box","text":"purchase uncovered put options.","page_number":64,"box":{"x":70,"y":778,"width":231,"height":11}},{"id":"8a7e9dab-fead-422e-89d2-e283e49ea684","block_type":"box","text":"A Fund also may write (","page_number":64,"box":{"x":101,"y":801,"width":165,"height":11}},{"id":"016b0657-7a3b-4a59-b211-dc31995f1903","block_type":"box","text":"i.e.","page_number":64,"box":{"x":268,"y":801,"width":20,"height":9}},{"id":"6df5e362-afe1-4b00-b683-bac007e0963d","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":64,"box":{"x":291,"y":801,"width":591,"height":11}},{"id":"3825aeb8-2594-471d-bd27-554b33aeccd0","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":64,"box":{"x":70,"y":816,"width":675,"height":11}},{"id":"daf63886-1d5f-487a-8a24-f62b64414642","block_type":"box","text":"A Fund also may write (","page_number":64,"box":{"x":101,"y":839,"width":165,"height":10}},{"id":"83e82fc4-f8d6-4103-a38b-0b4ad6baef2c","block_type":"box","text":"i.e.","page_number":64,"box":{"x":268,"y":839,"width":20,"height":8}},{"id":"9f676784-7523-42f5-b7ff-c0c923bbe3a6","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":64,"box":{"x":291,"y":839,"width":593,"height":10}},{"id":"7455ce00-4385-4e4e-a863-0b95424cfadd","block_type":"box","text":"with respect to which the Fund does not currently have a corresponding shor t position or has not deposited as","page_number":64,"box":{"x":68,"y":854,"width":789,"height":11}},{"id":"5a35f785-d68d-4f1e-a1d2-cce0ab4c236b","block_type":"box","text":"collateral cash equal to the exercise value of the put option with the broker-dealer through which it made the","page_number":64,"box":{"x":69,"y":869,"width":773,"height":11}},{"id":"3c259ec3-77eb-4091-9592-6b7cdb11520e","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":64,"box":{"x":69,"y":884,"width":807,"height":11}},{"id":"9d8e372a-a1f2-46cc-a029-0e23c7140714","block_type":"box","text":"acquire such securities or instruments at a net cost below the current market value. A Fund has the obligation to buy","page_number":64,"box":{"x":69,"y":899,"width":835,"height":11}},{"id":"ce6f08b8-299c-4f67-99f6-f169707f1a6e","block_type":"box","text":"II-21","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f236c262-c29e-4f27-9d65-b97af16c673b","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":64,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"50e8f87a-23e4-4933-a9a1-75816199c0a4","block_type":"box","text":"the securities or instruments at an agreed upon price if the price of the securities or instruments decreases below","page_number":65,"box":{"x":68,"y":45,"width":818,"height":11}},{"id":"59cce12a-bc60-4ffd-b257-4aebcd1d4152","block_type":"box","text":"the exercise price. If the price of the securities or instruments increases during the option period, the option will","page_number":65,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"99d5a415-1037-4fd1-9b4c-129d98167deb","block_type":"box","text":"expire wor thless and a Fund will retain the premium and will not have to purchase the securities or instruments at","page_number":65,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"9c135a5d-7288-495e-ac3a-7c2275494752","block_type":"box","text":"the exercise price.","page_number":65,"box":{"x":68,"y":90,"width":130,"height":11}},{"id":"c71dd117-907e-42ed-b0db-752a5fb31522","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":65,"box":{"x":102,"y":113,"width":556,"height":11}},{"id":"8402db38-ba00-4e81-ad85-92fb343f021b","block_type":"box","text":"The following information relates","page_number":65,"box":{"x":664,"y":113,"width":232,"height":11}},{"id":"f83d7a9f-ef0d-4929-b714-a347bff211a5","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":65,"box":{"x":68,"y":128,"width":784,"height":11}},{"id":"2b6752fc-b6bc-45ea-82fe-e3fef4eb9c7c","block_type":"box","text":"Cer tificates declines each month as a result of mor tgage payments, a Fund, as a writer of a GNMA call holding GNMA","page_number":65,"box":{"x":69,"y":143,"width":840,"height":11}},{"id":"1446b320-9c6c-4c11-bfcc-cf302156bd9f","block_type":"box","text":"Cer tificates as “cover” to satisfy its delivery obligation in the event of exercise, may find that the GNMA Cer tificates","page_number":65,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"7fce95f9-8324-4f2f-9a21-18f722242925","block_type":"box","text":"it holds no longer have a sufficient remaining principal balance for this purpose. Should this occur, a Fund will","page_number":65,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"26e16613-1e7b-4c64-b1ba-73c5a112be27","block_type":"box","text":"purchase additional GNMA Cer tificates from the same pool (if obtainable) or other GNMA Cer tificates in the cash","page_number":65,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"f551c765-6fb5-494d-839b-cb2419cefcf9","block_type":"box","text":"market in order to maintain its “cover.”","page_number":65,"box":{"x":69,"y":204,"width":277,"height":8}},{"id":"8d85cbc3-721c-4689-8b3a-98f9897c89b1","block_type":"box","text":"A GNMA Cer tificate held by a Fund to cover an option position in any but the nearest expiration month may cease","page_number":65,"box":{"x":101,"y":226,"width":807,"height":11}},{"id":"7943277b-38ef-4bc2-b544-800bda53755f","block_type":"box","text":"to represent cover for the option in the event of a decline in the GNMA coupon rate at which new pools are originated","page_number":65,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"94412d2a-1651-41bc-91ad-f0f34a97fc10","block_type":"box","text":"under the FHA/VA loan ceiling in effect at any given time. If this should occur, a Fund will no longer be covered, and","page_number":65,"box":{"x":69,"y":256,"width":821,"height":12}},{"id":"8b33882f-e77d-43ae-9b6a-a1c0cf174b94","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Cer tificate with a cer tificate that","page_number":65,"box":{"x":68,"y":271,"width":784,"height":12}},{"id":"ad81dda1-d6dd-4f9b-8a8d-3a05b64bc887","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Cer tificate, it may realize an unanticipated loss","page_number":65,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"e0be1400-5b42-430a-bfc2-b4aad1fd070b","block_type":"box","text":"and incur transaction costs.","page_number":65,"box":{"x":69,"y":302,"width":197,"height":9}},{"id":"b9c2093c-d810-4892-83ba-49b6aff4347e","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":65,"box":{"x":102,"y":324,"width":235,"height":11}},{"id":"ebc565ba-5e9a-4988-96a2-6b818849d8a0","block_type":"box","text":"A swaption gives a counterpar ty the option (but not the obligation) to enter into","page_number":65,"box":{"x":343,"y":325,"width":563,"height":11}},{"id":"dd3a2147-c60b-4638-99fc-1f267c688d13","block_type":"box","text":"a new swap agreement or to shor ten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":65,"box":{"x":69,"y":339,"width":763,"height":12}},{"id":"48002f36-3bfb-4e96-a937-cabd37d237da","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":65,"box":{"x":69,"y":355,"width":439,"height":11}},{"id":"f3032d35-b3fc-41d1-955b-5011e065e44a","block_type":"box","text":"i.e.","page_number":65,"box":{"x":510,"y":355,"width":20,"height":9}},{"id":"d4693bb7-de05-45e4-a5e8-3cf07f613477","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":65,"box":{"x":533,"y":355,"width":309,"height":11}},{"id":"3982af7d-e09d-4716-bbfc-c389cdffeff4","block_type":"box","text":"Depending on the terms of the par ticular option agreement, a Fund will generally incur a greater degree of risk when","page_number":65,"box":{"x":70,"y":370,"width":826,"height":11}},{"id":"82de4445-c21a-409e-a833-5b3614370a90","block_type":"box","text":"it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks","page_number":65,"box":{"x":70,"y":385,"width":793,"height":11}},{"id":"d348556a-f44c-4403-a63d-e79df48b0b76","block_type":"box","text":"losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However,","page_number":65,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"a4ee32ad-c342-466e-a2b1-7cdd3d347684","block_type":"box","text":"when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of","page_number":65,"box":{"x":68,"y":415,"width":836,"height":11}},{"id":"bc8b46e1-f7b6-4d15-9040-e0c3f7550ed3","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Cer tain swaptions are permitted, although not","page_number":65,"box":{"x":68,"y":430,"width":832,"height":11}},{"id":"a59c7a9d-21a5-4b6f-94c1-73d15b6d3ed1","block_type":"box","text":"required, to be cleared.","page_number":65,"box":{"x":69,"y":446,"width":165,"height":10}},{"id":"913bf899-f101-4af7-8b4f-74d80d65c62b","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a par ticular investment or","page_number":65,"box":{"x":101,"y":468,"width":760,"height":11}},{"id":"b90d680b-162f-4149-8f16-3a42289c981d","block_type":"box","text":"por tion of its por tfolio or to protect against any increase in the price of securities the Fund anticipates purchasing at","page_number":65,"box":{"x":70,"y":483,"width":830,"height":11}},{"id":"0a345feb-5dd3-4420-8b41-ed1d47000be5","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":65,"box":{"x":69,"y":498,"width":706,"height":11}},{"id":"fe779708-da05-4742-aa49-9cb1293f3f4b","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":65,"box":{"x":102,"y":521,"width":805,"height":11}},{"id":"62d88610-cc8a-4d62-a35e-0e5194c7dbd5","block_type":"box","text":"Derivatives” above.","page_number":65,"box":{"x":70,"y":536,"width":135,"height":9}},{"id":"538058f6-3a0c-4785-8497-51fe0239021b","block_type":"box","text":"FLEX Options.","page_number":65,"box":{"x":102,"y":559,"width":96,"height":11}},{"id":"1e156087-99da-43c3-b380-0357c0d8eef5","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":65,"box":{"x":206,"y":559,"width":702,"height":11}},{"id":"e809e557-21f0-4070-baf6-da7227faf6f2","block_type":"box","text":"are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are listed on a U.S. national","page_number":65,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"b8775be9-a372-4e3e-ab02-297585c316e2","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":65,"box":{"x":69,"y":589,"width":818,"height":11}},{"id":"e11e3194-d86c-4a10-94e0-b6a145214b85","block_type":"box","text":"exercise prices, exercise styles (","page_number":65,"box":{"x":69,"y":604,"width":231,"height":11}},{"id":"e38b1edd-51e2-4779-bd8f-212b5e69d285","block_type":"box","text":"i.e.","page_number":65,"box":{"x":302,"y":604,"width":20,"height":9}},{"id":"e4eed4ce-40ea-427d-9981-21566a402162","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":65,"box":{"x":325,"y":604,"width":561,"height":11}},{"id":"3b879058-435f-4278-adaa-1baa668c8da9","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":65,"box":{"x":69,"y":619,"width":768,"height":11}},{"id":"c3ab2bb6-c9ac-4f05-ab80-a74977d3ea1b","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterpar ty exposure of OTC options positions. Each","page_number":65,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"12d9ce74-d75a-495a-9ad0-1f93572c326c","block_type":"box","text":"option contract entitles the holder thereof to purchase (for the call options) or sell (for the put options) shares of the","page_number":65,"box":{"x":69,"y":649,"width":830,"height":11}},{"id":"36027084-94f1-4577-a65d-02a53d8340e0","block_type":"box","text":"reference asset at the strike price. A Fund’s por tfolio may include several types of FLEX Options, including both","page_number":65,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"aedc1fd6-3849-4730-b283-e67c3865fc89","block_type":"box","text":"purchased and written put and call options (as fur ther described below). The FLEX Options are all European style","page_number":65,"box":{"x":70,"y":680,"width":802,"height":11}},{"id":"520517be-8e47-40f6-b2e3-e4b83d75af93","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":65,"box":{"x":69,"y":695,"width":806,"height":11}},{"id":"966bdfcf-3ba9-4132-a818-e7ab5f1e37c7","block_type":"box","text":"FLEX Option’s expiration date.","page_number":65,"box":{"x":70,"y":710,"width":211,"height":11}},{"id":"ae9cdfa4-b9fe-4c3e-bb83-96e9f187d819","block_type":"box","text":"The OCC guarantees per formance by each of the counterpar ties to the FLEX Options, becoming the “buyer for","page_number":65,"box":{"x":101,"y":732,"width":783,"height":12}},{"id":"490a7abb-9224-4209-8614-e8f5a9c85107","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterpar ty risk for clearing members and options traders.","page_number":65,"box":{"x":69,"y":748,"width":802,"height":11}},{"id":"9350ef7d-87ca-41a6-bf5c-47f7ae1539bb","block_type":"box","text":"Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterpar ty risk with the OCC and","page_number":65,"box":{"x":68,"y":763,"width":826,"height":11}},{"id":"9bbd9c83-d77e-4cd3-9b80-35f7ea6acaf3","block_type":"box","text":"subject to the risk that the OCC may fail to per form the settlement of the FLEX Options due to bankruptcy or other","page_number":65,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"4f29ce4d-bdc9-4cea-bc78-611ba7b6557c","block_type":"box","text":"adverse reasons. A Fund bears the risk that the OCC will be unable or unwilling to per form its obligations under the","page_number":65,"box":{"x":69,"y":793,"width":822,"height":11}},{"id":"c926c671-e61a-4f25-ba49-a5d691410be6","block_type":"box","text":"FLEX Options contracts.","page_number":65,"box":{"x":70,"y":808,"width":166,"height":11}},{"id":"f45f08b3-c648-4805-aa62-1021753bcefe","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":65,"box":{"x":102,"y":831,"width":748,"height":11}},{"id":"3eac212e-303d-4bea-b9f9-d3ca9cba9179","block_type":"box","text":"Options for cer tain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: cer tain stock","page_number":65,"box":{"x":69,"y":846,"width":822,"height":11}},{"id":"9fe65c39-acfa-4b4d-9ffd-2938fda025d4","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":65,"box":{"x":69,"y":861,"width":759,"height":11}},{"id":"9d8175dd-72c1-4eab-94d5-d99937f25195","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":65,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"f4fd6624-5892-4000-a329-9a276c9ef460","block_type":"box","text":"liquidation of the issuer of the underlying security. According to the OCC’s by-laws, the nature and extent of any such","page_number":65,"box":{"x":70,"y":891,"width":829,"height":12}},{"id":"2d08df6f-c8ea-4fe1-87ec-a0da1c57a919","block_type":"box","text":"adjustment is to be determined by the OCC’s Securities Committee, in light of the circumstances known to it at the","page_number":65,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"c3798b1d-bb4d-40cc-977f-d65a3bdcf1a3","block_type":"box","text":"II-22","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7755190d-4d26-4503-b155-c780d2762aa2","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":65,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b1862826-c573-4a41-bebb-616865e42463","block_type":"box","text":"time such determination is made, based on its judgment as to what is appropriate for the protection of investors and","page_number":66,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"7f5c8105-96f6-4faf-9a5c-62b5e66172f2","block_type":"box","text":"the public interest, taking into account such factors as fairness to holders and writers (or purchasers and sellers) of","page_number":66,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"73b428f9-3162-4160-a7e6-ec78ee86f7be","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":66,"box":{"x":68,"y":75,"width":753,"height":11}},{"id":"d56569e8-fe71-4414-902d-8d5bdc75c703","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":66,"box":{"x":70,"y":90,"width":806,"height":11}},{"id":"eb2a58c6-e8c2-42f1-9fb5-ae8c9156e5d1","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":66,"box":{"x":69,"y":105,"width":593,"height":11}},{"id":"39c0b0e9-444c-41b2-aaee-7b7b40075ddd","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":66,"box":{"x":135,"y":128,"width":298,"height":11}},{"id":"8ec696b0-c9d3-4dff-a549-1d92d9762102","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":66,"box":{"x":435,"y":128,"width":461,"height":11}},{"id":"77b7ed15-5dcf-40a2-b584-0ea0ff6f8a91","block_type":"box","text":"on an exchange-traded fund (“ETF”) or the S&P 500 Index (together with such ETF, a “Reference Asset”). As","page_number":66,"box":{"x":102,"y":143,"width":768,"height":11}},{"id":"a58e891b-6d08-4222-be5e-90dcacdfb3ba","block_type":"box","text":"such, the value of a Fund’s FLEX Options will fluctuate with changes in the value of the securities held by the","page_number":66,"box":{"x":102,"y":158,"width":775,"height":11}},{"id":"b9713eb3-383d-4cba-908f-5a796f54a04d","block_type":"box","text":"ETF, and thus the ETF’s share price. In addition to the value of the ETF, the value of an option, in general, will","page_number":66,"box":{"x":102,"y":173,"width":777,"height":11}},{"id":"2cd212d8-fa95-4afd-a62d-26daa789eda8","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":66,"box":{"x":102,"y":188,"width":799,"height":12}},{"id":"bf037fc0-1b08-4d82-b990-0251abb43912","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":66,"box":{"x":102,"y":203,"width":777,"height":12}},{"id":"5e8f438f-1cb4-4fee-968d-51c12943da16","block_type":"box","text":"expire unexercised have no value.","page_number":66,"box":{"x":101,"y":219,"width":240,"height":10}},{"id":"c212d537-3a45-4669-a3d1-8a3e58319131","block_type":"box","text":"The puts and calls on the Reference Asset entitle the purchaser of the option the right to purchase (for a","page_number":66,"box":{"x":134,"y":241,"width":747,"height":11}},{"id":"36d09534-c45a-4732-ae5d-2ebbc988b07f","block_type":"box","text":"call option) or sell (for a put option) the Reference Asset at a predetermined specified price (the “strike price”).","page_number":66,"box":{"x":101,"y":256,"width":792,"height":11}},{"id":"82d86b68-84ff-49e6-aaa3-585c0c3cfed6","block_type":"box","text":"When a Fund writes a call on the Reference Asset, it receives a premium and agrees that the purchaser of the","page_number":66,"box":{"x":101,"y":271,"width":786,"height":12}},{"id":"0799ba82-8488-4547-8cb4-8fed0562f305","block_type":"box","text":"call, upon exercise of the call, will receive from the Fund the delivery of a specified number of shares of the ETF","page_number":66,"box":{"x":101,"y":286,"width":798,"height":12}},{"id":"53a53ce3-dd7c-4c11-ad4e-dc26fd3a69d5","block_type":"box","text":"in exchange for the strike price. When a Fund buys a call on the Reference Asset, it pays a premium and has the","page_number":66,"box":{"x":102,"y":302,"width":802,"height":11}},{"id":"6f7d5714-b9cf-4461-b97c-f412d379fc69","block_type":"box","text":"same rights to such call as indicated above. When a Fund buys a put on the Reference Asset, it pays a premium","page_number":66,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"c2e96c14-f963-4b75-a722-43593d1b9e14","block_type":"box","text":"and has the right to require the seller of the put, upon the Fund’s exercise of the put, to deliver the specified","page_number":66,"box":{"x":102,"y":332,"width":774,"height":11}},{"id":"2f47a7bd-9268-4e5e-8228-77e164f7de09","block_type":"box","text":"number of shares of the ETF in exchange for the strike price. When a Fund writes a put on the Reference Asset,","page_number":66,"box":{"x":102,"y":347,"width":793,"height":11}},{"id":"08080f32-ab6f-45f5-af91-2489f3ec281b","block_type":"box","text":"it receives a premium and the purchaser of the put has the right to require the Fund to deliver the specified","page_number":66,"box":{"x":102,"y":362,"width":764,"height":11}},{"id":"173b66a5-2899-4bf0-bd13-fa8c99ef0cf9","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":66,"box":{"x":102,"y":377,"width":430,"height":12}},{"id":"2a58cad7-3920-465c-b336-98f6c28170ed","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":66,"box":{"x":134,"y":400,"width":740,"height":11}},{"id":"74d4fb06-d120-451b-9791-0f4964dfcb91","block_type":"box","text":"FLEX Options that are cash-settled. Cash-settled options give the holder the right to receive an amount (or owe","page_number":66,"box":{"x":102,"y":415,"width":787,"height":11}},{"id":"6f1a1d09-2e2d-4f95-bb1c-f1d6110961ac","block_type":"box","text":"an amount) of cash upon the exercise of the option. Gain or loss depends on changes in the value of the ETF’s","page_number":66,"box":{"x":102,"y":430,"width":790,"height":11}},{"id":"34a1dd3a-7d23-422c-a3e2-61b87ded224e","block_type":"box","text":"share price relative to the strike price for a given option contract. The amount of cash is equal to the difference","page_number":66,"box":{"x":102,"y":445,"width":793,"height":12}},{"id":"394c06fd-98f4-4748-968c-7f43a08433fc","block_type":"box","text":"between the closing price of the ETF’s share price and the exercise price of the option contract times a specified","page_number":66,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"9bd69d92-63cb-40f4-bcf6-975fe07e21f2","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":66,"box":{"x":102,"y":475,"width":635,"height":12}},{"id":"e2c3c9ad-1dcb-4f53-8c56-28caad5ce35d","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":66,"box":{"x":135,"y":498,"width":297,"height":11}},{"id":"5c073114-ae57-4a97-b1fb-e49de9e1eed8","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":66,"box":{"x":433,"y":498,"width":448,"height":11}},{"id":"a3c3cfcd-ba32-43e3-80c2-c5277a1ee0ea","block_type":"box","text":"closing value for that day is available, it runs the risk that the level of the Reference Asset may subsequently","page_number":66,"box":{"x":101,"y":513,"width":777,"height":12}},{"id":"5dd5f0aa-e4b4-4c73-a571-ca2c48b7a93e","block_type":"box","text":"change. If such a change causes the exercised option to fall out of the money, the applicable Fund will be","page_number":66,"box":{"x":101,"y":528,"width":753,"height":12}},{"id":"c52b134c-f201-4bc8-9fe1-629eaa587340","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":66,"box":{"x":102,"y":543,"width":780,"height":12}},{"id":"dbf81570-940c-494c-bfc7-5cf96101ff2f","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":66,"box":{"x":102,"y":559,"width":387,"height":11}},{"id":"7aab9c81-112e-4c1d-853f-9e55b0c3dcab","block_type":"box","text":"Foreign Exchange Transactions.","page_number":66,"box":{"x":102,"y":582,"width":222,"height":11}},{"id":"d106356b-ad26-49e6-867b-ccfe63243cf7","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":66,"box":{"x":101,"y":604,"width":807,"height":11}},{"id":"2e8c0d9b-19c0-4b11-9007-4d98bc37d19c","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":66,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"bdce023a-9187-4805-8d2d-74fbf5915580","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its por tfolio","page_number":66,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"ca35726e-d4e0-490b-9a17-6be9760644d3","block_type":"box","text":"holdings are denominated against the U.S. dollar or, with respect to cer tain Funds, to seek to enhance returns.","page_number":66,"box":{"x":69,"y":649,"width":792,"height":12}},{"id":"7029450e-a349-45d6-a58c-12fd0a443e17","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":66,"box":{"x":102,"y":672,"width":790,"height":11}},{"id":"a20dd985-7348-461d-b97b-b7a485841fb3","block_type":"box","text":"Fund, sold by a Fund but not yet delivered, or committed or anticipated to be purchased by a Fund. As an illustration,","page_number":66,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"116964e7-2a0a-43a1-b6f7-86a1af62b2b1","block_type":"box","text":"a Fund may use such techniques to hedge the stated value in U.S. dollars of an investment in a yen-denominated","page_number":66,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"4e7e3306-d682-4546-8cff-8273ac3e62b0","block_type":"box","text":"security. For example, the Fund may purchase a foreign currency put option enabling it to sell a specified amount of","page_number":66,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"8ac9312f-6c97-4116-8631-567e6afa3a9d","block_type":"box","text":"yen for dollars at a specified price by a future date. To the extent the hedge is successful, a loss in the value of the","page_number":66,"box":{"x":68,"y":732,"width":823,"height":12}},{"id":"05509005-8f5a-4f81-8838-2e8ff562ce73","block_type":"box","text":"yen relative to the dollar will tend to be offset by an increase in the value of the put option. To offset, in whole or in","page_number":66,"box":{"x":68,"y":748,"width":821,"height":11}},{"id":"e7505d3c-8428-45d4-b503-b96964dcfc82","block_type":"box","text":"par t, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to","page_number":66,"box":{"x":70,"y":763,"width":813,"height":11}},{"id":"8a28c96d-c113-49c8-9e75-d82065269dec","block_type":"box","text":"sell a specified amount of yen for dollars at a specified price by a future date (a technique called a “straddle”). By","page_number":66,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"82debb56-f5f1-4cc0-b4e5-83e3ff6daf09","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the oppor tunity to profit without limit from increases in","page_number":66,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"f1c34b7f-ad46-4651-a8ce-2a70336e515f","block_type":"box","text":"the relative value of the yen to the dollar. “Straddles” of the type that may be used by a Fund are considered hedging","page_number":66,"box":{"x":68,"y":808,"width":836,"height":11}},{"id":"4a4759df-fe34-4127-8f1d-f07fb0df15f1","block_type":"box","text":"transactions. Cer tain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":66,"box":{"x":68,"y":823,"width":794,"height":12}},{"id":"68651789-de88-4c13-9a85-81c7df14d5ab","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":66,"box":{"x":102,"y":846,"width":805,"height":11}},{"id":"9eff560f-ab5a-4d9d-9adc-4f5adc8ee4dd","block_type":"box","text":"use of Currency Instruments to effect hedging strategies is intended to reduce the volatility of the NAV of the Fund’s","page_number":66,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"d8b1281e-0616-4593-9e00-785246f2d55c","block_type":"box","text":"shares; however, the use of such hedging strategies will not prevent the NAV of the Fund’s shares from fluctuating.","page_number":66,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"6416b31f-562c-451a-920c-cfd98e06d6a6","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":66,"box":{"x":70,"y":891,"width":773,"height":12}},{"id":"8f1b5ab3-51cc-41c4-ab86-3cf932183053","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":66,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"b9b699e4-d929-45f3-80c2-9d51317f393f","block_type":"box","text":"II-23","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ced9973c-06da-4827-befa-3f04166ea41a","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":66,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"51036c8f-b7b0-46b0-a66e-7b688c759b57","block_type":"box","text":"accurately predicted and that the Fund’s hedging strategies will be ineffective. To the extent that a Fund hedges","page_number":67,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"4f193243-01e2-435a-8c15-2f73be76493d","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":67,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"5e5391da-cd04-46ed-b9c8-4f509b86aa92","block_type":"box","text":"Fur thermore, a Fund will only engage in hedging activities from time to time and may not be engaging in hedging","page_number":67,"box":{"x":70,"y":75,"width":798,"height":11}},{"id":"cfbe07b6-af2a-4403-a8fd-e2bd7106fdf7","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":67,"box":{"x":69,"y":90,"width":493,"height":11}},{"id":"5b969d2f-0a93-497d-841a-3fa44f95e7f2","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":67,"box":{"x":102,"y":113,"width":738,"height":11}},{"id":"4d893095-3ba7-433d-8eda-781fd52d0eea","block_type":"box","text":"domestic bank, or foreign or domestic securities dealer, to make or take future delivery of a specified amount of a","page_number":67,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"d8756c97-8924-44e9-9a42-f2681c4025c5","block_type":"box","text":"par ticular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":67,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"be5e3191-c250-47cc-abfd-c4ca8add1e7d","block_type":"box","text":"are not required to continue to make markets in such contracts. There have been periods during which cer tain banks","page_number":67,"box":{"x":69,"y":158,"width":834,"height":11}},{"id":"46a011c7-6cab-49ee-a876-e115a8cb85e9","block_type":"box","text":"or dealers have refused to quote prices for such forward contracts or have quoted prices with an unusually wide","page_number":67,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"e1f35208-5f32-4fbd-ad5c-e29b9ffdd73a","block_type":"box","text":"spread between the price at which the bank or dealer is prepared to buy and that at which it is prepared to sell.","page_number":67,"box":{"x":69,"y":188,"width":794,"height":11}},{"id":"65eb6fd6-0648-4e4c-b502-58aa4cf4b9cb","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":67,"box":{"x":69,"y":203,"width":841,"height":12}},{"id":"ea283404-ad1e-4783-a31e-347e96baa745","block_type":"box","text":"of forward contracts, if any, a Fund will be subject to counterpar ty risk. Any such failure to per form by a counterpar ty","page_number":67,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"edd2a319-308c-4581-bf84-a34a01f750f8","block_type":"box","text":"would deprive the Fund of any profit potential or force the Fund to cover its commitments for resale, if any, at the","page_number":67,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"58d7b6fd-ddc4-42f1-865f-78cf3cc9ae27","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":67,"box":{"x":68,"y":249,"width":401,"height":11}},{"id":"c1d25a5f-358e-4e07-b63d-1f1ba9f8af86","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":67,"box":{"x":102,"y":271,"width":738,"height":12}},{"id":"84e7512f-ae29-41cb-b8ac-67d5c94fea11","block_type":"box","text":"anticipated, in the event that (i) the currency exchange rate movement is so generally anticipated that the Fund is not","page_number":67,"box":{"x":69,"y":287,"width":837,"height":11}},{"id":"46cb4c25-15ad-406b-bce8-a7fe2ae9752d","block_type":"box","text":"able to enter into a hedging transaction at an effective price, or (ii) the currency exchange rate movement relates to a","page_number":67,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"790ee2ef-a536-4cd5-80f8-6e29cc0b5a04","block_type":"box","text":"market with respect to which Currency Instruments are not available and it is not possible to engage in effective","page_number":67,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"6abde4cb-f3cb-42dc-bf60-cf4f382032f5","block_type":"box","text":"foreign currency hedging. The cost to a Fund of engaging in foreign currency transactions varies with such factors as","page_number":67,"box":{"x":68,"y":332,"width":829,"height":11}},{"id":"077ac5c7-2494-465b-8d03-cff02b6cb7ad","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":67,"box":{"x":68,"y":347,"width":753,"height":11}},{"id":"111d48b6-256e-4a12-83c6-83da2bf25c35","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":67,"box":{"x":68,"y":362,"width":811,"height":11}},{"id":"5e1967d8-33f6-4899-91c7-2d9302eb26ca","block_type":"box","text":"involved.","page_number":67,"box":{"x":70,"y":377,"width":59,"height":9}},{"id":"bcad6e91-54bc-4d7c-9549-620207af623c","block_type":"box","text":"A Fund will not hedge a currency in excess of the aggregate market value of the securities that it owns (including","page_number":67,"box":{"x":101,"y":400,"width":803,"height":11}},{"id":"ffae53cf-7466-4634-933f-879f1634b81c","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":67,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"64eb7a80-1170-41d4-882d-17dbf29dde6a","block_type":"box","text":"denominated in such currency.","page_number":67,"box":{"x":69,"y":430,"width":216,"height":11}},{"id":"cd52ccf6-ae34-44ff-8950-9dbb37ae4295","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":67,"box":{"x":102,"y":453,"width":254,"height":11}},{"id":"ba7b8fc9-d80c-4e95-a211-662f7301b135","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":67,"box":{"x":364,"y":453,"width":527,"height":11}},{"id":"eb414604-3ab1-4a12-b024-168d0050b4da","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":67,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"49bbef97-31e9-4a01-857e-18066217a329","block_type":"box","text":"transactions are similar but are settled in the current, or “spot”, market. A Fund will enter into foreign exchange","page_number":67,"box":{"x":68,"y":483,"width":798,"height":11}},{"id":"7e2921a4-5ad3-47c3-9109-46506efe1725","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a por tfolio position, or, with respect to cer tain","page_number":67,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"939cfc8e-7688-49fc-abd9-254adff7badc","block_type":"box","text":"Funds, to seek to enhance returns. FX forwards involve substantial currency risk, credit risk and liquidity risk. A Fund","page_number":67,"box":{"x":70,"y":513,"width":830,"height":11}},{"id":"02dfc4f4-372f-46d9-a23c-d07399ec93f1","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":67,"box":{"x":69,"y":528,"width":774,"height":12}},{"id":"aaea742b-4d9f-41a5-b478-82fb96acdda2","block_type":"box","text":"purchasing a currency needed to settle a security transaction or selling a currency in which the Fund has received or","page_number":67,"box":{"x":70,"y":544,"width":828,"height":11}},{"id":"a1b3996b-4dc2-416f-a0e1-676e88b6128b","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":67,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"85bc6b17-093f-44ef-8207-4b41b199be40","block_type":"box","text":"hedging a por tfolio position by selling forward a currency in which a por tfolio position of the Fund is denominated or","page_number":67,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"ab2a3f34-fe26-4975-b636-1599248c2a47","block_type":"box","text":"by purchasing a currency in which the Fund anticipates acquiring a por tfolio position in the near future. A Fund may","page_number":67,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"0c5b61c6-2b2f-498d-b770-c566a4e81012","block_type":"box","text":"also hedge a currency by entering into a transaction in a Currency Instrument denominated in a currency other than","page_number":67,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"536d5cb6-6541-4d66-becf-bf8e4d831994","block_type":"box","text":"the currency being hedged (a “cross-hedge”). A Fund will only enter into a cross-hedge if the Manager believes that","page_number":67,"box":{"x":68,"y":619,"width":819,"height":11}},{"id":"7ebbaf36-75f1-4141-926a-4be467da9ff6","block_type":"box","text":"(i) there is a demonstrably high correlation between the currency in which the cross-hedge is denominated and the","page_number":67,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"c60cf36a-aad1-42e6-919b-24b301dd433d","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":67,"box":{"x":69,"y":650,"width":745,"height":11}},{"id":"a9dc4a2f-fe93-4928-9a0e-f1d1424bd97d","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":67,"box":{"x":69,"y":664,"width":832,"height":12}},{"id":"50c02177-370e-4d0d-9fe0-50c6b2f7afe6","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":67,"box":{"x":69,"y":680,"width":428,"height":11}},{"id":"46539db9-7f73-444f-8490-3fef02851c6e","block_type":"box","text":"A Fund may also engage in proxy hedging transactions to reduce the effect of currency fluctuations on the value","page_number":67,"box":{"x":101,"y":702,"width":797,"height":12}},{"id":"27633d86-dfb0-4b10-a662-e008d8713315","block_type":"box","text":"of existing or anticipated holdings of por tfolio securities. Proxy hedging is often used when the currency to which the","page_number":67,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"fa238ef4-ff45-4e1d-bb22-7100381234c2","block_type":"box","text":"Fund is exposed is difficult to hedge, or to hedge against the U.S. dollar. Proxy hedging entails entering into a forward","page_number":67,"box":{"x":70,"y":732,"width":838,"height":12}},{"id":"dcfd0a61-e8ce-4f2c-878c-cb8c3e1f2fe8","block_type":"box","text":"contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies","page_number":67,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"ca9aaffa-07b0-47a3-8ed8-668a3c12a6da","block_type":"box","text":"in which some or all of the Fund’s securities are, or are expected to be, denominated, and to buy U.S. dollars. Proxy","page_number":67,"box":{"x":70,"y":763,"width":827,"height":11}},{"id":"db3b6e3a-a273-4de4-b739-e4d8ab986fee","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":67,"box":{"x":69,"y":778,"width":838,"height":11}},{"id":"57a692f8-db6e-4284-bc79-d6cd343ed714","block_type":"box","text":"transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a degree or in a","page_number":67,"box":{"x":68,"y":793,"width":798,"height":11}},{"id":"21f4d2a6-be2b-4e2b-ab19-c22e5d023e92","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":67,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"048b3d3e-d886-4a68-b4b9-a676e6d93be2","block_type":"box","text":"may not be present, including during the par ticular time that a Fund is engaging in proxy hedging.","page_number":67,"box":{"x":69,"y":823,"width":691,"height":12}},{"id":"4c96f47b-4570-45e4-9474-081542c2f24d","block_type":"box","text":"A Fund may also cross-hedge currencies by entering into forward contracts to sell one or more currencies that","page_number":67,"box":{"x":101,"y":846,"width":785,"height":11}},{"id":"13513890-8077-4153-acbf-bd7f3d50a0a3","block_type":"box","text":"are expected to decline in value relative to other currencies to which the Fund has or in which the Fund expects to","page_number":67,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"4bbcae49-0ac6-4003-a934-715a0e1f972b","block_type":"box","text":"have por tfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":67,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"67e91006-d596-463c-ba58-6f2c5815976d","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":67,"box":{"x":69,"y":891,"width":829,"height":12}},{"id":"7dff0ac7-1133-4fe4-b986-332935038120","block_type":"box","text":"Fund would sell Canadian dollars to reduce its exposure to that currency and buy Japanese yen. This strategy would","page_number":67,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"48c58fe6-9b1b-4564-8ed0-022fbdd4dab4","block_type":"box","text":"II-24","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"627f3cf0-a109-477d-8329-109f1762cac7","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":67,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"a4c8feb2-940b-4f49-859c-669675ff4f07","block_type":"box","text":"be a hedge against a decline in the value of Canadian dollars, although it would expose the Fund to declines in the","page_number":68,"box":{"x":69,"y":45,"width":818,"height":11}},{"id":"91caf016-8e0d-4b49-94ff-fe0b717eae21","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":68,"box":{"x":68,"y":60,"width":372,"height":11}},{"id":"a853884e-bed7-48ef-a2db-4286b319daba","block_type":"box","text":"Some of the forward non-U.S. currency contracts entered into by the Funds are classified as non-deliverable","page_number":68,"box":{"x":102,"y":82,"width":768,"height":12}},{"id":"ca8a6848-f532-4df1-990a-27472d230cad","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, shor t-term forward contracts that may be thinly traded or are denominated","page_number":68,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"b1ebacf1-0616-4065-a600-a0c3c8ece3da","block_type":"box","text":"in non-conver tible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking","page_number":68,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"02f48ea5-a0a3-4ca2-9a95-2feeab3bd596","block_type":"box","text":"the difference between the agreed upon exchange rate and the spot rate at the time of settlement, for an agreed","page_number":68,"box":{"x":68,"y":128,"width":806,"height":11}},{"id":"66a59a22-bbee-492b-acc9-3016ea5d0814","block_type":"box","text":"upon notional amount of funds. All NDFs have a fixing date and a settlement date. The fixing date is the date at which","page_number":68,"box":{"x":69,"y":143,"width":839,"height":11}},{"id":"3af3bf6d-de3f-4962-80db-977ec09ab633","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":68,"box":{"x":68,"y":158,"width":812,"height":11}},{"id":"4dc8a96e-f87d-4ace-a854-b063c3655c53","block_type":"box","text":"settlement date is the date by which the payment of the difference is due to the par ty receiving payment. NDFs are","page_number":68,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"76d22aef-4185-4586-bebf-8dff11af3b0e","block_type":"box","text":"commonly quoted for time periods of one month up to two years, and are normally quoted and settled in U.S. dollars.","page_number":68,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"b9490eba-ecf9-47a9-ba2d-f7f70f72fe4f","block_type":"box","text":"They are often used to gain exposure to and/or hedge exposure to foreign currencies that are not internationally","page_number":68,"box":{"x":68,"y":203,"width":802,"height":12}},{"id":"0da50f74-e890-4cd4-9f47-cec8742be84f","block_type":"box","text":"traded.","page_number":68,"box":{"x":68,"y":219,"width":49,"height":8}},{"id":"7cb0ac88-f9e6-4041-b5f1-0eebc5dc3069","block_type":"box","text":"Currency Futures.","page_number":68,"box":{"x":102,"y":241,"width":123,"height":11}},{"id":"27dd484a-060c-4d8e-8b14-914025e33e29","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":68,"box":{"x":232,"y":241,"width":654,"height":11}},{"id":"433a4a46-2715-4732-8616-1f4495ec7aab","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":68,"box":{"x":68,"y":256,"width":782,"height":12}},{"id":"6cc7cbf9-0c82-4629-9dcb-4f40a1a17002","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":68,"box":{"x":69,"y":271,"width":774,"height":12}},{"id":"27bec2b3-bdda-4a9f-a6e9-019b59af6f54","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":68,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"34ee1937-bf94-4478-a835-4bd03da478f3","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":68,"box":{"x":69,"y":302,"width":269,"height":9}},{"id":"d08fc733-be3f-4084-8782-6ded52edd12f","block_type":"box","text":"Currency Options.","page_number":68,"box":{"x":102,"y":324,"width":125,"height":11}},{"id":"f3a760f7-0631-4b00-91af-b420e120783f","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":68,"box":{"x":233,"y":324,"width":654,"height":12}},{"id":"2aba91a0-f85c-4fd1-a11d-60a521de0077","block_type":"box","text":"through the use of currency options. Cer tain Funds have fundamental investment restrictions that permit the","page_number":68,"box":{"x":68,"y":339,"width":776,"height":12}},{"id":"f7953d01-13d9-4f57-abd7-18e522b5617c","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":68,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"24b6d668-a606-4004-a5c4-a3904efff6b3","block_type":"box","text":"securities. For example, in consideration for an option premium the writer of a currency option is obligated to sell (in","page_number":68,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"ebf0be75-6898-4642-a75d-6973616df381","block_type":"box","text":"the case of a call option) or purchase (in the case of a put option) a specified amount of a specified currency on or","page_number":68,"box":{"x":68,"y":385,"width":820,"height":11}},{"id":"a571184e-fa33-46e0-ad06-3dbac9d1dc4a","block_type":"box","text":"before the expiration date for a specified amount of another currency. A Fund may engage in transactions in options","page_number":68,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"cd0fbcf8-da26-4339-8094-5fb0a1fd0c21","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":68,"box":{"x":69,"y":415,"width":790,"height":11}},{"id":"e9e35761-ac0c-458e-aa3d-9d0b8d05c5c1","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":68,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"6a7047ed-b3f6-41f5-995e-30566e2e27b9","block_type":"box","text":"structures and/or expirations. Where a Fund is permitted to write currency options, it may write covered call options","page_number":68,"box":{"x":69,"y":446,"width":826,"height":10}},{"id":"53a4bacb-a85f-4c8d-83cc-644a14cc2799","block_type":"box","text":"on up to 100% of the currencies in its por tfolio. See “—Options” above. Currency options involve substantial","page_number":68,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"b35d61be-b727-493a-af9c-936eb376471c","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":68,"box":{"x":69,"y":476,"width":483,"height":11}},{"id":"4e5c8b07-c2ec-4f0c-8acf-1abbfd06f3d7","block_type":"box","text":"Currency Swaps.","page_number":68,"box":{"x":102,"y":498,"width":117,"height":11}},{"id":"a8a8a204-b2b2-4d78-a59a-d95817b11756","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":68,"box":{"x":225,"y":498,"width":652,"height":11}},{"id":"d9f48fdb-f62a-4eef-94df-dba06c8d244c","block_type":"box","text":"hedge por tfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":68,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"9b4f8dcd-e4ed-43ef-a2be-d001b92d1a9c","block_type":"box","text":"second currency on a spot basis and sold for the second currency on a forward basis. Currency swaps involve the","page_number":68,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"8362f798-36a8-44f8-b829-f38c54ca0466","block_type":"box","text":"exchange of the rights of a Fund and another par ty to make or receive payments in specified currencies, and typically","page_number":68,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"c6e8ef6d-f3b6-4d5c-9003-e745006fa46c","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":68,"box":{"x":69,"y":559,"width":800,"height":11}},{"id":"4046391c-f49a-46f1-8e86-b0e203ab07f0","block_type":"box","text":"currency. As a result, the entire principal value of a currency swap is subject to the risk that the other par ty to the","page_number":68,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"4bd3d51d-e366-430e-a6ca-37e5e57c4dc0","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":68,"box":{"x":69,"y":589,"width":393,"height":11}},{"id":"b51cb96d-00b3-4ea0-ac5c-37377a0aa41b","block_type":"box","text":"Distressed Securities.","page_number":68,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"ecdbf2be-8bd2-48a0-9b55-9aca4886fe1a","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":68,"box":{"x":267,"y":612,"width":633,"height":11}},{"id":"40393180-a077-4bd6-8968-5e580849ce8f","block_type":"box","text":"are the subject of bankruptcy proceedings or otherwise in default or in risk of being in default as to the repayment of","page_number":68,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"c10a27c9-5eef-4e91-baa4-63f6c2aed936","block_type":"box","text":"principal and/or interest at the time of acquisition by the Fund or that are rated in the lower rating categories by one","page_number":68,"box":{"x":70,"y":642,"width":827,"height":11}},{"id":"4788ba38-fabd-4ba4-8591-52db64ce7c13","block_type":"box","text":"or more nationally recognized statistical rating organizations (for example, Ca or lower by Moody’s and CC or lower by","page_number":68,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"753130c5-18da-451c-a86d-d30a3e53ccb4","block_type":"box","text":"S&P or Fitch) or, if unrated, are in the judgment of the Manager of equivalent quality (“Distressed Securities”).","page_number":68,"box":{"x":69,"y":672,"width":784,"height":11}},{"id":"c7c3e604-ab15-4406-9948-5f3aa6a96c0d","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":68,"box":{"x":70,"y":687,"width":569,"height":11}},{"id":"fb1313c5-347a-47fb-8b9a-5640ba0e144a","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":68,"box":{"x":101,"y":710,"width":766,"height":11}},{"id":"05327706-8f88-4d1f-aea6-0643c5071b7e","block_type":"box","text":"issuer of the Distressed Securities will make an exchange offer or will be the subject of a plan of reorganization","page_number":68,"box":{"x":70,"y":725,"width":795,"height":11}},{"id":"91107632-f84c-4a30-9256-1d8b2aeb226f","block_type":"box","text":"pursuant to which the Fund will receive new securities in return for the Distressed Securities. However, there can be","page_number":68,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"01cfba13-3681-4eda-916e-25ab8b8952a1","block_type":"box","text":"no assurance that such an exchange offer will be made or that such a plan of reorganization will be adopted. In","page_number":68,"box":{"x":69,"y":755,"width":794,"height":11}},{"id":"eaf588e5-8c0d-4bd0-989c-bd0c715ee953","block_type":"box","text":"addition, a significant period of time may pass between the time at which a Fund makes its investment in Distressed","page_number":68,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"ca7c5b54-c279-4283-8eb6-7193979cacad","block_type":"box","text":"Securities and the time that any such exchange offer or plan of reorganization is completed. During this period, it is","page_number":68,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"b4fbc9de-9d68-4b3d-817d-8ecd7ab819ec","block_type":"box","text":"unlikely that a Fund will receive any interest payments on the Distressed Securities, the Fund will be subject to","page_number":68,"box":{"x":69,"y":801,"width":789,"height":11}},{"id":"6e403e55-fe82-4dc5-9d0f-5dd87c7d87f5","block_type":"box","text":"significant uncer tainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":68,"box":{"x":69,"y":816,"width":810,"height":11}},{"id":"180a1724-6343-4a28-bb7a-671a0ea0cfc6","block_type":"box","text":"Fund may be required to bear cer tain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":68,"box":{"x":70,"y":831,"width":831,"height":11}},{"id":"f1d52af8-6829-4474-b7a1-eee1c385d2cb","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":68,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"18c61604-38e8-4c29-966a-745d19e387f6","block_type":"box","text":"current income for its shareholders may be diminished. The Fund also will be subject to significant uncer tainty as to","page_number":68,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"864ed0a8-129a-4c1d-88ae-6280bf322e5a","block_type":"box","text":"when and in what manner and for what value the obligations evidenced by the distressed securities will eventually be","page_number":68,"box":{"x":68,"y":876,"width":834,"height":11}},{"id":"fc2a8f25-c99f-4f33-85d0-2660273cdd68","block_type":"box","text":"satisfied (","page_number":68,"box":{"x":69,"y":891,"width":70,"height":11}},{"id":"27e518ea-11e0-48f0-8376-297bce2d51a5","block_type":"box","text":"e.g.","page_number":68,"box":{"x":140,"y":893,"width":25,"height":10}},{"id":"faf07d3b-ccd0-4d2f-9a91-f8fce812c39e","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":68,"box":{"x":168,"y":891,"width":729,"height":12}},{"id":"93b87514-4b5e-4d26-8a6f-35c8c5c14a69","block_type":"box","text":"distressed securities or a payment of some amount in satisfaction of the obligation). Even if an exchange offer is","page_number":68,"box":{"x":69,"y":906,"width":807,"height":12}},{"id":"6aacf6b4-62f7-49c6-bfb3-67c6a40e24e1","block_type":"box","text":"II-25","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4e9e409f-931a-4ac8-8ba8-c1bb66ea7247","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":68,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"7b3c0452-183b-41aa-bd5e-2f07fd8c1b84","block_type":"box","text":"made or plan of reorganization is adopted with respect to Distressed Securities held by a Fund, there can be no","page_number":69,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"ac1b3141-363b-4531-becd-b483b3a45961","block_type":"box","text":"assurance that the securities or other assets received by a Fund in connection with such exchange offer or plan of","page_number":69,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"71e2ef85-5de4-4b95-8c1b-0e76c30e9a38","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":69,"box":{"x":69,"y":75,"width":821,"height":11}},{"id":"e620cead-ee18-4251-baaa-943aff731416","block_type":"box","text":"was made or no value. Moreover, any securities received by a Fund upon completion of an exchange offer or plan of","page_number":69,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"bbd43443-7138-47aa-a58d-80952a699821","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund par ticipates in negotiations with respect to any","page_number":69,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"6b403677-629b-4c57-b7f3-e6bb0764608b","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":69,"box":{"x":69,"y":120,"width":770,"height":12}},{"id":"0b69b4d5-e579-493d-955c-30be21989209","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":69,"box":{"x":69,"y":135,"width":809,"height":12}},{"id":"9a62f3e6-961a-413e-b853-ab7669d524bb","block_type":"box","text":"Fund may have a more active par ticipation in the affairs of the issuer than that assumed generally by an investor. The","page_number":69,"box":{"x":70,"y":150,"width":839,"height":12}},{"id":"313fffc3-5626-4fdc-86d7-6261276cc678","block_type":"box","text":"Fund, however, will not make investments for the purpose of exercising day-to-day management of any issuer’s","page_number":69,"box":{"x":70,"y":166,"width":787,"height":11}},{"id":"8fcc9731-4d9b-4fed-9b44-49be40735ae7","block_type":"box","text":"affairs.","page_number":69,"box":{"x":69,"y":181,"width":49,"height":9}},{"id":"5965b763-ce1f-43c4-a2d4-8963c0bec767","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":69,"box":{"x":102,"y":203,"width":428,"height":11}},{"id":"b12fe54e-839e-4ae1-a231-be1bb7d53a4a","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":69,"box":{"x":531,"y":204,"width":341,"height":11}},{"id":"23eb2e57-f4e1-44d8-982f-6d0312b39ce7","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":69,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"dce4861d-0695-4887-a035-26002f893a95","block_type":"box","text":"consider ESG factors as par t of the investment process for the Fund. Fund management views ESG integration as the","page_number":69,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"29f9fc31-1266-4b05-acbe-a04c94dfdbc8","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":69,"box":{"x":70,"y":249,"width":827,"height":11}},{"id":"fc3ae114-016c-4375-87df-1f255860b6db","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s par ticular investment","page_number":69,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"377d8aad-b2c3-4ce9-a3da-dec65b1dcd58","block_type":"box","text":"strategies and may include consideration of third-par ty research as well as consideration of proprietary BlackRock","page_number":69,"box":{"x":69,"y":279,"width":812,"height":11}},{"id":"805fcf2c-893f-4e6a-a00a-f05f75c875c6","block_type":"box","text":"research across the ESG risks and oppor tunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":69,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"9dfc5b35-765b-4028-aa9c-97c88dbd98de","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":69,"box":{"x":70,"y":309,"width":800,"height":11}},{"id":"e9d7b9cd-a5e3-4884-80fb-356f17f9779e","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":69,"box":{"x":69,"y":324,"width":377,"height":12}},{"id":"7ecd3eb0-eb58-4295-90b3-7e92d98fd826","block_type":"box","text":"Cer tain of these considerations may affect a Fund’s exposure to cer tain companies or industries. While Fund","page_number":69,"box":{"x":102,"y":347,"width":778,"height":11}},{"id":"d92b69e0-683d-4ed8-a157-c1fd8ff1928a","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term per formance,","page_number":69,"box":{"x":69,"y":362,"width":800,"height":11}},{"id":"dc7dfc5b-6395-4e49-9b88-f2532aa2a694","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":69,"box":{"x":68,"y":377,"width":400,"height":12}},{"id":"d4256548-d0ee-4ee3-bf54-df78cbf46159","block_type":"box","text":"Equity Securities.","page_number":69,"box":{"x":102,"y":400,"width":127,"height":11}},{"id":"14f4c8d1-9ebf-47a5-9a41-463f623c00d1","block_type":"box","text":"Cer tain Funds may invest in equity securities, which include common stock and, for cer tain","page_number":69,"box":{"x":235,"y":400,"width":648,"height":11}},{"id":"8b6b954c-2050-4662-95ac-3d3647a7a6ed","block_type":"box","text":"Funds, preferred stock (including conver tible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":69,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"a330f150-9623-46a6-9323-647854d3d226","block_type":"box","text":"interests in trusts; general and limited par tnerships and limited liability companies; and depositary receipts. Stock","page_number":69,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"1567a531-867b-4aa9-aa8f-d4f366310bf7","block_type":"box","text":"markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a por tfolio","page_number":69,"box":{"x":69,"y":445,"width":819,"height":11}},{"id":"e523b324-2a48-4b6a-9d74-e6d7dfd23d52","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":69,"box":{"x":70,"y":460,"width":813,"height":12}},{"id":"555146fc-9ff4-4b01-b6be-9f073139e0c9","block_type":"box","text":"and overall market and economic conditions. The value of equity securities purchased by the Fund could decline if the","page_number":69,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"ef15b67b-1519-40f0-ab98-5c1f29072403","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":69,"box":{"x":68,"y":491,"width":775,"height":11}},{"id":"a2df5d9a-2a25-4824-8a0d-44bc0ee1574a","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a par ticular industry or industries, such as labor","page_number":69,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"e8bae65b-d047-4bae-a7fe-6d81c428881f","block_type":"box","text":"shor tages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":69,"box":{"x":69,"y":521,"width":837,"height":11}},{"id":"2780a22d-8112-4a86-aa0e-eaf9c1aecd3d","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or perceived","page_number":69,"box":{"x":69,"y":536,"width":831,"height":11}},{"id":"c10cd0fc-61aa-4dda-b80e-27b80dbc45c4","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":69,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"43bc4f09-2538-4acf-a905-bc7d4e12af6d","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":69,"box":{"x":69,"y":566,"width":325,"height":11}},{"id":"5a0c910f-35f7-45b3-bafd-7b9f98ad1ffa","block_type":"box","text":"From time to time cer tain of the Funds may invest in shares of companies through initial public offerings","page_number":69,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"fdc6e95f-db3e-49e3-a83c-6b92c31d4c1b","block_type":"box","text":"(“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for cer tain Funds. There is","page_number":69,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"94edaea3-4685-4289-9bc4-e6c01cccc888","block_type":"box","text":"no assurance that any Fund will have continued access to profitable IPOs and therefore investors should not rely on","page_number":69,"box":{"x":69,"y":619,"width":824,"height":11}},{"id":"5fcc4544-0f61-4e8f-a7fd-f81391aab097","block_type":"box","text":"these past gains as an indication of future per formance. The investment per formance of a Fund during periods when","page_number":69,"box":{"x":68,"y":634,"width":834,"height":12}},{"id":"6e47272b-1a18-447b-9d3c-dcc83026b600","block_type":"box","text":"it is unable to invest significantly or at all in IPOs may be lower than during periods when it is able to do so. In","page_number":69,"box":{"x":70,"y":649,"width":782,"height":12}},{"id":"2c8ba4f8-3624-425c-9189-87ecbf6d64a8","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its per formance will generally decrease. Securities","page_number":69,"box":{"x":69,"y":664,"width":790,"height":12}},{"id":"40be5766-1215-4f5f-99be-5ba49f98ec94","block_type":"box","text":"issued in IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":69,"box":{"x":70,"y":680,"width":823,"height":11}},{"id":"2d7acfab-8ca9-42ad-bc5d-aef78440e686","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":69,"box":{"x":69,"y":695,"width":805,"height":11}},{"id":"3db9d1d7-76a0-490f-b6c4-4719c3ed2a87","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shor tly after the","page_number":69,"box":{"x":70,"y":710,"width":836,"height":11}},{"id":"e68355ee-aa3b-4ba1-9601-2c91ed6c9504","block_type":"box","text":"initial public offering.","page_number":69,"box":{"x":70,"y":725,"width":147,"height":11}},{"id":"36422e6b-3e26-4ee3-bc1b-3cf42f164a2a","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":69,"box":{"x":101,"y":748,"width":777,"height":11}},{"id":"6d891eb6-69b8-4a94-9e84-49ab9590ea36","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":69,"box":{"x":69,"y":763,"width":838,"height":11}},{"id":"53084c56-30aa-4f43-891a-8d171d2a22e8","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":69,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"7079dd6b-71ac-469d-866c-4a8f0b895ee1","block_type":"box","text":"companies, which tend to be less well known, have shor ter operating histories, do not have significant ownership by","page_number":69,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"4631d5aa-333a-4fdf-8fc9-54a89797eb63","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":69,"box":{"x":70,"y":808,"width":831,"height":11}},{"id":"9e001db6-0a4f-466a-bcd6-3d2e1f4fd8ab","block_type":"box","text":"are often traded in the OTC markets and may have fewer market makers and wider price spreads. This may result in","page_number":69,"box":{"x":69,"y":823,"width":826,"height":11}},{"id":"5f423ed0-a250-4f1a-b0ae-2837d319297f","block_type":"box","text":"greater price movements and less ability to sell a Fund’s investment than if the Fund held the securities of larger,","page_number":69,"box":{"x":68,"y":838,"width":810,"height":12}},{"id":"898f1124-2f92-4fb1-ada4-ccd84bbf7f03","block_type":"box","text":"more established companies.","page_number":69,"box":{"x":69,"y":854,"width":209,"height":10}},{"id":"920c7510-f114-4171-8a14-fffe5883dfb4","block_type":"box","text":"II-26","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"00dd675d-7837-49a3-b2e5-8d6572efc368","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":69,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6fafea3e-d435-4c64-9e43-d7b354a5716e","block_type":"box","text":"For a discussion of the types of equity securities in which your Fund may invest and the risks associated with","page_number":70,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"b402d8f2-be94-4caa-ace1-55708d7e1dc0","block_type":"box","text":"investing in such equity securities, see your Fund’s Prospectus. Cer tain of the Funds may also invest in shares of","page_number":70,"box":{"x":70,"y":60,"width":810,"height":11}},{"id":"66679d5c-b60b-403b-a243-800d7692532a","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":70,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"c4ddae6e-e001-4c9f-86a2-291a74ae68c8","block_type":"box","text":"below.","page_number":70,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"339989ad-7413-4413-874d-bd20b8ff1b95","block_type":"box","text":"Real Estate-Related Securities.","page_number":70,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"abeb518e-49a4-4059-a6a9-ea4984cd6d58","block_type":"box","text":"Although no Fund may invest directly in real estate, cer tain Funds may invest in","page_number":70,"box":{"x":327,"y":113,"width":565,"height":11}},{"id":"a71aafae-1326-40ed-838d-db526e10c3fe","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":70,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"24474707-53dc-4b9a-9b46-1d50acccac05","block_type":"box","text":"cer tain risks associated with the ownership of real estate and with the real estate industry in general. These risks","page_number":70,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"671a40d3-ce25-40b9-a61e-02c2c5d8c4b7","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":70,"box":{"x":70,"y":158,"width":796,"height":11}},{"id":"69e5edac-70b2-49eb-a9c5-0aabea1dc268","block_type":"box","text":"conditions; possible lack of availability of mor tgage funds or other limitations on access to capital; overbuilding; risks","page_number":70,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"f541480b-8f6e-4273-8293-6d3ed911f109","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of proper ties; increase in competition, proper ty","page_number":70,"box":{"x":69,"y":188,"width":795,"height":12}},{"id":"3d42f606-6415-438b-a00f-15016f8da7a1","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":70,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"b32dab20-f25e-48f9-a4f4-917c609ecd2e","block_type":"box","text":"resulting from the clean-up of, and liability to third par ties for damages resulting from, environmental problems;","page_number":70,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"62c48499-9ba5-46ea-9443-63143451d83e","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":70,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"feb2fa5a-7de2-4aae-9290-bc722e503ea8","block_type":"box","text":"ear thquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":70,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"973946a6-4d1c-415b-86be-a52581420dea","block_type":"box","text":"rents; investment in developments that are not completed or that are subject to delays in completion; and changes in","page_number":70,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"cd044fdb-9e76-44ff-a9f3-d8bc182d344f","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by proper ty","page_number":70,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"9ab97fdb-a15b-4f92-a7a7-cb35f97f717c","block_type":"box","text":"type or in cer tain other respects, the Fund may be subject to cer tain of the foregoing risks to a greater extent.","page_number":70,"box":{"x":68,"y":294,"width":785,"height":11}},{"id":"ca906f74-0517-49ac-9411-26fb55b8dbf5","block_type":"box","text":"Investments by a Fund in securities of companies providing mor tgage servicing will be subject to the risks associated","page_number":70,"box":{"x":70,"y":309,"width":836,"height":11}},{"id":"565d405b-a57b-4b07-9f11-a8e0c045f717","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":70,"box":{"x":68,"y":324,"width":381,"height":12}},{"id":"1b53678b-84a9-49a6-b6f5-582a45e10d6a","block_type":"box","text":"In addition, if a Fund receives rental income or income from the disposition of real proper ty acquired as a result","page_number":70,"box":{"x":102,"y":347,"width":797,"height":11}},{"id":"f436ea2f-443e-4594-94ad-21b6a3453bc8","block_type":"box","text":"of a default on securities the Fund owns, the receipt of such income may adversely affect the Fund’s ability to retain","page_number":70,"box":{"x":69,"y":362,"width":829,"height":11}},{"id":"f09619f5-2ae6-463b-bb79-4d05aaf8f5b3","block_type":"box","text":"its tax status as a regulated investment company because of cer tain income source requirements applicable to","page_number":70,"box":{"x":70,"y":377,"width":794,"height":12}},{"id":"4ca6a686-f232-42a8-8f56-cfab91776e7b","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":70,"box":{"x":69,"y":392,"width":730,"height":12}},{"id":"6e801931-0bba-41c9-ace5-8b7b1b2f3443","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":70,"box":{"x":102,"y":415,"width":381,"height":11}},{"id":"7c9ea656-e782-4852-b350-1770f048fe34","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":70,"box":{"x":490,"y":415,"width":376,"height":11}},{"id":"60012911-1b24-406c-89ff-9d86d79af326","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":70,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"f0794302-fc64-475d-9019-c138ca289129","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":70,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"eeb2b7ab-9937-42ae-b6b2-1d4084a06457","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":70,"box":{"x":69,"y":461,"width":804,"height":11}},{"id":"976adb15-2e94-4aed-b3c1-17b8a3cb325e","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":70,"box":{"x":69,"y":475,"width":647,"height":12}},{"id":"d64561f9-d2eb-47c3-95f8-07eef68d956e","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":70,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"da6825ed-08e4-4815-8b5d-ecf59625b874","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":70,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"ba4d48cf-5a55-43ae-9df8-80964ec25b77","block_type":"box","text":"Small cap and emerging growth securities will often be traded only in the OTC market or on a regional securities","page_number":70,"box":{"x":102,"y":536,"width":797,"height":11}},{"id":"9d24edc6-ba12-4073-8b53-1cd8cfbbb0f2","block_type":"box","text":"exchange and may not be traded every day or in the volume typical of trading on a national securities exchange. As a","page_number":70,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"62858016-8062-403f-af44-d884419fe559","block_type":"box","text":"result, the disposition by a Fund of por tfolio securities to meet redemptions or otherwise may require the Fund to","page_number":70,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"4ed3a522-2c8c-4912-aa5a-57afac5fa38c","block_type":"box","text":"make many small sales over a lengthy period of time, or to sell these securities at a discount from market prices or","page_number":70,"box":{"x":69,"y":581,"width":825,"height":12}},{"id":"cb6d3daf-f8a7-4b85-add4-4c800156c31c","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":70,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"8a9f77dc-ee4c-42a2-8945-b4713fd16f07","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":70,"box":{"x":101,"y":619,"width":758,"height":11}},{"id":"47031536-5e9b-4aba-a0db-85420c34245e","block_type":"box","text":"investment results. Careful initial selection is par ticularly impor tant in this area as many new enterprises have","page_number":70,"box":{"x":70,"y":634,"width":787,"height":11}},{"id":"d1bf4e67-b146-4511-ac8a-086c8705cc18","block_type":"box","text":"promise but lack cer tain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":70,"box":{"x":70,"y":649,"width":789,"height":12}},{"id":"649a66c2-61ec-4ba7-b437-4cf55961af17","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":70,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"b5b79a13-72ef-4d93-a9ff-0b4f182a801e","block_type":"box","text":"Fund management believes that relatively small companies may have the oppor tunity to develop into significant","page_number":70,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"e598d9f4-5c8f-4daa-9d03-16fe27d246ea","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":70,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"8ccab669-198e-4911-bf4a-0e51462f3540","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":70,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"87cc2fd4-9f78-4fb0-a22e-567c302752d8","block_type":"box","text":"Equity securities of specific small cap issuers may present different oppor tunities for long-term capital","page_number":70,"box":{"x":102,"y":740,"width":729,"height":11}},{"id":"9fdce8c5-1de5-482b-a425-f35db6e1d7c1","block_type":"box","text":"appreciation during varying por tions of economic or securities market cycles, as well as during varying stages of their","page_number":70,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"a02693f5-e0c3-4285-958e-8c1736efc6df","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":70,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"5a552425-99b2-4e22-ad6e-3a812d6d68c5","block_type":"box","text":"cycles.","page_number":70,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"ad66f595-18bc-4979-8be6-a02bb0067913","block_type":"box","text":"Tracking Stocks","page_number":70,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"14be73e4-af22-47f5-b275-a143174d6316","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":70,"box":{"x":214,"y":808,"width":640,"height":11}},{"id":"64f19fd8-dd7e-4941-8cdb-132966012251","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the per formance of such","page_number":70,"box":{"x":69,"y":823,"width":791,"height":12}},{"id":"2490c8e5-7cdf-4c8c-9a2f-885cfe49763d","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":70,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"29dc272b-3a33-4228-942a-d096f35948a6","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":70,"box":{"x":68,"y":853,"width":801,"height":12}},{"id":"2522659e-5e66-4b45-a43d-5ec7a532b449","block_type":"box","text":"holders of the tracking stock may not have the same rights as holders of the company’s common stock.","page_number":70,"box":{"x":69,"y":869,"width":740,"height":11}},{"id":"df926fc0-c3b9-4b5f-9c67-1d6da4e76b66","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":70,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"4801c99c-03d8-4567-a54d-9d160a6a9e23","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":70,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"9ad254ad-dc5a-4c05-aaf2-3c23a1c37c7b","block_type":"box","text":"debt of the issuer, usually a financial institution. ETNs combine aspects of both bonds and ETFs. An ETN’s returns","page_number":70,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"35fe8d67-e2ed-4831-b7ff-07ed4401b4b9","block_type":"box","text":"II-27","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b43c9415-0055-4f9c-a7ee-5d89e2ef2d68","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":70,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"edd5676d-13c4-4b3d-ae71-7e1eab9b36a5","block_type":"box","text":"are based on the per formance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":71,"box":{"x":69,"y":45,"width":774,"height":11}},{"id":"4d0d1433-3a45-4a68-8875-5f961b4db90d","block_type":"box","text":"expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an","page_number":71,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"30dad0be-a9c1-4d2b-ab81-5774288f4611","block_type":"box","text":"ETF, an ETN can be held until the ETN’s maturity, at which time the issuer will pay a return linked to the per formance","page_number":71,"box":{"x":70,"y":75,"width":831,"height":11}},{"id":"c9b2b1b5-9154-48b8-b7af-2313faed51b9","block_type":"box","text":"of the specific asset, index or rate (“reference instrument”) to which the ETN is linked minus cer tain fees. Unlike","page_number":71,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"812347de-8e50-48a7-ab40-9098b1d0648e","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":71,"box":{"x":69,"y":105,"width":654,"height":11}},{"id":"0a5b0c15-888b-4284-91ba-26e03e67f9ec","block_type":"box","text":"The value of an ETN may be influenced by, among other things, time to maturity, level of supply and demand for","page_number":71,"box":{"x":101,"y":128,"width":794,"height":11}},{"id":"7f27cd2c-f85d-48b0-ac2c-f880bdbd454f","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":71,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"08ee68da-9b61-4453-a91e-aa8665bd63ee","block_type":"box","text":"per formance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":71,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"f9d67011-9131-4105-8afa-a01824b9f39c","block_type":"box","text":"geographic events that affect the reference instrument. ETNs are subject to credit risk and the value of the ETN may","page_number":71,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"0ac75601-bfaa-4754-a01c-d658fef4e777","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":71,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"ceb97816-3056-4699-902c-3085436d8cee","block_type":"box","text":"unchanged. When a Fund invests in ETNs, it will bear its propor tionate share of any fees and expenses borne by the","page_number":71,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"5ac435f2-5a0e-4fb3-8913-7a95712319d3","block_type":"box","text":"ETN.","page_number":71,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"d57eefe7-4cbe-4ef8-a17e-defc02bbfd55","block_type":"box","text":"An ETN that is tied to a reference instrument may not replicate the per formance of the reference instrument.","page_number":71,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"c3b767d6-ddb6-4ee2-9ca5-3433dd735e60","block_type":"box","text":"ETNs also incur cer tain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":71,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"10fa7fbc-f8e8-4ce0-b7aa-0c617791567b","block_type":"box","text":"may, at times, be illiquid and may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same","page_number":71,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"ca79d698-5e22-476f-b89d-3ec6c19531c7","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":71,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"c80fe664-80fe-45fb-b90c-96422fc43d84","block_type":"box","text":"potential for loss is also greater. Finally, additional losses may be incurred if the investment loses value because, in","page_number":71,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"017c2b26-3c1a-44e5-89d8-4f7a5fa78fee","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":71,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"1fc80d0b-e433-4188-94f1-c1213f639bf9","block_type":"box","text":"Because the return on the ETN is dependent on the issuer’s ability or willingness to meet its obligations, the","page_number":71,"box":{"x":102,"y":340,"width":774,"height":11}},{"id":"2f878aa8-8432-406f-bf93-5c892d68746c","block_type":"box","text":"value of the ETN may change due to a change in the issuer’s credit rating, despite no change in the underlying","page_number":71,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"f7225288-996a-4384-8fed-de6964079cc2","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":71,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"8717c73f-49f2-42b9-af6e-54852eb1457f","block_type":"box","text":"difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in","page_number":71,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"bf828dc0-de76-430d-a6c8-aa8b280e2eb9","block_type":"box","text":"time is not always identical to the supply and demand in the market for the assets underlying the reference","page_number":71,"box":{"x":68,"y":400,"width":766,"height":11}},{"id":"76cd1e51-fa91-4823-a849-d6af5aa48e99","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":71,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"08b0ebcc-fb3b-4efa-94a2-a535dd1af00c","block_type":"box","text":"There may be restrictions on the Fund’s right to redeem its investment in an ETN, which are generally meant to","page_number":71,"box":{"x":101,"y":438,"width":791,"height":11}},{"id":"9c206355-f484-4e55-9852-b4e30e1c3a8f","block_type":"box","text":"be held until maturity. The Fund’s decision to sell its ETN holdings may be limited by the availability of a secondary","page_number":71,"box":{"x":69,"y":453,"width":818,"height":11}},{"id":"59fe8157-9606-4d96-a5d8-af7fc4691f17","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":71,"box":{"x":69,"y":468,"width":547,"height":9}},{"id":"143cd8d6-f6dc-4aa6-86ea-4a1d4b8674be","block_type":"box","text":"ETNs are also subject to tax risks. The Internal Revenue Service (the “IRS”) may not accept, and a cour t may not","page_number":71,"box":{"x":102,"y":491,"width":807,"height":11}},{"id":"60b07e12-08d9-4d7f-b2e8-2684df149b7a","block_type":"box","text":"uphold, how the Funds characterize and treat ETNs for tax purposes. The timing and character of income and gains","page_number":71,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"c341315c-22b9-4f6e-96d4-e1c085b96eac","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":71,"box":{"x":69,"y":521,"width":581,"height":11}},{"id":"2539d4a1-34f6-4876-96ed-d698ab977847","block_type":"box","text":"Foreign Investments.","page_number":71,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"d078b35b-aa48-4f12-a184-bba05c39d744","block_type":"box","text":"Foreign Investment Risks.","page_number":71,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"513654c3-41e6-4bd2-af89-96f38fef7a51","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":71,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"3fc960f1-4069-4e4c-849d-e09158975888","block_type":"box","text":"located in emerging market countries. These securities may be denominated in U.S. dollars or in a foreign currency.","page_number":71,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"0b575e02-5c53-4489-b31a-eba25135c32b","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":71,"box":{"x":70,"y":596,"width":774,"height":12}},{"id":"6ae6d64c-13c2-4611-8b36-f47f9e2aa0c3","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":71,"box":{"x":69,"y":612,"width":738,"height":11}},{"id":"11bf2d39-6347-4af7-80ed-6d6ec755d06f","block_type":"box","text":"Securities issued by cer tain companies organized outside the United States may not be deemed to be foreign","page_number":71,"box":{"x":102,"y":634,"width":782,"height":12}},{"id":"0f3eb74d-beaf-479d-a39c-51ab11cab3f5","block_type":"box","text":"securities (but rather deemed to be U.S. securities) if (i) the company’s principal operations are conducted from the","page_number":71,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"34558285-4dd8-441a-8fcb-f2c27b8faf7d","block_type":"box","text":"U.S., (ii) the company’s equity securities trade principally on a U.S. stock exchange, (iii) the company does a","page_number":71,"box":{"x":70,"y":665,"width":771,"height":11}},{"id":"45e0c26d-5752-456d-822d-e6eaf9c76d78","block_type":"box","text":"substantial amount of business in the U.S. or (iv) the issuer of securities is included in the Fund’s primary U.S.","page_number":71,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"c0ace2ce-c062-4099-a4c1-32d9a59dd484","block_type":"box","text":"benchmark index.","page_number":71,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"a8c33716-4a8c-4552-941d-5316760122f5","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":71,"box":{"x":102,"y":717,"width":767,"height":12}},{"id":"276a4828-362a-4cad-823c-b841118c5abd","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":71,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"e3e3e8e4-33ff-462c-9635-6b667f8f8e0f","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":71,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"a09e2ef4-0092-4186-8379-0a66c6ff9a89","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":71,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"d1523d9b-0771-4be0-93cd-bc9b4bf7a902","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":71,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"7e41eec3-dbb7-4ceb-9329-e7f1e31e5560","block_type":"box","text":"securities and commercial paper. Such securities may include loan par ticipations and assignments, conver tible","page_number":71,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"cb62fd1a-0a94-4924-8c6d-9f363199bca4","block_type":"box","text":"securities and zero-coupon securities.","page_number":71,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"0567cd2d-9112-40f4-90f2-d4aca4832f09","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":71,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"dddda5f1-cb60-4ef0-b3c8-27f13820d8cd","block_type":"box","text":"taxes.","page_number":71,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"108c72cf-b627-4ce1-9f6d-ccf70f65f04d","block_type":"box","text":"To the extent that the underlying securities or other instruments held by a Fund trade on foreign exchanges or in","page_number":71,"box":{"x":101,"y":869,"width":798,"height":11}},{"id":"752e5025-85ae-4acf-9ba4-2aca65cc5b1c","block_type":"box","text":"foreign markets that are closed when the securities exchange on which the Fund’s shares trade is open, there are","page_number":71,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"7692f369-2190-4946-8613-119309a5c295","block_type":"box","text":"likely to be deviations between the current price of such an underlying security and the last quoted price for the","page_number":71,"box":{"x":70,"y":899,"width":792,"height":11}},{"id":"c39a949b-5716-4e23-af71-b7c9145ae2e4","block_type":"box","text":"II-28","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"42f44363-6a8e-46e8-a041-aed54c3e746c","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":71,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"820a9c0e-fcf1-4a44-9ca1-65c6c32c6deb","block_type":"box","text":"underlying security (","page_number":72,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"950711ec-d96e-4b2e-a969-3b14b8bfccdc","block_type":"box","text":"i.e.","page_number":72,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"8a232201-79fa-4008-a691-7cf870b5b6a2","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":72,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"6f5327bb-7c2e-4c9d-a0b1-ec26f59c0a71","block_type":"box","text":"Fund is likely to be greater where a large por tion of the Fund’s underlying securities or other instruments trade on","page_number":72,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"b105a3d3-d5c2-44dc-bd49-dd354eebfed3","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":72,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"fc7d33fa-c38b-4865-99c7-07eae604339f","block_type":"box","text":"result in premiums or discounts to cer tain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":72,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"175f80b7-8add-4576-a231-308c21939f7c","block_type":"box","text":"Foreign Market Risk.","page_number":72,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"e036c803-90b3-4cb6-9736-c3d379d65433","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":72,"box":{"x":254,"y":113,"width":652,"height":11}},{"id":"d7bc8e56-59d8-4a81-a4a5-a9026a293013","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":72,"box":{"x":70,"y":128,"width":797,"height":11}},{"id":"65708ae0-acce-4c74-a513-bb884499fcf2","block_type":"box","text":"always) per formed differently from securities traded in the United States. However, such investments often involve","page_number":72,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"8fcd980d-03c2-4c94-9ba8-53bc8d28ffe2","block_type":"box","text":"risks not present in U.S. investments that can increase the chances that a Fund will lose money. In par ticular, a Fund","page_number":72,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"69fd7690-b1c0-4092-949e-3ea8f5d838d1","block_type":"box","text":"is subject to the risk that, because there are generally fewer investors on foreign exchanges and a smaller number of","page_number":72,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"0e65db42-7abf-4db3-8bba-4e0d31c21365","block_type":"box","text":"shares traded each day, it may be difficult for the Fund to buy and sell securities on those exchanges. In addition,","page_number":72,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"d9524c7c-a636-426e-9d2e-e6de5f04fc7f","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":72,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"b464c9b8-28ae-4c21-8156-bee0b7d3c6c6","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":72,"box":{"x":68,"y":218,"width":826,"height":12}},{"id":"cd9b2eb8-f257-45fb-b276-3ede2878c3b6","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":72,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"bc3404d7-1630-4aab-8c8c-9f3cf8d5f777","block_type":"box","text":"military action and other conditions may, without prior warning, lead to the governments of cer tain countries, or the","page_number":72,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"83776717-6aed-4665-a1f6-8b3b804c4791","block_type":"box","text":"U.S. Government with respect to cer tain countries, prohibiting or imposing substantial restrictions through capital","page_number":72,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"3d288059-a956-4b72-8fce-cfde8ff2b24d","block_type":"box","text":"controls and/or sanctions on foreign investing in the capital markets or cer tain industries in those countries. Capital","page_number":72,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"d159c754-5d9c-4560-a3dc-86038c4dbcdb","block_type":"box","text":"controls and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency,","page_number":72,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"5bdb38ae-81b0-4e69-b204-7d84a03b6f24","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":72,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"155cf42e-7342-476a-8a81-5ab4c7c8f68f","block_type":"box","text":"government, such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell,","page_number":72,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"9fa96f22-4b63-497b-a2f0-c4e32f44347f","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":72,"box":{"x":68,"y":339,"width":782,"height":12}},{"id":"0d124841-f0d3-4b8a-9077-bad44c206c47","block_type":"box","text":"transfer the Fund’s assets or income back into the United States, and could negatively impact the value and/or","page_number":72,"box":{"x":68,"y":355,"width":796,"height":11}},{"id":"7612b99d-de63-49a0-8fdd-d63f68392914","block_type":"box","text":"liquidity of such assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other","page_number":72,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"2b12954b-c1cc-4dd1-b83d-98ecedf869c9","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":72,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"6f012465-8de2-4303-b919-19d8c4a0dab0","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign cour ts, and political and social","page_number":72,"box":{"x":68,"y":400,"width":813,"height":11}},{"id":"eb0afd84-1d00-4f4e-b95b-32361463805f","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":72,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"b9ecb9ca-89b6-4db5-9bfa-5cddb0669e3a","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in cer tain","page_number":72,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"b147f300-70e6-4ec9-b4b1-e8d766a92208","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":72,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"e731d568-0085-4cce-a223-70a5db24d074","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":72,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"54cf7278-9ba5-4fca-a5f3-23ed9d91d276","block_type":"box","text":"or abroad could result in appreciation or depreciation of por tfolio securities and could favorably or adversely affect a","page_number":72,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"63f592c0-0f5e-4970-bf3d-5c31ea09455c","block_type":"box","text":"Fund’s operations.","page_number":72,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"a78c9e98-e099-4877-95ce-e056dae6716a","block_type":"box","text":"Foreign Economy Risk.","page_number":72,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"df2017dd-35c0-456f-b494-b226694598ea","block_type":"box","text":"The economies of cer tain foreign markets often do not compare favorably with that of the","page_number":72,"box":{"x":267,"y":513,"width":636,"height":12}},{"id":"1a52e5e3-08ca-4126-8905-48492967ed2f","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":72,"box":{"x":70,"y":528,"width":812,"height":12}},{"id":"04f43f58-8939-403c-9f36-5dba3da7c4b3","block_type":"box","text":"and balance of payments position. Cer tain such economies may rely heavily on par ticular industries or foreign capital","page_number":72,"box":{"x":69,"y":543,"width":835,"height":12}},{"id":"c304a221-934e-4f43-9592-83137ccdcaf1","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a par ticular","page_number":72,"box":{"x":69,"y":559,"width":795,"height":11}},{"id":"fe6f700e-272b-4789-86b0-73fac436f8c9","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":72,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"18c073b6-7cc8-481e-9145-b6ae4bb153cc","block_type":"box","text":"measures.","page_number":72,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"e8df29bd-ba2d-4718-9bd8-16a3a83fab6b","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":72,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"b7f2a3b0-cc02-4c93-aec1-f53bc8012235","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":72,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"99724d13-2cbe-474c-b701-f46ac09245ea","block_type":"box","text":"interest in foreign currencies, the value of a Fund that invests in foreign securities as measured in U.S. dollars will be","page_number":72,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"435e5a29-0e3b-4eb5-8eec-1e3df234e021","block_type":"box","text":"affected favorably or unfavorably by changes in exchange rates. Generally, when the U.S. dollar rises in value against","page_number":72,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"96f811a3-6dc7-47c3-8aba-6459c0a0f400","block_type":"box","text":"a foreign currency, a security denominated in that currency loses value because the currency is wor th fewer U.S.","page_number":72,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"e7728b11-cff9-4771-9c9f-aa3c72c6c3c0","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":72,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"0c92fde3-475a-4ba4-9d80-8b98dfea1225","block_type":"box","text":"that currency gains value because the currency is wor th more U.S. dollars. This risk, generally known as “currency","page_number":72,"box":{"x":68,"y":687,"width":816,"height":11}},{"id":"af38ddaf-f980-44b8-acd8-7f93307ac4bf","block_type":"box","text":"risk,” means that a stronger U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase","page_number":72,"box":{"x":69,"y":702,"width":814,"height":12}},{"id":"166153af-29c4-4c83-92bc-0e154c461566","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":72,"box":{"x":68,"y":717,"width":771,"height":12}},{"id":"556456f7-3ce8-42e1-9470-35bd451edae9","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":72,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"4cfbcad6-5b06-4ee8-b85b-1b8884135974","block_type":"box","text":"United States or abroad.","page_number":72,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"43b8894f-300c-4e01-bda8-86b81bac4ed6","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":72,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"c70f4727-29e4-4b23-894e-dd071cca8579","block_type":"box","text":"Many foreign governments supervise and","page_number":72,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"4784ea5e-50eb-40a3-bd17-f6c5b805507f","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":72,"box":{"x":69,"y":785,"width":828,"height":12}},{"id":"0093aa0a-2d38-458b-8baa-9b1f6f8b1b1e","block_type":"box","text":"not have laws to protect investors comparable to the U.S. securities laws. For example, some foreign countries may","page_number":72,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"e2bc71dd-a961-45d4-8b5b-434a94ac2635","block_type":"box","text":"have no laws or rules against insider trading. Insider trading occurs when a person buys or sells a company’s","page_number":72,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"6ab0e616-7a68-4540-80bb-54c80e804863","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":72,"box":{"x":69,"y":831,"width":794,"height":11}},{"id":"6041e808-949d-4088-bdb4-890deb4e019b","block_type":"box","text":"necessarily the same as in the United States. If the accounting standards in another country do not require as much","page_number":72,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"a6a6fa34-7832-49f1-8ee3-7a8ec5760b40","block_type":"box","text":"detail as U.S. accounting standards, it may be harder for Fund management to completely and accurately determine a","page_number":72,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"798357c3-128b-455e-a83a-79f705b6f4f0","block_type":"box","text":"company’s financial condition. In addition, the U.S. Government has from time to time in the past imposed","page_number":72,"box":{"x":69,"y":876,"width":760,"height":11}},{"id":"28c5efbc-8d18-49c7-aaea-a77fc8a616b8","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":72,"box":{"x":69,"y":891,"width":803,"height":12}},{"id":"61bb50bd-1512-4d2e-a847-be1cf9a88ff9","block_type":"box","text":"restrictions should be reinstituted, it might become necessary for the Fund to invest all or substantially all of its","page_number":72,"box":{"x":69,"y":906,"width":798,"height":12}},{"id":"1b95cdf1-bdb3-4526-af9a-1dbb07389764","block_type":"box","text":"II-29","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"da3c90fd-3613-4235-b5cc-6637ecf3179e","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":72,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e06c76e2-5e21-406e-bc47-acbe9452232f","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":73,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"31484402-35ca-434d-89c4-3aa7f777475d","block_type":"box","text":"higher in foreign countries than they are in the United States. This reduces the amount the Fund can earn on its","page_number":73,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"61e4e009-602a-4923-b529-6e13dda1524c","block_type":"box","text":"investments.","page_number":73,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"1192a6cc-4ef5-4a98-ad44-8fbe0e89ddc1","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":73,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"13f0600c-53af-4b08-8ea4-1e9071078637","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":73,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"6b680b59-661a-4702-b298-b4c7ce24428f","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":73,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"0af94d6c-5d3e-42e6-81c7-ce02e16ce53d","block_type":"box","text":"organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight over","page_number":73,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"fc4a4efb-481c-4832-a9e3-dd53d5e34205","block_type":"box","text":"their operations. Also, the laws of cer tain countries may put limits on a Fund’s ability to recover its assets if a foreign","page_number":73,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"49b09df6-f748-45fc-bbca-4b5e1209c6c3","block_type":"box","text":"bank or depository or issuer of a security or any of their agents goes bankrupt. In addition, it is often more expensive","page_number":73,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"28ba414c-18b4-46d7-863e-c7cdbd4eb679","block_type":"box","text":"for a Fund to buy, sell and hold securities in cer tain foreign markets than in the United States. The increased","page_number":73,"box":{"x":68,"y":173,"width":777,"height":11}},{"id":"d5d460a7-75df-431e-b8b2-0f93d0d5fc4e","block_type":"box","text":"expense of investing in foreign markets reduces the amount a Fund can earn on its investments and typically results","page_number":73,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"f96fe25d-a39c-4d33-8407-b24dddc5f6b6","block_type":"box","text":"in a higher operating expense ratio for the Fund as compared to investment companies that invest only in the United","page_number":73,"box":{"x":70,"y":203,"width":828,"height":12}},{"id":"d8e818e9-b9fe-403e-854f-ebb455481821","block_type":"box","text":"States.","page_number":73,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"649bce95-3320-4033-bbb4-8dd554cd040d","block_type":"box","text":"Publicly Available Information.","page_number":73,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"2fcb7405-06cc-46c4-80c8-8a69c8769479","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":73,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"2cf3e69b-9a74-487d-85f9-457e10a0c853","block_type":"box","text":"than is available with respect to U.S. companies. Most foreign companies are also not subject to the uniform","page_number":73,"box":{"x":68,"y":256,"width":779,"height":12}},{"id":"63807155-0210-4416-abd4-f8346e59b42b","block_type":"box","text":"accounting and financial repor ting requirements applicable to issuers in the United States. While the volume of","page_number":73,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"80671b1e-a281-48d8-b4ba-7c92b558cfcf","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":73,"box":{"x":68,"y":286,"width":834,"height":12}},{"id":"9a609550-a25f-42e9-8837-353d26dc983e","block_type":"box","text":"the New York Stock Exchange. Accordingly, a Fund’s foreign investments may be less liquid than, and their prices may","page_number":73,"box":{"x":68,"y":302,"width":841,"height":11}},{"id":"8d287df1-c2f4-43dc-8e0e-b817debe3c4d","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":73,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"06bcda0b-f6a5-4195-9899-16fe0d701726","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":73,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"52e2f9cf-e074-4aaa-a200-31fad2d9571b","block_type":"box","text":"United States.","page_number":73,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"a6b6020b-bbb6-415a-bf9a-e2849061270c","block_type":"box","text":"Settlement Risk.","page_number":73,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"00e57dd9-5b7e-4b8a-b5c2-a6742ef9171f","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":73,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"f6f5bf97-66c5-4af4-964a-0e2db4c23a98","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":73,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"d62aa65e-8846-47f2-aa91-7b7029776161","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve cer tain risks (such as","page_number":73,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"b8adf542-eefa-447f-b175-8446f09b285e","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":73,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"626fcc21-a6d9-4f54-ab8b-9c6c61dea444","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":73,"box":{"x":102,"y":438,"width":781,"height":11}},{"id":"438d21d3-f313-481e-885b-0e048d97d341","block_type":"box","text":"risk of delayed settlements or losses of security cer tificates in markets that still rely on physical settlement.","page_number":73,"box":{"x":69,"y":453,"width":771,"height":11}},{"id":"1e36e9ad-2ef3-4a94-aab3-dc7ede4c2b2e","block_type":"box","text":"Settlements in cer tain foreign countries at times have not kept pace with the number of securities transactions;","page_number":73,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"ca5af3d3-a19f-4705-88fe-2c41a457402c","block_type":"box","text":"these problems may make it difficult for a Fund to carry out transactions. If a Fund cannot settle or is delayed in","page_number":73,"box":{"x":68,"y":483,"width":802,"height":11}},{"id":"3eb61e46-7b9b-4ac2-84fc-3229861a4db8","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment oppor tunities and cer tain of its assets may be","page_number":73,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"1bbfb41e-fd42-4b44-a9fe-6f6d91384e45","block_type":"box","text":"uninvested with no return earned thereon for some period. If a Fund cannot settle or is delayed in settling a sale of","page_number":73,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"9f606675-3315-498d-a91a-2c1dad168c87","block_type":"box","text":"securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to","page_number":73,"box":{"x":69,"y":528,"width":816,"height":12}},{"id":"7258d971-0620-4a09-a5f7-69cc592ac7c9","block_type":"box","text":"another par ty, the Fund could be liable to that par ty for any losses incurred.","page_number":73,"box":{"x":69,"y":543,"width":539,"height":12}},{"id":"d85d674b-fb88-4f97-9292-2c6d1ecb03df","block_type":"box","text":"Because of uncer tainties in the operation of settlement systems in individual markets, competing claims may","page_number":73,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"8dd0aee0-2adf-4989-aed1-a477a2bef2d6","block_type":"box","text":"arise in respect of securities held by or to be transferred to a Fund. Compensation schemes may not exist or may","page_number":73,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"f25adfc7-7bc4-47cb-b47d-f8e8c560e7b8","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":73,"box":{"x":69,"y":596,"width":601,"height":11}},{"id":"046735e2-1461-4b61-8cad-7b10bd2b38d0","block_type":"box","text":"Sovereign Debt.","page_number":73,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"e7c86dd9-6680-4c41-b30e-cd30e9f3bc42","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":73,"box":{"x":221,"y":619,"width":653,"height":11}},{"id":"c888ef2e-72a8-43e5-83dc-aecefd72fc08","block_type":"box","text":"controls the repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in","page_number":73,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"b63ce2bd-290e-4fb9-a3e7-95ffca32c8c9","block_type":"box","text":"accordance with the terms of such debt. A governmental entity’s willingness or ability to repay principal and interest","page_number":73,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"8c07a283-3992-4856-a7b6-1018c71f6775","block_type":"box","text":"due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign","page_number":73,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"8c839743-4cff-4bdb-8796-01ee968c9bc5","block_type":"box","text":"reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt","page_number":73,"box":{"x":69,"y":680,"width":809,"height":11}},{"id":"270b3483-4205-4e98-b935-ccf476ffcd76","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":73,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"bc329a82-61a8-40c2-9176-6029f8c2cfe6","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":73,"box":{"x":69,"y":710,"width":790,"height":11}},{"id":"41abdc97-5978-4bd6-b705-3b1c95959c68","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":73,"box":{"x":69,"y":725,"width":831,"height":11}},{"id":"ac1944b0-6246-48a1-9fcd-3618f646918a","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the par t of these governments, agencies and","page_number":73,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"f2c1a2b5-d765-43ce-bb98-3bb0be64fd22","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":73,"box":{"x":69,"y":755,"width":772,"height":11}},{"id":"d2ab95c6-c5d3-4041-80ac-f40c417fbb63","block_type":"box","text":"economic per formance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":73,"box":{"x":69,"y":770,"width":789,"height":12}},{"id":"7eb86312-795b-40f9-98e7-e31fec315938","block_type":"box","text":"achieve such levels of economic per formance or repay principal or interest when due may result in the cancellation of","page_number":73,"box":{"x":69,"y":785,"width":839,"height":12}},{"id":"0cec000a-4111-4748-a981-7a048386d0c8","block_type":"box","text":"such third par ties’ commitments to lend funds to the governmental entity, which may fur ther impair such debtor’s","page_number":73,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"40a166ff-76b0-4182-9736-4a73e91defa6","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":73,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"cc8ddd5b-93f5-4a96-8e0f-49736e438962","block_type":"box","text":"debt.","page_number":73,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"9d205b01-f8cd-42e1-9112-42540fde9526","block_type":"box","text":"Holders of sovereign debt may be requested to par ticipate in the rescheduling of such debt and to extend fur ther","page_number":73,"box":{"x":102,"y":853,"width":807,"height":12}},{"id":"dd682638-cb27-4c9e-9c11-8ff1606dfe44","block_type":"box","text":"loans to governmental entities. In the event of a default by a governmental entity, there may be few or no effective","page_number":73,"box":{"x":70,"y":869,"width":814,"height":11}},{"id":"fd886028-05b1-4de5-a3d3-b83fd9bb2407","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":73,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"fdf3998b-0f42-45ae-abd0-a2a193b3a5bf","block_type":"box","text":"II-30","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"03962f17-5fb0-491e-ab27-7c3e668be18a","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":73,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"58e64b97-f211-4dc0-afae-921577619406","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":74,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"43598466-cc8d-4ff8-afaf-0d6a24002977","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":74,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"097ef666-46fb-4fc3-bba4-6f2c766d2091","block_type":"box","text":"interest income (if any) received from issuers in cer tain countries and capital gains on the disposition of stocks or","page_number":74,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"d16b6039-dcf7-4eed-b953-770cf6f55c96","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":74,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"bc8cff6a-2175-4e1d-8b22-a7448ded32d8","block_type":"box","text":"refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding","page_number":74,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"886e75fe-0321-4873-bcd0-6edcfbae334b","block_type":"box","text":"taxes, the net asset value of the Fund generally includes accruals for such tax refunds. Each Fund regularly evaluates","page_number":74,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"22f121d9-4f98-497e-bf35-7b3733be0124","block_type":"box","text":"the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax","page_number":74,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"f2100ce4-99eb-46f7-a2a1-fac22d33316c","block_type":"box","text":"regulation or approach in the foreign country, accruals in a Fund’s net asset value for such refunds may be written","page_number":74,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"49159690-33df-41fe-98b2-658a504cdb7e","block_type":"box","text":"down par tially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the time an","page_number":74,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"c49e6569-32a1-4417-9214-41667ed9a46d","block_type":"box","text":"accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether they","page_number":74,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"95c5d555-167f-4d42-840e-c07df44601cd","block_type":"box","text":"were shareholders during the accrual period. Conversely, if a Fund receives a tax refund that has not been previously","page_number":74,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"19e8a799-68d3-4df1-916b-82ddb1c332f3","block_type":"box","text":"accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting increase in","page_number":74,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"8d754fcd-674c-4b4c-bd49-e2b571c2a5e8","block_type":"box","text":"the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit from such increase","page_number":74,"box":{"x":68,"y":211,"width":835,"height":11}},{"id":"b3fbfd75-8ce6-48ca-906a-a338de3ce0e1","block_type":"box","text":"in the Fund’s net asset value.","page_number":74,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"4b70103d-1e46-4098-a690-d4d4f5ddbcd4","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":74,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"1ae07dac-07b2-4f7d-a371-c5a9daaf0e93","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":74,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"347f381e-9b80-4276-8d4c-9f0c7ae89aef","block_type":"box","text":"trading par tner of, or foreign investor in, cer tain countries in which a Fund may invest. As a result, economic","page_number":74,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"fed4b475-1e5d-40a3-bef4-103925fa7f47","block_type":"box","text":"conditions of such countries may be par ticularly affected by changes in the U.S. economy. A decrease in U.S. impor ts","page_number":74,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"627717af-9b08-469c-bf46-5f9eca8d29e7","block_type":"box","text":"or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":74,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"ed814248-b413-46c2-8571-8392454085a3","block_type":"box","text":"slowdown in the United States may have a material adverse effect on a country’s economic conditions and, as a","page_number":74,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"5c716dc4-e578-4b40-b331-7ded9b85ce73","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":74,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"b61177b9-d593-4c5f-9835-1ba3a0b511bd","block_type":"box","text":"of interest or principal on U.S. Government debt, such as reaching the legislative “debt ceiling.” Such non-payment","page_number":74,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"992bbd05-558f-4237-9569-1fff763dc650","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":74,"box":{"x":68,"y":355,"width":746,"height":11}},{"id":"01d62e36-d06d-4fd5-a403-2d8d4549ab06","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":74,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"1a5264e0-84fd-448f-bc68-0ec68714bc63","block_type":"box","text":"allies, such as cer tain European countries, and historical adversaries, such as Nor th Korea, Iran, China and Russia.","page_number":74,"box":{"x":69,"y":392,"width":827,"height":11}},{"id":"c951ae5f-8834-4ff9-b862-cf5af6574ab3","block_type":"box","text":"If these relations were to worsen, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the","page_number":74,"box":{"x":70,"y":407,"width":817,"height":12}},{"id":"33717071-814f-4033-8587-04970b3aee15","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":74,"box":{"x":70,"y":423,"width":791,"height":11}},{"id":"94f94ba7-213b-4ec0-8fb0-a30ae2bf016c","block_type":"box","text":"trends were to continue, it may have an adverse impact on the U.S. economy and many of the issuers in which a","page_number":74,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"d7b6bec9-fd3e-4a76-bd81-8ec49c8d4da2","block_type":"box","text":"Fund may invest.","page_number":74,"box":{"x":70,"y":453,"width":117,"height":11}},{"id":"b6149009-109c-460e-ba97-821bfb0ffb59","block_type":"box","text":"Funding Agreements.","page_number":74,"box":{"x":102,"y":476,"width":154,"height":11}},{"id":"70d699fd-07a9-44ff-bcbb-f9d4d7ce0053","block_type":"box","text":"Cer tain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":74,"box":{"x":262,"y":475,"width":584,"height":12}},{"id":"68da502b-ac67-46ad-8e13-6adeb2a04281","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":74,"box":{"x":69,"y":491,"width":773,"height":11}},{"id":"24e235fb-1f0c-4abe-af46-dfac2038d909","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":74,"box":{"x":70,"y":506,"width":761,"height":11}},{"id":"52640be2-672b-4ead-bbdf-673cec7f221f","block_type":"box","text":"guaranteed interest, which is based on an index. The funding agreements provide that this guaranteed interest will","page_number":74,"box":{"x":68,"y":521,"width":817,"height":11}},{"id":"3b326e2c-0cdf-4793-8e08-eff5b51ce85f","block_type":"box","text":"not be less than a cer tain minimum rate. The purchase price paid for a funding agreement becomes par t of the","page_number":74,"box":{"x":69,"y":536,"width":794,"height":11}},{"id":"d8e0f7c5-70a2-4faa-908b-7f13b10b0783","block_type":"box","text":"general assets of the insurance company, and the contract is paid from the general assets of the insurance company.","page_number":74,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"d8d3d6f8-d34f-423d-be71-2b5518ff71d6","block_type":"box","text":"Generally, funding agreements are not assignable or transferable without the permission of the issuing insurance","page_number":74,"box":{"x":69,"y":566,"width":806,"height":11}},{"id":"0a6914d7-7db7-4a64-a727-5762e6030d12","block_type":"box","text":"companies, and an active secondary market in some funding agreements does not currently exist.","page_number":74,"box":{"x":69,"y":581,"width":700,"height":12}},{"id":"5285815d-d6c8-4d7d-81c8-ffa71015dd6a","block_type":"box","text":"Guarantees.","page_number":74,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"a535d8f9-05cc-4958-9f93-e8dee56c79f2","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":74,"box":{"x":194,"y":604,"width":685,"height":11}},{"id":"1861a1e4-8dcd-401e-b44a-1a5bcebbf808","block_type":"box","text":"issuer of the security. Generally, the guarantor of a security (often an affiliate of the issuer) will fulfill an issuer’s","page_number":74,"box":{"x":70,"y":619,"width":797,"height":11}},{"id":"b442602f-159f-47f3-8b87-a319ae38403f","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":74,"box":{"x":70,"y":634,"width":488,"height":12}},{"id":"6a1d3f67-649e-42f4-bbe9-ae26a31a41c3","block_type":"box","text":"Illiquid Investments.","page_number":74,"box":{"x":102,"y":657,"width":146,"height":11}},{"id":"da8299e0-21a4-46b5-98a2-cc655af789b2","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":74,"box":{"x":255,"y":657,"width":630,"height":11}},{"id":"dd6cbc89-4bb0-4dc3-98a0-437194342fe2","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":74,"box":{"x":70,"y":672,"width":787,"height":11}},{"id":"3648c818-0b51-45ce-b44a-7301b7cd93c2","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":74,"box":{"x":70,"y":687,"width":792,"height":11}},{"id":"bfd66eba-d8a6-4730-849e-0fad18274408","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":74,"box":{"x":69,"y":702,"width":834,"height":12}},{"id":"92636cf2-1bb6-4de5-aa78-81d3920a8cd2","block_type":"box","text":"investments may become illiquid after purchase by a Fund, par ticularly during periods of market turmoil. There can be","page_number":74,"box":{"x":70,"y":717,"width":838,"height":12}},{"id":"75b6f919-9886-4873-aff1-f470a7987696","block_type":"box","text":"no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for","page_number":74,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"c08eca66-0d16-43ec-a2f1-00bb72a5a93d","block_type":"box","text":"as long as it is held by a Fund, and any security or instrument held by the Fund may be deemed an illiquid investment","page_number":74,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"6ae0151a-98be-45b1-a0db-583b315a3f09","block_type":"box","text":"pursuant to the Fund’s liquidity risk management program. A Fund’s illiquid investments may reduce the returns of","page_number":74,"box":{"x":70,"y":763,"width":816,"height":11}},{"id":"014ef4d9-d0f8-47dc-afa5-b85656c54878","block_type":"box","text":"the Fund because it may be difficult to sell the illiquid investments at an advantageous time or price. In addition, if a","page_number":74,"box":{"x":68,"y":778,"width":832,"height":11}},{"id":"dbe28848-a233-4943-a846-6db0e8d31aed","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":74,"box":{"x":70,"y":793,"width":803,"height":11}},{"id":"eb330b54-77e3-410b-a1d5-5cd7513c52a2","block_type":"box","text":"selling their shares, or the Fund’s net assets otherwise shrink, the Fund will need to dispose of liquid securities to","page_number":74,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"1dc31e58-b4e3-4166-8912-5fd4d4658629","block_type":"box","text":"meet redemption requests and illiquid securities will become a larger por tion of the Fund’s holdings. If illiquid","page_number":74,"box":{"x":69,"y":823,"width":781,"height":12}},{"id":"0a754bdd-76a9-47df-ac61-4441efa06109","block_type":"box","text":"investments exceed 15% of a Fund’s net assets, the Liquidity Rule (as defined below) and the Liquidity Program (as","page_number":74,"box":{"x":70,"y":838,"width":822,"height":12}},{"id":"73a445eb-fe25-4d6f-bcde-7fc8bbac5315","block_type":"box","text":"defined below) will require that cer tain remedial actions be taken. Illiquid investments may trade at a discount from","page_number":74,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"5e422c4b-f4c1-4dcb-8db5-b1e21df68bee","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of the","page_number":74,"box":{"x":69,"y":869,"width":813,"height":11}},{"id":"2c83f355-1167-4731-8f82-85d475074449","block_type":"box","text":"Fund to dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of","page_number":74,"box":{"x":70,"y":884,"width":814,"height":11}},{"id":"2fae987f-5ab2-4268-863c-4137f38989af","block_type":"box","text":"market oppor tunities. The risks associated with illiquidity will be par ticularly acute where a Fund’s operations require","page_number":74,"box":{"x":69,"y":899,"width":833,"height":11}},{"id":"8ae3b6c1-71e6-4e07-8b06-b8c6e0623743","block_type":"box","text":"II-31","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e6b172fb-1368-453a-9eb5-d14ab298ba2a","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":74,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"908b39fe-dadd-46a7-b00f-0a1581d42770","block_type":"box","text":"cash, such as when the Fund redeems shares or pays dividends, and could result in the Fund borrowing to meet","page_number":75,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"29900699-4cac-44b1-9ce1-48fd915cad5d","block_type":"box","text":"shor t-term cash requirements or incurring capital losses on the sale of illiquid investments.","page_number":75,"box":{"x":69,"y":60,"width":651,"height":11}},{"id":"28bac60d-ec66-41c9-8606-ff9658faabe5","block_type":"box","text":"Index Funds.","page_number":75,"box":{"x":102,"y":83,"width":91,"height":8}},{"id":"c8fa3b4f-502f-497b-8eb4-45ba724a61b0","block_type":"box","text":"Cash Flows; Expenses.","page_number":75,"box":{"x":102,"y":105,"width":162,"height":11}},{"id":"1bc7ddd0-7623-4529-9c67-56454574e90b","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some extent on","page_number":75,"box":{"x":270,"y":105,"width":613,"height":11}},{"id":"5a2e8aa9-3d38-4ee9-b0b0-193297061fc6","block_type":"box","text":"the Manager’s ability to manage cash flow (primarily from purchases and redemptions and distributions from the","page_number":75,"box":{"x":68,"y":120,"width":803,"height":12}},{"id":"9c2819d0-db49-4483-bb88-6f61fcb374f2","block_type":"box","text":"Fund’s investments). The Manager will make investment changes to a Fund’s por tfolio to accommodate cash flow","page_number":75,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"364e1fed-8876-4562-a28b-bd59f2a0d42b","block_type":"box","text":"while continuing to seek to replicate the total return of the Fund’s target index. Investors should also be aware that","page_number":75,"box":{"x":68,"y":150,"width":823,"height":12}},{"id":"e41b4850-c299-4d6e-809f-d0fc8f31b17e","block_type":"box","text":"the investment per formance of each index is a hypothetical number which does not take into account brokerage","page_number":75,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"f40a57ca-f6aa-4d6e-82d7-98f1c491b365","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":75,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"6812f2f5-83a8-49d9-befc-5c31605bdc9f","block_type":"box","text":"(","page_number":75,"box":{"x":69,"y":196,"width":3,"height":11}},{"id":"a36dc9ee-0291-4b4f-8ce5-bb53599ec450","block_type":"box","text":"e.g.","page_number":75,"box":{"x":74,"y":197,"width":25,"height":10}},{"id":"6375f8ca-9028-43bb-8453-97df106e34c1","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":75,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"698ca8fb-6870-47db-8921-9f10367cad3c","block_type":"box","text":"replicate the total return of its target index, the Manager generally will not attempt to judge the merits of any","page_number":75,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"82f8ccce-92ab-4ca1-9a92-de198bd18b1f","block_type":"box","text":"par ticular security as an investment.","page_number":75,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"90ac9389-7741-4477-920c-8072ccd8a0bf","block_type":"box","text":"Tracking Error Risk","page_number":75,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"d676e119-15a8-4803-a52f-4d9d1886d573","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s per formance","page_number":75,"box":{"x":236,"y":249,"width":658,"height":11}},{"id":"091a24df-3638-431c-86a0-c525e17120ba","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":75,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"33ca0645-de66-45b2-b4eb-439d2098b3fc","block_type":"box","text":"instruments held in the Fund’s por tfolio and those included in the Underlying Index, pricing differences (including, as","page_number":75,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"fa29245e-783e-4945-aa8b-981184f9ad99","block_type":"box","text":"applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at","page_number":75,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"b5cc80ba-92ed-445d-b185-a0540cd1858e","block_type":"box","text":"the time of calculation of the Fund’s net asset value), differences in transaction costs incurred by the Fund, the","page_number":75,"box":{"x":68,"y":309,"width":797,"height":11}},{"id":"9efc4b58-ed8a-4e91-a863-550757ef178b","block_type":"box","text":"Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or other","page_number":75,"box":{"x":70,"y":324,"width":787,"height":12}},{"id":"1417c22c-8ef7-4420-aa18-69bc0e61f866","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, por tfolio transactions carried out to","page_number":75,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"7865f5f8-2056-4193-8a83-ab6d7ed01fdf","block_type":"box","text":"minimize the distribution of capital gains to shareholders, changes to the Underlying Index or the costs to the Fund of","page_number":75,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"b7705bde-5c08-4731-b45b-55b4c7d0468a","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":75,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"97a2c073-b36d-4912-a9a8-a9880e324b0f","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":75,"box":{"x":70,"y":385,"width":801,"height":11}},{"id":"def9aa35-36bb-412d-9569-3e71778b3e2d","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":75,"box":{"x":70,"y":400,"width":487,"height":11}},{"id":"5e479fb8-ae72-402d-a426-f9ee52005404","block_type":"box","text":"When an issuer is introduced by an index provider into an index tracked by a Fund, the Manager may conduct an","page_number":75,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"53387781-dde5-42f7-90d0-5528e5ea33f2","block_type":"box","text":"analysis on such issuer’s securities to identify and screen for outlier high risk behavior (such as rapid or unusual","page_number":75,"box":{"x":69,"y":438,"width":803,"height":11}},{"id":"8484f505-576a-4d85-a34c-935d4b65b2a0","block_type":"box","text":"price growth that does not appear to be suppor ted by publicly available information on the business and assets of","page_number":75,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"a258c67d-6e0f-45ff-901e-0b7dcffdde09","block_type":"box","text":"the issuer, unusual or significant shor t interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":75,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"0e238ebc-1d93-4f8a-8aea-3974969e68c8","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). If it","page_number":75,"box":{"x":68,"y":483,"width":778,"height":11}},{"id":"aa104da5-5b36-4281-a1f6-d3abe95af28f","block_type":"box","text":"identifies such behavior, the Manager may, where appropriate, aler t the index provider as to the alleged issue. The","page_number":75,"box":{"x":70,"y":498,"width":816,"height":11}},{"id":"5dc9cdc1-19a6-4abd-960a-8571fe18b8fa","block_type":"box","text":"index provider has sole discretion for the determination as to whether to continue to include the issuer’s securities in","page_number":75,"box":{"x":70,"y":513,"width":836,"height":11}},{"id":"90c80023-b7ab-4c6f-a79f-dc68f47abf48","block_type":"box","text":"the rebalancing of its index. If the securities continue to be included in the index, the Manager may underweight or","page_number":75,"box":{"x":68,"y":528,"width":819,"height":12}},{"id":"057f899a-328f-47b4-9477-7f610438ca02","block_type":"box","text":"exclude such securities from a Fund’s por tfolio and, if it does so, such Fund will be subject to increased tracking","page_number":75,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"1d0befdb-a1ef-4777-918a-423f48880597","block_type":"box","text":"error due to the divergence in the securities included in its por tfolio from its underlying index. 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BofA is","page_number":77,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"1892f5d5-0a2a-4e36-bb17-ba5cf316843f","block_type":"box","text":"not the issuer or producer of the ICE BofA Indices, and its name is a trademark and service mark of its owner used","page_number":77,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"09c984a7-cac3-4609-a2f5-8dd4bd940976","block_type":"box","text":"under license. Neither ICE nor BofA is responsible for or has reviewed any Fund nor any associated literature or","page_number":77,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"e8616e20-3eb8-4810-bd2a-2f4ddb18eefb","block_type":"box","text":"publications and ICE and BofA make no representation or warranty, express or implied, as to their accuracy, or","page_number":77,"box":{"x":70,"y":158,"width":785,"height":11}},{"id":"50d99b02-6d67-4c39-8cd2-a535e256cb6b","block_type":"box","text":"completeness, or otherwise.","page_number":77,"box":{"x":69,"y":173,"width":202,"height":11}},{"id":"067c48aa-afb9-4fa3-81cc-27871ee6a247","block_type":"box","text":"ICE reserves the right, at any time and without notice, to alter, amend, terminate or in any way change an ICE","page_number":77,"box":{"x":102,"y":196,"width":779,"height":11}},{"id":"669ec9d8-9739-4219-8e5a-ac59e8d6e038","block_type":"box","text":"BofA Index. ICE has no obligation to take the needs of any par ticular Fund or its par ticipants or any other product or","page_number":77,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"e49e9d80-69a2-43ef-90f9-7f8e967de0d0","block_type":"box","text":"person into consideration in determining, composing or calculating an ICE BofA Index.","page_number":77,"box":{"x":70,"y":226,"width":608,"height":11}},{"id":"fb99dcff-99b6-4fed-ab19-7aa6cf0b3736","block_type":"box","text":"Indexed and Inverse Securities.","page_number":77,"box":{"x":102,"y":249,"width":228,"height":9}},{"id":"358feff1-072e-4f97-9b47-3d817236ac77","block_type":"box","text":"A Fund may invest in securities that provide a potential return based on a","page_number":77,"box":{"x":336,"y":249,"width":523,"height":11}},{"id":"b883b89a-6282-4f9f-89fa-2ee5a1b40184","block_type":"box","text":"par ticular index of value or interest rates. For example, a Fund may invest in securities that pay interest based on an","page_number":77,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"ceddfa84-7ba7-49eb-9163-43484fdf0245","block_type":"box","text":"index of interest rates. The principal amount payable upon maturity of cer tain securities also may be based on the","page_number":77,"box":{"x":70,"y":279,"width":814,"height":11}},{"id":"a65ca337-4ae8-49d3-8bc8-0b030ffa59e7","block_type":"box","text":"value of the index. To the extent a Fund invests in these types of securities, the Fund’s return on such securities will","page_number":77,"box":{"x":68,"y":294,"width":830,"height":11}},{"id":"4635c924-de22-4775-8093-80c703b198c3","block_type":"box","text":"be subject to risk with respect to the value of the par ticular index: that is, if the value of the index falls, the value of","page_number":77,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"746eeee9-c29b-4fc8-accd-f7dd5bb84f5b","block_type":"box","text":"the indexed securities owned by the Fund will fall. Interest and principal payable on cer tain securities may also be","page_number":77,"box":{"x":68,"y":324,"width":812,"height":11}},{"id":"ab394984-7a5e-4c87-a830-bc14d9f963d3","block_type":"box","text":"based on relative changes among par ticular indices. A Fund may also invest in so-called “inverse floating obligations”","page_number":77,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"ccd6ed8c-a6bb-40ed-b4c8-129c73a2b7a1","block_type":"box","text":"or “residual interest bonds” on which the interest rates vary inversely with a floating rate (which may be reset","page_number":77,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"116b5ed4-2899-4f6b-915f-df09ae5820bd","block_type":"box","text":"periodically by a Dutch auction, a remarketing agent, or by reference to a shor t-term tax-exempt interest rate index). A","page_number":77,"box":{"x":70,"y":370,"width":838,"height":11}},{"id":"2a781d49-b805-4c4f-8912-c60856ae56f1","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":77,"box":{"x":70,"y":385,"width":771,"height":11}},{"id":"fcc43fec-8483-4a04-8d36-89068806dd0b","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":77,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"c598be62-d526-4dd7-ae74-0c86c92ca3ec","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":77,"box":{"x":70,"y":415,"width":835,"height":11}},{"id":"edd208ef-331a-4fe8-a9ea-c0114aacf1a0","block_type":"box","text":"increase or decrease in value in response to changes, as an illustration, in market interest rates at a rate that is a","page_number":77,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"4de9ef36-990c-487e-9bd3-f068775d800a","block_type":"box","text":"multiple of the rate at which fixed-rate securities increase or decrease in response to such changes. As a result, the","page_number":77,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"aa12511c-696f-487c-8d89-c92af2cfb5fd","block_type":"box","text":"market values of such securities will generally be more volatile than the market values of fixed-rate securities. To","page_number":77,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"74c22197-c29c-4efe-a439-7b3df923b876","block_type":"box","text":"seek to limit the volatility of these securities, a Fund may purchase inverse floating obligations that have shor ter-term","page_number":77,"box":{"x":69,"y":475,"width":838,"height":12}},{"id":"62027e12-3bc9-4a0a-9d5b-0920eae9c61f","block_type":"box","text":"maturities or that contain limitations on the extent to which the interest rate may vary. Cer tain investments in such","page_number":77,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"10217778-a963-4cc2-816e-8621cf3393cb","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":77,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"20859b40-cfea-4e6d-b1a4-6a1d7786bbd5","block_type":"box","text":"por tfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":77,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"c88d330f-fbda-43be-ac41-d2ef60796181","block_type":"box","text":"por tfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":77,"box":{"x":70,"y":536,"width":834,"height":11}},{"id":"97f54ceb-d81c-4a06-820a-f510b89c488c","block_type":"box","text":"Fund may invest in indexed and inverse securities for hedging purposes or to seek to increase returns. When used for","page_number":77,"box":{"x":70,"y":551,"width":839,"height":11}},{"id":"09680200-c96d-4080-89c8-b98b390a1296","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Fur thermore, where such a security","page_number":77,"box":{"x":69,"y":566,"width":781,"height":11}},{"id":"bc015533-70c8-48ed-a1bf-ee28356b121d","block_type":"box","text":"includes a contingent liability, in the event of an adverse movement in the underlying index or interest rate, a Fund","page_number":77,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"5873568f-acfb-4142-9a01-341c063c6492","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":77,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"14dc0b24-0dcb-4290-a606-44a14e20e18b","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":77,"box":{"x":101,"y":619,"width":741,"height":11}},{"id":"5cbb7786-0518-4ef7-ba80-56254111f43e","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":77,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"c6742010-0c86-4ff4-b28c-2cc4e7e73cde","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when shor t-term interest rates increase and increase","page_number":77,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"df7d83e6-0b50-47c9-9940-575bd9195dba","block_type":"box","text":"when shor t-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":77,"box":{"x":68,"y":665,"width":805,"height":11}},{"id":"c4373041-bb9c-40d6-89d8-10d7d7c25d66","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":77,"box":{"x":70,"y":680,"width":813,"height":11}},{"id":"76cb56a0-02ea-4267-acd2-a5e04e9ed51d","block_type":"box","text":"Inflation Risk.","page_number":77,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"6916e80e-2f3c-48f9-95b5-dd779911cb9a","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":77,"box":{"x":209,"y":702,"width":663,"height":11}},{"id":"c2c705a8-37a2-4a48-b61c-ba89628b9759","block_type":"box","text":"value of assets or income from investments will be less in the future as inflation decreases the value of money. As","page_number":77,"box":{"x":68,"y":717,"width":820,"height":12}},{"id":"0352f4f5-d5e6-42b0-8345-f9155176e6d4","block_type":"box","text":"inflation increases, the present value of a Fund’s assets can decline as can the value of a Fund’s distributions.","page_number":77,"box":{"x":70,"y":732,"width":792,"height":11}},{"id":"5ee3c209-b377-4467-972b-6f4a62873653","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":77,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"78ffc740-bb8b-4fda-b097-5fc39aba622d","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":77,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"32611332-5030-4160-a09f-3842c572a6d1","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":77,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"a68a47b5-d334-442c-8120-ccdb072f26be","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":77,"box":{"x":361,"y":785,"width":540,"height":12}},{"id":"921b6684-1f1a-436e-9f8d-98f37465ea35","block_type":"box","text":"the secondary market are affected by the per formance of the stock market overall. If IPOs are brought to the market,","page_number":77,"box":{"x":68,"y":801,"width":836,"height":11}},{"id":"be48f44b-01fc-47e1-91ae-54f7af806bc9","block_type":"box","text":"availability may be limited and a Fund may not be able to buy any shares at the offering price, or if it is able to buy","page_number":77,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"bf5988b9-87fc-4a0c-b455-c95a7ddd1854","block_type":"box","text":"shares, it may not be able to buy as many shares at the offering price as it would like. In addition, the prices of","page_number":77,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"02e56453-9d9a-443d-a9bd-04969736b451","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":77,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"97b5a8c7-9b17-4491-a6d3-e2d3e6bdc0da","block_type":"box","text":"stocks. IPOs have the potential to produce substantial gains. A Fund may hold shares from an IPO for only a shor t","page_number":77,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"bf178d8d-efc3-43b2-8177-3241e5c90ee9","block_type":"box","text":"period of time given possible price volatility. This may result in increased por tfolio turnover and expenses, such as","page_number":77,"box":{"x":70,"y":876,"width":813,"height":11}},{"id":"9d6cd61a-498d-41c3-a31a-d6beb06cc513","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":77,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"d8162c75-9325-42e3-8343-5c1828196cbe","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":77,"box":{"x":68,"y":906,"width":802,"height":12}},{"id":"251e7d95-0600-4c7a-b8fd-372c1e03572e","block_type":"box","text":"II-34","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0f68fb2d-d2a9-4f57-ba64-18126ed4f6ee","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":77,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"9c0cbbe3-9cd2-4eb7-9a7c-dfc4ff3a45ba","block_type":"box","text":"should not rely on any past gains from IPOs as an indication of future per formance. The investment per formance of a","page_number":78,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"f90eebf9-f707-4666-83f0-5ab45b45c328","block_type":"box","text":"Fund during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when it","page_number":78,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"f56c9a2b-dbbe-49ba-a407-54b4102650a9","block_type":"box","text":"is able to do so. In addition, as a Fund increases in size, the impact of IPOs on its per formance will generally","page_number":78,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"947a7c31-683b-4edc-a64d-71df3b50942b","block_type":"box","text":"decrease. Securities issued in IPOs are subject to many of the same risks as investing in companies with smaller","page_number":78,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"00a8067f-066d-4135-a75b-9225e485623d","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":78,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"db0ee11c-b553-48e7-8357-0aba31a1b18e","block_type":"box","text":"be available for very limited periods.","page_number":78,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"ac7b7520-b441-4e32-8d88-30e366fb5bc3","block_type":"box","text":"Investment in Emerging Markets.","page_number":78,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"41223221-f356-4c86-ba61-200a4a9f88a8","block_type":"box","text":"General.","page_number":78,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"ab08200c-e02f-4bdc-8210-bcf389733b43","block_type":"box","text":"Cer tain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":78,"box":{"x":102,"y":188,"width":748,"height":12}},{"id":"c2c21192-6d1a-4721-a26b-d9d44a7eda4c","block_type":"box","text":"markets. Unless otherwise provided in a Fund’s Prospectus, a country with an emerging capital market is any country","page_number":78,"box":{"x":69,"y":204,"width":840,"height":11}},{"id":"3930746c-e126-4b2a-a8ae-34e642ac1452","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":78,"box":{"x":68,"y":218,"width":813,"height":12}},{"id":"8f147262-a089-4db1-b8ba-c4142901c475","block_type":"box","text":"the International Finance Corporation, or determined by the World Bank to have a low, middle or middle upper income","page_number":78,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"5a06f814-4b66-44eb-a5ec-8d8d96264d45","block_type":"box","text":"economy; (ii) classified by the United Nations or its authorities to be developing; and/or (iii) included in a broad-based","page_number":78,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"e081c025-53d7-4a75-b75f-83c4de2932ad","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":78,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"08057de1-09ba-4348-9ea9-6f4ff2d1f02b","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":78,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"d34a511f-bb4a-4791-9a94-0ca247e1ac40","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve cer tain","page_number":78,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"a56e66dd-231b-446c-a4a2-61a413ade0b4","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":78,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"0991ef12-50f8-4a49-bd1c-c3b1af7cb1e0","block_type":"box","text":"such as (i) low or non-existent trading volume, resulting in market illiquidity and increased volatility in prices for such","page_number":78,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"7ea5733d-64df-4069-aa57-2fd98f5fa1c2","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncer tain","page_number":78,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"6652eb39-5b80-4fed-8a11-a314468bbd06","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":78,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"97996b3c-706e-41f9-b182-d407b2369a0c","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":78,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"89241768-2f6a-4d82-ad31-1335558b62c4","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":78,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"432937f6-fda6-4409-9cc0-0ea5070407af","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":78,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"1d13a117-8be8-4c4b-b303-4f9f909f0c42","block_type":"box","text":"policies that may limit a Fund’s investment oppor tunities such as restrictions on investment in issuers or industries","page_number":78,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"224bd254-c3da-414f-9112-ace73263e17a","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":78,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"bc0d39d6-a979-4ebb-a6c6-4ab2871ad589","block_type":"box","text":"private and foreign investments and private proper ty. In addition to withholding taxes on investment income, some","page_number":78,"box":{"x":70,"y":453,"width":813,"height":11}},{"id":"d2246d29-8e7b-4a23-8338-433d2f4d74f5","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":78,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"1aee6673-2290-4678-bb03-969da68fffd9","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":78,"box":{"x":102,"y":491,"width":767,"height":11}},{"id":"eb399ea4-abf4-4e70-bacc-a73e87fa0c60","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":78,"box":{"x":69,"y":506,"width":814,"height":11}},{"id":"7caeed32-d442-4026-969b-fc01ec98c54f","block_type":"box","text":"developed countries. In such a dynamic environment, there can be no assurance that any or all of these capital","page_number":78,"box":{"x":69,"y":521,"width":792,"height":11}},{"id":"489f6e62-c6c5-428e-a29a-71fea5400ce0","block_type":"box","text":"markets will continue to present viable investment oppor tunities for a Fund. In the past, governments of such nations","page_number":78,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"eafa7146-a851-4d12-8019-52839fc809e2","block_type":"box","text":"have expropriated substantial amounts of private proper ty, and most claims of the proper ty owners have never been","page_number":78,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"b5ffe97c-4482-41b9-8255-98a150621519","block_type":"box","text":"fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that a","page_number":78,"box":{"x":68,"y":566,"width":816,"height":11}},{"id":"7d5ae8d1-097e-4f11-868c-622f7c4f285a","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. As a result the risks described above,","page_number":78,"box":{"x":70,"y":581,"width":802,"height":11}},{"id":"3c334ccb-ea98-4c81-8408-a2f148a4c90c","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":78,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"2929da48-cd88-49f0-8a9a-9d73bbe1545f","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":78,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"e87a3c40-4b5d-48b1-b9d9-fd048e5ab6dd","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in cer tain of these countries and","page_number":78,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"cbc5ba5c-3d46-447a-aa3d-2b43a0b65c44","block_type":"box","text":"the limited volume of trading in securities in these countries may make investments in the countries illiquid and more","page_number":78,"box":{"x":68,"y":642,"width":838,"height":11}},{"id":"437fbb8e-da4a-4233-8514-2d16a6f7a3eb","block_type":"box","text":"volatile than investments in more established markets.","page_number":78,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"54590607-941e-414d-b6e1-58354eee6d7a","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":78,"box":{"x":101,"y":680,"width":805,"height":11}},{"id":"5e939b9a-d694-41aa-a974-8d47cdd4f6bf","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":78,"box":{"x":69,"y":695,"width":818,"height":11}},{"id":"83e952bb-5428-4946-8c32-17f315f520f3","block_type":"box","text":"financial repor ting standards and requirements comparable to those to which U.S. companies are subject. In cer tain","page_number":78,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"30991066-2239-4239-ad74-7ee34356cf53","block_type":"box","text":"countries with emerging capital markets, repor ting standards vary widely. As a result, traditional investment","page_number":78,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"6bbf4468-9d1c-463d-972d-3d867b448506","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":78,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"ec8bc416-b5e2-4599-804b-9a1fc177a18a","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":78,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"7543839c-955a-4913-9097-b25894797050","block_type":"box","text":"shares may be held by a limited number of persons. This may adversely affect the timing and pricing of the Fund’s","page_number":78,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"72a1481d-9cfb-4127-8b13-e3d0c3734ac1","block_type":"box","text":"acquisition or disposal of securities.","page_number":78,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"39f814ef-7bda-4703-acb0-4e03a0450e1b","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":78,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"635f6c76-88d4-4505-9a2b-55ec10965940","block_type":"box","text":"in developed markets, in par t because a Fund will need to use brokers and counterpar ties that are less well","page_number":78,"box":{"x":70,"y":823,"width":769,"height":11}},{"id":"6f1ac650-86ef-41d7-8261-7790965f1931","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":78,"box":{"x":69,"y":838,"width":798,"height":12}},{"id":"13971dd2-0173-4565-b1a6-c580168f4858","block_type":"box","text":"negligence, undue influence being exer ted by the issuer or refusal to recognize ownership exists in some emerging","page_number":78,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"c7f136f1-8509-4aaa-b025-2482e40c5c9f","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":78,"box":{"x":69,"y":869,"width":804,"height":11}},{"id":"324674e6-ce2a-48a3-be76-c438365174bd","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":78,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"b8e5d0c9-9a97-4211-a6ea-62bd9978e57d","block_type":"box","text":"II-35","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7aabe923-d724-4413-b292-6defe0cf2872","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":78,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"42910c2d-1fbf-4e03-9371-1ec08a2a6a45","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":79,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"cdfd0d95-9a78-456c-a14e-f657a178f566","block_type":"box","text":"countries may be on either a currency hedged or unhedged basis, and the Funds may hold from time to time various","page_number":79,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"4a107034-3676-462c-9109-1d93421bf9cd","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":79,"box":{"x":68,"y":75,"width":797,"height":11}},{"id":"caf463f4-e833-43c8-91c1-a3cd0c003943","block_type":"box","text":"characteristics of futures contracts. In addition, cer tain Funds may engage in foreign currency exchange transactions","page_number":79,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"ff3d24c4-57ce-4f25-9bde-132a2fc195a6","block_type":"box","text":"to seek to protect against changes in the level of future exchange rates which would adversely affect the Fund’s","page_number":79,"box":{"x":68,"y":105,"width":799,"height":11}},{"id":"d05400c4-36d4-45f1-84ca-891869cbb0ad","block_type":"box","text":"per formance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":79,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"61721567-4719-40bc-94a1-4644176563a1","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":79,"box":{"x":68,"y":135,"width":740,"height":12}},{"id":"bc22b4b8-8041-4e0e-816e-77f2ec384dd9","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":79,"box":{"x":102,"y":158,"width":305,"height":11}},{"id":"5558f772-49a4-49e4-9f06-ad32e3dc5341","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":79,"box":{"x":414,"y":158,"width":485,"height":11}},{"id":"8157e5c4-4de5-4476-934e-6995fe512565","block_type":"box","text":"in developing markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to cer tain","page_number":79,"box":{"x":70,"y":173,"width":832,"height":11}},{"id":"780157eb-ca48-4ad9-ad25-a3c2b41a1d88","block_type":"box","text":"additional or specific risks. Cer tain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":79,"box":{"x":69,"y":188,"width":808,"height":11}},{"id":"ffdbd09a-07e9-42be-b0f8-04ade2fdc892","block_type":"box","text":"these markets, there is a high concentration of market capitalization and trading volume in a small number of issuers","page_number":79,"box":{"x":68,"y":203,"width":838,"height":12}},{"id":"33540fe0-f037-4a80-84cb-a56c93dbbadd","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":79,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"a53cf541-441b-4f5f-8a72-d574d3c206e2","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":79,"box":{"x":70,"y":234,"width":791,"height":11}},{"id":"b98e5c15-eaef-42cd-b6c1-ae73b722d52c","block_type":"box","text":"region such as in Japan and Hong Kong. Brokers in developing market Asia-Pacific countries typically are fewer in","page_number":79,"box":{"x":69,"y":249,"width":804,"height":11}},{"id":"4660ad98-cf8b-4715-80fc-85dbb0e98ee8","block_type":"box","text":"number and less well capitalized than brokers in the United States. These factors, combined with the U.S. regulatory","page_number":79,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"c0e715b0-57bc-4626-88b2-97207d018b9d","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":79,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"29792e56-bf39-45fc-a07a-226ee68e7e2d","block_type":"box","text":"in potentially fewer investment oppor tunities for a Fund and may have an adverse impact on the investment","page_number":79,"box":{"x":70,"y":294,"width":766,"height":11}},{"id":"86d3aea8-b8b7-4fc1-86aa-fbdce5fc02fe","block_type":"box","text":"per formance of the Fund.","page_number":79,"box":{"x":70,"y":309,"width":179,"height":11}},{"id":"cf82f8d0-0bc0-4e87-b8f9-634e3d5de726","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":79,"box":{"x":102,"y":332,"width":784,"height":11}},{"id":"fcd987ac-d911-45a4-bf99-478716ad95fd","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":79,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"016ce08b-4162-4d25-8794-933c1d25d210","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":79,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"dfe758d0-f8de-4596-9c3c-f71d9a9c5a87","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":79,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"6faf7936-c4d8-4e09-ab87-552b6e504fe5","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":79,"box":{"x":68,"y":392,"width":823,"height":12}},{"id":"238c1132-19b9-4bfa-9589-839c39f533a5","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":79,"box":{"x":68,"y":407,"width":822,"height":12}},{"id":"762205d2-c73d-48bc-af17-ae71ce2f5ccb","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":79,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"f43b5358-bbdb-4c06-9a1b-2907c2a1f28b","block_type":"box","text":"common to most such countries is that the economy is heavily expor t oriented and, accordingly, is dependent upon","page_number":79,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"367ed756-5329-47ff-87ab-231d29a8eea2","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":79,"box":{"x":70,"y":453,"width":827,"height":11}},{"id":"f3a15176-0354-409c-bde8-3e68da21cfe1","block_type":"box","text":"in cer tain countries, as do environmental problems. Cer tain economies also depend to a significant degree upon","page_number":79,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"b6c111c4-4e86-44f2-86a5-e412a2dc2bed","block_type":"box","text":"expor ts of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":79,"box":{"x":69,"y":483,"width":824,"height":11}},{"id":"db16b2ac-1a13-437c-8d8b-be15d554242c","block_type":"box","text":"affected by a variety of factors.","page_number":79,"box":{"x":69,"y":498,"width":220,"height":11}},{"id":"32e7f3dd-749f-428c-a2d1-f64158a56134","block_type":"box","text":"The legal systems in cer tain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":79,"box":{"x":101,"y":521,"width":785,"height":11}},{"id":"065dd16f-6e9b-4ee6-9cf5-4f22a8a45a58","block_type":"box","text":"Fund. For example, while the potential liability of a shareholder in a U.S. corporation with respect to acts of the","page_number":79,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"0a4ac9e1-e1a4-4434-897c-580f7de6cada","block_type":"box","text":"corporation is generally limited to the amount of the shareholder’s investment, the notion of limited liability is less","page_number":79,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"113db0d6-dca8-4c95-bced-e0bcbe108659","block_type":"box","text":"clear in cer tain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":79,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"b10cd97e-eb4a-4134-9ef8-5ccca54cdcc8","block_type":"box","text":"Pacific companies may be more limited than those of shareholders of U.S. corporations. It may be difficult or","page_number":79,"box":{"x":69,"y":581,"width":777,"height":11}},{"id":"4a142ef1-8435-4f1c-ab14-d62cc506c2a7","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":79,"box":{"x":70,"y":596,"width":652,"height":12}},{"id":"274a6dd5-4b85-4a0c-9f49-4cf9c55a2694","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":79,"box":{"x":102,"y":619,"width":737,"height":11}},{"id":"5ba9384c-c710-40e3-96df-623550b127a9","block_type":"box","text":"substantial influence over many aspects of the private sector. In cer tain cases, the government owns or controls","page_number":79,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"b6bb7d11-c0d7-4cfb-9732-39107e638574","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":79,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"395aa4cd-fb58-4660-aac6-ee0088732a52","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":79,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"aac27eaa-e3dc-4656-a533-a7b244bb621b","block_type":"box","text":"sector companies and a Fund itself, as well as the value of securities in the Fund’s por tfolio. In addition, economic","page_number":79,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"883b93e5-d7ae-48f1-bf00-31e97257a0c9","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":79,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"ae38bdc3-21ed-4efb-b228-237b0ef8086f","block_type":"box","text":"nations.","page_number":79,"box":{"x":69,"y":710,"width":56,"height":9}},{"id":"d32d3be0-a59a-4d98-817a-127aabf0275f","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":79,"box":{"x":102,"y":732,"width":794,"height":12}},{"id":"332cda06-4683-4b87-b0b6-ea2b37041e09","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial repor ting","page_number":79,"box":{"x":68,"y":748,"width":773,"height":11}},{"id":"35d76144-af1b-4d5b-ad3c-6372effa8921","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":79,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"54725f1f-feff-43db-bea1-6d5a3d47b1d1","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":79,"box":{"x":69,"y":778,"width":791,"height":11}},{"id":"7c4e5cad-7783-4320-97bf-203c0df4e896","block_type":"box","text":"cer tain assets and liabilities on the company’s balance sheet in order to express items in terms of currency of","page_number":79,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"32e897f5-242f-4534-9d8c-14419e85cd4d","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for cer tain developing","page_number":79,"box":{"x":69,"y":808,"width":790,"height":11}},{"id":"655dd5f9-17ee-4a0f-88c0-b2eda3306076","block_type":"box","text":"market Asia-Pacific companies.","page_number":79,"box":{"x":69,"y":823,"width":220,"height":11}},{"id":"1d861c0f-2a39-4191-9ed8-8fec82d5536e","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":79,"box":{"x":102,"y":846,"width":780,"height":11}},{"id":"dea0af97-bf2f-4962-8ab6-693b60bfab41","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transpor tation and custody","page_number":79,"box":{"x":69,"y":861,"width":829,"height":11}},{"id":"f44acbda-0a60-476c-9ae6-4c074c18fbce","block_type":"box","text":"services for such securities outside such countries.","page_number":79,"box":{"x":69,"y":876,"width":367,"height":9}},{"id":"03adf22e-859b-4332-b823-9c8ba3c44015","block_type":"box","text":"II-36","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f23076bc-c592-4110-ab01-7b844dcf93b3","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":79,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"1e9cfa80-cc18-4f52-9c49-2c338d9a1c0b","block_type":"box","text":"Cer tain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":80,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"014a1a67-b638-4799-8e16-495f08636621","block_type":"box","text":"to commercial banks and foreign governments.","page_number":80,"box":{"x":68,"y":60,"width":335,"height":11}},{"id":"6ab1fd9c-35a4-408c-ae40-f90229c0afa3","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":80,"box":{"x":102,"y":82,"width":788,"height":12}},{"id":"521fe846-8463-40ee-8fc6-29de79183acc","block_type":"box","text":"on a Fund’s investment por tfolio and, in the longer term, could impair the ability of issuers in which the Fund invests","page_number":80,"box":{"x":69,"y":98,"width":830,"height":11}},{"id":"0a15609e-f0c4-4806-843d-e2434beae156","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":80,"box":{"x":68,"y":113,"width":450,"height":11}},{"id":"31379c27-3850-4928-bb3b-6f39f4cd2aed","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":80,"box":{"x":102,"y":135,"width":782,"height":12}},{"id":"fb115b65-80ad-4282-b50e-79af2a05c3e1","block_type":"box","text":"practicable or appropriate to invest in a par ticular developing Asia-Pacific country. A Fund may invest in countries in","page_number":80,"box":{"x":70,"y":150,"width":819,"height":12}},{"id":"be3acd13-0c2a-4fc4-9335-1e65987a5222","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":80,"box":{"x":68,"y":166,"width":711,"height":11}},{"id":"59e18df8-244c-4466-813d-310de0ef771e","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":80,"box":{"x":102,"y":188,"width":435,"height":12}},{"id":"e8f9e597-a80b-4b41-ab1d-95b3145608af","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":80,"box":{"x":543,"y":188,"width":355,"height":12}},{"id":"4cbe7a4b-5d31-407c-855a-04d6c917ed67","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, par ticularly their equity markets, by foreign","page_number":80,"box":{"x":70,"y":203,"width":817,"height":12}},{"id":"134cc032-dea5-4f3a-a250-aa4dab5a7c4f","block_type":"box","text":"entities such as a Fund. As illustrations, cer tain countries may require governmental approval prior to investments by","page_number":80,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"e71b8773-1a52-4d11-8013-7e1f15b656d5","block_type":"box","text":"foreign persons or limit the amount of investment by foreign persons in a par ticular company or limit the investment","page_number":80,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"0738c051-1b5b-4b89-86ac-d83aa22b78cc","block_type":"box","text":"by foreign persons to only a specific class of securities of a company which may have less advantageous terms","page_number":80,"box":{"x":69,"y":249,"width":794,"height":11}},{"id":"a49a6330-6b86-435e-af45-f5f74f4b434d","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":80,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"77b0cf54-e448-42d8-ad37-e70b8f8ece0b","block_type":"box","text":"be no assurance that a Fund will be able to obtain required governmental approvals in a timely manner. In addition,","page_number":80,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"f9e17581-ed98-403f-8f5e-49ad57246740","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":80,"box":{"x":69,"y":294,"width":820,"height":11}},{"id":"c5838782-108c-425b-8c45-9e965cf651c1","block_type":"box","text":"have an adverse effect on the value of such shares. Cer tain countries may restrict investment oppor tunities in","page_number":80,"box":{"x":69,"y":309,"width":788,"height":11}},{"id":"ce782f7e-02ca-49e5-88b9-1ae2554be2ea","block_type":"box","text":"issuers or industries deemed impor tant to national interests.","page_number":80,"box":{"x":70,"y":325,"width":434,"height":10}},{"id":"b6fc3b8b-f7dd-425c-af1c-62da0c12ee8a","block_type":"box","text":"The manner in which foreign investors may invest in companies in cer tain developing Asia-Pacific countries, as","page_number":80,"box":{"x":101,"y":347,"width":787,"height":11}},{"id":"135615cb-a148-446f-bc06-f88c5be20217","block_type":"box","text":"well as limitations on such investments, also may have an adverse impact on the operations of a Fund. For example,","page_number":80,"box":{"x":68,"y":362,"width":833,"height":11}},{"id":"5e2f866f-c42b-4ad5-a072-aade796a5319","block_type":"box","text":"a Fund may be required in cer tain of such countries to invest initially through a local broker or other entity and then","page_number":80,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"a051eac1-b023-4f03-a034-b9cdd61f952b","block_type":"box","text":"have the shares purchased re-registered in the name of the Fund. Re-registration may in some instances not be able","page_number":80,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"c95cd139-b3c2-46e5-8d60-1d2a89790e0f","block_type":"box","text":"to occur on a timely basis, resulting in a delay during which a Fund may be denied cer tain of its rights as an investor,","page_number":80,"box":{"x":68,"y":407,"width":834,"height":12}},{"id":"86999749-c6ca-4689-991e-76dce4891759","block_type":"box","text":"including rights as to dividends or to be made aware of cer tain corporate actions. There also may be instances where","page_number":80,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"c3011616-451c-4d1c-b6e4-fc4e998ae1e7","block_type":"box","text":"a Fund places a purchase order but is subsequently informed, at the time of re-registration, that the permissible","page_number":80,"box":{"x":69,"y":438,"width":800,"height":11}},{"id":"9f1351b8-e05f-4390-9a1e-0e72241744a0","block_type":"box","text":"allocation of the investment to foreign investors has been filled, depriving the Fund of the ability to make its desired","page_number":80,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"dd946292-dd74-42e0-a12f-241b3f00c9a9","block_type":"box","text":"investment at that time.","page_number":80,"box":{"x":70,"y":468,"width":168,"height":9}},{"id":"86f63336-582b-4bb8-a198-2874169bd6ab","block_type":"box","text":"Substantial limitations may exist in cer tain countries with respect to a Fund’s ability to repatriate investment","page_number":80,"box":{"x":102,"y":491,"width":774,"height":11}},{"id":"239a4354-6a26-4861-8f57-3362adf404d8","block_type":"box","text":"income, capital or the proceeds of sales of securities by foreign investors. A Fund could be adversely affected by","page_number":80,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"9110e7de-1b24-4775-8894-1aebd05dbf6c","block_type":"box","text":"delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the","page_number":80,"box":{"x":69,"y":521,"width":789,"height":11}},{"id":"2eb80618-f2c0-4973-9ea6-d29c688cd6db","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that cer tain countries may impose currency","page_number":80,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"b96053ab-4774-41e5-834d-66720ff11ed6","block_type":"box","text":"controls or other restrictions relating to their currencies or to securities of issuers in those countries. To the extent","page_number":80,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"7a25a33e-7c86-4692-a12b-97106a7d1691","block_type":"box","text":"that such restrictions have the effect of making cer tain investments illiquid, securities may not be available for sale","page_number":80,"box":{"x":68,"y":566,"width":826,"height":11}},{"id":"9cbb2af9-2af5-4508-b274-34c9c09c3222","block_type":"box","text":"to meet redemptions. Depending on a variety of financial factors, the percentage of a Fund’s por tfolio subject to","page_number":80,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"0daf261e-ea37-4fd2-b30d-1a59794c3398","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the por tion of the Fund’s assets","page_number":80,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"7877d43a-6bd9-400b-9f62-d49813300715","block_type":"box","text":"that may be used to meet redemptions may be fur ther decreased. Even where there is no outright restriction on","page_number":80,"box":{"x":68,"y":612,"width":798,"height":11}},{"id":"74c601df-1352-4336-a619-e31d88ad0d73","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect cer tain aspects of the operations of a Fund (for","page_number":80,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"ffd8d5f6-3292-493b-8dc1-9716c222724b","block_type":"box","text":"example, if funds may be withdrawn only in cer tain currencies and/or only at an exchange rate established by the","page_number":80,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"25b849ea-d143-4fc9-b6b1-8bc03dc473ad","block_type":"box","text":"government).","page_number":80,"box":{"x":68,"y":657,"width":92,"height":11}},{"id":"96182813-eb20-4c99-8779-48501988e920","block_type":"box","text":"In cer tain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":80,"box":{"x":102,"y":680,"width":790,"height":11}},{"id":"ff61ad14-d43e-4dcd-97f4-e3bbc8bd496c","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":80,"box":{"x":68,"y":695,"width":828,"height":11}},{"id":"19f4d0d8-1ea9-497f-9636-f464ed4e1929","block_type":"box","text":"securities of an issuer that, in its most recent fiscal year, derived more than 15% of its revenues from “securities","page_number":80,"box":{"x":69,"y":710,"width":808,"height":11}},{"id":"f14ba14c-1c3c-4cf7-a394-98cbca318b20","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in cer tain","page_number":80,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"ab3e44a7-af09-400d-80df-e74203bf873c","block_type":"box","text":"foreign banks and other financial institutions.","page_number":80,"box":{"x":68,"y":740,"width":322,"height":11}},{"id":"38575f54-3e0e-4131-9bed-581a22b5b651","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":80,"box":{"x":102,"y":763,"width":767,"height":11}},{"id":"88faf13c-ca8e-45e8-9c1c-d2109e785817","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":80,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"7f210fd2-312e-4a0b-a9aa-6bd896f67fa0","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private proper ty rights and","page_number":80,"box":{"x":69,"y":793,"width":809,"height":11}},{"id":"f461b2d5-19b2-431b-9235-defa52b0f4e0","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":80,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"343ccfef-ed78-48af-89cb-53fe6dfdaa3e","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":80,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"ba387d30-78fa-4d27-8163-0b91db381aa9","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":80,"box":{"x":69,"y":838,"width":788,"height":11}},{"id":"83c761d6-2510-4733-8bd2-2bec07c2b109","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":80,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"c5872480-1174-44d8-a6ee-ebeaf89d4aeb","block_type":"box","text":"cer tain of these countries and the limited volume of trading in securities in these countries may make investments in","page_number":80,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"362b7240-91ad-492d-bca3-e60f1889f27a","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":80,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"4b333faf-ff3a-423a-add2-68ebf71e5301","block_type":"box","text":"II-37","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4bce90ae-b24c-4ae2-9a02-f262f79005a1","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":80,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"533599e2-04ed-421c-b738-aaa074a9414e","block_type":"box","text":"little financial or accounting information available with respect to issuers located in cer tain emerging market","page_number":81,"box":{"x":70,"y":45,"width":771,"height":11}},{"id":"2de5b91c-e729-47a8-8a20-129e65ab79e5","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":81,"box":{"x":69,"y":60,"width":711,"height":11}},{"id":"6f4c2941-1c6f-4487-9206-99271a8736ff","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":81,"box":{"x":101,"y":82,"width":779,"height":12}},{"id":"db53d711-297f-4c2f-948c-103f11a5de5d","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":81,"box":{"x":68,"y":98,"width":840,"height":11}},{"id":"c6b5ab79-7c21-453c-b2ed-7a673854c31c","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":81,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"07b79fad-cf00-4172-8c2a-bc4d5e577e15","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":81,"box":{"x":68,"y":128,"width":802,"height":11}},{"id":"e03a2bb0-537e-41e3-af07-093e2cb76ff7","block_type":"box","text":"foreign securities.","page_number":81,"box":{"x":68,"y":143,"width":127,"height":11}},{"id":"3fa465ed-c2c7-4709-828a-e459b2d5cfb2","block_type":"box","text":"Risks of Investments in Russia.","page_number":81,"box":{"x":102,"y":166,"width":224,"height":9}},{"id":"255ad4f9-a41d-4fbb-bcfa-2526a6d029ee","block_type":"box","text":"A Fund may invest a por tion of its assets in securities issued by companies","page_number":81,"box":{"x":332,"y":166,"width":539,"height":11}},{"id":"d69275f8-afed-4441-a65d-42222f0003bb","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":81,"box":{"x":70,"y":181,"width":826,"height":11}},{"id":"68b95065-b216-40ce-bf2d-d953e7fd6ed2","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":81,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"8ae3a869-e7a9-4a77-bad3-6300d82d03d6","block_type":"box","text":"and a substantial por tion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":81,"box":{"x":69,"y":211,"width":812,"height":11}},{"id":"1e47462f-ac9e-4844-9592-1c11ce5186c4","block_type":"box","text":"The inexperience of the Russian securities market and the limited volume of trading in securities in the market may","page_number":81,"box":{"x":68,"y":226,"width":824,"height":11}},{"id":"17303600-749e-4c10-9d03-0e136aff758b","block_type":"box","text":"make obtaining accurate prices on por tfolio securities from independent sources more difficult than in more","page_number":81,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"6484bc33-5842-4ef1-a0d4-e71110dbe763","block_type":"box","text":"developed markets.","page_number":81,"box":{"x":69,"y":257,"width":138,"height":10}},{"id":"b438deb2-4384-429e-844e-4f2b2800beda","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":81,"box":{"x":102,"y":279,"width":751,"height":11}},{"id":"3e58e311-69ea-40bb-8ea6-05437277e81d","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":81,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"8b43ffec-0351-49b5-86dc-be96ea336522","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":81,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"6de4ea6f-b339-409a-8333-4e45e3abe035","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":81,"box":{"x":69,"y":325,"width":831,"height":11}},{"id":"0bc3622c-fac0-4f34-a1f3-487ba9c466e5","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":81,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"a672f219-7a16-44ce-b85a-1060edf3e577","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":81,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"da6b40ae-8bb0-48f0-82c2-c50b91379c5b","block_type":"box","text":"through the NSD is now based on the records of the NSD and not on the records of the local registrars. Although the","page_number":81,"box":{"x":68,"y":370,"width":833,"height":11}},{"id":"62b37a50-9d9b-4e7a-8e51-4c17fc710b78","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, loss still","page_number":81,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"ca742b2d-1151-4c33-973e-651653f7f4d3","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":81,"box":{"x":69,"y":400,"width":797,"height":11}},{"id":"f9751387-0bf5-49bb-8d0e-c6997aa1b1db","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":81,"box":{"x":69,"y":415,"width":832,"height":11}},{"id":"8b697e6f-45ad-4e48-974f-5583f160de1e","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":81,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"9dedaa43-3cbb-41a5-8ff5-6aff7797b082","block_type":"box","text":"respect to the completion and submission of corporate action elections. To the extent that a Fund suffers a loss","page_number":81,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"e143c995-c9d0-4c62-854f-400249e3aa34","block_type":"box","text":"relating to title or corporate actions relating to its por tfolio securities, it may be difficult for the Fund to enforce its","page_number":81,"box":{"x":69,"y":460,"width":813,"height":12}},{"id":"cc898a17-ada9-465d-abd5-3455ec217f0a","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":81,"box":{"x":69,"y":475,"width":836,"height":12}},{"id":"6173309f-7815-4c66-be56-d9db7a59999b","block_type":"box","text":"custodian bank, and as a result the custodian may be considered the ultimate owner of securities held on behalf of","page_number":81,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"a94e42e1-78f7-4fc4-bc32-eb578e107b4c","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":81,"box":{"x":68,"y":506,"width":723,"height":11}},{"id":"fa4a6828-0c57-410e-ae44-aa60ef746815","block_type":"box","text":"In addition, Russia continues to asser t its influence in the region through economic and military measures, as it","page_number":81,"box":{"x":102,"y":528,"width":801,"height":12}},{"id":"e95ba067-d262-4db6-a8d2-12e84d0ae593","block_type":"box","text":"did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia launched a large-scale invasion","page_number":81,"box":{"x":69,"y":543,"width":826,"height":12}},{"id":"0ddc93d9-3505-4988-b09b-fc7dc969e7b1","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":81,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"5877e299-7473-4cc8-9ce3-848ef1ed796d","block_type":"box","text":"future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar,","page_number":81,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"9f9a8823-47d5-4dc0-833e-531e144d3ea1","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":81,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"6a3741c1-6966-4047-9123-e90cf144bb97","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":81,"box":{"x":69,"y":604,"width":827,"height":11}},{"id":"efbaaee9-6ed3-4816-aaa5-99c9e7cc6914","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":81,"box":{"x":68,"y":619,"width":824,"height":11}},{"id":"b1e5f461-ec8a-4efb-9b65-4f3bc63fa76e","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":81,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"06155beb-e0f2-4092-8d23-0f009c1dc206","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":81,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"3c440b8c-8904-4c34-8f46-35e4cbc18136","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":81,"box":{"x":69,"y":664,"width":814,"height":12}},{"id":"1ba70d52-85ab-4731-b0e9-56c2e49e92b5","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":81,"box":{"x":69,"y":680,"width":816,"height":11}},{"id":"644ec847-7652-48d2-b5e2-a7c504d64a62","block_type":"box","text":"threatened responses to such military action may also impact the markets for cer tain Russian commodities, such as","page_number":81,"box":{"x":68,"y":695,"width":836,"height":11}},{"id":"f764ce17-b249-4492-ad2d-653807d4b0a7","block_type":"box","text":"oil and natural gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such","page_number":81,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"98657204-0573-4d57-8f54-52a2329cb95a","block_type":"box","text":"sectors globally.","page_number":81,"box":{"x":69,"y":725,"width":112,"height":11}},{"id":"e8d8e8e9-d8e9-459f-b5ec-fcf5f08ebcc6","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":81,"box":{"x":102,"y":748,"width":745,"height":11}},{"id":"87f31814-9a9e-483e-93a1-f9ebfbeb5895","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting cer tain securities trades, cer tain private transactions","page_number":81,"box":{"x":70,"y":763,"width":826,"height":11}},{"id":"bc680ca7-b964-467c-aaa6-2ff99e5afc83","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against cer tain Russian individuals, including","page_number":81,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"4bbe2fa3-282c-44e7-b51f-93f2d64a7aab","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":81,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"066599c4-391e-45c5-a2e2-30c3b69cebe5","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":81,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"7e2133d7-8a7f-457c-b7fe-bd5946e3de24","block_type":"box","text":"payments. These sanctions, or even the threat of fur ther sanctions, may result in the decline of the value and","page_number":81,"box":{"x":70,"y":823,"width":782,"height":11}},{"id":"6ff40764-eb1d-4343-8394-8ff1fb87bdc1","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":81,"box":{"x":70,"y":838,"width":802,"height":12}},{"id":"9ab96664-0f4c-4044-be02-a76ef84dbb3a","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":81,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"1b14c5a2-1e51-42f7-93ca-4c52319978bf","block_type":"box","text":"funds invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities","page_number":81,"box":{"x":68,"y":869,"width":804,"height":11}},{"id":"1074a83f-2f7f-49c7-9ac7-5abf66fb561e","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":81,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"61a711f4-9cc4-40b0-b2b8-57ca9e6f0d98","block_type":"box","text":"fur ther impair the value and liquidity of Russian securities.","page_number":81,"box":{"x":68,"y":899,"width":417,"height":11}},{"id":"49f2a518-1022-4361-948d-114a5c3f5dcb","block_type":"box","text":"II-38","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3ccc73ca-9e3a-4782-9008-4437fb6ffb89","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":81,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"d44201c9-fd5b-4173-844f-dd0554329c74","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":82,"box":{"x":102,"y":45,"width":241,"height":11}},{"id":"ee909ab3-6119-4ed7-8778-d13cc0aa486e","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":82,"box":{"x":350,"y":45,"width":523,"height":11}},{"id":"795cc2b8-606d-49fb-9141-7bf7378de910","block_type":"box","text":"issuers is new and untested. Such ability could be restricted or revoked by the Saudi Arabian government at any time,","page_number":82,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"ac3145f7-1d5c-4823-8ddc-ded375703d7d","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":82,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"8e6571bc-6aa2-48b4-9832-52b3e3449cb4","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":82,"box":{"x":68,"y":90,"width":793,"height":11}},{"id":"66edaac3-883a-4e6e-8670-47c3ca776ece","block_type":"box","text":"including a limitation on a Fund’s ownership of any single issuer listed on the Saudi Arabian Stock Exchange, which","page_number":82,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"8c2a6a30-acfd-441d-ba21-d7e22625f72b","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":82,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"f99aacd6-318b-41b5-a36c-2b169968862d","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":82,"box":{"x":70,"y":136,"width":803,"height":11}},{"id":"297ea358-9682-4086-a821-9dbd9be7c790","block_type":"box","text":"approvals or additional foreign taxes, may be instituted at any time. A Fund may not be able to obtain or maintain any","page_number":82,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"a792f977-57e4-45ae-9116-8ac16a0338a2","block_type":"box","text":"such licenses or approvals and may not be able to buy and sell securities at full value. Major disruptions or","page_number":82,"box":{"x":69,"y":166,"width":765,"height":11}},{"id":"b30be98b-4332-4434-8408-689b8fcb047c","block_type":"box","text":"regulatory changes could occur in the Saudi Arabian market, any of which could negatively impact a Fund. These risks","page_number":82,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"ee12da43-4da0-4b9c-a612-6f15115b661c","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":82,"box":{"x":69,"y":196,"width":805,"height":11}},{"id":"542880c8-ab2f-4b80-80c0-61cfab2f3229","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":82,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"0888d5ab-754a-479e-a47c-da9805d0b32e","block_type":"box","text":"of assets and proper ty or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":82,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"9ab97f3e-2365-403d-83aa-3282b7c6cb33","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":82,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"e2625273-8ec0-4a14-aff2-bba0c47173f0","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":82,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"2a460a07-229c-41c9-b273-eb418ed685db","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":82,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"4532782b-6e44-4906-bff5-705c306d787f","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, cer tain entities and industries. Newly privatized","page_number":82,"box":{"x":68,"y":286,"width":781,"height":12}},{"id":"69688628-e883-4e7c-a6f9-ee3c2458b708","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":82,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"580196fb-74bf-4f19-a33d-f8b104438490","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":82,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"600fbc6a-c657-4f34-bf8d-4570401514f1","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":82,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"c026729f-83b7-4bcf-a63c-be3837bb80b4","block_type":"box","text":"due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur. Fur ther,","page_number":82,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"7b4b78e8-54c7-49e2-ade5-b7c2076a8374","block_type":"box","text":"under income tax laws imposed by the Depar tment of Zakat and Income Tax, dividends paid by a Saudi Arabian","page_number":82,"box":{"x":69,"y":362,"width":791,"height":11}},{"id":"91ffa8f1-2218-49f6-abaf-c8bc26642c84","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":82,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"babdbd37-0df5-488a-b6f2-413a687f587f","block_type":"box","text":"to an applicable treaty). Saudi Arabia is highly reliant on income from the sale of petroleum and trade with other","page_number":82,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"c26c35e5-9764-405f-a020-29824e9af832","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":82,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"88f59e63-0d06-4567-bb54-89d2c104fba0","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":82,"box":{"x":68,"y":423,"width":818,"height":11}},{"id":"58007f4f-5506-413d-988b-fcfcc60ddd64","block_type":"box","text":"impacted.","page_number":82,"box":{"x":70,"y":438,"width":67,"height":11}},{"id":"ffd27e63-42ee-4034-82cc-1559ce1cb92c","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":82,"box":{"x":102,"y":460,"width":773,"height":12}},{"id":"614b14a4-4aba-46d3-b316-37bfede11e1c","block_type":"box","text":"many aspects of the private sector. Although liberalization in the wider economy is underway, in many areas it has","page_number":82,"box":{"x":69,"y":475,"width":812,"height":12}},{"id":"7da0e2cf-fbdc-42c6-a181-b2cd883f5ad2","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":82,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"c1a08b74-0d98-40d6-a182-408c57e35830","block_type":"box","text":"key industries. The situation is exacerbated by the fact that Saudi Arabia is governed by an absolute monarchy. Saudi","page_number":82,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"95d0807a-e949-4844-827f-caf6f9278c27","block_type":"box","text":"Arabia has historically experienced strained relations with economic par tners worldwide, including other countries in","page_number":82,"box":{"x":68,"y":521,"width":826,"height":11}},{"id":"0edf648c-9ce4-4391-9017-719b6371219a","block_type":"box","text":"the Middle East due to geopolitical events. Incidents involving a Middle Eastern country’s or the region’s security,","page_number":82,"box":{"x":68,"y":536,"width":809,"height":11}},{"id":"c66b3482-581c-4f7a-81de-e3c3432bdcde","block_type":"box","text":"including terrorism, may cause uncer tainty in their markets and may adversely affect its economy and a Fund’s","page_number":82,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"cefdfd36-829f-448c-8fbb-139b4b0d00a1","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":82,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"ee2cf447-1ea0-4812-9876-32bdad92b1d1","block_type":"box","text":"Arabia, which could affect private sector companies and a Fund, as well as the value of securities in a Fund’s","page_number":82,"box":{"x":68,"y":581,"width":781,"height":11}},{"id":"fec3f092-432e-4f71-835f-39bac6a735eb","block_type":"box","text":"por tfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":82,"box":{"x":70,"y":596,"width":836,"height":12}},{"id":"9271e175-427d-467b-afb4-9df89d9655a9","block_type":"box","text":"of sanctions, may result in the decline of the value and liquidity of Saudi Arabian securities, a weakening of the Saudi","page_number":82,"box":{"x":69,"y":612,"width":837,"height":11}},{"id":"29953f4f-297f-4f78-8367-6af2b7289f8c","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":82,"box":{"x":69,"y":627,"width":838,"height":11}},{"id":"1d0fa151-c654-412f-bd50-ba23d488289f","block_type":"box","text":"on cheap, foreign labor, and changes in the availability of this labor supply could have an adverse effect on the","page_number":82,"box":{"x":69,"y":642,"width":790,"height":11}},{"id":"d3937572-e0d3-44b8-a17d-d10fe3e1b20f","block_type":"box","text":"economy.","page_number":82,"box":{"x":69,"y":659,"width":65,"height":9}},{"id":"a3bd0deb-7149-4de9-a597-8eae4dd63deb","block_type":"box","text":"The securities markets in Saudi Arabia may not be as developed as those in other countries. As a result,","page_number":82,"box":{"x":101,"y":680,"width":747,"height":11}},{"id":"fc8b9308-4a6d-45ad-96bc-ef2d44735508","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":82,"box":{"x":69,"y":695,"width":776,"height":11}},{"id":"adfcd078-4200-4b31-ac97-6b112ff1bac1","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncer tainty regarding the existence","page_number":82,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"14233619-8f2a-4aa0-9c75-bf4e025bce9f","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of cer tain Saudi Arabian","page_number":82,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"b5a34920-2547-4031-8696-6736070aa3de","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":82,"box":{"x":69,"y":740,"width":813,"height":11}},{"id":"227b6655-a239-4687-b1b7-529056bd71af","block_type":"box","text":"infrequent trading may adversely affect the pricing of these securities and a Fund’s ability to sell these securities in","page_number":82,"box":{"x":70,"y":755,"width":822,"height":11}},{"id":"3ffeeef1-84ac-4c3d-a3d4-5c5d444a1cf9","block_type":"box","text":"the future. Current regulations in Saudi Arabian markets may require a Fund to execute trades of securities through a","page_number":82,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"74894c8f-cb56-463e-9f9a-34a9a863fc49","block_type":"box","text":"single broker. As a result, the Manager will have less flexibility to choose among brokers on behalf of a Fund than is","page_number":82,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"69c66c73-737a-45d5-9312-b8d06033c438","block_type":"box","text":"typically the case for investment managers.","page_number":82,"box":{"x":68,"y":801,"width":309,"height":11}},{"id":"bc452028-63c6-4d63-a3bd-b730458f57e7","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":82,"box":{"x":101,"y":823,"width":806,"height":12}},{"id":"74669ab9-61b4-4ccd-9ef9-6e3d7a63122c","block_type":"box","text":"instability, and there remains the possibility that the stability will not hold in the future or that instability in the larger","page_number":82,"box":{"x":70,"y":838,"width":828,"height":12}},{"id":"4530834e-6bc6-4e93-b8ca-dd68f3c2957a","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":82,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"e07871e2-472d-4888-b98f-7a14b30969bf","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":82,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"58e9a13b-abb6-48ad-8896-2d1e8b51a339","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by cer tain groups in the","page_number":82,"box":{"x":70,"y":884,"width":830,"height":11}},{"id":"e9b0797d-3a93-4ddc-b449-f67eed5f622e","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Fur ther developments in U.S. relations","page_number":82,"box":{"x":70,"y":899,"width":827,"height":11}},{"id":"2d1d1a9b-b8e7-4fdb-922b-fa5d20d9cb46","block_type":"box","text":"II-39","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e7216a52-2e18-4542-a3b7-884fdd90e34d","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":82,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"609d174c-753b-45f3-9bb7-79a68400ed17","block_type":"box","text":"with Saudi Arabia and other Middle-Eastern countries may affect these attitudes and policies. The U.S. is a","page_number":83,"box":{"x":68,"y":45,"width":764,"height":11}},{"id":"312f1954-6002-401d-b30f-2cca5abbff38","block_type":"box","text":"significant, and in some cases the most significant, trading par tner of, or foreign investor in, Saudi Arabia. As a","page_number":83,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"2774a3e7-22dc-43e6-b67d-c5d97135c1f7","block_type":"box","text":"result, economic conditions of Saudi Arabia may be par ticularly affected by changes in the U.S. economy. A decrease","page_number":83,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"007a9832-ad75-41a4-848e-571bb66f9059","block_type":"box","text":"in U.S. impor ts or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or","page_number":83,"box":{"x":70,"y":90,"width":829,"height":11}},{"id":"8ae16e53-6bf3-44c2-a6a2-2ac44adf5bfe","block_type":"box","text":"an economic slowdown in the U.S. may have a material adverse effect on the economic conditions of Saudi Arabia","page_number":83,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"5671f0c8-709b-4f59-ae82-7b5320df0a88","block_type":"box","text":"and, as a result, securities to which the Fund has exposure. Political instability in Nor th Africa and the larger Middle","page_number":83,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"7b155d47-9667-4df7-8919-a0b18479beda","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":83,"box":{"x":70,"y":135,"width":797,"height":12}},{"id":"df119271-3886-4d68-90f3-9b5e40671b70","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s por tfolio.","page_number":83,"box":{"x":69,"y":150,"width":510,"height":12}},{"id":"83888332-4387-4bca-9b00-d1463550470a","block_type":"box","text":"Cer tain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":83,"box":{"x":102,"y":173,"width":773,"height":11}},{"id":"9725431f-204b-4fb6-8f57-8149c7b33f2f","block_type":"box","text":"and/or embargoes imposed by the U.S. Government and the United Nations and/or countries identified by the U.S.","page_number":83,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"4b34cbf1-ebd8-48ff-bd9b-3fcb0f8e872d","block_type":"box","text":"Government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is","page_number":83,"box":{"x":69,"y":203,"width":787,"height":12}},{"id":"b6d88634-15f4-4a6f-b2b7-f80d3b5acbaf","block_type":"box","text":"identified as an issuer which operates in, or has dealings with, such countries. A Fund, as an investor in such issuers","page_number":83,"box":{"x":70,"y":218,"width":837,"height":12}},{"id":"ba1525bb-39dd-449b-965a-941e37fd6030","block_type":"box","text":"will be indirectly subject to those risks.","page_number":83,"box":{"x":68,"y":234,"width":277,"height":11}},{"id":"8c9f98c3-c95d-4ed2-9f91-f63de69a1c8c","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":83,"box":{"x":102,"y":256,"width":223,"height":12}},{"id":"f76a0971-dcc6-4239-93ef-3bdadc27bd59","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":83,"box":{"x":332,"y":257,"width":521,"height":11}},{"id":"7d867c05-417e-4863-802a-d2bdbb2c1d28","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":83,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"6e462eac-0604-4c14-a0a9-3798298a2243","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas, and its economy is heavily dependent","page_number":83,"box":{"x":70,"y":287,"width":837,"height":11}},{"id":"f060a4e8-f04b-4501-8e16-342616b16b12","block_type":"box","text":"on expor t of natural resources to key trading par tners. Any act of terrorism, an armed conflict or a breakdown of a","page_number":83,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"c81c2943-acff-457b-bc09-4978683aa588","block_type":"box","text":"key trading relationship that disrupts the production or expor t of natural resources will likely negatively affect the","page_number":83,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"e03c03d6-7f63-43db-b3f7-68c882462410","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":83,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"6b856ecf-1804-49de-a016-5c5bcffe7183","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":83,"box":{"x":68,"y":347,"width":758,"height":11}},{"id":"eadea87f-85ef-43df-9cdc-1ed620a2f208","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":83,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"b33ab730-4971-476e-9a29-1fbc74e6e9ec","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncer tainty. Friction continues between the","page_number":83,"box":{"x":69,"y":377,"width":804,"height":12}},{"id":"f79919e0-e283-40f0-afd0-1e4d009b845a","block_type":"box","text":"governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions, which consist of asset freezes","page_number":83,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"af62850d-1b05-453c-afa8-ff206375354f","block_type":"box","text":"and sectoral sanctions, on cer tain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":83,"box":{"x":69,"y":408,"width":827,"height":10}},{"id":"73db942f-5f5b-4d91-92f9-d5bf04a5bc86","block_type":"box","text":"government. The U.S. could also institute broader sanctions on Venezuela. The U.S. has also taken military action","page_number":83,"box":{"x":68,"y":423,"width":814,"height":11}},{"id":"8bfad95c-12fa-40f0-9f7e-a4b792cf87f9","block_type":"box","text":"against Venezuela in an effor t to effect regime change. Military action, sanctions, or even the threat of fur ther","page_number":83,"box":{"x":69,"y":438,"width":787,"height":11}},{"id":"95be6a3c-7041-4c7f-91a5-c1bae37cf909","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":83,"box":{"x":69,"y":453,"width":766,"height":11}},{"id":"9767d817-ecaa-4773-ac8c-8e49cd0a5928","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":83,"box":{"x":68,"y":468,"width":804,"height":11}},{"id":"1a71a3b2-7d61-479a-9ccc-f2e23160d6c0","block_type":"box","text":"ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions against Venezuela","page_number":83,"box":{"x":69,"y":483,"width":838,"height":11}},{"id":"d670e52e-db81-4867-a506-afa7bc251d4b","block_type":"box","text":"may in the future be imposed by the U.S. or other countries. These factors, among others, can have a negative","page_number":83,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"67136eeb-75ee-46d4-b6e3-c9d1ef3c469a","block_type":"box","text":"impact on a Fund’s investments.","page_number":83,"box":{"x":70,"y":514,"width":230,"height":10}},{"id":"58529b26-1428-4953-b457-c8b2bc901745","block_type":"box","text":"Brady Bonds.","page_number":83,"box":{"x":102,"y":536,"width":92,"height":11}},{"id":"ba1107de-653b-4f07-bf35-061dbb1b7276","block_type":"box","text":"Cer tain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":83,"box":{"x":201,"y":536,"width":689,"height":11}},{"id":"9fbeec9f-7070-4181-917c-751dd6d6a06b","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":83,"box":{"x":69,"y":551,"width":815,"height":11}},{"id":"cb83706b-4c30-4360-9750-a9e410b515e2","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":83,"box":{"x":69,"y":566,"width":766,"height":11}},{"id":"6d02e03f-b756-489f-8d40-6c16a1b7ab5b","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":83,"box":{"x":69,"y":581,"width":784,"height":12}},{"id":"812c77da-b57d-4d51-9ccc-6f38b05b0135","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":83,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"3b7b12a3-2e4b-4b2c-8cdd-9ea5b9e372a1","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":83,"box":{"x":69,"y":612,"width":839,"height":11}},{"id":"3a89cc4c-0032-4f41-9ec7-33633efdc453","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":83,"box":{"x":70,"y":627,"width":786,"height":11}},{"id":"7e765749-3a11-4e9d-83af-856192dc0ea9","block_type":"box","text":"2000s, cer tain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":83,"box":{"x":69,"y":642,"width":814,"height":11}},{"id":"3ec788a7-c0fd-403c-9a30-f0eab4767a97","block_type":"box","text":"Venezuela.","page_number":83,"box":{"x":68,"y":657,"width":75,"height":9}},{"id":"5b8e69f7-6bf2-4bb9-bba3-4127a9b13255","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":83,"box":{"x":102,"y":680,"width":798,"height":11}},{"id":"b3e94b42-3cd3-4e3c-9ae5-bce79ade6fe8","block_type":"box","text":"and are actively traded in the OTC secondary market. Brady Bonds are not considered to be U.S. Government","page_number":83,"box":{"x":69,"y":695,"width":780,"height":11}},{"id":"6a8d90d7-b027-43ed-8865-2ed691b747df","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":83,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"582a6465-8c36-458e-959d-023a33e6cd1f","block_type":"box","text":"discount bonds, are generally collateralized in full as to principal by U.S. Treasury zero-coupon bonds having the","page_number":83,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"0d928857-228f-45a6-94ca-787b4e4cb6c5","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":83,"box":{"x":69,"y":740,"width":812,"height":11}},{"id":"b8bfb06d-e8ab-4351-8312-d0b263b085b3","block_type":"box","text":"year or longer rolling-forward basis by cash or securities in an amount that, in the case of fixed rate bonds, is equal","page_number":83,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"47ce0b1c-320d-46b2-b4e7-7a626213f057","block_type":"box","text":"to at least one year of interest payments or, in the case of floating rate bonds, initially is equal to at least one year’s","page_number":83,"box":{"x":68,"y":770,"width":833,"height":12}},{"id":"1780c445-f27d-4ad6-91d9-bf9aceb5f4e6","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":83,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"41af896e-d127-4bc8-9a09-8736eed5744e","block_type":"box","text":"Cer tain Brady Bonds are entitled to “value recovery payments” in cer tain circumstances, which in effect constitute","page_number":83,"box":{"x":69,"y":801,"width":818,"height":11}},{"id":"dc37c79b-dce8-45ad-9d2e-32fae61c392b","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":83,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"fbc42dc6-1de2-412f-b3e0-cc2c60603de3","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":83,"box":{"x":68,"y":831,"width":832,"height":11}},{"id":"233fa14c-ac06-483d-8b05-9b068a30881f","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":83,"box":{"x":70,"y":846,"width":828,"height":11}},{"id":"82b165dd-9344-4d1f-bffb-00f230667d6b","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":83,"box":{"x":69,"y":861,"width":430,"height":11}},{"id":"e107d788-07e9-49bb-b44a-1d67eb109085","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":83,"box":{"x":102,"y":884,"width":807,"height":11}},{"id":"513ecc18-d177-4925-aada-424fc189a355","block_type":"box","text":"the history of defaults with respect to commercial bank loans by public and private entities of countries issuing Brady","page_number":83,"box":{"x":68,"y":899,"width":838,"height":11}},{"id":"2009326d-a014-4cff-be4d-7a3a3efc4133","block_type":"box","text":"II-40","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b3b63484-c899-4a9c-8de8-9c90e198ea18","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":83,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6a1e6529-72aa-40da-8d41-d1e5bc62bc97","block_type":"box","text":"Bonds. In light of the residual risk of Brady Bonds and, among other factors, the history of defaults, investments in","page_number":84,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"6de33669-051b-4027-86a9-8df1c0e344ee","block_type":"box","text":"Brady Bonds are considered speculative. There can be no assurance that Brady Bonds in which the Funds may invest","page_number":84,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"52b7754d-7596-420f-b3a4-72af5897f933","block_type":"box","text":"will not be subject to restructuring arrangements or to requests for new credit, which may cause the Funds to suffer a","page_number":84,"box":{"x":68,"y":75,"width":841,"height":11}},{"id":"e3255f5c-003c-4495-a87b-e53b58e1c7c9","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":84,"box":{"x":70,"y":90,"width":351,"height":11}},{"id":"38abac41-cdcf-43f9-9341-fb8f9ffbc890","block_type":"box","text":"China Investments Risk.","page_number":84,"box":{"x":102,"y":113,"width":171,"height":9}},{"id":"b8ce0ee9-a274-489a-9959-20534a9d7914","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":84,"box":{"x":102,"y":135,"width":763,"height":11}},{"id":"7ae4e081-e86a-483a-80e0-56f2d3388993","block_type":"box","text":"including cer tain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and special considerations","page_number":84,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"fa230185-2026-4e8d-a4e9-c47b072d5f5b","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":84,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"d2e8cf5e-c9aa-48b5-bbba-fb7f11f9cd6b","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":84,"box":{"x":69,"y":181,"width":809,"height":11}},{"id":"c0c1d0e1-2bad-4480-9555-7619c463ff7c","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":84,"box":{"x":69,"y":196,"width":713,"height":11}},{"id":"1038dfd2-6c2e-460b-9c90-976be6478416","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":84,"box":{"x":102,"y":218,"width":762,"height":12}},{"id":"81862e5a-ced7-484c-be9b-e8c32cca8d14","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":84,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"dff851a8-4b84-40a4-a1e9-56e43379c30c","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":84,"box":{"x":69,"y":249,"width":820,"height":11}},{"id":"5dc1abc9-d155-499e-81d4-8c29bb3bb6db","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":84,"box":{"x":68,"y":264,"width":777,"height":11}},{"id":"877b3f05-ff88-4ff4-b79a-769ab3695cdc","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":84,"box":{"x":69,"y":279,"width":809,"height":11}},{"id":"d2637d94-19a9-4471-bda3-64c8b6e567b9","block_type":"box","text":"even fur ther. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":84,"box":{"x":69,"y":294,"width":805,"height":11}},{"id":"baf78113-b85b-45a3-8acb-881b7bb63027","block_type":"box","text":"Kong may cause uncer tainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":84,"box":{"x":70,"y":309,"width":770,"height":11}},{"id":"8d598d2d-06a8-4a1a-a935-f8b4b7586022","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":84,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"739d1094-f810-4f60-88ef-53ae01e01bb3","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":84,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"db1beedc-6f7f-4c6f-b621-8c7032f5b328","block_type":"box","text":"value of the Fund’s investments in China or Taiwan, may cause a suspension in a Fund’s ability to trade in cer tain","page_number":84,"box":{"x":68,"y":355,"width":812,"height":11}},{"id":"0d110fc2-db51-4da9-b910-8ff96f746e58","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":84,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"e492776c-5dfc-4b3d-b92e-2dac29592c1d","block_type":"box","text":"hostility between China and Taiwan would likely have a significant adverse impact on the value of the Fund’s","page_number":84,"box":{"x":69,"y":385,"width":769,"height":11}},{"id":"6d7a9278-187a-4250-827b-e011694aec60","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":84,"box":{"x":70,"y":400,"width":836,"height":11}},{"id":"9e4f2d47-5cd1-4b4a-a57f-e3422277803f","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":84,"box":{"x":68,"y":415,"width":810,"height":11}},{"id":"1615301e-9fb2-44dd-9ab1-d6fb54dd6db1","block_type":"box","text":"Frictions between China and the Philippines in the South China Sea pose a risk of escalation potentially leading to","page_number":84,"box":{"x":70,"y":430,"width":813,"height":11}},{"id":"4bc9f01e-9a8d-4eb6-91d4-bc14a73986c1","block_type":"box","text":"military conflict. Additionally, China is alleged to have par ticipated in state-sponsored cyberattacks against foreign","page_number":84,"box":{"x":69,"y":445,"width":811,"height":12}},{"id":"970905d1-e314-4d4f-9d50-ad6f1289fe92","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":84,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"cd44deb9-9a00-4e7a-b768-8676370e20d4","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":84,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"d54e63dc-26e6-4007-b4cb-da8adcab7654","block_type":"box","text":"companies, may impact China’s economy and Chinese issuers of securities in which a Fund invests. China could be","page_number":84,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"a5aa4c40-d2b4-487d-9dcc-43b93a73f55a","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within Nor th Korea. These situations may","page_number":84,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"ba2534bd-0cdf-4438-bf9a-dc4409ca162d","block_type":"box","text":"cause uncer tainty in the Chinese market and may adversely affect the per formance of the Chinese economy.","page_number":84,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"391028cc-13e8-4a59-aa39-17c10f95cac2","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":84,"box":{"x":101,"y":543,"width":792,"height":12}},{"id":"6cba330e-4115-417a-8a65-d710a09e9f20","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":84,"box":{"x":70,"y":559,"width":818,"height":11}},{"id":"24bdc96b-9e8c-46a0-9528-1ddb0526c13f","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":84,"box":{"x":68,"y":574,"width":835,"height":11}},{"id":"497ba0f8-b9c3-48af-b181-8669cb83a77b","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":84,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"993d5a42-628b-4c45-9f72-b240298bfb7d","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":84,"box":{"x":70,"y":604,"width":763,"height":11}},{"id":"8954e2ee-da6c-4113-b463-b56f906bb588","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":84,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"bfd9bb0d-d38d-4a98-a023-76ecfca92bfb","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and proper ty or","page_number":84,"box":{"x":70,"y":634,"width":813,"height":12}},{"id":"02da710d-9a52-41a5-8220-d31ee7b55578","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":84,"box":{"x":68,"y":649,"width":653,"height":12}},{"id":"b5f27dcc-6808-4be4-9f0a-4dd981eb82a5","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":84,"box":{"x":101,"y":672,"width":783,"height":11}},{"id":"c15022f6-cd77-49f0-a143-0ea6f365e68c","block_type":"box","text":"restrictions, a ban on “naked” shor t selling or the suspension of shor t selling for cer tain stocks. This may affect","page_number":84,"box":{"x":69,"y":687,"width":805,"height":11}},{"id":"6ba7bda6-5a5b-4481-ae18-3fa669512e81","block_type":"box","text":"market price and liquidity of these stocks, and may have an unpredictable impact on the investment activities of the","page_number":84,"box":{"x":69,"y":702,"width":827,"height":11}},{"id":"662b5af3-17a5-4871-82c0-44311e963bff","block_type":"box","text":"Funds. Fur thermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":84,"box":{"x":70,"y":718,"width":821,"height":11}},{"id":"e9d202a5-9563-4aa8-8195-fd61063cac74","block_type":"box","text":"affect the per formance of the securities markets and as a result the per formance of the Funds.","page_number":84,"box":{"x":69,"y":732,"width":683,"height":11}},{"id":"62b9e086-97e9-42d9-b220-c0be65162625","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":84,"box":{"x":102,"y":755,"width":797,"height":11}},{"id":"0615457c-2ec6-437b-b50c-8f3aafc46ae1","block_type":"box","text":"brokers and other par ticipants than in the United States. Accordingly, issuers of securities in China, including","page_number":84,"box":{"x":69,"y":770,"width":779,"height":12}},{"id":"6884e79f-765d-4a15-813d-66ddedd9d256","block_type":"box","text":"Chinese companies that are listed on U.S. exchanges, are not subject to the same degree of regulation as are U.S.","page_number":84,"box":{"x":69,"y":785,"width":822,"height":12}},{"id":"71176b5c-881b-4113-a91a-23c9481f25a6","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":84,"box":{"x":70,"y":801,"width":836,"height":11}},{"id":"6a9619d7-7e3a-4c53-bb11-199875692bd9","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":84,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"31731d18-462e-4916-9d7c-8de0d0611f5a","block_type":"box","text":"information. Securities markets in China are in the process of change and fur ther development. This may lead to","page_number":84,"box":{"x":70,"y":831,"width":803,"height":11}},{"id":"ed109611-2b2c-4636-bc46-0614faa78eb3","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":84,"box":{"x":68,"y":846,"width":816,"height":11}},{"id":"ec9ad86f-53eb-4d3e-a951-21ca3bff224a","block_type":"box","text":"the relevant regulation. Custodians may not be able to offer the level of service and safe-keeping in relation to the","page_number":84,"box":{"x":68,"y":861,"width":816,"height":11}},{"id":"486c412b-ae3b-4b0a-8887-c46afdd57db7","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In par ticular,","page_number":84,"box":{"x":69,"y":876,"width":798,"height":11}},{"id":"98240465-1c33-4c78-b5ef-932d2c311382","block_type":"box","text":"there is a risk that a Fund may not be recognized as the owner of securities that are held on behalf of the Fund by a","page_number":84,"box":{"x":68,"y":891,"width":826,"height":12}},{"id":"7a60700e-f83b-4e93-a868-b18e09b85b32","block_type":"box","text":"sub-custodian.","page_number":84,"box":{"x":69,"y":907,"width":102,"height":8}},{"id":"5aa8a7a1-197a-4c9e-bd44-d3de0471c3e8","block_type":"box","text":"II-41","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d3e66e4e-c25c-404c-bee5-871a402d1e80","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":84,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"1bc29fb4-d5bd-4a5a-a3b0-3c4d9d4ae576","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":85,"box":{"x":101,"y":45,"width":801,"height":11}},{"id":"2b8b08af-ceef-4078-96bd-974009a28f71","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":85,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"ffad3054-5755-48c6-98a6-d4fc81674509","block_type":"box","text":"on investor protection considerations.","page_number":85,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"bc0d3330-face-4131-a633-4a090fadc5bd","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":85,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"0ec347d9-e341-4a7c-851b-ad656ba5144b","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":85,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"0d6dd3e0-0e09-4089-862b-699f679734e4","block_type":"box","text":"for compliance with U.S. law and professional standards. On August 26, 2022, the PCAOB signed a Statement of","page_number":85,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"636e4641-6420-4a59-8c5f-85320557588b","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":85,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"04c05e65-e9a5-4948-9dd6-8e14cf4ee839","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":85,"box":{"x":68,"y":158,"width":774,"height":11}},{"id":"5e9e7f1f-2403-4094-8455-2b362934c2f0","block_type":"box","text":"headquar tered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":85,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"ce94fe00-2ba7-46d5-9a63-e9b1ef23008a","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":85,"box":{"x":69,"y":188,"width":788,"height":11}},{"id":"c5369e33-e2bc-4ace-beef-38eb5738e933","block_type":"box","text":"per formed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":85,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"d1418645-adfb-45d9-9bc9-88e51f840aa2","block_type":"box","text":"per formed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":85,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"8a2eca31-3c46-4ff2-8854-c16e37941146","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":85,"box":{"x":70,"y":234,"width":820,"height":11}},{"id":"eb614d3c-5295-410b-9582-1d3c597031fa","block_type":"box","text":"2020, which requires that the PCAOB be permitted to inspect the accounting firm of a U.S.-listed Chinese issuer,","page_number":85,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"64c9c9d1-f933-48ea-8743-44065af05bda","block_type":"box","text":"Chinese companies with securities listed on U.S. exchanges may be delisted if the PCAOB is unable to inspect the","page_number":85,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"7af3240f-2423-4d7f-bde1-29e12c91e28a","block_type":"box","text":"accounting firm.","page_number":85,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"c3577306-d356-4a94-89fd-7ce213b95b43","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely conver tible currency and is subject to foreign exchange control","page_number":85,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"6f6bc575-8dc8-4213-9bab-1d853235bd22","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":85,"box":{"x":70,"y":317,"width":815,"height":11}},{"id":"6a1aa648-78ef-416b-b7b0-76014d8c4fc9","block_type":"box","text":"negatively impact per formance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could","page_number":85,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"46b69a3c-a7a1-44c8-9ab9-52703424c980","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":85,"box":{"x":69,"y":347,"width":787,"height":11}},{"id":"b9517f75-914f-4693-a485-91e493b752f4","block_type":"box","text":"capital, as well as by the application to the Funds of any restrictions on investments. Investing in entities either in, or","page_number":85,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"b511284e-78c6-45cc-8410-3caba300d232","block_type":"box","text":"which have a substantial por tion of their operations in, the PRC may require the Funds to adopt special procedures,","page_number":85,"box":{"x":68,"y":377,"width":825,"height":11}},{"id":"4ac5fdeb-1a3b-4921-bb92-5995fee65fdb","block_type":"box","text":"seek local government approvals or take other actions, each of which may involve additional costs and delays to the","page_number":85,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"353bc002-ec83-41f0-acb5-2af603a8d4ac","block_type":"box","text":"Funds. The Fund may also incur costs in connection with conversions between U.S. dollars and RMB, as well as in","page_number":85,"box":{"x":70,"y":408,"width":812,"height":11}},{"id":"4df977e0-a329-4b22-83a6-8446f5db9372","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":85,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"216de23f-a186-4500-9868-91c00754a51b","block_type":"box","text":"RMB (“CNH”).","page_number":85,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"4201f150-cec1-44c1-8878-e45d17fcc72a","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a","page_number":85,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"c9ad4000-9d21-4d3b-a27f-a9145bdbf08c","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":85,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"dd389f0a-4fc8-41f6-8ae6-2ebbca6b1db2","block_type":"box","text":"in another jurisdiction to issue stock to public shareholders. When a VIE structure is used by a Chinese company to","page_number":85,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"f8f245f9-04c7-44ad-aa66-dafac900bcad","block_type":"box","text":"list its stock in the U.S., instead of owning the equity securities of the Chinese company, the U.S.-listed shell","page_number":85,"box":{"x":70,"y":506,"width":775,"height":11}},{"id":"f24303de-43b9-405a-9b87-63d29a7d7224","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":85,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"116b0fde-3416-4714-9863-c09ff1ed4038","block_type":"box","text":"contracts provide the U.S.-listed shell company with only economic exposure to the Chinese company and do not","page_number":85,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"73db6ab3-b31d-4a08-a0ae-5109c74d0097","block_type":"box","text":"represent equity ownership in the operating company.","page_number":85,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"b46fea62-ecc7-44ea-a50e-fda954eebd9f","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have not been","page_number":85,"box":{"x":101,"y":574,"width":801,"height":11}},{"id":"1ac1c83f-89ab-4977-a08d-155c1bc61030","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":85,"box":{"x":68,"y":589,"width":833,"height":11}},{"id":"4063c8d6-abed-47c5-9f0b-9698b6f9d69d","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":85,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"f0c0c659-cab3-4c7e-9a9d-234179108f16","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":85,"box":{"x":69,"y":619,"width":832,"height":11}},{"id":"e63b55fa-b57f-4b41-a516-3ecab42c04ef","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":85,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"8097f950-ee95-46a1-9589-6c8843d7d8d6","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":85,"box":{"x":69,"y":649,"width":770,"height":12}},{"id":"1e567624-a24a-4732-af62-8c8f8caf72fd","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":85,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"e68a4d2e-847f-41a3-89e9-6549591fe10e","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":85,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"4b4871f3-caaa-4dd1-801d-c06aa6252ea3","block_type":"box","text":"company and the value of the U.S.-listed stock. Fur ther, the VIE contractual arrangement would likely be subject to","page_number":85,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"f3fa11f7-fe93-4eaa-b00b-dd2a6c17c668","block_type":"box","text":"Chinese law and jurisdiction, and remedies available to the U.S.-listed shell company are uncer tain and could be","page_number":85,"box":{"x":69,"y":710,"width":802,"height":11}},{"id":"7c1e1e78-c5d6-4fbd-98b6-9efbaedd8700","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":85,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"0469f24b-8464-492a-97d9-86a62f716b42","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":85,"box":{"x":69,"y":740,"width":833,"height":11}},{"id":"0305b684-99e8-49a8-bbca-b52a2e354b0e","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":85,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"dfecbb8b-6ec6-400b-9647-635ca87cff63","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":85,"box":{"x":68,"y":770,"width":798,"height":12}},{"id":"672179de-e7ce-43f6-a40a-72123d9a9525","block_type":"box","text":"losses on its investments through a VIE structure with little or no recourse available. Any change in the operations of","page_number":85,"box":{"x":70,"y":785,"width":833,"height":12}},{"id":"84bcaf06-21d0-4e99-8cae-910954237b00","block_type":"box","text":"entities in a VIE structure, the status of VIE contractual arrangements or the legal or regulatory environment in China,","page_number":85,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"75cfbd2c-b598-4133-a3c3-56fd592743e5","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":85,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"53f2d53f-97b4-4171-9ea0-ddc95a964bca","block_type":"box","text":"losses to a Fund.","page_number":85,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"5ea2aabe-68af-4c64-8e76-bf49e2a564c0","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":85,"box":{"x":101,"y":853,"width":760,"height":12}},{"id":"5bf85b4f-ba99-4861-8539-c4fa65647f98","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":85,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"9b9d0503-f84a-41f0-afa2-9116ef4b1ea4","block_type":"box","text":"tensions, and an aging population. China continues to face pressure from its trading par tners over its expor ting of its","page_number":85,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"81a8a8dd-9e35-4e47-8526-716f2ccdcfce","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":85,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"3d8a972a-b26f-47cb-a612-87e34a42f2b0","block_type":"box","text":"II-42","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"98e3216c-0467-4c83-9c4c-a957b7b3b021","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":85,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"599b46ed-693c-4b1b-bd2e-81a3fce39c28","block_type":"box","text":"expor t growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":86,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"445f54e8-5d2c-46a7-916b-23b200fcc386","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":86,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"9f2f8fec-b2b1-4d2a-82cd-2a0d077f608f","block_type":"box","text":"and the United States or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":86,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"fab5a139-e0ed-4526-960c-a8c82a810866","block_type":"box","text":"economies of China’s key trading par tners may have an adverse impact on the Chinese economy and the companies","page_number":86,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"0e604447-7c20-4ccd-bf56-762f60ce3df8","block_type":"box","text":"in which a Fund invests. Cer tain Chinese companies (which may change from time to time) are directly or indirectly","page_number":86,"box":{"x":70,"y":105,"width":816,"height":11}},{"id":"a38d4871-3484-4371-9300-380883ffa646","block_type":"box","text":"subject to economic or trade restrictions imposed by the U.S. or other governments due to national security, human","page_number":86,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"987edbc6-7487-4ba0-8376-5bb2a31226fb","block_type":"box","text":"rights or other concerns of such government. For example, cer tain foreign technology companies are subject to U.S.","page_number":86,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"12d11f53-e180-400b-9032-746bb838bf34","block_type":"box","text":"expor t controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans impor ts of","page_number":86,"box":{"x":69,"y":150,"width":798,"height":11}},{"id":"02f6e851-1143-4a81-9124-71eefb6be9ed","block_type":"box","text":"goods produced in cer tain regions of China or by cer tain Chinese companies due to concerns about forced labor.","page_number":86,"box":{"x":68,"y":166,"width":805,"height":11}},{"id":"dcfad2ef-b0de-4371-a09d-af4fa2b878b1","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":86,"box":{"x":69,"y":181,"width":817,"height":11}},{"id":"a529811e-83a6-4c19-a53b-9306cb232763","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could inter fere with orderly trading, delay settlement","page_number":86,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"331d47d7-ba0b-4b16-b57d-8482395be687","block_type":"box","text":"or cause market disruptions. Cer tain companies may be subject to economic or trade restrictions (but not investment","page_number":86,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"7983b4ae-2c10-4fa9-a247-cb2eb50f0095","block_type":"box","text":"restrictions) imposed by the U.S. or other governments due to national security, human rights or other concerns of","page_number":86,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"fd66c9c3-9034-4505-b9a6-3fc9cdeedbf9","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":86,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"7462fd37-664b-4173-baa5-cc85d260530a","block_type":"box","text":"such companies.","page_number":86,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"da53e686-ba62-4835-a078-7d1bc9763d75","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":86,"box":{"x":101,"y":279,"width":792,"height":11}},{"id":"1ea5abe1-5543-4048-ad74-606794b1920d","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":86,"box":{"x":69,"y":294,"width":840,"height":11}},{"id":"cd873b6c-306a-4996-9807-b6523247f39c","block_type":"box","text":"tax authorities are not as consistent and transparent as those of more developed nations, and may vary over time","page_number":86,"box":{"x":68,"y":309,"width":815,"height":11}},{"id":"0ac00d3a-f72e-4e41-b980-20a33efd71c3","block_type":"box","text":"and from region to region. The application and enforcement of PRC tax rules could have a significant adverse effect","page_number":86,"box":{"x":69,"y":324,"width":823,"height":12}},{"id":"8973930f-6594-4e5b-ac60-9817b276c716","block_type":"box","text":"on a Fund and its investors, par ticularly in relation to capital gains withholding tax imposed upon non-residents. In","page_number":86,"box":{"x":69,"y":340,"width":812,"height":11}},{"id":"fd7af1fb-fe41-422c-94a3-9b5f5dae1801","block_type":"box","text":"addition, the accounting, auditing and financial repor ting standards and practices applicable to Chinese companies","page_number":86,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"7e26504b-756b-487f-9645-87ac15e30813","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":86,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"25aa5a80-2a74-43ab-a9c3-f795952d7e31","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":86,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"24e130c7-e340-4e74-b4e4-922fd3d8bfd4","block_type":"box","text":"standards.","page_number":86,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"7886719c-e848-4d56-b32a-f9aeb055d08d","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":86,"box":{"x":102,"y":423,"width":794,"height":11}},{"id":"9f7aefa2-6f7a-4cb8-969b-4bb1b87ee2ff","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":86,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"6e0900b1-9614-49cb-a826-7368a7973e69","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":86,"box":{"x":69,"y":453,"width":803,"height":11}},{"id":"0335f6f2-a48a-4e51-8971-7f725ee416da","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":86,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"699c5383-eead-4330-9372-b3383d451cec","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":86,"box":{"x":69,"y":483,"width":548,"height":11}},{"id":"e8535737-0636-4408-982f-ec54bf59accd","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":86,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"e7b669ab-1690-4605-908e-2421cbc7ac32","block_type":"box","text":"General","page_number":86,"box":{"x":102,"y":529,"width":55,"height":8}},{"id":"51a1c64c-606b-49e6-bb21-9664c61dbb96","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":86,"box":{"x":158,"y":528,"width":704,"height":12}},{"id":"05e14642-dc12-4329-b26f-d83d7431f156","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":86,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"8e777409-133f-4140-a3b9-ba0f011605a3","block_type":"box","text":"Stock Exchange (“BSE”) (“A-shares”). Foreign investment in A-shares on the SSE and SZSE is not permitted, other","page_number":86,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"4516853f-a5cb-44fe-a272-4eeb9111eae2","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":86,"box":{"x":68,"y":574,"width":833,"height":11}},{"id":"f9d4aead-dcd5-4f5e-bf63-beb373787e0f","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":86,"box":{"x":69,"y":589,"width":744,"height":11}},{"id":"cff1b944-144e-471e-8c1e-466af85145e1","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":86,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"5d2fb3ed-88c3-4a83-b44e-f5a68108db88","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":86,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"7e119ea2-7725-4c2b-9687-26dd09ee0c1a","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":86,"box":{"x":70,"y":642,"width":834,"height":11}},{"id":"74e519b0-eb9b-4405-b1a7-879b8e4c4967","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":86,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"8b85428d-5235-4ef1-ae03-e8ced86587e0","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":86,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"918294db-7747-4c56-bd28-7d1dbc2b51da","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":86,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"cddc8475-c327-41d0-8091-53f0dfbd739e","block_type":"box","text":"market access between the PRC and Hong Kong by permitting investors to trade and settle shares on each market","page_number":86,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"d110a970-37fb-41ab-8d2b-1f6fac665ca5","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":86,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"0ff8414f-6b7e-49ff-8f3f-a33862a2cc8e","block_type":"box","text":"the SSE or SZSE, as applicable, would be effectuated through its Hong Kong broker and a securities trading service","page_number":86,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"8c2b02a7-0b85-42aa-a41f-22828e78d0c3","block_type":"box","text":"company established by SEHK.","page_number":86,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"ad109269-badc-4afd-89e1-68c79c57f806","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":86,"box":{"x":101,"y":770,"width":794,"height":12}},{"id":"1e46621a-c845-44e3-bedb-7eacb273c4ea","block_type":"box","text":"through a Stock Connect’s Nor thbound Trading Link is subject to daily investment quota limitations which require that","page_number":86,"box":{"x":68,"y":786,"width":839,"height":11}},{"id":"0bdbdab6-ae73-4931-8f29-938de9e1f8f6","block_type":"box","text":"buy orders for Stock Connect Securities be rejected once the daily quota is exceeded (although a Fund will be","page_number":86,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"8668ed74-b5ab-4d65-9ca0-95420c41ae6b","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":86,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"e9f1765b-2b9e-427e-b420-e6b04079fb78","block_type":"box","text":"investing in Stock Connect Securities on a timely basis, which could affect the Fund’s ability to effectively pursue its","page_number":86,"box":{"x":70,"y":831,"width":827,"height":11}},{"id":"07d518d7-17b5-47ee-8c3d-c1fbd2433e17","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":86,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"17d76d77-2fdc-4c0b-81bc-61577ce3593a","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":86,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"7d34bcb3-b64f-42fc-a7cb-c267161d0132","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":86,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"dad25fec-6953-4332-bd89-adfa7ecb6edd","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":86,"box":{"x":68,"y":891,"width":821,"height":12}},{"id":"cd41cd46-3aff-4c3e-b1d1-dc751f768416","block_type":"box","text":"for an investor to sell any Stock Connect Securities on a cer tain trading day, there must be sufficient Stock Connect","page_number":86,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"63ebb2ad-027b-4a18-a253-22f11644bc84","block_type":"box","text":"II-43","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e945324b-249b-4a8f-ab97-b42d3412ee10","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":86,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"0b274d3f-62c6-4ede-b1bd-151121a09894","block_type":"box","text":"Securities in the investor’s account before the market opens on that day. If there are insufficient Stock Connect","page_number":87,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"fa7613df-7323-434a-9b69-8be00c5be44c","block_type":"box","text":"Securities in the investor’s account, the sell order will be rejected by the SSE or SZSE, as applicable. SEHK carries","page_number":87,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"ad4f3613-5a7b-4d1b-8248-2e8fbb044888","block_type":"box","text":"out pre-trade checking on sell orders of cer tain stocks listed on the SSE market (“SSE Securities”) or SZSE market","page_number":87,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"fd275437-7852-4585-80b8-89a6c43e7f66","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":87,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"09f03099-ac44-4920-8db2-0de032d3d052","block_type":"box","text":"i.e.","page_number":87,"box":{"x":349,"y":90,"width":21,"height":9}},{"id":"14000024-82b2-4d3d-a75a-d1a9d9b4831f","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":87,"box":{"x":372,"y":90,"width":524,"height":11}},{"id":"2131e597-1765-4ef2-984c-457141da8780","block_type":"box","text":"must be designated as eligible to be traded under a Stock Connect, those shares may also lose such designation,","page_number":87,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"49419fa4-7670-4994-b12d-5c3d2d695639","block_type":"box","text":"and if this occurs, such shares may be sold but cannot be purchased through a Stock Connect. In addition, Stock","page_number":87,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"a43aee11-1c9c-440c-ae0f-6d72b1b93e4a","block_type":"box","text":"Connects will only operate on days when both the Chinese and Hong Kong markets are open for trading, and banking","page_number":87,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"45667356-82ee-4748-9e5e-4cea22ca47dc","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":87,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"a48c31cb-2267-44fe-b1e2-d88b5fa4324a","block_type":"box","text":"Connect Securities through a Stock Connect may subject a Fund to a risk of price fluctuations on days when the","page_number":87,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"0bf53fdc-0348-4228-bf8c-b985e876c29a","block_type":"box","text":"Chinese market is open, but a Stock Connect is not trading. Moreover, day (turnaround) trading is not permitted on","page_number":87,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"e2015dbf-58ad-4c9f-a4dd-c46c8f0b183e","block_type":"box","text":"the Stock Connect Securities market. If an investor buys Stock Connect Securities on day “T,” the investor will only","page_number":87,"box":{"x":68,"y":196,"width":820,"height":11}},{"id":"2d5fca12-86a6-412f-90d4-8f8100b1b595","block_type":"box","text":"be able to sell the Stock Connect Securities on or after day T+1. Fur ther, since all trades of Stock Connect Securities","page_number":87,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"cc302489-508c-4912-93a5-185b532eca09","block_type":"box","text":"must be settled in RMB, investors must have timely access to a reliable supply of offshore RMB, which cannot be","page_number":87,"box":{"x":69,"y":226,"width":811,"height":11}},{"id":"5fa067a4-f985-4f92-b4fc-e4a41ba213bf","block_type":"box","text":"guaranteed. There is also no assurance that RMB will not be subject to devaluation. Any devaluation of RMB could","page_number":87,"box":{"x":68,"y":241,"width":815,"height":11}},{"id":"a78dd3fc-81ac-48a1-8ebc-dd8fd7dea2cf","block_type":"box","text":"adversely affect a Fund’s investments. If a Fund holds a class of shares denominated in a local currency other than","page_number":87,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"95970682-67d5-4d74-a465-4fef28cf9e60","block_type":"box","text":"RMB, the Fund will be exposed to currency exchange risk if the Fund conver ts the local currency into RMB for","page_number":87,"box":{"x":70,"y":271,"width":777,"height":12}},{"id":"14b379b1-ba5d-40fe-aae4-e4b09659e2ac","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":87,"box":{"x":70,"y":287,"width":582,"height":11}},{"id":"9d91f1b7-04eb-4133-99dc-eab67529d538","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":87,"box":{"x":102,"y":309,"width":802,"height":11}},{"id":"a3b64cb2-09f5-44f0-bccb-e685b5d97371","block_type":"box","text":"as nominee on behalf of investors. The precise nature and rights of a Fund as the beneficial owner of the SSE","page_number":87,"box":{"x":69,"y":324,"width":784,"height":12}},{"id":"cef3bf10-29ce-44ff-9a87-da2ce86d5563","block_type":"box","text":"Securities or SZSE Securities through HKSCC as nominee is not well defined under the PRC laws. There is a lack of a","page_number":87,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"f6e2a0d8-7e7c-4e09-b1ea-40872a6faa61","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":87,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"66fb8dd6-d6fc-4a90-91b5-5d7851398f32","block_type":"box","text":"have been few cases involving a nominee account structure in the PRC cour ts. The exact nature and methods of","page_number":87,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"3e7f3150-4c2b-432c-8987-7c0e22768055","block_type":"box","text":"enforcement of the rights and interests of a Fund under the PRC laws is also uncer tain. In the unlikely event that","page_number":87,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"8f5dcf76-12c6-418b-b9ff-5a4044fdb20e","block_type":"box","text":"HKSCC becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE Securities or SZSE","page_number":87,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"68dea200-32d4-4268-8742-140feb3c3afd","block_type":"box","text":"Securities may not be regarded as held for the beneficial ownership of a Fund or as par t of the general assets of","page_number":87,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"3577f4eb-11bf-4157-a3be-7619fb026570","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":87,"box":{"x":70,"y":430,"width":774,"height":11}},{"id":"a8b16f23-2879-491e-9b53-0f3933220337","block_type":"box","text":"proprietary interests in the SSE Securities or SZSE Securities held in its omnibus stock account in the CSDCC, the","page_number":87,"box":{"x":70,"y":445,"width":816,"height":11}},{"id":"8c9a8b00-a2f7-4872-9103-e95c70bb9306","block_type":"box","text":"CSDCC as the share registrar for SSE- or SZSE-listed companies will still treat HKSCC as one of the shareholders","page_number":87,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"b9da6ba7-432f-4c72-8519-3fdb2284f508","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":87,"box":{"x":68,"y":475,"width":779,"height":11}},{"id":"19415194-fd1d-4c85-a3b2-45848f2ca43e","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps par ticipants of Central Clearing and","page_number":87,"box":{"x":69,"y":491,"width":788,"height":11}},{"id":"9aa61138-e4d8-4868-a944-b23fd6bda9b6","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS par ticipants to take steps in","page_number":87,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"4328bc3f-fff1-426f-a1d8-d9fac5f04ea3","block_type":"box","text":"order to par ticipate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":87,"box":{"x":69,"y":521,"width":811,"height":11}},{"id":"fe0d9143-66eb-4389-8ce4-8ae9e1cc736e","block_type":"box","text":"HKSCC through par ticipants of CCASS. All voting instructions from CCASS par ticipants will be consolidated by","page_number":87,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"03968752-4ffa-4d04-a43a-a32c877ef9b3","block_type":"box","text":"HKSCC, who will then submit a combined single voting instruction to the relevant SSE- or SZSE-listed company. As a","page_number":87,"box":{"x":70,"y":551,"width":826,"height":11}},{"id":"1774e1e0-d422-4a70-8166-495ffaa9c79c","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":87,"box":{"x":69,"y":566,"width":752,"height":11}},{"id":"da1122c2-5bd3-420e-8d09-e1724250197a","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":87,"box":{"x":102,"y":589,"width":804,"height":11}},{"id":"a14aa96a-ac99-4dfa-91ba-2b82cebd6c4c","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":87,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"bd13aee4-16a8-4bdf-a4d0-b5feeea5fe51","block_type":"box","text":"to exchange-traded products in Hong Kong. For defaults occurring on or after January 1, 2020, Hong Kong’s","page_number":87,"box":{"x":68,"y":619,"width":769,"height":11}},{"id":"35836efb-e5d4-463a-99c6-e68330ca552f","block_type":"box","text":"Investor Compensation Fund covers investors’ losses in relation to securities (i) that are traded on the SSE or the","page_number":87,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"7db5907a-270a-4698-80e4-c70a1f52b32d","block_type":"box","text":"SZSE and (ii) in respect of which an order for sale or purchase is permitted to be routed through the Nor thbound","page_number":87,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"9a6d2240-0b2a-46d2-8187-5eff3578966c","block_type":"box","text":"Trading Link of a Stock Connect. On the other hand, since a Fund carries out Nor thbound trading through securities","page_number":87,"box":{"x":68,"y":664,"width":822,"height":12}},{"id":"b0377916-064f-4b05-9e1a-e595cafb5c4b","block_type":"box","text":"brokers in Hong Kong but not PRC brokers, it is not protected by the China Securities Investor Protection Fund in the","page_number":87,"box":{"x":69,"y":680,"width":829,"height":11}},{"id":"3e63d37f-a5f2-4aa9-b520-37f9991ab913","block_type":"box","text":"PRC.","page_number":87,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"857e0b47-c07a-47c9-88d5-89c012efdb33","block_type":"box","text":"Market par ticipants are able to par ticipate in Stock Connects subject to meeting cer tain information technology","page_number":87,"box":{"x":102,"y":717,"width":796,"height":12}},{"id":"f4b6d4a6-4476-4797-b250-b0e893a82dc3","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":87,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"e408e350-db1e-4f0f-98d7-36687a66ba93","block_type":"box","text":"house. Fur ther, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":87,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"a83fea35-92ae-4528-9ea4-5e4138c4f874","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the par t of SEHK and exchange","page_number":87,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"48551655-a49e-4043-b966-f96229067ee0","block_type":"box","text":"par ticipants. There is no assurance that the systems of SEHK and market par ticipants will function properly or will","page_number":87,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"15032ac4-17c9-48cb-a424-8a240e684d73","block_type":"box","text":"continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to","page_number":87,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"8078b49b-88c7-4991-adbb-4333c565f6c6","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":87,"box":{"x":68,"y":808,"width":695,"height":11}},{"id":"832ac940-fbd1-45bb-933a-c167b4f8d8a6","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":87,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"eaa52fc9-1833-425a-b4b0-2be96d43bd81","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":87,"box":{"x":69,"y":846,"width":810,"height":11}},{"id":"9a038437-b207-4b4d-b5e6-7e875cd159c6","block_type":"box","text":"New or revised regulations may be issued from time to time by the regulators and stock exchanges in China and","page_number":87,"box":{"x":70,"y":861,"width":798,"height":11}},{"id":"181d6aae-38bf-45b6-93e8-5c8464b56945","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":87,"box":{"x":70,"y":876,"width":786,"height":11}},{"id":"fb056fff-a3df-49ff-87a5-bbdacd34ba68","block_type":"box","text":"addition, there can be no assurance that Stock Connect will not be discontinued. A Fund may be adversely affected","page_number":87,"box":{"x":69,"y":891,"width":821,"height":11}},{"id":"77ca2fe1-b2d4-4064-b805-7982ac41538d","block_type":"box","text":"as a result of such changes. Fur thermore, the securities regimes and legal systems of China and Hong Kong differ","page_number":87,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"f77068f9-9e13-4b57-bc95-632bd75bf036","block_type":"box","text":"II-44","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5cc22d8e-e11f-493a-a2ea-b9caddadc191","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":87,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"01b93cb2-16e8-49f2-94cd-58ee1a05fe47","block_type":"box","text":"significantly and issues may arise from the differences on an on-going basis. In the event that the relevant systems","page_number":88,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"3bc93ce7-b554-4e28-95e5-e50db1d9f524","block_type":"box","text":"fail to function properly, trading in both markets through Stock Connects could be disrupted and a Fund’s ability to","page_number":88,"box":{"x":68,"y":60,"width":814,"height":11}},{"id":"751211e3-b8ac-475d-a76b-24de7aa11762","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":88,"box":{"x":69,"y":75,"width":793,"height":11}},{"id":"4317655e-3c9d-49ac-a72e-2ee6ad74a55c","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":88,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"46f4bf3a-08e0-4745-8b5c-2c72bcb16e04","block_type":"box","text":"other restrictions. Fur ther, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":88,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"58433a27-cc5a-441c-84fc-9b3b8125eeaa","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":88,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"9b38dd9a-f25e-4e1e-86e4-f00228e85f26","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":88,"box":{"x":68,"y":135,"width":596,"height":12}},{"id":"24fe04f1-b43a-465e-8aec-81bec7f95c07","block_type":"box","text":"Suspension Risk.","page_number":88,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"1bcfda3b-b41c-4166-85e0-4d74dab24b74","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":88,"box":{"x":231,"y":158,"width":675,"height":11}},{"id":"9613cd93-70c9-464c-a0c0-48152928f887","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":88,"box":{"x":68,"y":173,"width":829,"height":11}},{"id":"13b9d474-3635-44ce-8b46-c1a1c6e7f70c","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":88,"box":{"x":68,"y":188,"width":823,"height":12}},{"id":"6cccd565-59ab-457a-a992-0d7036e755e3","block_type":"box","text":"global equity markets. Each of the SEHK, SSE and SZSE reserves the right to suspend trading of SSE Securities and","page_number":88,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"cbcd0747-78c6-4789-956f-59a7ee659478","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":88,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"a601449a-a051-4372-8997-002dca389325","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":88,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"71317b66-eadb-4b93-8b9c-17dd67a6e6af","block_type":"box","text":"Nor thbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":88,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"4407b2c8-fb39-454f-8f62-882580b77c81","block_type":"box","text":"measures to halt or suspend Nor thbound trading. Where a suspension in the Nor thbound trading through Stock","page_number":88,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"4af194a9-40ed-4080-b1fc-0d66c69de997","block_type":"box","text":"Connect is effected, the Fund’s ability to access the PRC market will be adversely affected. Trading suspensions in","page_number":88,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"45ec4fb8-3fe3-4af9-b6cf-1707f7ac0a65","block_type":"box","text":"cer tain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a","page_number":88,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"81d3b685-699a-4c47-8ffb-f8d0e6e59bc7","block_type":"box","text":"daily price limit, generally set at 10%, of the amount of fluctuation permitted in the prices of the relevant SSE","page_number":88,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"f3c836c1-6e7d-478d-862b-7f57cc6e3ae2","block_type":"box","text":"Securities and SZSE Securities during a single trading day. The daily price limit refers to price movements only and","page_number":88,"box":{"x":69,"y":324,"width":815,"height":12}},{"id":"38f26e6d-a063-47e4-b3ad-0fe262723e7b","block_type":"box","text":"does not restrict trading within the relevant limit. There can be no assurance that a liquid market on an exchange will","page_number":88,"box":{"x":69,"y":340,"width":833,"height":11}},{"id":"f6675ee5-834c-4c12-ab9a-3f527aa814e3","block_type":"box","text":"exist for any par ticular SSE Security or SZSE Security or for any par ticular time.","page_number":88,"box":{"x":69,"y":355,"width":563,"height":11}},{"id":"c87f13b1-96aa-4e43-8ab2-7f16e3207e43","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":88,"box":{"x":102,"y":377,"width":542,"height":12}},{"id":"c83d6bb9-9a56-432e-ae40-cba92855f255","block_type":"box","text":"A Fund may invest directly in the","page_number":88,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"364c8f85-dcee-4490-afff-73717b729077","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the nor thbound trading of Bond","page_number":88,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"04537325-8efc-4c4b-ae6b-cc544fdd0d66","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":88,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"3bacfc6b-be15-4b79-b109-fdc00818d402","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":88,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"af1ea742-22f7-4420-b065-5d29128404f7","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":88,"box":{"x":70,"y":438,"width":832,"height":11}},{"id":"386be037-7ad9-40d7-974d-bef22a669669","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":88,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"b5d0493e-4975-4d4e-8ddf-643c1db68998","block_type":"box","text":"regulations in the PRC, eligible foreign investors are allowed to invest in the bonds circulated in the China Interbank","page_number":88,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"ca410b51-3175-4af2-afed-ce99ef959fe8","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":88,"box":{"x":70,"y":483,"width":825,"height":11}},{"id":"8d3d11de-4f44-4023-a211-de6a55870942","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":88,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"58cc27c5-02c0-4e71-b778-34436c09bbb0","block_type":"box","text":"turn transmit their requests for quotation to CFETS. CFETS will send the requests for quotation to a number of","page_number":88,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"c129e5c1-9872-4af6-8411-128b364d7680","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":88,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"68bb0431-038d-45c7-8b19-bc2700a8c993","block_type":"box","text":"The approved onshore dealer(s) will respond to the requests for quotation via CFETS and CFETS will send their","page_number":88,"box":{"x":68,"y":543,"width":788,"height":12}},{"id":"74e76432-09cd-4a31-af97-b254b7e93014","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":88,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"a06ec9e3-e174-4b18-a795-9f83d8d22e8f","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":88,"box":{"x":69,"y":574,"width":570,"height":11}},{"id":"70acbbe6-4cb7-4ced-98ca-8e3f796e2fe2","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":88,"box":{"x":101,"y":596,"width":773,"height":12}},{"id":"bf892c0d-d534-46c5-a249-d4974e7a5f17","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":88,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"d28806e4-c2da-4d4b-ba2d-67454fd52af8","block_type":"box","text":"as onshore custodians and clearing institutions in the PRC. Under the settlement link, CDCC or SCH will effect gross","page_number":88,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"548e6000-eedb-4114-974f-3833c02e715c","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":88,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"f31e7ebb-4ca8-48b1-8393-667604eb3d44","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":88,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"5cba6621-e24d-4f8b-b235-fd88faaf279e","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":88,"box":{"x":69,"y":672,"width":787,"height":11}},{"id":"6158653d-dfd8-4d5c-8462-8559de7d4f14","block_type":"box","text":"carried out simultaneously on a real-time basis. Pursuant to the prevailing regulations in the PRC, CMU, as the","page_number":88,"box":{"x":69,"y":687,"width":788,"height":11}},{"id":"bf7d4c3d-f122-452c-b2bb-76e650ba0792","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":88,"box":{"x":69,"y":702,"width":820,"height":12}},{"id":"bbbad968-e5b6-44fb-99e7-48d29a48f7c1","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":88,"box":{"x":68,"y":717,"width":500,"height":12}},{"id":"ef5ad76c-7cb1-4451-ab54-da1258def8c5","block_type":"box","text":"i.e.","page_number":88,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"58995816-c438-4572-9e09-3e737c1e12d8","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":88,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"23c0fe57-47b5-41d7-b89c-61c80a950d54","block_type":"box","text":"eligible foreign investors through Bond Connect will be registered in the name of CMU, which will hold such bonds as","page_number":88,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"af501780-07e0-42a0-9d50-41e8960ded9c","block_type":"box","text":"a nominee owner. Therefore, a Fund will be exposed to custody risks with respect to CMU. In the remote event of a","page_number":88,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"5fd9fe9f-6bce-4d29-ba2b-9a94d1389eee","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing par ticipants","page_number":88,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"53183c87-cd9c-47e4-a220-6a347ebd5386","block_type":"box","text":"will be limited to assisting clearing par ticipants in pursuing their claims against CDCC or SCH. The Fund may suffer","page_number":88,"box":{"x":68,"y":778,"width":822,"height":11}},{"id":"e373ca3d-9b72-4f96-8a7f-928fdfc7212b","block_type":"box","text":"delay in the recovery process or may not fully recover its losses from CDCC or SCH. In addition, as the relevant","page_number":88,"box":{"x":69,"y":793,"width":793,"height":11}},{"id":"e884214f-2b50-4c68-ab14-fe90b0949e2d","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by third par ties,","page_number":88,"box":{"x":68,"y":808,"width":802,"height":11}},{"id":"a8afad67-f10b-42a7-9512-dccfde1633be","block_type":"box","text":"including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or errors on the par t of such third","page_number":88,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"f069a141-8994-4ad2-babc-08641545473c","block_type":"box","text":"par ties.","page_number":88,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"48195c6c-f367-4363-8d8b-d7dc741e3770","block_type":"box","text":"The precise nature and rights of a Fund as the beneficial owner of the bonds traded in the China Interbank Bond","page_number":88,"box":{"x":101,"y":861,"width":799,"height":11}},{"id":"2796b7ca-483c-405f-99ec-98f709a73edd","block_type":"box","text":"Market through CMU as nominee is not well-defined under PRC law. There is a lack of a clear definition of, and","page_number":88,"box":{"x":70,"y":876,"width":785,"height":11}},{"id":"6bcb7584-9ed2-44db-824a-21103da617e7","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":88,"box":{"x":69,"y":891,"width":776,"height":12}},{"id":"bf631495-f460-4da0-9788-bb697fe75749","block_type":"box","text":"II-45","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7434a378-bb32-401f-a8b2-bf45e4b138cb","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":88,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"bfbdd169-0617-404e-8690-afbc8abcbe49","block_type":"box","text":"involving a nominee account structure in the PRC cour ts. The exact nature and methods of enforcement of the rights","page_number":89,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"68497545-5719-4b6d-b0fd-02f12db8d40e","block_type":"box","text":"and interests of a Fund under PRC law are also uncer tain.","page_number":89,"box":{"x":69,"y":60,"width":412,"height":9}},{"id":"1dea38ab-05cf-43c1-8911-a1c0760e4e37","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of cer tain bonds in the China Interbank","page_number":89,"box":{"x":102,"y":82,"width":793,"height":12}},{"id":"15a89226-8441-4c4b-8f73-cf7a004f5374","block_type":"box","text":"Bond Market may result in prices of cer tain bonds traded on such market fluctuating significantly. A Fund investing in","page_number":89,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"5136453e-226e-4054-8628-62baadc7c75d","block_type":"box","text":"such market is therefore subject to liquidity and volatility risks. The bid-ask spreads of the prices of such securities","page_number":89,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"58573e8e-99f1-4b7b-bd97-ad52364c1b99","block_type":"box","text":"may be large, and a Fund may therefore incur significant costs and may suffer losses when selling such investments.","page_number":89,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"6c91354e-ab09-407f-8807-dd8d8b88a34f","block_type":"box","text":"The bonds traded in the China Interbank Bond Market may be difficult or impossible to sell, which may impact a","page_number":89,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"7f643fa9-3cb0-4b15-8f9e-0c18f9ad3394","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":89,"box":{"x":70,"y":158,"width":556,"height":11}},{"id":"3991eb37-47e1-4eec-9e07-f905071546c5","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":89,"box":{"x":102,"y":181,"width":762,"height":11}},{"id":"9bf1b85f-e53d-4b46-b82c-24945cdc0bb8","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":89,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"0ad31d20-b538-4559-9c14-6d0b518aad52","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Fur thermore, the securities regimes and legal","page_number":89,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"03184303-12aa-4b68-95c1-ca39a29d3ef3","block_type":"box","text":"systems of China and Hong Kong differ significantly and issues may arise based on these differences. In the event","page_number":89,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"2e6d9f41-500e-4fb6-bc6c-07b718cfc6be","block_type":"box","text":"that the relevant authorities suspend account opening or trading on the China Interbank Bond Market, a Fund’s ability","page_number":89,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"dfe2a0a2-ae99-42f2-9596-1fb23c349d6a","block_type":"box","text":"to invest in the China Interbank Bond Market will be adversely affected and limited. In such event, the Fund’s ability","page_number":89,"box":{"x":68,"y":256,"width":826,"height":11}},{"id":"bcb2ca2b-f357-478d-95fd-a92524876aad","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":89,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"55be2ae7-cf6f-4449-9ae9-c0ce3c66732d","block_type":"box","text":"Fund may suffer substantial losses as a result. Fur ther, if Bond Connect is not operating, a Fund may not be able to","page_number":89,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"4dff4b97-ed07-4dd2-a217-c68a8b6b84b3","block_type":"box","text":"acquire or dispose of bonds through Bond Connect in a timely manner, which could adversely affect the Fund’s","page_number":89,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"0071409d-2d51-4e2e-8d24-97d624d531bd","block_type":"box","text":"per formance.","page_number":89,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"06f5fed0-7c48-4417-9d21-fb4225faf6c7","block_type":"box","text":"Trading through Bond Connect is per formed through newly developed trading platforms and operational systems.","page_number":89,"box":{"x":101,"y":339,"width":803,"height":12}},{"id":"dd9b8f5b-6106-46d8-b82c-c72dca56ab82","block_type":"box","text":"There is no assurance that such systems will function properly or will continue to be adapted to changes and","page_number":89,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"8a6bfc9b-d5dd-4cbe-8f1c-9b6bff58e6de","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":89,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"9f3826fa-45d4-458c-97b7-e1848bf34e3d","block_type":"box","text":"Connect may be disrupted. A Fund’s ability to trade through Bond Connect (and hence to pursue its investment","page_number":89,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"fd06a0c2-f012-4b6e-b825-7a85bf81234f","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":89,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"30ac70da-aa77-4463-9048-745cd8ebfb6a","block_type":"box","text":"through Bond Connect, it may be subject to risks of delays inherent in the order placing and/or settlement systems.","page_number":89,"box":{"x":68,"y":415,"width":827,"height":11}},{"id":"ef845b36-2dd4-4550-a236-6a3da0c7797a","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":89,"box":{"x":102,"y":438,"width":755,"height":11}},{"id":"d1e9a419-7c91-4e79-8e4c-4341b403fdde","block_type":"box","text":"conver tible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed that investors will have","page_number":89,"box":{"x":69,"y":453,"width":830,"height":11}},{"id":"e304b0af-545f-4d5d-8fe7-45c1516e832a","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":89,"box":{"x":68,"y":468,"width":298,"height":11}},{"id":"396d7759-342e-4af6-8125-e0a451753ad4","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":89,"box":{"x":103,"y":491,"width":277,"height":11}},{"id":"704b4a66-ff14-43dc-ac2b-bd321dd349d2","block_type":"box","text":".","page_number":89,"box":{"x":381,"y":498,"width":2,"height":2}},{"id":"1b50c720-2061-4fed-8749-37162a14b6b4","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":89,"box":{"x":101,"y":513,"width":758,"height":12}},{"id":"7e0d1012-6d3b-4d28-a333-5392816302f4","block_type":"box","text":"interests from non-government bonds paid to a non-PRC tax resident enterprise, unless the rate is reduced under an","page_number":89,"box":{"x":70,"y":528,"width":828,"height":12}},{"id":"61312247-40b9-4ada-8f29-68200a2fbc67","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":89,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"82842313-57b3-4671-a1c4-f2bf4cb3cc5e","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":89,"box":{"x":69,"y":559,"width":425,"height":11}},{"id":"db0bd388-3596-493e-83f1-26bd6808bf62","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":89,"box":{"x":101,"y":582,"width":697,"height":11}},{"id":"fb13f09e-d926-4f02-8673-413cd663f553","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":89,"box":{"x":102,"y":604,"width":803,"height":11}},{"id":"0a408e12-d260-4a5a-92f5-d4a6ef717bde","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":89,"box":{"x":68,"y":619,"width":822,"height":11}},{"id":"2c5dd113-bea1-4b5b-841b-8c949245b470","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":89,"box":{"x":69,"y":634,"width":794,"height":12}},{"id":"61209ff1-44cf-4ed5-bef0-f42a57d09d1a","block_type":"box","text":"(“RQFIIs”) from tax on capital gains derived from the trading of shares and other equity interest investments on or","page_number":89,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"80e0ff76-8583-4e9f-a174-aafb72ef13e7","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":89,"box":{"x":69,"y":664,"width":800,"height":12}},{"id":"b2587313-4695-44fc-b5f8-65c6b95ad01a","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":89,"box":{"x":68,"y":680,"width":783,"height":11}},{"id":"6376aa91-781b-4c45-a18c-b20e3e037212","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":89,"box":{"x":69,"y":695,"width":825,"height":11}},{"id":"b305688f-a02e-477c-a4b2-29f258463773","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":89,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"127e26da-694a-4e69-9bfd-85c2692ccb60","block_type":"box","text":"temporary exemptions is not stated in the circulars and is subject to termination by the PRC tax authorities with or","page_number":89,"box":{"x":68,"y":725,"width":818,"height":11}},{"id":"25a22e47-00c9-474a-87bd-aaa51730e3e9","block_type":"box","text":"without notice.","page_number":89,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"667cfda2-237c-4644-8341-42e354a3c830","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":89,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"fb63edd0-3a71-4d7c-a62c-2a2a302d8352","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":89,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"dbd20994-16f3-4b7e-8872-e5efea7d5bce","block_type":"box","text":"the PRC bond market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA","page_number":89,"box":{"x":68,"y":793,"width":798,"height":10}},{"id":"6563985b-0d77-4d1a-ab90-b1a226e58533","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. On","page_number":89,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"50217556-239d-445a-a557-cc6728b5ec3e","block_type":"box","text":"January 15, 2026, it was announced via Public Notice No. 5 of 2026 that the exemption was extended through","page_number":89,"box":{"x":69,"y":823,"width":792,"height":12}},{"id":"591d2113-b532-467f-8938-57c04845baac","block_type":"box","text":"December 31, 2027.","page_number":89,"box":{"x":70,"y":838,"width":147,"height":11}},{"id":"1c9497e9-3b84-4dbe-96fd-153bddff7b32","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":89,"box":{"x":103,"y":861,"width":225,"height":11}},{"id":"202aec02-4a8e-4e79-a6f0-6eb289b3b8fe","block_type":"box","text":"From May 1, 2016, VAT applies to cer tain income derived by the Fund, including","page_number":89,"box":{"x":333,"y":861,"width":569,"height":11}},{"id":"18e6442f-529f-4197-96c1-7dfc5339a1f1","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":89,"box":{"x":69,"y":876,"width":528,"height":11}},{"id":"52ffa4eb-a59a-4ab6-b4d4-a4463351effd","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":89,"box":{"x":101,"y":899,"width":697,"height":11}},{"id":"f06f437b-4897-4cf2-a42f-b64f1b08cf8e","block_type":"box","text":"II-46","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9fdee519-e737-4341-a884-e192e3ae9410","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":89,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"38977f53-dc34-4c61-b7dc-6fc0981e7a0d","block_type":"box","text":"VAT exemptions currently apply to capital gains from trading of QFII and RQFII products, A-Shares traded on the","page_number":90,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"b143ca32-b349-48c1-8393-8a4d9aee375f","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":90,"box":{"x":69,"y":60,"width":565,"height":9}},{"id":"abd6d720-dd53-43c0-8ffb-8406e88b7c21","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":90,"box":{"x":102,"y":82,"width":749,"height":12}},{"id":"32e9a9dd-1252-4f67-abde-38ec0c7cb251","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":90,"box":{"x":70,"y":98,"width":791,"height":11}},{"id":"5a076663-ce0d-42b0-8954-2098734e86c7","block_type":"box","text":"market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA jointly issued Public","page_number":90,"box":{"x":69,"y":113,"width":840,"height":11}},{"id":"bbd7524f-9ffe-403e-aff4-ab5a4ca10ceb","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":90,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"5652b533-8ebd-424d-9661-0c4cae19b878","block_type":"box","text":"July 31, 2025, the MoF and STA jointly issued Public Notice No 4 of 2025, stating that VAT will apply with respect to","page_number":90,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"b4eeb7c9-796c-4f90-b0b8-b4d8711310cd","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":90,"box":{"x":70,"y":158,"width":772,"height":11}},{"id":"9f7cd2fd-568c-4e5a-94e5-cff3f3080947","block_type":"box","text":"August 8, 2025. It is understood that Public Notice No 4 of 2025 does not supersede the afore-mentioned exemption","page_number":90,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"25bb9ccd-8f5b-42c3-bfbc-d365060edcc0","block_type":"box","text":"for foreign institutional investors. This exemption was extended through December 31, 2027.","page_number":90,"box":{"x":68,"y":188,"width":665,"height":12}},{"id":"2590c352-a8bc-4a9c-951a-615493846cd1","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":90,"box":{"x":101,"y":211,"width":801,"height":11}},{"id":"c84fbc40-f284-4833-ac4d-222a167d62f4","block_type":"box","text":"tax authorities may result in a loss which could be material to the Fund. There is a risk the PRC tax authorities may","page_number":90,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"487120a2-d3eb-4643-94b4-9a59ed040cb6","block_type":"box","text":"withdraw the temporary tax exemptions in the future and seek to collect taxes realized on the sale of A-Shares or","page_number":90,"box":{"x":68,"y":241,"width":808,"height":11}},{"id":"6bfb8e0a-08ac-4725-bc61-5eec778524ab","block_type":"box","text":"PRC sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the","page_number":90,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"0b7837f3-2bed-4f2f-b0c2-3e437f92940c","block_type":"box","text":"temporary tax exemptions are withdrawn, any taxes may be directly borne by or indirectly passed on to the Fund and","page_number":90,"box":{"x":68,"y":272,"width":829,"height":11}},{"id":"04172fe5-3ca9-4b6e-862e-982960666117","block_type":"box","text":"may result in a substantial impact to its net asset value. As with any net asset value adjustment, investors may be","page_number":90,"box":{"x":69,"y":287,"width":819,"height":11}},{"id":"90d023da-8df6-473b-8e1b-7277accf291e","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":90,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"84ebe8a5-b3b4-43a9-b50e-8ece57900752","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":90,"box":{"x":68,"y":317,"width":474,"height":11}},{"id":"b6ffedf6-06c7-4a40-b723-878cabd15d35","block_type":"box","text":"BlackRock will keep the provisioning policy for tax liability under review and may, in its discretion from time to","page_number":90,"box":{"x":102,"y":339,"width":777,"height":12}},{"id":"d481293e-5008-4afa-bca7-e75fdddc60b7","block_type":"box","text":"time, make a provision for potential tax liabilities if in its opinion such provision is warranted or as fur ther clarified by","page_number":90,"box":{"x":68,"y":355,"width":836,"height":11}},{"id":"1a922396-8614-48b0-85de-17a1b59c15cb","block_type":"box","text":"the PRC in notifications.","page_number":90,"box":{"x":68,"y":370,"width":171,"height":9}},{"id":"1908b0c8-924a-4806-adcb-81d66b5e74ad","block_type":"box","text":"Investment in Other Investment Companies.","page_number":90,"box":{"x":102,"y":392,"width":320,"height":11}},{"id":"33cf5675-cbb7-4d71-ac87-b7308d95560a","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":90,"box":{"x":429,"y":393,"width":402,"height":11}},{"id":"7089b515-51eb-4de4-83f0-9c8b8b45c398","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":90,"box":{"x":70,"y":407,"width":818,"height":12}},{"id":"01a9cbde-b970-4d3b-a7c8-e4df6cf8f707","block_type":"box","text":"market funds and ETFs, which are typically open-end funds or unit investment trusts listed on a stock exchange.","page_number":90,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"f1a5ac6b-7ef8-45f0-b04a-32801d5595b3","block_type":"box","text":"Under Section 12(d)(1)(A) of the Investment Company Act, however, a Fund may invest up to 10% of its total assets","page_number":90,"box":{"x":70,"y":438,"width":822,"height":11}},{"id":"df81e63b-8480-4a50-9c09-65f8c9875306","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":90,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"b822b65f-cf20-48a9-acc6-857e4efaa922","block_type":"box","text":"12(d)(1)(A) of the Investment Company Act a Fund may not acquire securities of an investment company if such","page_number":90,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"8d573914-5b01-4ea0-b222-83a245cc828d","block_type":"box","text":"acquisition would cause the Fund to own more than 3% of the total outstanding voting stock of such investment","page_number":90,"box":{"x":69,"y":483,"width":796,"height":11}},{"id":"580e9041-915d-4810-b7b0-0024db9d2e2c","block_type":"box","text":"company and a Fund may not invest in another investment company if such investment would cause more than 5% of","page_number":90,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"b53ff695-0bde-4dbf-8c67-58bc96cc9d37","block_type":"box","text":"the value of the Fund’s total assets to be invested in securities of such investment company. (These limits do not","page_number":90,"box":{"x":68,"y":513,"width":812,"height":11}},{"id":"744cd37b-2ffd-4b9b-ad1c-921e57edd58c","block_type":"box","text":"restrict a Feeder Fund from investing all of its assets in shares of its Master Por tfolio.) In addition to the restrictions","page_number":90,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"fc9a0724-144d-4d36-887e-e8eeb98c10d6","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":90,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"e77f778d-3c16-420d-9ece-f7e16a5425c5","block_type":"box","text":"Act a Fund may not invest in a registered closed-end investment company if such investment would cause the Fund","page_number":90,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"cea9371a-63a6-47f7-9304-3db1878b962a","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":90,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"4865a5c8-71f9-4522-80d4-37ef46240b10","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":90,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"10df222c-434d-4623-bb27-cbd5e98220be","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":90,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"108e9b93-a1a2-4bc1-97b9-1ea369e2fd84","block_type":"box","text":"cer tain conditions. In addition, a Fund may be able to rely on cer tain rules under the Investment Company Act to","page_number":90,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"ccd83b46-3a21-423e-be23-9551325efa0c","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":90,"box":{"x":70,"y":634,"width":829,"height":11}},{"id":"c5e371ee-f933-46aa-9d08-3aaf871bf0f3","block_type":"box","text":"subject to cer tain conditions.","page_number":90,"box":{"x":69,"y":650,"width":206,"height":10}},{"id":"9fcccfc3-c071-4cea-b9ee-36292294f556","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":90,"box":{"x":101,"y":672,"width":799,"height":11}},{"id":"a0345cb7-bd57-4629-858d-84500ccc0d7f","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":90,"box":{"x":102,"y":695,"width":779,"height":11}},{"id":"1b3f33bb-9d85-4adb-807e-2962f1037a91","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":90,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"d2f18868-0c64-4ed7-b65a-9f03659808cc","block_type":"box","text":"held by a Fund that trade on an exchange could trade at a discount from NAV, and such discount could increase while","page_number":90,"box":{"x":69,"y":725,"width":836,"height":11}},{"id":"92a66900-c90b-4c88-97f8-19a0112f69c7","block_type":"box","text":"the Fund holds the shares. If the market price of shares of an exchange-traded investment company decreases below","page_number":90,"box":{"x":68,"y":740,"width":839,"height":11}},{"id":"fc40fd20-cbcf-48ae-a31c-7790aa877def","block_type":"box","text":"the price that the Fund paid for the shares and the Fund were to sell its shares of such investment company at a","page_number":90,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"17937ef1-2db5-4a42-8f59-245e627e6579","block_type":"box","text":"time when the market price is lower than the price at which it purchased the shares, the Fund would experience a","page_number":90,"box":{"x":68,"y":771,"width":810,"height":10}},{"id":"b5b52e5a-684b-4535-89c9-41c5fd57c0d4","block_type":"box","text":"loss.","page_number":90,"box":{"x":70,"y":786,"width":31,"height":8}},{"id":"37b98db4-b558-4d00-a669-f95f57e8a724","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":90,"box":{"x":102,"y":808,"width":758,"height":11}},{"id":"5dbead5e-47dc-4db7-8734-916dbe419e7b","block_type":"box","text":"shareholders would bear both their propor tionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":90,"box":{"x":69,"y":823,"width":837,"height":11}},{"id":"be8120fa-8c30-4969-abb2-7dba6c0df8dc","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":90,"box":{"x":70,"y":838,"width":835,"height":11}},{"id":"941c8425-56ed-4e7c-9a28-76fb2712803d","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":90,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"eeddbafd-9f25-4f3d-9b74-cf364b148b94","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":90,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"db29bbae-8ee7-49f4-af4b-9dc691e61424","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of cer tain countries will not be","page_number":90,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"f407050f-bc63-4547-b579-d787627a05f1","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":90,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"fa144836-6cf1-4002-bdb6-d2deeab639ce","block_type":"box","text":"II-47","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"99660aaa-7cb1-4818-aee4-fd211bc29fe9","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":90,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"a58d949d-f146-4930-b4f7-5c5c3e92deb0","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":91,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"d2ae6a2d-78ff-4e41-941f-5bd4b80e662f","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":91,"box":{"x":70,"y":60,"width":778,"height":11}},{"id":"7d85f6d0-7a85-47b7-bbab-d79553bfb953","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a por tion of its","page_number":91,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"74a16d78-93c7-451c-9ab4-5e70401e5d89","block_type":"box","text":"assets.","page_number":91,"box":{"x":69,"y":91,"width":51,"height":8}},{"id":"8329d9d8-5db5-4f63-81a9-fbaec4f78845","block_type":"box","text":"To the extent shares of a Fund are held by another fund, the ability of the Fund itself to purchase other funds","page_number":91,"box":{"x":101,"y":113,"width":776,"height":11}},{"id":"2cbb50a9-fb93-4a23-b8e7-24d63a00d327","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":91,"box":{"x":69,"y":128,"width":313,"height":11}},{"id":"2d03e84b-7b3f-49f4-8ecd-1d060fe5d423","block_type":"box","text":"e.g.","page_number":91,"box":{"x":384,"y":129,"width":24,"height":10}},{"id":"a5267a4a-7104-4171-ba08-3fa1e3e5640d","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":91,"box":{"x":411,"y":128,"width":491,"height":11}},{"id":"cfdceb5c-af31-487a-9340-18649c405d89","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":91,"box":{"x":69,"y":143,"width":823,"height":11}},{"id":"3fd55b28-ad56-4fda-862d-aefed4fcadf9","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":91,"box":{"x":69,"y":158,"width":472,"height":11}},{"id":"228de753-cfba-4650-9e21-951432a293c4","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":91,"box":{"x":101,"y":181,"width":790,"height":11}},{"id":"5bcc2327-92b6-4a59-96a4-88d3425c8c40","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":91,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"c3b73877-2ee2-4cec-90e6-4a3af7a29b6c","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":91,"box":{"x":69,"y":211,"width":791,"height":11}},{"id":"9775da22-ea13-4d08-816c-d6c15e152f32","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":91,"box":{"x":70,"y":226,"width":795,"height":11}},{"id":"70ae77ce-09ac-4199-8fbc-e22dd75d1b6c","block_type":"box","text":"investment companies set for th above may limit oppor tunities for a Fund to invest indirectly in cer tain developing","page_number":91,"box":{"x":70,"y":241,"width":807,"height":11}},{"id":"19167555-81a4-4cd1-9243-64e266156b06","block_type":"box","text":"countries.","page_number":91,"box":{"x":69,"y":257,"width":69,"height":8}},{"id":"0d774cef-36d1-47d3-9808-d3c002b0ede1","block_type":"box","text":"Issuer Insolvency Risk.","page_number":91,"box":{"x":102,"y":279,"width":166,"height":11}},{"id":"6f8bdc72-d8b1-4e49-aaf6-bff61da6bd35","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":91,"box":{"x":275,"y":279,"width":631,"height":11}},{"id":"3fd1bfff-3fe5-4d99-b4cb-9ca65cd18365","block_type":"box","text":"a high degree of credit and market risk, which may be heightened during an economic downturn or recession. Should","page_number":91,"box":{"x":69,"y":294,"width":832,"height":11}},{"id":"42446f3b-9e79-464a-89bb-e132bd52a875","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":91,"box":{"x":69,"y":309,"width":781,"height":11}},{"id":"504d8c50-7dfb-4922-ba93-b5a768549f3b","block_type":"box","text":"restructuring, a wide variety of considerations make an evaluation of the outcome of the Fund’s exposure to the","page_number":91,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"38a224dd-4242-40cf-a7b6-8c4b5da05542","block_type":"box","text":"issuer uncer tain.","page_number":91,"box":{"x":70,"y":340,"width":118,"height":8}},{"id":"38cf5048-9cc6-4722-bedf-8f5864183173","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":91,"box":{"x":102,"y":362,"width":788,"height":11}},{"id":"1c8fc659-442f-4609-b494-fa795ee33369","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncer tainty as","page_number":91,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"5a57b876-fc35-4845-abb3-0d8cf0c7b0da","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":91,"box":{"x":68,"y":393,"width":779,"height":11}},{"id":"205cede1-3a19-4762-849a-1883d3d15023","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncer tainty as to when and","page_number":91,"box":{"x":69,"y":407,"width":829,"height":12}},{"id":"7aee7c30-a7e5-4aec-a4a5-4b9c7d244e42","block_type":"box","text":"in what manner and for what value the obligations evidenced by the securities of the issuer held by the Fund will","page_number":91,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"ec74ef09-b46c-4257-a0e7-104e95526137","block_type":"box","text":"eventually be satisfied.","page_number":91,"box":{"x":69,"y":438,"width":162,"height":11}},{"id":"9158d75e-6c59-4c6e-bd0e-466eb6a1e5e8","block_type":"box","text":"Even if a plan of reorganization or restructuring is adopted with respect to the securities of the issuer held by the","page_number":91,"box":{"x":102,"y":460,"width":805,"height":12}},{"id":"5febd13e-1206-4b0b-985e-672f08961e78","block_type":"box","text":"Fund, there can be no assurance that the securities or other assets received by a Fund in connection with such plan","page_number":91,"box":{"x":70,"y":476,"width":827,"height":11}},{"id":"434c8bac-5fba-4eba-90e3-364bf2f36720","block_type":"box","text":"of reorganization or restructuring will not have a lower value or income potential than may have been anticipated or","page_number":91,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"c81edc34-0c5b-4cf7-9e4d-fb5feab3ef44","block_type":"box","text":"no value. A Fund may be unable to enforce its claims or rights in any collateral or may have its claims or security","page_number":91,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"00373b53-145f-46cb-aee6-9f33c3d2dc7b","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":91,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"4c758113-aae3-416b-9a5e-4ec0ec66d1d1","block_type":"box","text":"In addition, amendments to the U.S. Bankruptcy Code or other relevant laws could alter the expected outcome or","page_number":91,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"1f54de8d-3aba-4296-acea-a9ee74063c8d","block_type":"box","text":"introduce greater uncer tainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":91,"box":{"x":70,"y":551,"width":820,"height":11}},{"id":"0cd64e67-7ade-4a8b-a105-2d9a589c2637","block_type":"box","text":"proceeding, a reorganization or restructuring, the securities of the issuer held by a Fund could be re-characterized or","page_number":91,"box":{"x":70,"y":566,"width":828,"height":11}},{"id":"457230dc-635f-4a7d-94b5-981fe54d7f2f","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":91,"box":{"x":69,"y":581,"width":820,"height":12}},{"id":"c77c514a-0e41-46ee-80b8-75b21a85ee61","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":91,"box":{"x":70,"y":596,"width":820,"height":12}},{"id":"60986715-cb2d-4644-be8b-7b56dedd20d6","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":91,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"1968388d-53d2-46b4-9539-4b6a9b48252d","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":91,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"7bb7d5ee-ae57-44e8-b927-920e7bb59d47","block_type":"box","text":"volatile than those of other asset classes. Holders of equity securities are subject to more risk than holders of debt","page_number":91,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"c598ff03-5362-4a11-b242-7d4961138908","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":91,"box":{"x":69,"y":657,"width":809,"height":11}},{"id":"36b8ffc5-7d5b-40dc-960f-5cff2b8f6a52","block_type":"box","text":"value of equity securities received by a Fund could decline if the financial condition of the issuer deteriorates or if","page_number":91,"box":{"x":68,"y":672,"width":809,"height":11}},{"id":"38af1fb2-a11c-4a9c-9dec-4b173101ee41","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":91,"box":{"x":69,"y":687,"width":741,"height":11}},{"id":"5ff21b83-0948-4614-a225-638e774d12ce","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":91,"box":{"x":101,"y":710,"width":780,"height":11}},{"id":"3488296c-e522-4532-ab12-0c5cc662cb67","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":91,"box":{"x":68,"y":725,"width":807,"height":11}},{"id":"ed2d7cfe-0971-4da3-b45e-af0b5f9cfd78","block_type":"box","text":"example of assets that a Fund could receive is an interest in one or more loans made to the issuer as par t of a","page_number":91,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"d54572c6-24bb-45a3-a944-d58d36470704","block_type":"box","text":"workout agreed to by a consor tium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":91,"box":{"x":68,"y":755,"width":814,"height":11}},{"id":"6742f174-f099-4375-910d-ee205727c4f1","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":91,"box":{"x":70,"y":770,"width":439,"height":11}},{"id":"ef7e2dbc-e566-4787-8ab4-3f901e5ba3eb","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":91,"box":{"x":102,"y":793,"width":806,"height":11}},{"id":"58fca486-830a-450c-b1b3-4f7d5ac8f41a","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":91,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"9dc61823-eefa-4fa7-9bd7-d2f9b2717515","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":91,"box":{"x":69,"y":823,"width":767,"height":12}},{"id":"85da2044-2552-4077-9055-16f310daaaf8","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":91,"box":{"x":69,"y":838,"width":771,"height":12}},{"id":"8ddc942f-7115-4213-a179-a17e7fe7b7d7","block_type":"box","text":"par ticipates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":91,"box":{"x":70,"y":853,"width":823,"height":12}},{"id":"4f32c77f-1a32-4d64-b695-bee2c522ea57","block_type":"box","text":"issuer held by a Fund, the Fund also may be restricted from disposing such securities for a period of time. If a Fund","page_number":91,"box":{"x":70,"y":869,"width":822,"height":11}},{"id":"588fd64c-309a-42d4-9339-cd6c3b0c3a12","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active par ticipation in the affairs of the issuer than","page_number":91,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"de39b08c-6b0d-4830-a0c5-73f83cf7c75b","block_type":"box","text":"that assumed generally by an investor.","page_number":91,"box":{"x":68,"y":899,"width":274,"height":11}},{"id":"1875a6fa-0e00-4177-8fdf-5d1345537e5c","block_type":"box","text":"II-48","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e7b12275-65ba-4a5e-8117-0fbfe729a988","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":91,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"3d92c51e-6e52-41b3-acdf-dd252b76a323","block_type":"box","text":"Lease Obligations.","page_number":92,"box":{"x":102,"y":45,"width":133,"height":11}},{"id":"87b22f57-e3b9-4ca4-b8ee-49635f7a3e98","block_type":"box","text":"A Fund may hold par ticipation cer tificates in a lease, an installment purchase contract, or a","page_number":92,"box":{"x":241,"y":45,"width":653,"height":11}},{"id":"43e660d7-c1f7-4fd2-94f6-dfe31504ff2f","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":92,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"cc5289af-d5bc-4e85-85b6-9b9be55805a9","block_type":"box","text":"each entity providing credit suppor t and/or a put option relating to lease obligations.","page_number":92,"box":{"x":69,"y":75,"width":602,"height":11}},{"id":"fd0414b4-891b-4538-925f-31ca3897163a","block_type":"box","text":"Life Settlement Investments.","page_number":92,"box":{"x":102,"y":98,"width":210,"height":9}},{"id":"9997e6b0-87e0-4a5c-a858-4d40f590b795","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third par ties, such as the","page_number":92,"box":{"x":318,"y":98,"width":589,"height":11}},{"id":"84a08488-151a-4b52-be11-e68c5dcd46d1","block_type":"box","text":"Fund, of existing life insurance contracts for more than their cash surrender value but less than the net benefits to be","page_number":92,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"304cbd92-1f1b-44cb-b2e5-bb0d294347ed","block_type":"box","text":"paid under the policies. When a Fund acquires such a contract, it pays the policy premiums in return for the expected","page_number":92,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"4d97dc77-b06b-4865-839b-e3eb6f555c0e","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve cer tain risks,","page_number":92,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"bae2c358-e6b2-49b8-8db1-1fac9a90f858","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":92,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"08c37530-772c-4d1d-a183-63c75b6ff603","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":92,"box":{"x":70,"y":173,"width":775,"height":11}},{"id":"5ca0d1b5-4885-43dd-b997-ad7a5b3046a2","block_type":"box","text":"secondary market through life settlement agents. Also, in the event of a bankruptcy of the insurance carrier for a","page_number":92,"box":{"x":69,"y":188,"width":805,"height":12}},{"id":"d4af9215-c3f0-42a4-8d69-9a0fad6dfaf9","block_type":"box","text":"policy, the Fund may receive reduced or no benefits under the contract. A Fund seeks to minimize credit risk by","page_number":92,"box":{"x":70,"y":203,"width":789,"height":12}},{"id":"e0bec0ee-b2f3-4614-80e5-1c7b910acd9f","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Fur thermore, a Fund may encounter","page_number":92,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"568d2954-21c6-462a-99f2-b7975e69db1b","block_type":"box","text":"losses on its investments if there is an inaccurate estimation of the life expectancies of viators. A Fund intends to","page_number":92,"box":{"x":70,"y":234,"width":813,"height":11}},{"id":"ab490d39-b70b-474b-9c46-4b0f14c36cf9","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":92,"box":{"x":69,"y":249,"width":758,"height":11}},{"id":"dff2ffce-0ef4-4ce0-aea7-39144e1e7c3c","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":92,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"14a0f56b-845e-41f1-8a3f-fd717571e43e","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the IRS 90%","page_number":92,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"28575da7-0dbc-4552-a525-f4c785dbb075","block_type":"box","text":"gross income test a Fund must satisfy each year to qualify as a regulated investment company. A Fund intends to","page_number":92,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"b442227c-d722-47d9-ae65-50dea8b146fe","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":92,"box":{"x":69,"y":309,"width":730,"height":11}},{"id":"9636e0f0-6a89-402a-9b39-d1c6061c651f","block_type":"box","text":"Liquidity Risk Management.","page_number":92,"box":{"x":102,"y":332,"width":202,"height":11}},{"id":"4a09fda7-6092-4f41-ac7a-e2a1d34ed528","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":92,"box":{"x":311,"y":332,"width":591,"height":11}},{"id":"8b9d5cd6-93f0-4924-9cc7-064341f63eb4","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":92,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"4afb2e45-fffe-4510-a02f-7cd61ba9fdc4","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":92,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"3b014210-612e-4a78-ae44-e855bbbdf20a","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":92,"box":{"x":70,"y":377,"width":801,"height":12}},{"id":"1f3d9560-4c3f-4182-809d-bf559b3cfe9d","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":92,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"1145f609-113b-41c8-81dc-bd7317fe0dbb","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":92,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"235de4ff-c5a1-4cd4-836b-197bb40e73ab","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":92,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"2ad61e28-2a85-48a0-8b37-eca811bb7abd","block_type":"box","text":"“illiquid investment.” The Liquidity Rule defines “liquidity risk” as the risk that a Fund could not meet requests to","page_number":92,"box":{"x":70,"y":438,"width":804,"height":11}},{"id":"c0392e98-818d-4f2a-bceb-b1c36fbf2926","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":92,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"e696d0a8-bbc6-4995-a38d-0e4a4574f1fa","block_type":"box","text":"liquidity of a Fund’s por tfolio investments is determined based on relevant market, trading and investment-specific","page_number":92,"box":{"x":70,"y":468,"width":815,"height":11}},{"id":"59ee6d1d-0562-4794-a3b9-07d7d283c37b","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":92,"box":{"x":69,"y":483,"width":823,"height":11}},{"id":"3dd47ac0-7cc4-4441-88a2-022a6b743abd","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":92,"box":{"x":69,"y":498,"width":601,"height":11}},{"id":"c7c13272-7ec3-434a-b3ff-cc451f654290","block_type":"box","text":"Master Limited Partnerships.","page_number":92,"box":{"x":102,"y":521,"width":211,"height":11}},{"id":"ce655fdb-b5ad-49a2-819f-86c4340cd556","block_type":"box","text":"Cer tain Funds may invest in publicly traded master limited par tnerships (“MLPs”)","page_number":92,"box":{"x":320,"y":521,"width":577,"height":11}},{"id":"d450e4d7-3b56-4c2b-a94e-4457a358b123","block_type":"box","text":"which are limited par tnerships or limited liability companies taxable as par tnerships. MLPs may derive income and","page_number":92,"box":{"x":68,"y":536,"width":816,"height":11}},{"id":"cef684b1-f17e-40ab-8f5b-4ef848581788","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transpor tation (including","page_number":92,"box":{"x":68,"y":551,"width":777,"height":11}},{"id":"8504e151-e6ca-4811-8271-836399a3c305","block_type":"box","text":"pipelines transpor ting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":92,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"81072f59-4288-40c0-bf1d-40e5e084bba5","block_type":"box","text":"generally have two classes of owners, the general par tner and limited par tners. When investing in an MLP, a Fund","page_number":92,"box":{"x":68,"y":581,"width":811,"height":12}},{"id":"1da2bb2b-7d32-4f5a-9867-18875107f982","block_type":"box","text":"intends to purchase publicly traded common units issued to limited par tners of the MLP. The general par tner is","page_number":92,"box":{"x":70,"y":596,"width":791,"height":12}},{"id":"3e906e66-5270-46e3-a82f-739ef8d1e643","block_type":"box","text":"typically owned by a major energy company, an investment fund, the direct management of the MLP or is an entity","page_number":92,"box":{"x":68,"y":612,"width":812,"height":11}},{"id":"597e01ec-b5ea-4ac5-b371-6a396100d0a3","block_type":"box","text":"owned by one or more of such par ties. The general par tner may be structured as a private or publicly traded","page_number":92,"box":{"x":69,"y":627,"width":770,"height":11}},{"id":"49c93f8d-49bb-4b2d-97c0-e9346d3a74ba","block_type":"box","text":"corporation or other entity. The general par tner typically controls the operations and management of the MLP through","page_number":92,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"2c7798d2-b7d0-4fd5-98fb-1dd0ab31b9dc","block_type":"box","text":"an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.","page_number":92,"box":{"x":69,"y":657,"width":799,"height":11}},{"id":"3f0da249-5f1b-4599-9159-388f0f3d2531","block_type":"box","text":"Limited par tners own the remainder of the par tnership, through ownership of common units, and have a limited role","page_number":92,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"b85b0c50-340c-4a51-aba4-3f249b9db17b","block_type":"box","text":"in the par tnership’s operations and management.","page_number":92,"box":{"x":70,"y":687,"width":352,"height":11}},{"id":"7ed4e4a2-336d-4374-8234-7e9570d775da","block_type":"box","text":"MLPs are typically structured such that common units and general par tner interests have first priority to receive","page_number":92,"box":{"x":102,"y":710,"width":794,"height":11}},{"id":"a800fae0-28d2-4c69-869c-10e61cdc9fd9","block_type":"box","text":"quar terly cash distributions up to an established minimum amount (“minimum quar terly distributions” or “MQD”).","page_number":92,"box":{"x":69,"y":725,"width":809,"height":11}},{"id":"573c42fc-819c-4e7c-b33b-659df5ba54e1","block_type":"box","text":"Common and general par tner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":92,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"98eaa8d6-2fdb-4ae4-ac22-c21912232f3c","block_type":"box","text":"Once common and general par tner interests have been paid, subordinated units receive distributions of up to the","page_number":92,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"b6b1f02e-982b-4cad-a4a7-05ba9bb38285","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":92,"box":{"x":70,"y":770,"width":816,"height":12}},{"id":"6664c494-ea95-4116-a47c-4fe0b54d148a","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":92,"box":{"x":69,"y":786,"width":831,"height":11}},{"id":"e39d81cc-7d45-49ed-aa51-36b078ef0263","block_type":"box","text":"The general par tner is also eligible to receive incentive distributions if the general par tner operates the business in a","page_number":92,"box":{"x":68,"y":801,"width":835,"height":11}},{"id":"7bfe0673-3835-45f3-8602-3b442ab98339","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general par tner","page_number":92,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"164ecf9b-4dc4-4974-b362-dae962714ef3","block_type":"box","text":"increases cash distributions to the limited par tners, the general par tner receives an increasingly higher percentage of","page_number":92,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"334e6e55-3f7b-49d6-9b97-1432f5ab1f5d","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general par tner can reach a tier where","page_number":92,"box":{"x":68,"y":846,"width":828,"height":11}},{"id":"365eacf5-39b4-4421-8df6-2d1987308322","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":92,"box":{"x":70,"y":861,"width":761,"height":11}},{"id":"f090a4fe-397f-449c-bd56-2d22c3a4a815","block_type":"box","text":"distributions encourage the general par tner to streamline costs, increase capital expenditures and acquire assets in","page_number":92,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"85e9be9e-9a85-424e-88a9-3bcfe184b263","block_type":"box","text":"order to increase the par tnership’s cash flow and raise the quar terly cash distribution in order to reach higher tiers.","page_number":92,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"5edb3554-b6e3-457d-974c-f60ec2308799","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":92,"box":{"x":69,"y":906,"width":366,"height":12}},{"id":"029b363c-6fc2-497c-95fc-6b1ab93fe4a9","block_type":"box","text":"II-49","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"12463680-7040-4b0a-8ea6-5cad7b86a41c","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":92,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"0a974dfa-c7d0-48de-8648-1000f16ce2b7","block_type":"box","text":"MLP common units represent a limited par tnership interest in the MLP. Common units are listed and traded on","page_number":93,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"abb806ae-50b2-4678-b2e2-0b4ad47fc5c9","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":93,"box":{"x":70,"y":60,"width":820,"height":11}},{"id":"f7108b8e-32a0-490e-9ff4-4f2f5b998f58","block_type":"box","text":"success of the MLP. Cer tain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":93,"box":{"x":69,"y":75,"width":787,"height":11}},{"id":"bddab6a9-bcff-4d4b-bf54-f0b7e0b093ed","block_type":"box","text":"common stock of a corporation, owners of common units have limited voting rights and have no ability to annually","page_number":93,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"4786bc35-840e-4fce-8348-a7f64b2c708c","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":93,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"c3b646bf-e626-4880-acf5-9c53629b7b12","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":93,"box":{"x":69,"y":120,"width":387,"height":12}},{"id":"e020e4f2-a6eb-431f-9dfe-5a57873a6953","block_type":"box","text":"Merger Transaction Risk.","page_number":93,"box":{"x":102,"y":143,"width":183,"height":11}},{"id":"dbe21030-b24a-4997-95c4-b5f3a10e5fa1","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":93,"box":{"x":291,"y":143,"width":616,"height":11}},{"id":"d5f43413-5737-4957-8f30-c610d7294d70","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":93,"box":{"x":68,"y":158,"width":827,"height":11}},{"id":"65fbeb79-839d-4cdc-acfe-0fb3f7c9fc17","block_type":"box","text":"in cash, stock of the acquiring company or a combination of both) in excess of the purchase price paid by the Fund","page_number":93,"box":{"x":70,"y":173,"width":816,"height":11}},{"id":"7941eebf-d031-45f2-a71d-fd6872e0a93c","block_type":"box","text":"for the target company’s stock. However, a Fund is subject to the risk that the merger transaction may be canceled,","page_number":93,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"6d97fae3-16a7-4f21-bd38-e1ba360be24d","block_type":"box","text":"delayed or restructured, in which case a Fund’s holding of the target company’s stock may not result in any profit for","page_number":93,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"13e24bc1-069e-4244-b966-a58f2b26ebdc","block_type":"box","text":"the Fund and may lose significant value.","page_number":93,"box":{"x":68,"y":218,"width":286,"height":12}},{"id":"4d65081e-4c01-4026-b181-8e2f118a6e9d","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":93,"box":{"x":102,"y":241,"width":723,"height":11}},{"id":"41abe388-dd99-4395-91ba-c056db5b91c0","block_type":"box","text":"Cer tain","page_number":93,"box":{"x":831,"y":241,"width":50,"height":9}},{"id":"1561de8b-3683-4780-9334-5278e9ef1ce8","block_type":"box","text":"Funds may purchase bank obligations, such as cer tificates of deposit, notes, bankers’ acceptances and time","page_number":93,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"9a4ec2f7-177c-4a07-8d4e-f2b1437e7e0d","block_type":"box","text":"deposits, including instruments issued or suppor ted by the credit of U.S. or foreign banks or savings institutions","page_number":93,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"f0f8e42a-b205-4108-8a89-534ba7383eb5","block_type":"box","text":"having total assets at the time of purchase in excess of $1 billion. These obligations may be general obligations of","page_number":93,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"595fcc61-f2e7-4349-a76f-7e6230e91b78","block_type":"box","text":"the parent bank or may be limited to the issuing branch or subsidiary by the terms of a specific obligation or by","page_number":93,"box":{"x":68,"y":302,"width":794,"height":11}},{"id":"9681ccf1-9c30-486b-89fa-aca07ec534b3","block_type":"box","text":"government regulation. The assets of a bank or savings institution will be deemed to include the assets of its","page_number":93,"box":{"x":68,"y":317,"width":781,"height":11}},{"id":"e6eafbf3-85e2-421c-8ac5-dcda8dbff419","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in shor t-term bank","page_number":93,"box":{"x":69,"y":332,"width":776,"height":11}},{"id":"c2c3646b-2b92-4675-b055-1297b19ba7cd","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":93,"box":{"x":69,"y":347,"width":785,"height":11}},{"id":"a95537ed-e875-42ba-bc90-4304910f0fb4","block_type":"box","text":"branches of domestic banks.","page_number":93,"box":{"x":69,"y":362,"width":205,"height":9}},{"id":"020f28f0-f96f-4b63-a576-8d87a9c1042c","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":93,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"01223e51-858f-4e01-9710-949a0474b245","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":93,"box":{"x":68,"y":400,"width":787,"height":11}},{"id":"d28864f4-5222-44b1-aec1-0affcd434d33","block_type":"box","text":"Canadian counterpar ts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":93,"box":{"x":69,"y":415,"width":797,"height":11}},{"id":"f3d74579-0a3b-46e7-8da8-ebf44703eb79","block_type":"box","text":"paper of a foreign issuer.","page_number":93,"box":{"x":70,"y":430,"width":176,"height":11}},{"id":"ddab4013-e0f9-4862-999b-cf07cf1bd785","block_type":"box","text":"Money Market Securities.","page_number":93,"box":{"x":102,"y":453,"width":188,"height":11}},{"id":"691ef12b-96c4-47e7-b57c-4e7ddb9469ac","block_type":"box","text":"Cer tain Funds may invest in a broad range of shor t-term, high quality, U.S. dollar","page_number":93,"box":{"x":296,"y":453,"width":578,"height":11}},{"id":"f09803a1-643a-4920-9f4a-1f4f727b170a","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":93,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"d32b32bd-fb1b-445e-bb06-002d5a790451","block_type":"box","text":"money markets. In par ticular, the Funds may invest in:","page_number":93,"box":{"x":69,"y":483,"width":386,"height":11}},{"id":"28cdac13-fa5a-4143-a66d-a32e6091278f","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or suppor ted by the credit of U.S. or foreign banks or savings","page_number":93,"box":{"x":69,"y":503,"width":779,"height":12}},{"id":"8a14dff9-b4cb-4e27-9774-0c0954a5c652","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":93,"box":{"x":102,"y":518,"width":776,"height":12}},{"id":"5fd8bf59-3e18-4df1-ad26-a43ca78a8fda","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":93,"box":{"x":69,"y":538,"width":821,"height":12}},{"id":"e8429680-0488-46a5-81a4-07bc536b198b","block_type":"box","text":"other issuers rated (at the time of purchase) A-2 or higher by S&P, Prime-2 or higher by Moody’s or F-2 or higher","page_number":93,"box":{"x":102,"y":554,"width":795,"height":11}},{"id":"f0a6d238-ad82-4f12-b57e-5eedcba672be","block_type":"box","text":"by Fitch, as well as high quality corporate bonds rated (at the time of purchase) A or higher by those rating","page_number":93,"box":{"x":102,"y":569,"width":757,"height":11}},{"id":"03ec8b72-6e83-4f68-aedd-838deeab8282","block_type":"box","text":"agencies;","page_number":93,"box":{"x":102,"y":584,"width":66,"height":11}},{"id":"26684620-a423-4404-bae4-090120fb71c9","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":93,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"53dc042f-676b-4d9e-afcb-cc89333c4373","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":93,"box":{"x":102,"y":619,"width":344,"height":11}},{"id":"df9ca31d-d8f0-4df8-8076-aef6939c05b3","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mor tgages, installment purchase","page_number":93,"box":{"x":69,"y":639,"width":776,"height":12}},{"id":"fe3fee9b-6048-47d4-bcd2-a9eacc9c09c9","block_type":"box","text":"obligations and credit card receivables);","page_number":93,"box":{"x":102,"y":655,"width":283,"height":11}},{"id":"4c5aa773-3cb9-4745-a7e3-5f971c0fe58e","block_type":"box","text":"(e) securities issued or guaranteed as to principal and interest by the U.S. Government or by its agencies or","page_number":93,"box":{"x":69,"y":675,"width":778,"height":11}},{"id":"3e0ce797-a007-4e5a-ac98-0f202da55e37","block_type":"box","text":"authorities and related custodial receipts;","page_number":93,"box":{"x":102,"y":690,"width":296,"height":11}},{"id":"0260fb90-879c-4321-b1d5-a7bd989e5aad","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":93,"box":{"x":69,"y":710,"width":782,"height":11}},{"id":"73c5aeb8-8957-442d-a29e-0c9445465655","block_type":"box","text":"agencies or authorities;","page_number":93,"box":{"x":102,"y":725,"width":166,"height":11}},{"id":"3320a157-227e-4934-99b1-a3bf8ae0a717","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":93,"box":{"x":69,"y":745,"width":528,"height":11}},{"id":"b9f9a751-c656-49e3-a6db-15e8a5d974f6","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":93,"box":{"x":69,"y":766,"width":534,"height":11}},{"id":"8cc4e526-7452-4b2c-8ef7-18aa4451e451","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":93,"box":{"x":69,"y":786,"width":447,"height":11}},{"id":"bfab36d8-305e-4e78-96d9-515a4557d5e0","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":93,"box":{"x":69,"y":806,"width":812,"height":11}},{"id":"8869c9c1-b020-482f-8f91-31b1f08d284f","block_type":"box","text":"one of its agencies or authorities or which otherwise depend directly or indirectly on the credit of the United","page_number":93,"box":{"x":102,"y":821,"width":766,"height":11}},{"id":"fef33de6-6650-4888-86e0-7ee4f0b0161d","block_type":"box","text":"States;","page_number":93,"box":{"x":102,"y":836,"width":49,"height":10}},{"id":"ef6ef66a-9012-4678-b350-4baf16d16b06","block_type":"box","text":"(k) fixed and variable rate notes and similar debt instruments rated MIG-2, VMIG-2 or Prime-2 or higher by Moody’s,","page_number":93,"box":{"x":69,"y":856,"width":829,"height":11}},{"id":"b7fff56a-b593-4107-96f0-dc22c02aebc1","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":93,"box":{"x":102,"y":871,"width":379,"height":11}},{"id":"e2d24ce6-fcad-45bc-95bf-84272d370810","block_type":"box","text":"(l) tax-exempt commercial paper and similar debt instruments rated Prime-2 or higher by Moody’s, A-2 or higher by","page_number":93,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"09ce48cf-5fdb-41b3-a6f3-8a7546780664","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":93,"box":{"x":102,"y":906,"width":207,"height":12}},{"id":"a2c01c73-d0e5-4abd-95bc-70b2178603a2","block_type":"box","text":"II-50","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"614905e1-a4fa-4dc2-82c3-a6cb98b383d7","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":93,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"0c19a541-00d8-4da5-bc4c-c62a91405634","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":94,"box":{"x":69,"y":45,"width":458,"height":11}},{"id":"662e97a9-508b-4cb5-bf58-6445f2f63581","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":94,"box":{"x":69,"y":65,"width":837,"height":11}},{"id":"2813a42e-6b58-491a-8a85-41183a17d105","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":94,"box":{"x":101,"y":80,"width":589,"height":11}},{"id":"034a767b-f8be-472e-a5ed-19421ac112ee","block_type":"box","text":"(o) municipal bonds and notes which are guaranteed as to principal and interest by the U.S. Government or an","page_number":94,"box":{"x":69,"y":100,"width":795,"height":11}},{"id":"aca2d0f2-de5e-4201-8548-8a82ddd56b1c","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":94,"box":{"x":102,"y":115,"width":764,"height":11}},{"id":"ac04dbce-8125-4d83-8a1f-93fe0cab62c6","block_type":"box","text":"States.","page_number":94,"box":{"x":102,"y":130,"width":49,"height":9}},{"id":"f1c471e6-9e82-46cc-9358-3230e46cbf96","block_type":"box","text":"Mortgage-Related Securities.","page_number":94,"box":{"x":102,"y":153,"width":213,"height":11}},{"id":"b3162c76-7942-44b9-b998-8780ecd178ce","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":94,"box":{"x":102,"y":176,"width":203,"height":11}},{"id":"311b1ecd-7e6c-4c12-a73b-7a2c1978872c","block_type":"box","text":"Mor tgage-backed securities represent interests in pools of mor tgages in which","page_number":94,"box":{"x":312,"y":176,"width":560,"height":11}},{"id":"246d5128-8766-40a7-8f4a-ddb8c7a03b4b","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":94,"box":{"x":70,"y":191,"width":805,"height":11}},{"id":"d6126e91-e3e5-4c4a-9e4c-8c87c2857b3c","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mor tgage loans that underlie the securities","page_number":94,"box":{"x":69,"y":206,"width":819,"height":11}},{"id":"2542ef83-a3d8-45e8-8a4c-75ba1ef9c84e","block_type":"box","text":"(net of any fees paid to the issuer or guarantor of the securities). Mor tgage-backed securities differ from other forms","page_number":94,"box":{"x":69,"y":221,"width":832,"height":11}},{"id":"4243657b-37e3-4c15-8a17-3a0ca2d5358b","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":94,"box":{"x":69,"y":236,"width":838,"height":11}},{"id":"cfcdd70b-01e3-4533-ad0c-fa0c8085754c","block_type":"box","text":"maturity or specified call dates.","page_number":94,"box":{"x":69,"y":251,"width":222,"height":11}},{"id":"eab7d53f-d31f-4a92-948a-fe667ed38584","block_type":"box","text":"Mor tgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":94,"box":{"x":102,"y":274,"width":785,"height":11}},{"id":"2a777a3f-9cd4-40f4-b973-4b7af5146509","block_type":"box","text":"that is, they may lose value if the value of the underlying real estate to which a pool of mor tgages relates declines. In","page_number":94,"box":{"x":68,"y":289,"width":838,"height":11}},{"id":"f4071b62-6989-40cc-bda8-48a5f8e91541","block_type":"box","text":"addition, investments in mor tgage-backed securities involve cer tain specific risks. These risks include the failure of a","page_number":94,"box":{"x":69,"y":304,"width":836,"height":11}},{"id":"d894354d-b824-4dfa-a736-575d9a1e1b63","block_type":"box","text":"par ty to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":94,"box":{"x":70,"y":319,"width":837,"height":12}},{"id":"52b2dcf5-dc79-4f7f-b3fb-7b7a2a48b965","block_type":"box","text":"of prepayments on mor tgage cash flows. Mor tgage-backed securities are “pass-through” securities, meaning that","page_number":94,"box":{"x":69,"y":334,"width":810,"height":12}},{"id":"867abf80-e898-44c1-a82c-af279f83ca09","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mor tgages are passed through to a Fund.","page_number":94,"box":{"x":70,"y":350,"width":811,"height":11}},{"id":"977fa7b8-ff6e-42d0-aaf8-20090e517924","block_type":"box","text":"Accordingly, the value of mor tgage-backed securities in which a Fund invests may be par ticularly sensitive to changes","page_number":94,"box":{"x":68,"y":365,"width":837,"height":11}},{"id":"37cf866d-3dff-48d4-a417-4c0e29ddd27b","block_type":"box","text":"in prevailing interest rates, and, like other fixed income investments, the ability of a Fund to utilize these instruments","page_number":94,"box":{"x":70,"y":380,"width":834,"height":11}},{"id":"8d37b564-1880-4086-8d35-a257091fe068","block_type":"box","text":"successfully may depend in par t upon the ability of the Manager to forecast interest rates and other economic factors","page_number":94,"box":{"x":69,"y":395,"width":840,"height":11}},{"id":"f840a817-7d1e-414f-a560-0b8bb045482a","block_type":"box","text":"correctly. The value of mor tgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":94,"box":{"x":69,"y":410,"width":827,"height":11}},{"id":"e77ec35c-5a4a-407f-835e-7ccdf317e841","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mor tgage-backed securities differ from","page_number":94,"box":{"x":68,"y":425,"width":805,"height":11}},{"id":"e61b6aa8-a3d1-4436-84b1-a11b121fb93d","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":94,"box":{"x":68,"y":440,"width":834,"height":11}},{"id":"cde7bd1e-1238-4b6e-b358-02b5a2e01dbe","block_type":"box","text":"for its mor tgage-backed securities, the yield the Fund expects to receive from such securities and the weighted","page_number":94,"box":{"x":68,"y":455,"width":791,"height":12}},{"id":"00604e38-7ab5-4dd2-9ee1-cbe0bab1d737","block_type":"box","text":"average life of the securities are based on a number of factors, including the anticipated rate of prepayment of the","page_number":94,"box":{"x":69,"y":470,"width":816,"height":12}},{"id":"5ce93003-1bff-4d7e-aec3-32afc6c40743","block_type":"box","text":"underlying mor tgages. In a period of declining interest rates, borrowers may prepay the underlying mor tgages more","page_number":94,"box":{"x":69,"y":486,"width":819,"height":11}},{"id":"ce0b84f5-9bd2-407d-b4a2-c0b9011bcf6a","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mor tgage-backed","page_number":94,"box":{"x":69,"y":501,"width":761,"height":11}},{"id":"db2d12b0-42fa-4b67-9950-bc0375f0a608","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":94,"box":{"x":69,"y":516,"width":791,"height":11}},{"id":"3b6e91e9-b7f1-4a00-8f4c-d796c2c70d0e","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":94,"box":{"x":69,"y":531,"width":602,"height":11}},{"id":"45eca36e-5dea-4868-b72e-7a1e578d6164","block_type":"box","text":"To the extent that a Fund purchases mor tgage-backed securities at a premium, mor tgage foreclosures and","page_number":94,"box":{"x":101,"y":554,"width":761,"height":11}},{"id":"fde92e26-f3d9-41d1-85ca-3fe27a19f60c","block_type":"box","text":"principal prepayments may result in a loss to the extent of the premium paid. If a Fund buys such securities at a","page_number":94,"box":{"x":70,"y":569,"width":800,"height":11}},{"id":"69bc6fe4-50df-4664-bda8-debdddc6edc8","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":94,"box":{"x":69,"y":584,"width":833,"height":11}},{"id":"55b2bf77-29c4-477f-b2d1-e138f557a6af","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":94,"box":{"x":69,"y":599,"width":809,"height":11}},{"id":"7cd83179-7542-4436-9a84-98e714523bd1","block_type":"box","text":"income. In a period of rising interest rates, prepayments of the underlying mor tgages may occur at a slower than","page_number":94,"box":{"x":70,"y":614,"width":801,"height":11}},{"id":"84130286-306c-402f-9e0a-b1e54c208de9","block_type":"box","text":"expected rate, creating maturity extension risk. This par ticular risk may effectively change a security that was","page_number":94,"box":{"x":69,"y":629,"width":778,"height":11}},{"id":"47f92277-03cf-4d2e-8bfb-1872ea36c501","block_type":"box","text":"considered shor t- or intermediate-term at the time of purchase into a long-term security. Since the value of long-term","page_number":94,"box":{"x":69,"y":644,"width":831,"height":12}},{"id":"cc0c964c-6846-4f08-8b49-2c3f2215bf95","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shor ter-term","page_number":94,"box":{"x":69,"y":659,"width":773,"height":12}},{"id":"d6f66ba3-434b-4a39-9dcd-17ba3f809590","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under cer tain interest rate and","page_number":94,"box":{"x":69,"y":675,"width":818,"height":11}},{"id":"90590ad6-05c7-43c3-ad6e-163348a5e777","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mor tgage-backed securities notwithstanding","page_number":94,"box":{"x":70,"y":690,"width":822,"height":11}},{"id":"fbad322a-4a32-4e75-a460-67c2582b5626","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":94,"box":{"x":69,"y":705,"width":399,"height":11}},{"id":"086b21ec-7b7d-4b4f-b1c5-f5b7544c299a","block_type":"box","text":"There are currently three types of mor tgage pass-through securities: (1) those issued by the U.S. Government or","page_number":94,"box":{"x":101,"y":727,"width":802,"height":12}},{"id":"402c6c1d-84e5-4188-aabd-e67bd65330c0","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mor tgage Association (“Ginnie Mae”), the","page_number":94,"box":{"x":69,"y":743,"width":830,"height":11}},{"id":"c8a786f5-15a5-485f-8626-125fa5048081","block_type":"box","text":"Federal National Mor tgage Association (“Fannie Mae”) and the Federal Home Loan Mor tgage Corporation (“Freddie","page_number":94,"box":{"x":70,"y":758,"width":818,"height":11}},{"id":"eb5952fa-4bf9-44ce-b1df-5a5eded87560","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":94,"box":{"x":70,"y":773,"width":766,"height":11}},{"id":"2f48854a-f4b3-4145-8e71-674f5a434f33","block_type":"box","text":"securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities; and (3) those","page_number":94,"box":{"x":69,"y":788,"width":808,"height":11}},{"id":"7d4d12ca-aaa3-4074-9e5d-2b54c183dbae","block_type":"box","text":"issued by private issuers that represent an interest in or are collateralized by whole mor tgage loans or pass-through","page_number":94,"box":{"x":70,"y":803,"width":825,"height":11}},{"id":"a9c0a75d-aba7-43fe-b705-0b88cc024366","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":94,"box":{"x":69,"y":818,"width":761,"height":11}},{"id":"e445df48-dcd0-4f3b-9522-67f8b13f44e0","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Depar tment of Housing and Urban","page_number":94,"box":{"x":102,"y":841,"width":743,"height":11}},{"id":"b4acab3d-0ce9-4858-b71e-181b64b8cd96","block_type":"box","text":"Development. Ginnie Mae is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely","page_number":94,"box":{"x":70,"y":856,"width":831,"height":11}},{"id":"7f159483-09d9-4227-b109-48860c4293e2","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":94,"box":{"x":70,"y":871,"width":815,"height":11}},{"id":"8b90022a-0bcf-41be-ba2b-fec52a728f40","block_type":"box","text":"and loan institutions, commercial banks and mor tgage banks), and backed by pools of Federal Housing","page_number":94,"box":{"x":69,"y":886,"width":737,"height":12}},{"id":"08e4085a-f6a5-4707-8faf-6771bc454d93","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mor tgages. Pass-through cer tificates","page_number":94,"box":{"x":68,"y":901,"width":814,"height":12}},{"id":"6ab655c2-b77f-45af-b720-4a093eb37e75","block_type":"box","text":"II-51","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f6ed2615-e8d8-4a12-bb08-5f2a642beda0","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":94,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b89eef3f-4792-4362-9ac4-35dc972f3cce","block_type":"box","text":"guaranteed by Ginnie Mae (such cer tificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":95,"box":{"x":68,"y":45,"width":794,"height":11}},{"id":"c5c22e9e-a655-4d6e-a883-1a8a7a4b6331","block_type":"box","text":"payment of principal and interest by Ginnie Mae, whose guarantee is backed by the full faith and credit of the United","page_number":95,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"ffda9978-1543-4e3c-a1fc-87eb5ec1fe75","block_type":"box","text":"States. Ginnie Mae cer tificates also are suppor ted by the authority of Ginnie Mae to borrow funds from the U.S.","page_number":95,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"8d21fcb9-aca6-4a23-aa36-aa489ffd630c","block_type":"box","text":"Treasury Depar tment to make payments under its guarantee. Mor tgage-related securities issued by Fannie Mae","page_number":95,"box":{"x":68,"y":90,"width":798,"height":11}},{"id":"97215225-5603-4574-a987-db108bda469b","block_type":"box","text":"include Fannie Mae guaranteed Mor tgage Pass-Through Cer tificates (also known as “Fannie Maes”), which are","page_number":95,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"a8533c92-2518-463b-9feb-fcae334539e2","block_type":"box","text":"guaranteed as to timely payment of principal and interest by Fannie Mae. They are not backed by or entitled to the full","page_number":95,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"3f8be3cf-3d9f-4c1a-8f44-4c188cae501d","block_type":"box","text":"faith and credit of the United States, but are suppor ted by the right of Fannie Mae to borrow from the U.S. Treasury","page_number":95,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"6f96bd45-46ff-4ba6-8401-7200a4a3eeac","block_type":"box","text":"Depar tment. Fannie Mae was established as a federal agency in 1938 and in 1968 was char tered by Congress as a","page_number":95,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"04fb5941-5089-4fd5-b814-80691977cb32","block_type":"box","text":"private shareholder-owned company. Mor tgage-related securities issued by Freddie Mac include Freddie Mac","page_number":95,"box":{"x":70,"y":166,"width":770,"height":11}},{"id":"adccb575-6ed3-4fcb-ad67-3d37234211dd","block_type":"box","text":"Mor tgage Par ticipation Cer tificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":95,"box":{"x":70,"y":181,"width":812,"height":11}},{"id":"611896c6-dab2-40a3-acac-256bb13a42a8","block_type":"box","text":"corporation char tered by Congress in 1970. Freddie Macs are not guaranteed by the United States or by any Federal","page_number":95,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"1d3d5d43-6830-4c41-93bb-b97a0c9c6d15","block_type":"box","text":"Home Loan Banks and do not constitute a debt or obligation of the United States or of any Federal Home Loan Bank.","page_number":95,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"56014930-be1e-416a-8d9f-3eded1f68b6e","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":95,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"d750dc3e-ee12-4237-ac56-28991227878b","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mor tgage loans.","page_number":95,"box":{"x":68,"y":241,"width":819,"height":11}},{"id":"8e6e4c43-a942-491d-b281-50a2a84bfd53","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":95,"box":{"x":68,"y":256,"width":829,"height":12}},{"id":"934f8e3b-8ec2-4d8d-a322-ccc1fc8907c7","block_type":"box","text":"on account of its guarantee of ultimate payment of principal at any time after default on an underlying mor tgage, but","page_number":95,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"63f4e6d6-b1af-42ca-a495-6537d951ebfd","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":95,"box":{"x":70,"y":286,"width":401,"height":12}},{"id":"17f8e2f7-b841-4eee-bda2-c7c9a58dc40f","block_type":"box","text":"Private mor tgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":95,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"9590bb2c-5de0-4252-abe2-9c439d0c2e4a","block_type":"box","text":"mor tgage pass-through securities and are issued by originators of and investors in mor tgage loans, including","page_number":95,"box":{"x":69,"y":324,"width":777,"height":12}},{"id":"3d4348f9-c01e-4415-b123-76c73f9272d1","block_type":"box","text":"depository institutions, mor tgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":95,"box":{"x":69,"y":339,"width":782,"height":12}},{"id":"371b8b05-f486-4f8a-b205-12669228982e","block_type":"box","text":"Pools created by private mor tgage pass-through issuers generally offer a higher rate of interest than government","page_number":95,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"c933f0cb-e7ed-41d0-b2f5-d31cf2c7ebfa","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":95,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"d230e03f-12e8-41d8-b9ca-8ff6556d498c","block_type":"box","text":"in the private pools. However, timely payment of interest and principal of these pools may be suppor ted by various","page_number":95,"box":{"x":70,"y":392,"width":814,"height":12}},{"id":"283f72c7-e0c4-4c30-97fa-f32a9cd6a138","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":95,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"ee7e5f45-125f-4a8c-ad89-062687720e54","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mor tgage poolers. The","page_number":95,"box":{"x":70,"y":423,"width":789,"height":11}},{"id":"8f8fd2a5-2218-4695-aa74-565d5c01c531","block_type":"box","text":"insurance and guarantees and the creditwor thiness of the issuers thereof will be considered in determining whether","page_number":95,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"a87a1530-a81e-4574-a882-dbf80d95bcd1","block_type":"box","text":"a mor tgage-related security meets a Fund’s investment quality standards. There can be no assurance that the private","page_number":95,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"9b0af561-7bb2-4f55-9688-64459334bbcd","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":95,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"10a00d4e-6e9d-4bd6-b9d0-6f9e5060fdca","block_type":"box","text":"mor tgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":95,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"6e1ad211-c652-47ef-a5d1-69e367d93327","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":95,"box":{"x":70,"y":498,"width":812,"height":11}},{"id":"cfe8aac7-53c5-4a0d-aadc-555897eae6bf","block_type":"box","text":"meet a Fund’s quality standards. Any mor tgage-related securities that are issued by private issuers have some","page_number":95,"box":{"x":69,"y":514,"width":790,"height":11}},{"id":"2c6738e7-e8f4-4170-8315-c6c5eeffc5f9","block_type":"box","text":"exposure to subprime loans as well as to the mor tgage and credit markets generally.","page_number":95,"box":{"x":69,"y":529,"width":604,"height":11}},{"id":"add66cf6-2640-4c6e-bc62-a8d12af708a0","block_type":"box","text":"In addition, mor tgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":95,"box":{"x":102,"y":551,"width":774,"height":11}},{"id":"570654d7-35e3-4087-a508-128a791b0d9f","block_type":"box","text":"requirements for the underlying mor tgages that are applicable to those mor tgage-related securities that have a","page_number":95,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"6766bd06-ca6e-4d04-98bb-2cb98efbbc81","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mor tgage loans underlying private mor tgage","page_number":95,"box":{"x":68,"y":582,"width":832,"height":11}},{"id":"cea32645-831f-4da9-9c85-8ecbe62f2972","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":95,"box":{"x":69,"y":596,"width":742,"height":12}},{"id":"e5f516c9-9da1-4132-b1ec-c16bffe2f6ed","block_type":"box","text":"characteristics than government or government-sponsored mor tgage-related securities and have wider variances in a","page_number":95,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"dca5bbd0-d98e-4c18-b11c-c868866188d5","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":95,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"00584964-fc72-4bbd-aa6a-555ed04a0b74","block_type":"box","text":"frequently include second mor tgages, high loan-to-value mor tgages and manufactured housing loans. The coupon","page_number":95,"box":{"x":68,"y":642,"width":809,"height":11}},{"id":"8b65fcf1-7141-48a6-b170-680e54dbc061","block_type":"box","text":"rates and maturities of the underlying mor tgage loans in a private-label mor tgage-related securities pool may vary to","page_number":95,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"1539b775-6d29-4d3e-91d7-48337b86026c","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mor tgage","page_number":95,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"8ba5e9b2-dbcf-450b-b762-405ada1c427c","block_type":"box","text":"loans. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to","page_number":95,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"0423454f-5180-4a28-981d-190c23873b90","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":95,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"b707d55b-d7cf-4910-b92a-1187c8f16a04","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":95,"box":{"x":69,"y":717,"width":669,"height":12}},{"id":"368be660-cc50-4e66-9164-2100d246af31","block_type":"box","text":"The risk of non-payment is greater for mor tgage-related securities that are backed by mor tgage pools that","page_number":95,"box":{"x":101,"y":740,"width":754,"height":11}},{"id":"70676522-5c49-49bd-8b3f-036553f84dcb","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mor tgage loan","page_number":95,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"e4f4f765-6a2f-404a-9dda-307b73d215d7","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":95,"box":{"x":69,"y":771,"width":812,"height":11}},{"id":"3cb15a95-6cf2-446f-ad31-2078907d0d55","block_type":"box","text":"market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mor tgage","page_number":95,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"2cba475e-98dc-4bb5-b2d1-be5297be84f6","block_type":"box","text":"payments by holders of adjustable rate mor tgages.","page_number":95,"box":{"x":70,"y":801,"width":361,"height":11}},{"id":"1c2fe6dc-cfd1-4742-a81b-ced416acbfe6","block_type":"box","text":"Privately issued mor tgage-related securities are not traded on an exchange and there may be a limited market","page_number":95,"box":{"x":102,"y":823,"width":784,"height":12}},{"id":"3a80fbd2-d490-4387-97be-31f9ad70b21b","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mor tgage and real estate market sectors.","page_number":95,"box":{"x":68,"y":838,"width":813,"height":12}},{"id":"2b248755-5923-4777-b09d-43856164364a","block_type":"box","text":"Without an active trading market, mor tgage-related securities held in a Fund’s por tfolio may be par ticularly difficult to","page_number":95,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"bd71a80e-7dc1-4806-9410-9252a78e2e22","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mor tgage loans.","page_number":95,"box":{"x":68,"y":869,"width":714,"height":11}},{"id":"a793a18d-2068-45a2-bb34-922f5839ac4d","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":95,"box":{"x":102,"y":891,"width":328,"height":12}},{"id":"c7e632c7-bac0-4cb5-a58e-f8eb296eb902","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":95,"box":{"x":437,"y":891,"width":407,"height":12}},{"id":"58eafac7-50e7-45e9-b5f6-25a0eaa70da5","block_type":"box","text":"commercial mor tgage loans or residential or commercial mor tgage pass-through securities. Interest and prepaid","page_number":95,"box":{"x":69,"y":907,"width":800,"height":11}},{"id":"923ba05e-dea3-4bd4-8655-6a2aab852a43","block_type":"box","text":"II-52","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"aaaf6878-c8a9-4207-a608-77a4469d431d","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":95,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f6c4f0a6-df38-4d81-9cae-5aab9ead013d","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mor tgage loans or private mor tgage pass","page_number":96,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"6c5bdbb8-ab7a-49a6-bb7c-0545bbb95667","block_type":"box","text":"through securities but are more typically collateralized by por tfolios of mor tgage pass-through securities guaranteed","page_number":96,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"3b913fdf-7a7c-4852-a62f-b430a0ea1ef2","block_type":"box","text":"by Ginnie Mae, Freddie Mac, or Fannie Mae. The issuer of a series of CMOs may elect to be treated as a Real Estate","page_number":96,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"81792b26-dfea-4ae2-8ed2-374f088a49c2","block_type":"box","text":"Mor tgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":96,"box":{"x":70,"y":90,"width":661,"height":11}},{"id":"dd58174b-4f94-4f38-987f-206a0002c634","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":96,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"b463a55a-a8cb-4e5d-bb86-083bdee84115","block_type":"box","text":"or fixed interest rate, and bearing a different stated maturity date and each must be fully retired no later than its final","page_number":96,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"016f0674-2fbf-4ad8-80b1-f6f3243f252b","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":96,"box":{"x":69,"y":143,"width":838,"height":11}},{"id":"6cf90834-a1a3-43d0-badb-caad5a81eb95","block_type":"box","text":"is ordinarily unrelated to the stated maturity date. CMOs often provide for a modified form of call protection through a","page_number":96,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"a96c41e1-b4f3-4cca-9444-364beb0aba2b","block_type":"box","text":"de facto breakdown of the underlying pool of mor tgages according to how quickly the loans are repaid. Monthly","page_number":96,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"b46d3c26-7b53-45e5-8122-3e2abac1ea13","block_type":"box","text":"payment of principal received from the pool of underlying mor tgages, including prepayments, is first returned to","page_number":96,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"d2ce665c-2056-488f-b15c-ce6f7ad9ec11","block_type":"box","text":"investors holding the shor test maturity class. Investors holding the longer maturity classes usually receive principal","page_number":96,"box":{"x":70,"y":204,"width":820,"height":11}},{"id":"9c5b8f9a-d86c-4c75-8926-a738401c1fd2","block_type":"box","text":"only after the first class has been retired. An investor may be par tially protected against a sooner than desired return","page_number":96,"box":{"x":69,"y":218,"width":836,"height":12}},{"id":"2241a370-371d-4421-b4bb-bcc5d14978d5","block_type":"box","text":"of principal because of the sequential payments.","page_number":96,"box":{"x":69,"y":234,"width":346,"height":11}},{"id":"10676005-ff3e-4ecf-8ff6-115f9ea64e23","block_type":"box","text":"Cer tain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":96,"box":{"x":102,"y":256,"width":723,"height":11}},{"id":"3f5739df-6f01-42a0-8691-adad2f36e939","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":96,"box":{"x":69,"y":271,"width":768,"height":12}},{"id":"ac74d4a8-8939-4bba-8edd-2749d99f51ce","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":96,"box":{"x":70,"y":287,"width":800,"height":11}},{"id":"1a319252-2ec0-4202-9a4a-6677214561e9","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in cer tain other qualifying CMOs, which cannot or do not rely","page_number":96,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"43a27cd0-e870-4555-8047-9284b1fab776","block_type":"box","text":"on the rule, are also not subject to the limitation of the Investment Company Act on acquiring interests in other","page_number":96,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"05ebb165-eaf3-4314-ba57-77c7fb25cb5f","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":96,"box":{"x":70,"y":332,"width":767,"height":11}},{"id":"9a9ba84c-0094-4395-8d94-ec8fd0ab15d7","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mor tgage-backed securities; (2) do not issue redeemable","page_number":96,"box":{"x":69,"y":347,"width":838,"height":11}},{"id":"9c8d4b94-1a53-48d9-9c42-9f6c4d00e6d9","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":96,"box":{"x":69,"y":362,"width":773,"height":11}},{"id":"117da83e-9c80-4c7c-884a-6770f1f76e79","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":96,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"e3713435-443e-43ac-b85e-196eebd21dba","block_type":"box","text":"To the extent that a Fund selects CMOs that cannot rely on the rule or do not meet the above requirements, the Fund","page_number":96,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"62147ddf-6209-4d2d-bb19-7a8afa825554","block_type":"box","text":"may not invest more than 10% of its assets in all such entities and may not acquire more than 3% of the voting","page_number":96,"box":{"x":69,"y":407,"width":795,"height":12}},{"id":"0bc056c3-5468-40b6-a90d-20f1ae4c9b73","block_type":"box","text":"securities of any single such entity.","page_number":96,"box":{"x":69,"y":423,"width":248,"height":11}},{"id":"3d09f484-5cc3-4976-8d2c-6ac8135a73df","block_type":"box","text":"A Fund may also invest in, among other things, parallel pay CMOs, sequential pay CMOs, and floating rate CMOs.","page_number":96,"box":{"x":101,"y":445,"width":807,"height":12}},{"id":"51cc7cea-a0a3-48e1-a9ea-8e0bca4aa6c2","block_type":"box","text":"Parallel pay CMOs are structured to provide payments of principal on each payment date to more than one class,","page_number":96,"box":{"x":69,"y":460,"width":805,"height":12}},{"id":"c8895aa2-b96a-4ca4-b4d7-56ab0915536d","block_type":"box","text":"concurrently on a propor tionate or dispropor tionate basis. These simultaneous payments are taken into account in","page_number":96,"box":{"x":69,"y":476,"width":819,"height":11}},{"id":"7f17c461-34d5-4927-8135-af23b89140d0","block_type":"box","text":"calculating the final distribution date of each class. Sequential pay CMOs generally pay principal to only one class at","page_number":96,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"07dc1c23-f240-4cf6-a656-4895eae30d7e","block_type":"box","text":"a time while paying interest to several classes. A wide variety of REMIC Cer tificates may be issued in the parallel pay","page_number":96,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"47922157-63e8-4ad5-b2be-e280f7b6a174","block_type":"box","text":"or sequential pay structures. These securities include accrual cer tificates (also known as “Z-Bonds”), which only","page_number":96,"box":{"x":69,"y":521,"width":802,"height":11}},{"id":"365f44b7-4d6f-40a5-a832-2dd7cd37f159","block_type":"box","text":"accrue interest at a specified rate until all other cer tificates having an earlier final distribution date have been retired","page_number":96,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"dab905a9-c97a-4f10-abd6-b1bc7198ff5d","block_type":"box","text":"and are conver ted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":96,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"038f7059-a35a-4f5e-a7ca-f188a6137a59","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":96,"box":{"x":68,"y":566,"width":813,"height":11}},{"id":"f84c4a85-02af-4464-bac0-f53222caa5ad","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":96,"box":{"x":69,"y":581,"width":708,"height":11}},{"id":"b2215994-7b81-4d79-9abb-ad26f6dcae97","block_type":"box","text":"Classes of CMOs also include planned amor tization classes (“PACs”) and targeted amor tization classes","page_number":96,"box":{"x":102,"y":604,"width":742,"height":11}},{"id":"5263f08c-38e0-457b-af8e-892711f38660","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":96,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"2defb7f4-aaf3-48a4-bfd3-22a56184154c","block_type":"box","text":"scheduled principal payments for PAC Cer tificates generally have the highest priority on each payment date after","page_number":96,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"f44a9079-3452-4709-87ea-63e2cada998a","block_type":"box","text":"interest due has been paid to all classes entitled to receive interest currently. Shor tfalls, if any, are added to the","page_number":96,"box":{"x":70,"y":649,"width":802,"height":12}},{"id":"8a7729ae-f28f-43b9-8281-00ebe657a0e0","block_type":"box","text":"amount payable on the next payment date. The PAC Cer tificate payment schedule is taken into account in calculating","page_number":96,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"ac6ff8ee-b740-49b1-94ab-04d8afb2711a","block_type":"box","text":"the final distribution date of each class of PAC. In order to create PAC tranches, one or more tranches generally must","page_number":96,"box":{"x":68,"y":680,"width":835,"height":11}},{"id":"c12eebbd-0ff5-4cd8-ac9e-0f3dac1d3534","block_type":"box","text":"be created that absorb most of the volatility in the underlying mor tgage assets. These tranches (often called","page_number":96,"box":{"x":69,"y":695,"width":772,"height":11}},{"id":"7ffab60a-7633-43cc-bf4e-e6e17534ae95","block_type":"box","text":"“suppor ts” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":96,"box":{"x":70,"y":710,"width":792,"height":11}},{"id":"8a900276-963a-4080-9215-3d8b160fa9c2","block_type":"box","text":"classes.","page_number":96,"box":{"x":69,"y":725,"width":57,"height":9}},{"id":"02910de4-73de-4a13-b9f3-e7645b52b11d","block_type":"box","text":"TACs are similar to PACs in that they require that specified amounts of principal be applied on each payment","page_number":96,"box":{"x":101,"y":748,"width":774,"height":11}},{"id":"edd0bb58-abb5-4ac6-ba11-6716679f03d2","block_type":"box","text":"date to one or more classes of REMIC Cer tificates. A PAC’s payment schedule, however, remains in effect as long as","page_number":96,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"b95bf6a4-88eb-4d74-bbe1-8a8ae06c9d11","block_type":"box","text":"prepayment rates on the underlying mor tgages do not exceed cer tain ranges. In contrast, a TAC provides investors","page_number":96,"box":{"x":70,"y":778,"width":815,"height":11}},{"id":"c692565b-d266-4aec-b196-535d2fc6bf5e","block_type":"box","text":"with protection, to a cer tain level, against either faster than expected or slower than expected prepayment rates, but","page_number":96,"box":{"x":68,"y":793,"width":833,"height":11}},{"id":"131d0cde-5077-47bb-93c3-28f0b780db4c","block_type":"box","text":"not both. TACs thus provide more cash flow stability than a regular sequential paying class, but less than a PAC. TACs","page_number":96,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"f4a757e6-01e4-46c8-aa8f-a28f2e09ab37","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":96,"box":{"x":69,"y":823,"width":541,"height":11}},{"id":"9e85c90e-3bc2-4c7e-bc00-e584538e17af","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":96,"box":{"x":101,"y":846,"width":265,"height":11}},{"id":"e66f9561-3461-44cd-bfbd-6f895f97d4de","block_type":"box","text":"Adjustable rate mor tgage securities (“ARMs”) are pass-through securities","page_number":96,"box":{"x":372,"y":846,"width":523,"height":11}},{"id":"48e2248d-0652-40cb-bd6d-0572566527d5","block_type":"box","text":"collateralized by mor tgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mor tgage pool","page_number":96,"box":{"x":69,"y":861,"width":807,"height":11}},{"id":"6cfa946d-2de3-4f36-bab5-800edf3a7371","block_type":"box","text":"generally provide for a fixed initial mor tgage interest rate for a set number of scheduled monthly payments. After that","page_number":96,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"b2c505d3-b1d0-4d12-a106-0ce45e966bd0","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":96,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"d4487402-e1f2-46b2-9914-394734407dc4","block_type":"box","text":"to a designated benchmark index.","page_number":96,"box":{"x":68,"y":907,"width":241,"height":11}},{"id":"13b2fa25-447d-4881-9199-e8db5df64eef","block_type":"box","text":"II-53","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"32a41d24-6bc3-41d7-98e5-41f705d7f957","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":96,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8e46b4d2-d248-478c-a366-f04250214c87","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mor tgage interest rate may not vary over the","page_number":97,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"2c5f2d62-8bca-40e9-8680-9b24d8c38c69","block_type":"box","text":"lifetime of the security. In addition, cer tain ARMs provide for additional limitations on the maximum amount by which","page_number":97,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"67b57dd0-26ec-4af1-98ec-e97fde180ccc","block_type":"box","text":"the mor tgage interest rate may adjust for any single adjustment period. In the event that market rates of interest rise","page_number":97,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"fb78955e-7693-418a-b039-fe5e286eacad","block_type":"box","text":"more rapidly to levels above that of the ARM’s maximum rate, the ARM’s coupon may represent a below market rate","page_number":97,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"d8a45d87-c6fe-465a-9b13-8e2b397b20af","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":97,"box":{"x":69,"y":105,"width":676,"height":11}},{"id":"3c78ae00-0de2-42ca-bee2-24b093cf4df8","block_type":"box","text":"Cer tain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":97,"box":{"x":102,"y":128,"width":757,"height":11}},{"id":"cadc1d6e-4b73-4e19-b1c2-96aafcc01d43","block_type":"box","text":"payment is not sufficient to pay the interest accruing on an ARM, any such excess interest is added to the principal","page_number":97,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"b129e6b0-444f-42d5-8b10-46053cb1a290","block_type":"box","text":"balance of the mor tgage loan, which is repaid through future monthly payments. If the monthly payment for such an","page_number":97,"box":{"x":69,"y":158,"width":823,"height":11}},{"id":"b2d47ce2-e8d8-4910-9371-ea50ec3a879d","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mor tgage interest rate and the principal","page_number":97,"box":{"x":70,"y":173,"width":782,"height":11}},{"id":"7482cb25-c5e9-43cb-9f74-bf15cf2b67a9","block_type":"box","text":"payment required at such point to amor tize the outstanding principal balance over the remaining term of the loan, the","page_number":97,"box":{"x":70,"y":188,"width":838,"height":12}},{"id":"17692931-2cd5-4aa5-b0e7-c90e838d0cad","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":97,"box":{"x":69,"y":203,"width":544,"height":12}},{"id":"5c4de2ff-d73c-49cb-a90d-f3e0e15c397a","block_type":"box","text":"CMO Residuals.","page_number":97,"box":{"x":102,"y":226,"width":112,"height":9}},{"id":"8e8742ab-2cb0-483b-bb6c-fa313dda8aeb","block_type":"box","text":"CMO residuals are derivative mor tgage securities issued by agencies or instrumentalities of the","page_number":97,"box":{"x":221,"y":226,"width":682,"height":11}},{"id":"83d10d0b-9a0d-42c3-9815-be1b70e3d44a","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mor tgage loans, including savings and loan","page_number":97,"box":{"x":70,"y":241,"width":740,"height":11}},{"id":"f54f4367-2473-4b68-88da-06ed60a70338","block_type":"box","text":"associations, homebuilders, mor tgage banks, commercial banks, investment banks, and special purpose entities of","page_number":97,"box":{"x":69,"y":256,"width":829,"height":12}},{"id":"0d73b70c-26bc-4e2d-b0bf-19fd9661e22e","block_type":"box","text":"the foregoing. The cash flow generated by the mor tgage assets underlying a series of CMOs is applied first to make","page_number":97,"box":{"x":68,"y":271,"width":826,"height":12}},{"id":"f7470567-6b8a-4927-b3bd-e27e38b1705b","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":97,"box":{"x":69,"y":286,"width":831,"height":12}},{"id":"054f2074-b844-44d6-a90e-6133e05ab1b6","block_type":"box","text":"any management fees of the issuer. The residual in a CMO structure generally represents the interest in any excess","page_number":97,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"cc20ba0e-6ab2-4c4d-a197-e2735dbaded3","block_type":"box","text":"cash flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the","page_number":97,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"396caaf6-59b5-4ccc-9c3f-60cc0c960d1a","block_type":"box","text":"related CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a","page_number":97,"box":{"x":69,"y":332,"width":838,"height":11}},{"id":"8cbf08be-3695-4a82-ad6a-1ec4503b2617","block_type":"box","text":"CMO will depend on, among other things, the characteristics of the mor tgage assets, the coupon rate of each class","page_number":97,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"141b3a7e-8dd1-4a54-89b5-8abed9607ccd","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":97,"box":{"x":69,"y":362,"width":798,"height":11}},{"id":"46db8e56-b3a6-4274-93a4-0097eb26cc79","block_type":"box","text":"mor tgage assets. In par t, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the","page_number":97,"box":{"x":69,"y":377,"width":813,"height":12}},{"id":"8068131d-f9ad-4b40-8ae7-510e4fd2929f","block_type":"box","text":"related underlying mor tgage assets, in the same manner as an interest-only class of stripped mor tgage-related","page_number":97,"box":{"x":69,"y":392,"width":790,"height":12}},{"id":"56781b3b-90ee-434d-8f24-34a6624edd5a","block_type":"box","text":"securities. In addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to","page_number":97,"box":{"x":69,"y":407,"width":805,"height":12}},{"id":"b672ece0-d22f-420e-ad8a-daa75841a109","block_type":"box","text":"maturity on the related CMO residual will also be extremely sensitive to changes in the level of the index upon which","page_number":97,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"366b258f-56d0-45e0-8be2-74b1b80a20f6","block_type":"box","text":"interest rate adjustments are based. In cer tain circumstances, a Fund may fail to recoup fully its initial investment in","page_number":97,"box":{"x":70,"y":438,"width":831,"height":11}},{"id":"5e1a06ee-a00f-47d2-b3fb-5c98d8fed62b","block_type":"box","text":"a CMO residual.","page_number":97,"box":{"x":69,"y":453,"width":112,"height":9}},{"id":"dde7db69-f948-4fc1-b9bd-aa6878e8358c","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":97,"box":{"x":102,"y":476,"width":758,"height":11}},{"id":"846676f3-fc98-48f9-95e1-8ec35966414c","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":97,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"8bff0c1c-0228-4ea3-9ad2-b705dc62a9a4","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":97,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"f2773616-5507-4149-8434-2382593aa502","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":97,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"66a14493-2d02-4301-8ce6-f09f5081c0ac","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":97,"box":{"x":68,"y":536,"width":820,"height":11}},{"id":"7e7b09c8-610b-4050-b4fe-e5d2dd66b677","block_type":"box","text":"registered under the Securities Act, may be subject to cer tain restrictions on transferability.","page_number":97,"box":{"x":69,"y":551,"width":650,"height":11}},{"id":"4b619b66-f583-43e0-ac09-ef205763320a","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":97,"box":{"x":102,"y":574,"width":267,"height":11}},{"id":"9900e76d-4aa7-48a0-b07d-6744f8bea1a4","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":97,"box":{"x":375,"y":574,"width":493,"height":11}},{"id":"ae734093-6d23-44df-9686-2d1cfaec49eb","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mor tgage-backed","page_number":97,"box":{"x":70,"y":589,"width":798,"height":11}},{"id":"c3a7b758-2d62-4219-9134-b9db9e88d617","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different propor tions of the","page_number":97,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"5dc56f65-a0b2-49dd-8119-e918467b645c","block_type":"box","text":"interest and principal distributions on a pool of mor tgage assets. A common variety of SMBS is where one class (the","page_number":97,"box":{"x":70,"y":619,"width":832,"height":11}},{"id":"a75bc6ac-2153-4dcc-9414-348494c8f991","block_type":"box","text":"principal only or PO class) receives some of the interest and most of the principal from the underlying assets, while","page_number":97,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"5202d769-cfe4-4b84-a19b-1245bee3edc2","block_type":"box","text":"the other class (the interest only or IO class) receives most of the interest and the remainder of the principal. In the","page_number":97,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"aadac17a-4f01-409a-b6d7-ac6b5bf08aab","block_type":"box","text":"most extreme case, the IO class receives all of the interest, while the PO class receives all of the principal. While a","page_number":97,"box":{"x":69,"y":664,"width":822,"height":11}},{"id":"f6e5c74e-9d88-4b3f-baae-94ac1c51cb30","block_type":"box","text":"Fund may purchase securities of a PO class, a Fund is more likely to purchase the securities of an IO class. The yield","page_number":97,"box":{"x":70,"y":680,"width":834,"height":11}},{"id":"9e819c08-58ee-4afe-950e-b100dd426731","block_type":"box","text":"to maturity of an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the","page_number":97,"box":{"x":68,"y":695,"width":800,"height":11}},{"id":"6e9423cf-b502-4a1d-a2f3-e2e2a792202a","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":97,"box":{"x":69,"y":710,"width":786,"height":11}},{"id":"75ad53a8-c689-43af-99a6-b0fab5723093","block_type":"box","text":"securities will have a material adverse effect on an IO security’s yield to maturity. If the underlying mor tgage assets","page_number":97,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"c4508495-62e4-48f5-be4e-e1946bba6039","block_type":"box","text":"experience greater than anticipated payments of principal, a Fund may fail to recoup fully its initial investment in IOs.","page_number":97,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"9422e699-ee09-4601-ab8e-c480a2509a1c","block_type":"box","text":"In addition, there are cer tain types of IOs that represent the interest por tion of a par ticular class as opposed to the","page_number":97,"box":{"x":70,"y":755,"width":824,"height":11}},{"id":"24fff216-8f34-430f-b941-8ba4954ea338","block_type":"box","text":"interest por tion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased","page_number":97,"box":{"x":70,"y":770,"width":800,"height":11}},{"id":"9fc47392-c86e-472d-9bed-80f6a774e9dc","block_type":"box","text":"because of the characteristics of the principal por tion to which they relate. As a result of the above factors, a Fund","page_number":97,"box":{"x":69,"y":785,"width":818,"height":12}},{"id":"46f24b53-75c2-4194-b2cf-4be93956eb3c","block_type":"box","text":"generally will purchase IOs only as a component of so called “synthetic” securities. This means that purchases of IOs","page_number":97,"box":{"x":68,"y":801,"width":840,"height":11}},{"id":"1e45dafc-09f6-4055-95dd-3014997d2c08","block_type":"box","text":"will be matched with cer tain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate","page_number":97,"box":{"x":68,"y":816,"width":802,"height":11}},{"id":"690a3eb3-9c8f-4dcb-8126-510b313a388d","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":97,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"9ee9ddfb-3900-49f7-86fe-f6fc038f1181","block_type":"box","text":"effect on a Fund because of its holdings of IOs should be diminished somewhat because of the increased yield on","page_number":97,"box":{"x":69,"y":846,"width":814,"height":11}},{"id":"0d309a11-10ee-48a9-874c-9eace6b7dad7","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":97,"box":{"x":68,"y":861,"width":683,"height":11}},{"id":"75ea5686-cc8c-4f00-a341-070d11497513","block_type":"box","text":"Tiered Index Bonds.","page_number":97,"box":{"x":103,"y":884,"width":138,"height":9}},{"id":"951e04fc-896d-4473-ba82-97cb8a9dc0bd","block_type":"box","text":"Tiered index bonds are forms of mor tgage-related securities. The interest rate on a tiered","page_number":97,"box":{"x":247,"y":884,"width":638,"height":11}},{"id":"44a44bbf-6643-46a6-a057-24e24b7c12cf","block_type":"box","text":"index bond is tied to a specified index or market rate. So long as this index or market rate is below a predetermined","page_number":97,"box":{"x":70,"y":899,"width":825,"height":11}},{"id":"107c9356-d0b9-46b5-884d-769c60d7afe6","block_type":"box","text":"II-54","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"18151175-ceba-40b6-9005-4f44bfcba375","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":97,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"dc3bfb8a-3af2-4032-b555-936be4d12a11","block_type":"box","text":"“strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index or market rate","page_number":98,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"4d23945b-9554-4f0f-89f1-06316c92b84e","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":98,"box":{"x":69,"y":60,"width":738,"height":10}},{"id":"e1e15f6d-896f-46e5-a6d8-645eaa8027c2","block_type":"box","text":"circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite direction of","page_number":98,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"0fb3bba1-8f45-453d-9de5-1d16b1deda73","block_type":"box","text":"prevailing interest rates, with the result that the price of the tiered index bond may be considerably more volatile than","page_number":98,"box":{"x":70,"y":90,"width":836,"height":11}},{"id":"aef8b89e-fdea-4486-a863-9982eb4c8eff","block_type":"box","text":"that of a fixed-rate bond.","page_number":98,"box":{"x":68,"y":105,"width":174,"height":9}},{"id":"8d32f3e3-4d71-4313-8508-2ee8329ad2b5","block_type":"box","text":"TBA Commitments.","page_number":98,"box":{"x":103,"y":128,"width":133,"height":9}},{"id":"8e3ae376-7733-4493-94dd-9f037a676e79","block_type":"box","text":"Cer tain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":98,"box":{"x":243,"y":128,"width":653,"height":11}},{"id":"cdca501b-5246-44a4-9704-cb35a2561ec9","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mor tgage-backed securities for a fixed price,","page_number":98,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"1ac9a685-5990-431a-953e-e483b395b0eb","block_type":"box","text":"with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not","page_number":98,"box":{"x":68,"y":158,"width":825,"height":11}},{"id":"c7e8a014-1925-49e9-9d52-f774a94d9366","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":98,"box":{"x":70,"y":173,"width":793,"height":11}},{"id":"1e44e9b6-5685-4745-9906-1016ae5f4366","block_type":"box","text":"mor tgage terms. When the Fund enters into a TBA commitment for the sale of mor tgage-backed securities for a fixed","page_number":98,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"f021b85f-c7aa-4a2a-b7d5-435455449a7f","block_type":"box","text":"price, with payment and delivery on an agreed upon future settlement date (which may be referred to as having a","page_number":98,"box":{"x":70,"y":203,"width":804,"height":12}},{"id":"11ac9d8e-32ed-4518-9738-4fc2d5291f4b","block_type":"box","text":"shor t position in such TBA securities), the Fund may or may not hold the types of mor tgage-backed securities","page_number":98,"box":{"x":69,"y":218,"width":779,"height":12}},{"id":"4c58aa48-d1ef-4b36-9606-f92acde82465","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":98,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"35a77fe1-b053-42d4-869f-09232cc4d8b6","block_type":"box","text":"below.","page_number":98,"box":{"x":69,"y":249,"width":43,"height":9}},{"id":"feddc435-b025-4855-a6f5-680c5ec50d9c","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":98,"box":{"x":102,"y":272,"width":157,"height":11}},{"id":"3250154c-1833-46c5-948c-e33f6a09954a","block_type":"box","text":"Cer tain Funds may invest in mor tgage dollar rolls. In a mor tgage dollar roll transaction, a","page_number":98,"box":{"x":266,"y":272,"width":634,"height":11}},{"id":"927c516e-d8f9-4d01-9174-82a27f2f0a53","block_type":"box","text":"Fund sells mor tgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":98,"box":{"x":70,"y":286,"width":825,"height":12}},{"id":"825f679b-94fb-4468-833e-e19212b065a1","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":98,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"99cc747f-ec48-41ab-ba54-df002f72b446","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mor tgages collateralizing those securities may have","page_number":98,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"2bfcd0ce-035d-47f8-aa19-164103adac6f","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":98,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"df79aaa9-b584-467d-a671-f5a7b8e746ee","block_type":"box","text":"be entitled to receive interest and principal payments on the securities sold. Proceeds of the sale will be invested in","page_number":98,"box":{"x":69,"y":347,"width":827,"height":11}},{"id":"a59eadc9-30cf-4280-bced-6a6394122bbf","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":98,"box":{"x":69,"y":362,"width":806,"height":11}},{"id":"4eae6a9b-0baf-48ee-9427-baa234534db0","block_type":"box","text":"such income does not exceed the income, capital appreciation and gain or loss that would have been realized on the","page_number":98,"box":{"x":69,"y":377,"width":833,"height":12}},{"id":"f2af716d-b5f4-4148-a9ac-2b2ed706b384","block_type":"box","text":"securities sold as par t of the dollar roll, the use of this technique will diminish the investment per formance of a Fund","page_number":98,"box":{"x":69,"y":392,"width":836,"height":11}},{"id":"75c460f5-ece9-453b-9d7e-67ce503af678","block_type":"box","text":"compared with what the per formance would have been without the use of dollar rolls.","page_number":98,"box":{"x":69,"y":407,"width":607,"height":11}},{"id":"fbd1b131-4b35-46c7-a889-e2b55a886bdc","block_type":"box","text":"Each mor tgage dollar roll transaction is accounted for as a sale or purchase of a por tfolio security and a","page_number":98,"box":{"x":102,"y":430,"width":744,"height":11}},{"id":"fe256e64-d796-45a4-a280-003f6bfb2221","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mor tgage","page_number":98,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"0c742c5e-605c-4f49-a9f3-54d79490734a","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":98,"box":{"x":69,"y":460,"width":433,"height":12}},{"id":"e71185a8-2e47-4d7e-b730-d49bdaae383d","block_type":"box","text":"In the event the buyer of the securities under a mor tgage dollar roll files for bankruptcy or becomes insolvent, a","page_number":98,"box":{"x":102,"y":483,"width":795,"height":11}},{"id":"16acaf24-9bc2-45af-9d1c-fab3d46210e3","block_type":"box","text":"Fund’s use of the proceeds of the current sale por tion of the transaction may be restricted pending a determination","page_number":98,"box":{"x":70,"y":498,"width":824,"height":11}},{"id":"a6d18bfd-750d-48b8-b9f1-42cd2262823a","block_type":"box","text":"by the other par ty, or its trustee or receiver, whether to enforce the Fund’s obligation to purchase the similar","page_number":98,"box":{"x":69,"y":513,"width":774,"height":12}},{"id":"d868fffa-a01d-4bb1-b40f-cd0a76e13f6f","block_type":"box","text":"securities in the forward transaction.","page_number":98,"box":{"x":69,"y":528,"width":261,"height":9}},{"id":"b269c949-fda0-4838-81a5-02a0122a34d8","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance returns. Successful use of mor tgage dollar rolls may","page_number":98,"box":{"x":101,"y":551,"width":785,"height":11}},{"id":"2c1293fb-2e15-44e0-a595-27e73a3986b9","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":98,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"87b5ca1e-0d3c-4ff7-9a13-518c86a337b4","block_type":"box","text":"that the market value of the securities subject to a Fund’s forward purchase commitment may decline below, or the","page_number":98,"box":{"x":68,"y":581,"width":824,"height":11}},{"id":"cab4f396-6fed-49d2-8f8d-e05997f7d9cc","block_type":"box","text":"market value of the securities subject to a Fund’s forward sale commitment may increase above, the exercise price","page_number":98,"box":{"x":69,"y":596,"width":824,"height":12}},{"id":"e9c7e6da-b507-47bc-8b91-0ea371a4e0f6","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":98,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"bc8b9cd3-5061-4669-a1b1-d1ce2bc32b60","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":98,"box":{"x":69,"y":627,"width":430,"height":11}},{"id":"2ce3654e-9269-40ea-9e8d-f80f09696862","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":98,"box":{"x":102,"y":649,"width":759,"height":12}},{"id":"00d49c0e-b410-4ccd-b500-56fdb971e1d5","block_type":"box","text":"securities (","page_number":98,"box":{"x":69,"y":665,"width":78,"height":11}},{"id":"8eac0255-e0c8-4417-bfd2-90d7e0de4c69","block_type":"box","text":"e.g.","page_number":98,"box":{"x":148,"y":666,"width":25,"height":10}},{"id":"517378ae-4199-4e5c-9053-c55408d150ec","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":98,"box":{"x":176,"y":664,"width":681,"height":12}},{"id":"08a1e6e5-19bc-423a-a3a5-d62530594cef","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":98,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"5c89e3be-3545-455d-8e91-4dd38fbf07ab","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":98,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"00901260-5ddf-4406-87e5-69f109cfa363","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":98,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"1d53698b-44df-4c3e-a7f9-361c9adfc391","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":98,"box":{"x":70,"y":725,"width":830,"height":11}},{"id":"51fc15a8-670e-48b5-ba72-754d413991d8","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":98,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"e7d517dd-3cb3-49dc-aeac-30589f8bc5bf","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":98,"box":{"x":70,"y":755,"width":489,"height":11}},{"id":"7c390b51-079d-46f6-b7f3-f146333c9500","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":98,"box":{"x":102,"y":778,"width":260,"height":11}},{"id":"f178a118-af75-4466-b255-e8b9d6858825","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":98,"box":{"x":368,"y":778,"width":473,"height":11}},{"id":"9b736c5b-0ee9-4f95-b769-e497c0b2f4f0","block_type":"box","text":"securities are derivative interest-only mor tgage securities structured off home equity loan transactions. NIM","page_number":98,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"0943c28b-aceb-41ca-a9a9-3ae06c99d21d","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":98,"box":{"x":69,"y":808,"width":836,"height":11}},{"id":"8a11ba00-9367-4687-8ad2-478aa292a066","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mor tgage-backed","page_number":98,"box":{"x":70,"y":823,"width":760,"height":12}},{"id":"e0842696-87f6-4262-949e-bea5204c5576","block_type":"box","text":"securities, the yield to maturity on a NIM security is sensitive not only to changes in prevailing interest rates but also","page_number":98,"box":{"x":69,"y":839,"width":832,"height":11}},{"id":"4abf5580-a6e7-4caa-925c-08e80dbe819f","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":98,"box":{"x":68,"y":853,"width":810,"height":12}},{"id":"30edf7b9-7849-4502-a8af-057377e2f79d","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":98,"box":{"x":69,"y":869,"width":764,"height":11}},{"id":"056780ab-a7ad-4a14-8a20-f23f0dfd5601","block_type":"box","text":"Municipal Investments.","page_number":98,"box":{"x":102,"y":891,"width":169,"height":11}},{"id":"a62959b0-e110-4b5c-92aa-adfb5abfcc81","block_type":"box","text":"II-55","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e5d53715-18c8-4625-817c-57d3a2897bd5","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":98,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"0bcf3656-1a88-44d0-9bb5-92e53940e2f4","block_type":"box","text":"Cer tain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":99,"box":{"x":102,"y":45,"width":763,"height":11}},{"id":"64f81cff-0bd9-4cb7-8ff3-ca4211446166","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":99,"box":{"x":70,"y":60,"width":783,"height":11}},{"id":"3ceec1ae-2db0-4fed-a3d7-441f4c8dc789","block_type":"box","text":"payments from which, in the opinion of bond counsel to the issuer, are excludable from gross income for U.S. federal","page_number":99,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"6114c253-f749-498d-b89f-b8adb371996d","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Cer tain of the Municipal Funds may also invest in Municipal Bonds that","page_number":99,"box":{"x":70,"y":90,"width":813,"height":11}},{"id":"647c8ccf-0a26-4df9-aa38-1561aea9c749","block_type":"box","text":"pay interest excludable from gross income for purposes of state and local income taxes of the designated state and/","page_number":99,"box":{"x":70,"y":105,"width":836,"height":11}},{"id":"fd83074c-276b-425f-9e43-170f5927e6a5","block_type":"box","text":"or allow the value of a Fund’s shares to be exempt from state and local taxes of the designated state (“State","page_number":99,"box":{"x":69,"y":120,"width":779,"height":12}},{"id":"3d1b6307-ab84-4c9d-af9d-eb889fddf90d","block_type":"box","text":"Municipal Bonds”). The Municipal Funds may also invest in securities not issued by or on behalf of a state or territory","page_number":99,"box":{"x":70,"y":135,"width":838,"height":11}},{"id":"f622dcc0-958b-468d-8377-222f240abd43","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":99,"box":{"x":69,"y":150,"width":810,"height":12}},{"id":"2b52e5ab-26c9-453f-bdea-c10afcb0b3bb","block_type":"box","text":"gross income for purposes of U.S. federal income tax and state and local income taxes of the designated state and/","page_number":99,"box":{"x":68,"y":166,"width":834,"height":11}},{"id":"2465fdbd-87e5-4dd0-9517-6856f0ca8fa7","block_type":"box","text":"or state and local personal proper ty taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":99,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"5e30760c-d08d-4d9c-9496-6a17f793d012","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust cer tificates or other instruments evidencing interest in one or","page_number":99,"box":{"x":70,"y":196,"width":807,"height":11}},{"id":"64248e04-f9de-4c90-af81-ab59458e4cc5","block_type":"box","text":"more long-term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":99,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"79d5e5e0-06e0-4f3c-844c-1b25897bfcaa","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":99,"box":{"x":70,"y":226,"width":809,"height":11}},{"id":"fb9a3865-b24c-418b-bbad-df1ce8d1e710","block_type":"box","text":"law. Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for U.S. federal income tax","page_number":99,"box":{"x":70,"y":241,"width":826,"height":11}},{"id":"8fe9ea27-f90b-4d1a-9357-72bf81715d5d","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":99,"box":{"x":70,"y":256,"width":834,"height":11}},{"id":"fd23551f-c4f3-4527-80ae-00cd1868a070","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":99,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"51d822dc-ea5b-46bd-be59-eb1f9c1e6710","block_type":"box","text":"income tax and state and local income taxes of a designated state and/or allow the value of a Fund’s shares to be","page_number":99,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"d1b41f06-5412-4adc-a91b-26595776cbea","block_type":"box","text":"exempt from state and local personal proper ty taxes of that state will be considered “State Municipal Bonds” for","page_number":99,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"09be7094-4afb-4a3d-93e7-3c3d6a18f9bf","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Oppor tunities Fund, New Jersey","page_number":99,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"fca00563-21a5-4771-8473-45bfad41d6b9","block_type":"box","text":"Municipal Bond Fund, New York Municipal Oppor tunities Fund and Pennsylvania Municipal Bond Fund.","page_number":99,"box":{"x":70,"y":332,"width":721,"height":11}},{"id":"5b3be5fb-75e9-4743-8ed0-792ba0dc7150","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":99,"box":{"x":102,"y":355,"width":495,"height":11}},{"id":"c5bec4ee-bd97-4b19-bf5f-f69178a4e033","block_type":"box","text":"The risks and special considerations","page_number":99,"box":{"x":603,"y":355,"width":260,"height":11}},{"id":"cd5cf175-8b02-41df-b078-c1da136bc9c3","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":99,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"4518f012-733c-4f41-a6c4-3de10fa30322","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the par ticular product. Cer tain municipal","page_number":99,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"775f3a26-d67f-4bac-a575-686a479905d9","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":99,"box":{"x":70,"y":400,"width":544,"height":11}},{"id":"f0056c34-b55d-4ec4-a9aa-7e2a1fc2e6bc","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncer tainties in the municipal markets as a result of","page_number":99,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"d9749d10-152e-4cfe-bf73-c0b5a85eaa29","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":99,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"266c1da2-1699-4489-b66e-9e0a7c66768c","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and cer tain provisions of the","page_number":99,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"fdf2e691-f567-48ce-9786-263b1ed60f4d","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Fur ther, the application of state law to Municipal","page_number":99,"box":{"x":70,"y":468,"width":802,"height":11}},{"id":"ae98b4c8-4ca3-483f-aa7f-4b6e68cfd69b","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":99,"box":{"x":70,"y":483,"width":834,"height":11}},{"id":"ca6cda40-59bb-4303-b7ba-4b986bccf1a7","block_type":"box","text":"uncer tainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":99,"box":{"x":69,"y":498,"width":761,"height":11}},{"id":"b6f68582-9dce-43e6-aa62-58d3249b5264","block_type":"box","text":"II-56","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"63075bba-2c05-4c95-a332-c08393fe3dc3","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":99,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"1d65ad4e-8fbd-49fd-9f70-f5b6485de1a5","block_type":"box","text":"Description of Municipal Bonds.","page_number":100,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"2f0ead30-ed6c-4643-b42f-d2ca38805955","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":100,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"36d998dc-92cb-44b9-936d-19dcd3af8c3f","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":100,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"164056db-6994-453e-8841-228245946fe5","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, cer tain types of bonds are issued","page_number":100,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"c0596100-c140-46cb-814f-8c3429d23495","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including cer tain","page_number":100,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"a4af3d63-d1be-4df5-9fe5-a12fd6045e6c","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":100,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"f14c70b8-129b-42ff-8f4e-7784d879aaba","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":100,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"da572c71-6bc9-47ef-8f39-06b3c368c92d","block_type":"box","text":"excluded from gross income for U.S. federal income tax purposes and any applicable state and local taxes. Other","page_number":100,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"e5f78ab4-6526-4324-9cbc-3b9c1470e422","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":100,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"62acdf38-e97d-42d5-ad4f-d4359700c5e8","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":100,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"5f33586c-7928-4e3b-9410-f65b5ec76eb0","block_type":"box","text":"federal tax laws place substantial limitations on the size of such issues. The interest on Municipal Bonds may bear a","page_number":100,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"0c028fc3-0b22-47ee-b08b-d509804f193f","block_type":"box","text":"fixed rate or be payable at a variable or floating rate. The two principal classifications of Municipal Bonds are “general","page_number":100,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"e37e50a2-c3f7-464a-9837-9f5ddaf61a75","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":100,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"88d12271-dbf0-4100-80d6-e4c0ef482920","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":100,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"7ad75aaa-c9b6-4ebd-a965-6fce912cca2f","block_type":"box","text":"General Obligation Bonds.","page_number":100,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"4a901a9d-a2f8-41b0-a0f5-5e9fcf691ae0","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":100,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"701ffa9d-356c-4d9d-96f8-c80c936bf795","block_type":"box","text":"taxing power for the payment of principal and interest. The taxing power of any governmental entity may be limited,","page_number":100,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"a1e32e79-85ce-4761-8691-77d41d7a6efd","block_type":"box","text":"however, by provisions of its state constitution or laws, and an entity’s creditwor thiness will depend on many factors,","page_number":100,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"3f64c508-4763-4143-9d04-0a46b0e2a3a8","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":100,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"df69cbc8-da7c-4c58-a9d7-24f1cff2eca1","block_type":"box","text":"industrial base or inability to attract new industries, economic limits on the ability to tax without eroding the tax base,","page_number":100,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"6dd3fe9e-bf55-401f-82cd-86bbaa95171e","block_type":"box","text":"state legislative proposals or voter initiatives to limit ad valorem real proper ty taxes and the extent to which the entity","page_number":100,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"cdfa12cf-a861-4b02-b551-a59ed47182d1","block_type":"box","text":"relies on federal or state aid, access to capital markets or other factors beyond the state’s or entity’s control.","page_number":100,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"e0e69c42-6e93-4571-8598-33f02727ae8c","block_type":"box","text":"Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the","page_number":100,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"8feea091-79b4-4541-bcb3-07504da90915","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":100,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"22459827-f7e7-49de-999e-673a3c3f289e","block_type":"box","text":"Revenue Bonds.","page_number":100,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"6d0d7b08-73bc-4653-b0f0-7a75499fd596","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a par ticular facility or class of","page_number":100,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"0c42f252-2fe4-4a62-9710-a0e07382c5a4","block_type":"box","text":"facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source such as","page_number":100,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"bca49d09-11f3-4d61-82cd-5ca0e5c8a4de","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":100,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"8a98ad72-c4a1-42a5-8f5a-a9e3bcebb4e5","block_type":"box","text":"of principal in accordance with the terms of the revenue or special obligation bond is a function of the economic","page_number":100,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"ade34c2d-d188-4635-9c4a-af5f860039d1","block_type":"box","text":"viability of such facility or such revenue source.","page_number":100,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"d97c42e1-e647-4646-beb2-870d73ab88a7","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":100,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"1fbd0015-c712-4279-a98b-eb24e07fdc85","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":100,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"22847afe-2159-4bcb-b10a-85e5c4ae7d02","block_type":"box","text":"proper ties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":100,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"aa677321-b324-451c-8e05-f6d11923c81c","block_type":"box","text":"recourse against the proper ty owner, may be junior to the rights of others with an interest in the proper ties, may pay","page_number":100,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"8386b3e5-af05-4f74-bf1e-66d986b62787","block_type":"box","text":"interest that changes based in par t on the financial per formance of the proper ty, may be prepayable without penalty","page_number":100,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"cc83637e-0721-4eb5-8572-648eae39e603","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":100,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"f31c0606-eeba-4c0a-9831-128ca3b1324b","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":100,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"672a3d93-cdce-404c-a45d-b1ad9de3a9b7","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":100,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"cbb348ee-67d2-4667-a8ef-c3f31d05fe45","block_type":"box","text":"PABs.","page_number":100,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"48bc61a5-fa39-474b-a0d9-6e425c1d78ec","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":100,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"01a0ec30-2b58-4c2e-bb0f-3220d3478eb4","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":100,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"67bb8a35-4f7e-4f08-838a-038fe031f177","block_type":"box","text":"construction or improvement of a facility to be used by the entity. Such bonds are secured primarily by revenues","page_number":100,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"75de4798-6351-48d2-8ed1-e195765d2a2a","block_type":"box","text":"derived from loan repayments or lease payments due from the entity, which may or may not be guaranteed by a","page_number":100,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"da22cb04-fa01-4968-b37f-7a065ab22704","block_type":"box","text":"parent company or otherwise secured. PABs generally are not secured by a pledge of the taxing power of the issuer of","page_number":100,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"a06089f1-28a1-4aec-9945-07b2d104fa38","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":100,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"95557f47-c60a-4dae-9804-047651b95be1","block_type":"box","text":"revenues of a private entity and be aware of the risks that such an investment may entail. The continued ability of an","page_number":100,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"dd2ef4b9-6081-411d-8c67-dd45e809fa6c","block_type":"box","text":"entity to generate sufficient revenues for the payment of principal and interest on such bonds will be affected by","page_number":100,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"e95d1e7c-75ec-4539-95a2-4709e3a29df5","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":100,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"1ecea1ac-d2b9-43e6-b9a7-7e88097e2e80","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":100,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"c3e92b9b-1113-4f2b-8558-47d36cef45e2","block_type":"box","text":"the par ticular facility being financed.","page_number":100,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"99f2e6ce-fec0-4030-a07a-4d833a5c976d","block_type":"box","text":"Moral Obligation Bonds.","page_number":100,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"989c384e-8bd9-48ab-9673-915038bc8e8b","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":100,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"c12a2367-00b8-419b-b2ff-fe5064e1cde9","block_type":"box","text":"issuer of moral obligation bonds is unable to meet its obligations, the repayment of such bonds becomes a moral","page_number":100,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"d77dd806-8115-4a95-866c-23c2f088d269","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":100,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"c10e804d-5b44-4379-81dc-6445cd0e7063","block_type":"box","text":"that issued the bonds.","page_number":100,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"10727677-4991-464b-970a-20a477af0bab","block_type":"box","text":"Municipal Notes.","page_number":100,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"c09da9b0-03ac-4e4f-a95b-57b5f7c926a0","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim financing","page_number":100,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"32592810-8d1c-43a7-bece-0fbda6fa40b1","block_type":"box","text":"in anticipation of tax collection, bond sales or revenue receipts. If there is a shor tfall in the anticipated proceeds,","page_number":100,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"d3c40252-8d2a-44a8-aeca-6d7d4bdf7a8c","block_type":"box","text":"repayment on the note may be delayed or the note may not be fully repaid, and a Fund may lose money.","page_number":100,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"226b3dbe-30ad-4cf1-9d04-17be83041692","block_type":"box","text":"II-57","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"508e57c7-4174-447a-9165-dd1b665bcf1b","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":100,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"eaabd28e-ad93-4343-ae97-3665e7409f94","block_type":"box","text":"Municipal Commercial Paper.","page_number":101,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"75a1e2e0-2262-4b9b-8138-b883da033e65","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t-term","page_number":101,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"bee0abb7-1ed5-44c7-9270-7ad1fc7cafbf","block_type":"box","text":"financing needs. The lack of security presents some risk of loss to a Fund since, in the event of an issuer’s","page_number":101,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"3d63b0c3-c61b-4dd9-a136-02aa84c2b26b","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":101,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"87c942f1-40ee-4dac-a2d1-d8e88b790097","block_type":"box","text":"Municipal Lease Obligations.","page_number":101,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"f50a5c3e-ab81-450d-88db-009757d187cd","block_type":"box","text":"Also included within the general category of Municipal Bonds are cer tificates of","page_number":101,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"c19a8299-8a6c-4d00-aba1-8b747454bcf9","block_type":"box","text":"par ticipation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":101,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"58a6b130-edb6-40d2-b351-10d9a6bf8d4a","block_type":"box","text":"equipment, land and/or facilities. The COPs represent par ticipations in a lease, an installment purchase contract or a","page_number":101,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"7cc27670-a68a-49db-833b-9348b79db2bb","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":101,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"bd489504-8193-4e93-9890-984b47b43e1a","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":101,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"22aa098e-fac8-489f-8484-0b5131448ea2","block_type":"box","text":"lease obligations do not constitute general obligations of the issuer for which the issuer’s unlimited taxing power is","page_number":101,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"55439cf0-60ff-4c68-aeea-6849338e3850","block_type":"box","text":"pledged, a lease obligation is frequently backed by the issuer’s covenant to budget for, appropriate and make the","page_number":101,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"a1e254f1-fd7d-4357-9149-d9b239be6dcc","block_type":"box","text":"payments due under the lease obligation. However, cer tain lease obligations contain “non-appropriation” clauses,","page_number":101,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"70d603ff-9b66-45ee-95dd-674384d9319a","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":101,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"d6dde4a3-8b9f-4743-8bab-406ea4877f2e","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":101,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"12f3cb3b-e0a5-432e-bc2c-85358c3b2c90","block_type":"box","text":"secured by the leased proper ty, disposition of the proper ty in the event of foreclosure might prove difficult. These","page_number":101,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"4041d6b8-6aee-4a51-ae4b-d9f97283e69e","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":101,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"fddbd927-411a-4a0d-982e-56ba64920922","block_type":"box","text":"conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":101,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"a82eeabb-bb23-4342-9549-05153f84b82d","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":101,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"bbeb3438-35e8-428b-9c31-fd8ba9734273","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":101,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"bb509c3e-7ebe-4067-be8c-2387e368b261","block_type":"box","text":"and local governmental units. Such non-payment would result in a reduction of income to a Fund and could result in a","page_number":101,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"15ca85fc-24a3-4686-a5aa-550ab22c3535","block_type":"box","text":"reduction in the value of the municipal lease experiencing non-payment and a potential decrease in the NAV of a","page_number":101,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"c7f7c3e8-452e-4ae3-bdb7-78dc0fb44e63","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":101,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"61ff35ab-d269-4fcf-8bd7-b7dbaa4ffe02","block_type":"box","text":"such an issuer, a Fund could experience delays and limitations with respect to the collection of principal and interest","page_number":101,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"c62b40ef-7a6d-4783-a4bf-a0f882aa0b5f","block_type":"box","text":"on such municipal leases and a Fund may not, in all circumstances, be able to collect all principal and interest to","page_number":101,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"5622ee99-80cf-45c7-9302-1e163c115d83","block_type":"box","text":"which it is entitled. To enforce its rights in the event of a default in lease payments, a Fund might take possession of","page_number":101,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"87f1f951-38a8-47f7-8321-d11e04093f96","block_type":"box","text":"and manage the assets securing the issuer’s obligations on such securities, which may increase a Fund’s operating","page_number":101,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"005f5886-7be3-434b-b39d-530437b04c63","block_type":"box","text":"expenses and adversely affect the NAV of a Fund. When the lease contains a non-appropriation clause, however, the","page_number":101,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"b26e6db7-b299-4306-986a-c6cf58cc8fc4","block_type":"box","text":"failure to pay would not be a default and a Fund would not have the right to take possession of the assets. Any","page_number":101,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"5b168c65-0ac4-4733-8139-65965c9ca3df","block_type":"box","text":"income derived from a Fund’s ownership or operation of such assets may not be tax-exempt. In addition, a Fund’s","page_number":101,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"a50ff449-5aac-4775-bfe1-ba68211642a7","block_type":"box","text":"intention to qualify as a “regulated investment company” under the Code, may limit the extent to which a Fund may","page_number":101,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"16913570-5129-430c-8a62-a9d79a692757","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":101,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"cc6200ad-957c-4ce6-985f-e53aed1099a9","block_type":"box","text":"subject to cer tain limitations on its investments and on the nature of its income.","page_number":101,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"598a13ae-6eef-41f2-b68d-a93bbfb914e4","block_type":"box","text":"Tender Option Bonds.","page_number":101,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"1f5a03e1-2a1c-4c65-a197-a7df8a0e34ae","block_type":"box","text":"Cer tain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":101,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"74d12cf6-01a5-4956-baeb-bf282a4d94cc","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":101,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"2bdc2ec2-cbc4-4d92-b6d1-35bc52eefc59","block_type":"box","text":"invest pay interest or income that, in the opinion of counsel to the issuer, is exempt from regular U.S. federal income","page_number":101,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"28b65a25-18e6-4032-b8e0-98818565fccd","block_type":"box","text":"tax. BlackRock will not conduct its own analysis of the tax status of the interest or income paid by TOB Residuals","page_number":101,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"cc0e91ac-cba1-4960-bf99-75482493e563","block_type":"box","text":"held by the Funds, but will rely on the opinion of counsel to the issuer. Although volatile, TOB Residuals typically offer","page_number":101,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"bb9bfbb1-ffd9-48b2-8ba9-0ca29ea0aa17","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":101,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"fb35e3d0-ec87-4d96-8702-a63ee3821a75","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":101,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"32d649d7-ff97-4017-9fc0-3b680f1a941c","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":101,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"a3de1392-5e5e-46a6-8e17-49ae6e584d9e","block_type":"box","text":"Municipal Bonds contributed by one or more funds (a “TOB Trust”). A TOB Trust typically issues two classes of","page_number":101,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"fc8a117d-43a0-4e2f-b5ff-3f39e86c504b","block_type":"box","text":"beneficial interests: shor t-term floating rate interests (“TOB Floaters”), which are sold to third-par ty investors, and","page_number":101,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"7cc68508-3b52-4030-b567-4913c0b86291","block_type":"box","text":"TOB Residuals, which are generally issued to the fund(s) that transferred Municipal Bonds to the TOB Trust. The","page_number":101,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"65a7128c-2ee8-404d-9e7b-6aee9e9e220a","block_type":"box","text":"Funds may invest in both TOB Floaters and TOB Residuals. TOB Floaters may have first priority on the cash flow from","page_number":101,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"4eaf7b37-95d5-43a6-b33d-dd87d29f02ab","block_type":"box","text":"the Municipal Bonds held by the TOB Trust and are enhanced with a liquidity suppor t arrangement from a third-par ty","page_number":101,"box":{"x":68,"y":725,"width":828,"height":11}},{"id":"0b13fd46-4e8c-4a1d-9f84-dedf1886012c","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":101,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"24327e37-aad3-4b48-a174-4d59707e153c","block_type":"box","text":"as a holder of TOB Residuals, is paid the residual cash flow from the TOB Trust. A Fund that contributes the","page_number":101,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"3311e0d3-dfb2-4ac5-9f69-abfa18114329","block_type":"box","text":"Municipal Bonds to the TOB Trust is paid the cash received by the TOB Trust from the sale of the TOB Floaters, less","page_number":101,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"85a2cc54-ca58-49e2-b54b-2a96a2d381d9","block_type":"box","text":"cer tain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":101,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"c6f45dab-3d2b-4948-9342-4c67eb7a49a2","block_type":"box","text":"investments permitted by its investment policies. If a Fund ever purchases all or a por tion of the TOB Floaters sold by","page_number":101,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"af3052e4-ef51-4cf3-b508-2124dd05df27","block_type":"box","text":"the TOB Trust, it may surrender those TOB Floaters together with a propor tionate amount of TOB Residuals to the","page_number":101,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"7f1c827b-88e0-4244-8e8f-18e9a3f9d2a3","block_type":"box","text":"TOB Trust in exchange for a propor tionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":101,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"b1508ec1-37ba-49ae-8993-dbf6ce6c1ab0","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":101,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"c46acd7b-53b7-49e1-887a-65ccf0f3f806","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds par ticipate in the same TOB Trust, the economic rights and","page_number":101,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"c92894a6-9103-4a96-9505-2ec4e2751f56","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in propor tion to their","page_number":101,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"318a3602-18e1-4af1-8842-2115959e642d","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":101,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"4de02da2-edda-4aa8-b26b-5ff62bd7a47d","block_type":"box","text":"II-58","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1dac84e6-52d7-41e9-a798-52acdf7628ca","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":101,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"cf428829-680e-4e1f-b767-3516b9ab2372","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In cer tain cases, when","page_number":102,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"e677dd59-dfa7-4548-883e-91212c0a42dd","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":102,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"e0f695e7-9823-4528-aa6d-0797708c1a30","block_type":"box","text":"enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by","page_number":102,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"f7f11915-5833-4caa-8adc-99db69a0639d","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":102,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"a35aba0b-b681-4da7-89b2-38761ee49a27","block_type":"box","text":"and a Fund, as a TOB Residual holder, would be responsible for reimbursement of any payments of principal and","page_number":102,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"22c64c27-9f61-4a8d-9579-5458cbe23393","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":102,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"40d10f2b-4916-4720-951f-1ea7626ab786","block_type":"box","text":"The TOB Residuals held by a Fund generally provide the Fund with the right to cause the holders of a propor tional","page_number":102,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"9ee1dc02-a693-40db-8952-b3369e16cf1d","block_type":"box","text":"share of the TOB Floaters to tender their notes to the TOB Trust at par plus accrued interest. Thereafter, the Fund","page_number":102,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"58eb1ac4-9241-4389-b1d2-e42b6b341eb9","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":102,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"c34aa11f-a056-4bab-8723-9f9a1c69dd4a","block_type":"box","text":"exposure for the Fund to the entire return of the Municipal Bonds in the TOB Trust, with a net cash investment by the","page_number":102,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"4904f08d-35fa-4bef-9d98-c0a923413aa0","block_type":"box","text":"Fund that is less than the value of the Municipal Bonds in the TOB Trust. This multiplies the positive or negative","page_number":102,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"41b2acd3-3472-4ed5-a07c-27b245aced11","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":102,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"ed7403e6-e4bb-4c40-9daa-2bafd135e97d","block_type":"box","text":"depends on the value of the Municipal Bonds deposited in the TOB Trust relative to the value of the TOB Floaters it","page_number":102,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"66e8c33f-2119-4e98-849e-8239fb3eaa12","block_type":"box","text":"issues.","page_number":102,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"f3ed185f-4915-493b-a716-6e9e4048039f","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":102,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"0964ee78-49a6-47f3-a5de-9354ffcef1ec","block_type":"box","text":"the principal amount of the TOB Floaters issued by the related TOB Trust exceeds 75% of the principal amount of the","page_number":102,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"20d3889e-d90b-4fc9-b0dd-3b6ac372a2c1","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":102,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"2b4557ce-42f8-4b56-b95b-46354ad4c49d","block_type":"box","text":"The TOB Trust may be collapsed without the consent of a Fund upon the occurrence of tender option termination","page_number":102,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"65c4a2b8-e90a-4b68-b415-bdb46bfb27cc","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":102,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"e4616ec2-38cd-47fa-9d86-65c6607504f3","block_type":"box","text":"include the bankruptcy or default of the issuer of the Municipal Bonds held in the TOB Trust, a substantial downgrade","page_number":102,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"e851831e-9d68-4e49-9b04-b664f8d80205","block_type":"box","text":"in the credit quality of the issuer of the Municipal Bonds held in the TOB Trust, failure of any scheduled payment of","page_number":102,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"db50047e-93a9-4f84-a653-513912d8e6a0","block_type":"box","text":"principal or interest on the Municipal Bonds, and a judgment or ruling that interest on the Municipal Bonds is subject","page_number":102,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"48a33a34-62e2-45e3-b379-46833e28c179","block_type":"box","text":"to U.S. federal income taxation. MTEs may include, among other things, a failed remarketing of the TOB Floaters, the","page_number":102,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"a4fe21bc-593c-467a-b6de-3d6392a80be4","block_type":"box","text":"inability of the TOB Trust to obtain renewal of the liquidity suppor t agreement, and a substantial decline in the market","page_number":102,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"818c45ba-b7e7-4d3d-855a-fbe3091395f8","block_type":"box","text":"value of the Municipal Bonds held in the TOB Trust. Upon the occurrence of a TOTE or an MTE, a TOB Trust would be","page_number":102,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"14311627-43fc-4222-ac76-a1c3ea741ae9","block_type":"box","text":"liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the remarketing","page_number":102,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"a0fad79e-227c-4197-ba08-5ae89239b674","block_type":"box","text":"agent of the TOB Floaters and the Liquidity Provider (defined below). In the case of an MTE, after the payment of fees,","page_number":102,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"2806e39b-c475-4ccc-bc04-cbd2865b0d0b","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":102,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"b5baad95-d072-40f2-a77f-87ec4c88b217","block_type":"box","text":"i.e.","page_number":102,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"ca0a32ff-996d-45d1-bf4b-1de0fae990f9","block_type":"box","text":", the Fund). In contrast, in the","page_number":102,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"a4d00348-f9ee-4246-a91c-29f00d0b50df","block_type":"box","text":"case of a TOTE, after payment of fees, the holders of TOB Floaters and the TOB Residual holders would be paid pro","page_number":102,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"41f7b81e-6489-469c-a19a-6659ad889f63","block_type":"box","text":"rata in propor tion to the respective face values of their cer tificates.","page_number":102,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"04e485be-8e88-4c4b-875f-2facc2753c92","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse or recourse basis. TOB Trusts are typically suppor ted","page_number":102,"box":{"x":101,"y":529,"width":797,"height":11}},{"id":"fc620309-c452-4e2b-82df-09e5e0408c9a","block_type":"box","text":"by a liquidity facility provided by a third-par ty bank or other financial institution (the “Liquidity Provider”) that allows","page_number":102,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"e727a65f-4e09-4471-a444-396fee177801","block_type":"box","text":"the holders of the TOB Floaters to tender their TOB Floaters in exchange for payment of par plus accrued interest on","page_number":102,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"598660cb-ef12-41fd-81c3-3bd13378ed31","block_type":"box","text":"any business day (subject to the non-occurrence of a TOTE described above). Depending on the structure of the TOB","page_number":102,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"cac2c906-44e7-4922-8c05-b4d761d97dd3","block_type":"box","text":"Trust, the Liquidity Provider may purchase the tendered TOB Floaters, or the TOB Trust may draw upon a loan from","page_number":102,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"7d00b582-e6d8-4ddc-b42d-3aec7e4298cb","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":102,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"91666c3d-be6a-459f-8b18-4fba1996b6af","block_type":"box","text":"When a Fund invests in TOB Trusts on a non-recourse basis, and the Liquidity Provider is required to make a","page_number":102,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"d7faf335-79c4-4437-8a84-adb54f129038","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a por tion of the Municipal Bonds","page_number":102,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"8cd385d8-f90e-49c9-93d8-458ef896969d","block_type":"box","text":"held in the TOB Trust and then fund the balance, if any, of the amount owed under the liquidity facility over the","page_number":102,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"cbaa5180-3aa2-4f7a-9823-34498e1d4454","block_type":"box","text":"liquidation proceeds (the “Liquidation Shor tfall”). If a Fund invests in a TOB Trust on a recourse basis, it will typically","page_number":102,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"3ca26b7e-7e2d-4188-82ca-05c1ccf0721c","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":102,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"1a6b9540-3d38-42d6-b9e8-edce00d738c2","block_type":"box","text":"the Liquidity Provider the amount of any Liquidation Shor tfall. As a result, if the Fund invests in a recourse TOB Trust,","page_number":102,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"6d0c52c8-e0c8-4538-875c-abcc0b16280d","block_type":"box","text":"the Fund will bear the risk of loss with respect to any Liquidation Shor tfall. If multiple BlackRock-advised funds","page_number":102,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"d471ccaf-cf7b-452a-afe4-5548c2e6ab90","block_type":"box","text":"par ticipate in any such TOB Trust, these losses will be shared ratably, in propor tion to their par ticipation in the TOB","page_number":102,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"d31f6d48-4857-4ed8-a2f1-76eaf926bcb3","block_type":"box","text":"Trust.","page_number":102,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"feeabf2c-817a-43de-a515-46fbde5ea48f","block_type":"box","text":"Under accounting rules, Municipal Bonds of a Fund that are deposited into a TOB Trust are investments of the","page_number":102,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"cb99d7d6-2255-4198-8b5a-63872b45abd0","block_type":"box","text":"Fund and are presented on the Fund’s Schedule of Investments and outstanding TOB Floaters issued by a TOB Trust","page_number":102,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"834eb9cc-8b7c-4df3-903e-e49b992762c6","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":102,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"c9c1433c-4850-4210-bbec-93119fc4c46e","block_type":"box","text":"Municipal Bonds is recorded by a Fund on an accrual basis. Interest expense incurred on the TOB Floaters and other","page_number":102,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"4b195ff6-a2a5-4b7d-86bf-66e63b5fee55","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are repor ted as expenses","page_number":102,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"73b83ccd-3b2a-4505-a254-bfbe319fefce","block_type":"box","text":"of a Fund. In addition, under accounting rules, loans made to a TOB Trust sponsored by a Fund may be presented as","page_number":102,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"5b8b3009-22df-4352-80ba-cfa1431399ed","block_type":"box","text":"loans of the Fund in the Fund’s financial statements even if there is no recourse to the Fund’s assets.","page_number":102,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"a2dee0bd-e128-4c65-b40d-a831cba00aee","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":102,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"0e93ff8f-c89c-4c3b-9ab1-5591665144e7","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":102,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"6290816b-4aa4-4c3f-9ee7-76b601019639","block_type":"box","text":"II-59","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"28ec8dbb-7f6f-42f0-99b3-d84e60356d2d","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":102,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"973d598d-c30f-412b-82ea-8bf2e4ebb38f","block_type":"box","text":"Since the tender option feature has a shor ter term than the final maturity or first call date of the underlying Municipal","page_number":103,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"ac68e7bf-a07a-46ee-82da-35853b411ddd","block_type":"box","text":"Bonds deposited in the TOB Trust, the holder of the TOB Floaters relies upon the terms of the agreement with the","page_number":103,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"dad8242f-bc1f-4037-b714-1da0e31e66dd","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":103,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"fd5a0aed-4c6a-4c7d-87cc-ded7e274371a","block_type":"box","text":"with TOB Floaters, however, may be increased in the current market environment as a result of recent downgrades to","page_number":103,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"ef1e407e-d6a7-4504-9033-66a1a20f58f4","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditwor thiness, of many major financial institutions, some","page_number":103,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"3ea0bee5-827e-4e50-9a37-9ba92f93c543","block_type":"box","text":"of which sponsor and/or provide liquidity suppor t to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":103,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"c54ae163-5f84-4c1a-ab25-789480129f90","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":103,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"317435cb-72e4-44f6-8f34-f02ec2057081","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":103,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"29832f01-9297-4f67-ab8b-82e30ca3dcbd","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":103,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"0d990606-b3c3-4cb6-94f6-6c722ddf3fbd","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":103,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"8944842f-391e-4277-bc19-a5bcf6265548","block_type":"box","text":"(i) complies with the 300% asset coverage ratio with respect to such transactions and any other borrowings in the","page_number":103,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"5657083a-f1e1-46cf-a897-20d5dbbfbf50","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":103,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"35f589ea-35cf-42b9-8b86-c2924074a5fa","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":103,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"b7d27c59-44c7-4f27-a033-3d92646beb07","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":103,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"c428b16b-2410-40bb-9a3f-73886ce8d146","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":103,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"1644af36-9858-4807-b063-2895f54cda3d","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a structure for TOB Trusts designed to","page_number":103,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"2ac92b65-ca38-4162-943e-a87f7de68518","block_type":"box","text":"ensure that no banking entity is sponsoring the TOB Trust for purposes of the Volcker Rule. Specifically, a Fund will","page_number":103,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"c3f8ad39-5832-4bb2-9efc-56e8b8d1f55f","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, cer tain","page_number":103,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"508be37c-1b2c-47e5-bc75-448c466ebf94","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be per formed by, or on behalf of, a Fund. A Fund","page_number":103,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"affa2f25-3364-4b9f-86eb-89010b084087","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":103,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"fd3cdbfe-0823-4fce-8801-9d57f2a7a174","block_type":"box","text":"could limit the market for such structured TOB Trust transactions or a Fund’s ability to hold TOB Residuals. Under","page_number":103,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"a18eff71-98ad-4481-87ce-1a2695c1f489","block_type":"box","text":"this TOB Trust structure, a Fund has cer tain additional duties and responsibilities, which may give rise to cer tain","page_number":103,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"48007dec-d2d9-4167-b1b8-0274f8982de9","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":103,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"2f23c2b5-91c2-41df-aec1-416947c10fd7","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":103,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"36aefe0e-dd71-45f3-804a-2a163e343402","block_type":"box","text":"remarketing agents, act at the direction of, and as agent of, a Fund as the TOB Residual holder. Similar to the","page_number":103,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"9ee56701-d39e-4e7c-95d3-ad4404a6b7c1","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":103,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"a6708bbe-f491-4e14-a20e-7c5dc01de09a","block_type":"box","text":"Residuals, the TOB Trust then issues and sells TOB Floaters to third-par ty investors, and the proceeds of the sale of","page_number":103,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"2fe02159-3e00-44d9-a399-8bbb2ebff84d","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":103,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"f389da85-4388-48ea-b41c-c34cb5932cab","block_type":"box","text":"i.e.","page_number":103,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"c265701c-0802-4caf-a4c2-24649fe04f81","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":103,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"6d536cf1-1191-4cfe-bc72-970b9f80c627","block_type":"box","text":"suppor ted by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":103,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"4ec0c506-8833-464d-888c-0b1f800c832b","block_type":"box","text":"TOB Floaters for its own account in the event of a failed remarketing, which may increase the likelihood that a TOB","page_number":103,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"a2e846cb-dfff-48b5-ba75-e5d71473f591","block_type":"box","text":"Trust will need to be collapsed and liquidated in order to purchase the tendered TOB Floaters. In the event of a failed","page_number":103,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"b64ef248-07e5-4028-804c-26bb761eb6ba","block_type":"box","text":"remarketing of TOB Floaters, the Liquidity Provider, at its option, may advance a loan to the TOB Trust the proceeds","page_number":103,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"a49dcf74-3fbf-436a-91a7-39249eaf5be9","block_type":"box","text":"of which would be used by the TOB Trust to purchase the tendered TOB Floaters. The Liquidity Provider is not","page_number":103,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"95d15177-ba88-4948-885a-6af0f9d9f47d","block_type":"box","text":"obligated to advance such a loan. The TOB Trust would be the borrower with respect to any such loan. Any loans","page_number":103,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"6059fe38-71f8-498c-a2f6-901b01c0c47c","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":103,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"fc64a7d5-dc58-4fd0-a6b9-e9f9b5e323f9","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":103,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"508c236a-eb49-4ea9-b1d7-2adc88ccc146","block_type":"box","text":"recourse TOB Residuals under this structure. In the event of a Liquidation Shor tfall, there would generally be no","page_number":103,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"851e662b-a7e4-45ac-8059-b66abc285c82","block_type":"box","text":"contractual recourse to the Fund’s assets if the Fund holds a non-recourse TOB Residual. However, as described","page_number":103,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"c303ae71-5639-4ff9-bc01-73c50cfc04ca","block_type":"box","text":"above, a Fund would bear the risk of loss with respect to any Liquidation Shor tfall if it holds a recourse TOB Residual.","page_number":103,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"5be952ac-1c81-43d7-8f36-93434a9a0244","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":103,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"331ba3ca-0fd0-49c7-9845-9374ca433ef9","block_type":"box","text":"(the “Risk Retention Rules”), which took effect in December 2016. The Risk Retention Rules require the sponsor of a","page_number":103,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"6a513508-5c5b-4ef0-94ca-f9fbcfe6b3b5","block_type":"box","text":"TOB Trust to retain at least 5% of the credit risk of the underlying assets suppor ting the TOB Trust’s Municipal","page_number":103,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"953f70bd-ba0e-42bb-a885-ceb432fde43b","block_type":"box","text":"Bonds. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or","page_number":103,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"65b6f335-533f-4033-9921-46cb741ac982","block_type":"box","text":"increase the costs of such transactions in cer tain circumstances.","page_number":103,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"997c0ab9-f173-4841-8e16-59aa506a635d","block_type":"box","text":"TOB Trust transactions constitute an impor tant component of the municipal bond market. Accordingly,","page_number":103,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"722ad7f9-d637-46e6-9aa4-24f0bd8f7883","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":103,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"da3e32a1-3914-4ea6-afc9-a7bf62ac26b6","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":103,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"686b7a5a-32dc-44a7-b4c1-5bca2947c4e7","block_type":"box","text":"could adversely affect the Funds. The ultimate impact of these rules on the TOB market and the overall municipal","page_number":103,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"9faa105f-5871-4bd1-9a03-adb817c498db","block_type":"box","text":"market is not yet cer tain.","page_number":103,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"0b3a1401-60b6-449a-b26f-bfc81374c721","block_type":"box","text":"Yields.","page_number":103,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"ae0b4272-6a55-4e7e-929c-4c0b2a5dd0e6","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":103,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"c48c2b16-3180-47b6-8eb4-b7190fa7ab3f","block_type":"box","text":"money market and of the municipal bond market, the size of a par ticular offering, the financial condition of the","page_number":103,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"797095ad-f769-44d3-816a-4020fdd7cfb0","block_type":"box","text":"issuer, the maturity of the obligation and the rating of the issue. The ability of a Fund to achieve its investment","page_number":103,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"8171cc59-8d7a-4ffb-989b-744ff2d666a2","block_type":"box","text":"objective is also dependent on the continuing ability of the issuers of the securities in which the Fund invests to meet","page_number":103,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"3a72b8e9-6a7e-4a2c-a210-66b6f7212754","block_type":"box","text":"their obligations for the payment of interest and principal when due. There are variations in the risks involved in","page_number":103,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"5d24f69b-406e-4180-80ee-744582e22e04","block_type":"box","text":"II-60","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0eabc8d4-d1e7-4574-9699-fd941d7a0d52","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":103,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f16d30ba-dea0-430b-8120-d7981650b974","block_type":"box","text":"holding Municipal Bonds, both within a par ticular classification and between classifications, depending on numerous","page_number":104,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"7a089403-6c8f-49a0-84cf-99caffb8595e","block_type":"box","text":"factors. Fur thermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":104,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"99271b09-5c9d-49a0-bebd-7b890d38d7c5","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the rights","page_number":104,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"196a5d64-66ae-4047-8f5c-2574f28e0b1a","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of cer tain remedies.","page_number":104,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"873353ce-b9dc-45a4-a1f9-e5ecee53cb56","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":104,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"06aaa950-41e9-496d-9850-3107630f4c01","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":104,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"78f05dfd-3e4b-46bd-849e-cffa68c72236","block_type":"box","text":"variable interest rate adjustment formula and a right of demand on the par t of the holder thereof to receive payment","page_number":104,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"f824dd07-c69e-4fad-b84c-c7d2372b7d58","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a shor t notice period not to exceed seven days.","page_number":104,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"490cae12-ae9f-4398-84a4-fd97870486ee","block_type":"box","text":"There is the possibility that because of default or insolvency the demand feature of VRDOs may not be honored.","page_number":104,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"beb77ad6-8854-473a-b560-56926bfe3e60","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":104,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"581366b9-2543-47b7-a141-9a576dad3fc8","block_type":"box","text":"adjustment formula being calculated to maintain the market rate of the VRDOs at approximately the par value of the","page_number":104,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"016de7c1-3213-4eac-8219-e443dd439d16","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":104,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"d509101b-be90-409b-990f-4ca0fd6e9cd8","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":104,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"84dee28f-0974-417a-8b14-20200c8c9322","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":104,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"0387a43f-96fa-47b6-a130-6cb8aeb0010e","block_type":"box","text":"During periods of declining interest rates, a Fund’s yield on a VRDO will decrease and its shareholders will forego the","page_number":104,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"af58fa1a-e94f-45b3-8cfb-9fb54d9edb1c","block_type":"box","text":"oppor tunity for capital appreciation. During periods of rising interest rates, however, a Fund’s yield on a VRDO will","page_number":104,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"e9170940-53ef-4df0-b062-54a95c433378","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":104,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"f426b116-da16-4b60-9676-835839a307d3","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":104,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"baafda51-fe82-454b-8bf2-b7e17100b1cb","block_type":"box","text":"The Municipal Funds and cer tain other funds","page_number":104,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"fd80e76f-ff1c-4e50-a561-481bc869eed6","block_type":"box","text":"deal in financial futures contracts based on a long-term municipal bond index developed by the Chicago Board of","page_number":104,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"d5e2e821-966e-4ace-9b70-c87430e2b5ca","block_type":"box","text":"Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal Bond Index is comprised of 40 long","page_number":104,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"78aea053-d557-4faf-ac4e-b4199e238b6d","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":104,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"70a8e293-8b02-481f-b5e3-963eee7683e0","block_type":"box","text":"Bond Index must be rated A or higher by Moody’s or S&P and must have a remaining maturity of 19 years or more.","page_number":104,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"f9b302d3-9682-410a-a613-96227d9a71c9","block_type":"box","text":"Twice a month new issues satisfying the eligibility requirements are added to, and an equal number of old issues are","page_number":104,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"ad79cd05-4f1f-4054-8d62-2d76320945d1","block_type":"box","text":"deleted from, the Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a","page_number":104,"box":{"x":69,"y":407,"width":796,"height":12}},{"id":"efb08c4f-fe51-447a-908a-1af125321126","block_type":"box","text":"formula based on the price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":104,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"efdae991-57bd-40bc-88c3-f6326556f00d","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":104,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"0bfc81bc-6b80-4419-ae88-f48e705d96cc","block_type":"box","text":"assures per formance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":104,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"d7936fa2-76d7-4a7c-aafc-079930d91522","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":104,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"482adac8-e5b4-4d3c-8ef2-6cfcdad10937","block_type":"box","text":"The par ticular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":104,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"147a5bcd-9672-495f-aa20-ba1777ac515d","block_type":"box","text":"contract may vary from the bonds held by a Municipal Fund. As a result, a Municipal Fund’s ability to hedge","page_number":104,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"00feead4-a4c2-45ec-970d-d20e56831ffa","block_type":"box","text":"effectively all or a por tion of the value of its Municipal Bonds through the use of such financial futures contracts will","page_number":104,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"2aa98353-7519-497c-bf3b-7803a1f6dcaa","block_type":"box","text":"depend in par t on the degree to which price movements in the index underlying the financial futures contract","page_number":104,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"6a7808e7-9179-43ea-a868-7f6eaf383d68","block_type":"box","text":"correlate with the price movements of the Municipal Bonds held by the Fund. The correlation may be affected by","page_number":104,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"f19bcd58-9f14-4283-a3fb-b0a2bb5eed26","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":104,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"3d1ceb4e-b454-4297-ac29-79a289ea4fe1","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":104,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"02b8e3a9-3c15-4e4a-83ae-e3a69e6368c5","block_type":"box","text":"correlation between movements in the value of the Municipal Bond Index may be subject to change over time as","page_number":104,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"6c676ab0-e517-485a-9d02-1a79bea26718","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":104,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"a03c7133-8930-4905-88e0-ac5f997662d4","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":104,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"06538d24-6f66-4753-8020-d619475922b6","block_type":"box","text":"affected by similar factors and the risk of imper fect correlation between movements in the prices of such futures","page_number":104,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"69f2f182-5df2-444b-abc4-a331a7e53509","block_type":"box","text":"contracts and the prices of Municipal Bonds held by a Municipal Fund may be greater. Municipal Bond Index futures","page_number":104,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"e537b481-742b-4a69-97e5-e80bf185ed27","block_type":"box","text":"contracts were approved for trading in 1985. Trading in such futures contracts may tend to be less liquid than trading","page_number":104,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"94818bb2-9d6f-4a05-a7e3-2854549d34f6","block_type":"box","text":"in other futures contracts. The trading of futures contracts also is subject to cer tain market risks, such as inadequate","page_number":104,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"48a3bb15-c641-4254-a511-d4496f72d4e6","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":104,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"296f5bff-ccbe-4218-b857-f711a5d51a62","block_type":"box","text":"Call Rights.","page_number":104,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"d1793f17-5b46-4e48-9586-3646d35373d0","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a por tion of such Municipal Bond","page_number":104,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"26cc7ae6-e904-43ec-8aac-49c588c1d585","block_type":"box","text":"for mandatory tender for purchase (a “Call Right”). A holder of a Call Right may exercise such right to require a","page_number":104,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"5f3c805d-8d31-434e-aeff-a30bc80dc33f","block_type":"box","text":"mandatory tender for the purchase of related Municipal Bonds, subject to cer tain conditions. A Call Right that is not","page_number":104,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"73921240-9652-4657-8ae2-40eceecbd86d","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":104,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"efae2e6a-2c89-496d-94d7-c401f3fe62c3","block_type":"box","text":"both the Call Right and the related Municipal Bond is identical to holding a Municipal Bond as a non-callable security.","page_number":104,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"c867dd9b-9f1f-4079-a07b-cfa3f78c9017","block_type":"box","text":"Cer tain investments in such obligations may be illiquid.","page_number":104,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"65cd4c4e-6796-4f4a-93e5-ff927ecb6f13","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":104,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"564b2bac-f375-465c-ba8f-13dd16e3bfed","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":104,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"8704d8f0-6def-4fc8-b404-43bbc9903cc7","block_type":"box","text":"fluctuations or to enhance a Fund’s income, a Fund may enter into interest rate swap transactions such as Municipal","page_number":104,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"c4d773d4-21ae-470b-882d-d4e965774883","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":104,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"e8f191ed-0c3f-4b36-b4d3-5a8bb5594902","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":104,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"aae29f5e-142e-4d55-8587-427b3dc2a7c8","block_type":"box","text":"expects to do so primarily to preserve a return or spread on a par ticular investment or por tion of its por tfolio or to","page_number":104,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"a22acdb0-9995-4538-82a5-a2c40913ef2d","block_type":"box","text":"protect against any increase in the price of securities the Fund anticipates purchasing at a later date. A Fund intends","page_number":104,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"c97475b6-f344-4285-babb-25945350cf41","block_type":"box","text":"II-61","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e5348729-1e44-444b-9a42-d919ccd71cb1","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":104,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"3fdc4616-8f4c-41a6-90c3-79ba5b9f84e0","block_type":"box","text":"to use these transactions primarily as a hedge rather than as a speculative investment. However, a Fund also may","page_number":105,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"6d744e1f-1929-464e-9c4b-3651567573e4","block_type":"box","text":"invest in MMD Swaps and SIFMA Swaps to enhance income or gain or to increase the Fund’s yield, for example,","page_number":105,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"665dd012-8ca0-4766-abdb-c808dc0f1b31","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":105,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"f56d14c5-f1ec-4cee-986b-84e8d48ac6e9","block_type":"box","text":"i.e.","page_number":105,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"933370e2-c253-4863-87c3-cca71eec070f","block_type":"box","text":", wide differences between shor t-term and long-term interest","page_number":105,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"012f1121-f44f-4f15-bed9-f8094be8f6bf","block_type":"box","text":"rates).","page_number":105,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"d2ff2a83-c786-4dd9-81ff-e271b6941976","block_type":"box","text":"A Fund may purchase and sell SIFMA Swaps in the SIFMA swap market. In a SIFMA Swap, a Fund exchanges with","page_number":105,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"02ca5f20-0e62-4fbc-a471-9ad475c960b2","block_type":"box","text":"another par ty their respective commitments to pay or receive interest (","page_number":105,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"985aaa3b-c365-485b-8eb3-1894d9c6a32c","block_type":"box","text":"e.g.","page_number":105,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"ade61aec-7d60-436e-bbab-6320716cfbba","block_type":"box","text":", an exchange of fixed rate payments for","page_number":105,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"a1e5af8b-d73d-4a47-b043-5883a301805c","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":105,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"be6c9c9c-0fca-4ff5-a05b-16474f6cbbc5","block_type":"box","text":"index, SIFMA Swaps may reduce cross-market risks incurred by a Fund and increase a Fund’s ability to hedge","page_number":105,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"0b2cf15d-b5fe-4fc1-a5df-7688345b3236","block_type":"box","text":"effectively. SIFMA Swaps are typically quoted for the entire yield curve, beginning with a seven day floating rate index","page_number":105,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"d8e51471-3420-4936-bc16-6b929c104f02","block_type":"box","text":"out to 30 years. The duration of a SIFMA Swap is approximately equal to the duration of a fixed-rate Municipal Bond","page_number":105,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"b02e0c4c-fb4e-4ed6-9def-9c0d61f041bd","block_type":"box","text":"with the same attributes as the swap (","page_number":105,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"f4ccfbc1-1400-4c43-9829-1c4570553f73","block_type":"box","text":"e.g.","page_number":105,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"961fdbe7-e022-44a8-8a5e-e4e688f00fe7","block_type":"box","text":", coupon, maturity, call feature).","page_number":105,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"7de7f7d6-28e1-43a1-9779-9e0a742584ed","block_type":"box","text":"A Fund may also purchase and sell MMD Swaps, also known as MMD rate locks. An MMD Swap permits a Fund","page_number":105,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"517ff940-d38b-4187-b68b-202c46f3b515","block_type":"box","text":"to lock in a specified municipal interest rate for a por tion of its por tfolio to preserve a return on a par ticular","page_number":105,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"431fdb97-ba1f-4d2d-a8fb-0dde420e79fd","block_type":"box","text":"investment or a por tion of its por tfolio as a duration management technique or to protect against any increase in the","page_number":105,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"d697cc0f-1aee-4349-a88f-a0e1e437e25a","block_type":"box","text":"price of securities to be purchased at a later date. By using an MMD Swap, a Fund can create a synthetic long or","page_number":105,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"6da5567b-d129-4559-aad5-f4f82e7172ff","block_type":"box","text":"shor t position, allowing the Fund to select the most attractive par t of the yield curve. An MMD Swap is a contract","page_number":105,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"fbffd539-2e35-4bab-a52f-6ae53a279dea","block_type":"box","text":"between a Fund and an MMD Swap provider pursuant to which the par ties agree to make payments to each other on","page_number":105,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"7175c9d4-cd25-4b74-90ac-b5ba6ae1f205","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":105,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"f22e213f-7b57-48a5-8069-eeaaf8a6cf0f","block_type":"box","text":"below a specified level on the expiration date of the contract. For example, if a Fund buys an MMD Swap and the","page_number":105,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"302ec2e1-d315-4076-b72f-835249166625","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":105,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"09e09afe-4172-4b50-a3f1-fa37dcb75108","block_type":"box","text":"counterpar ty to the contract will make a payment to the Fund equal to the specified level minus the actual level,","page_number":105,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"ba76d489-e5fd-4223-890d-955623058bc4","block_type":"box","text":"multiplied by the notional amount of the contract. If the Municipal Market Data AAA General Obligation Scale is above","page_number":105,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"9f9db4f5-3bbd-42e8-83cf-b5a1de5ac4af","block_type":"box","text":"the specified level on the expiration date, a Fund will make a payment to the counterpar ty equal to the actual level","page_number":105,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"35bc0d47-11dd-4954-a08a-08dddfdc02fa","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":105,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"fea5ea58-15be-439a-80c3-69d6f9c4b2bf","block_type":"box","text":"In connection with investments in SIFMA and MMD Swaps, there is a risk that municipal yields will move in the","page_number":105,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"1ef75b66-50e3-4d2f-8ebc-68c3f41ab52c","block_type":"box","text":"opposite direction than anticipated by a Fund, which would cause the Fund to make payments to its counterpar ty in","page_number":105,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"a80e2135-6a03-4416-a6fc-0ce25be2d97f","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance.","page_number":105,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"2033f8ce-a7e0-4573-9275-fb81633482c0","block_type":"box","text":"Insured Municipal Bonds.","page_number":105,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"fde8c92a-099d-421c-87a3-72a735046a40","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":105,"box":{"x":288,"y":483,"width":619,"height":11}},{"id":"9966ca05-6056-49a1-9b7d-feef59054abe","block_type":"box","text":"payments on the bond will be made on time and the principal will be repaid when the bond matures. Either the issuer","page_number":105,"box":{"x":70,"y":498,"width":835,"height":11}},{"id":"f3a3b761-92a0-4823-a183-c517afa6f23d","block_type":"box","text":"of the bond or the Fund purchases the insurance. Insurance is expected to protect the Fund against losses caused by","page_number":105,"box":{"x":69,"y":513,"width":840,"height":12}},{"id":"25cdc6f2-a92a-4fa0-9fe0-39d39ae3cad7","block_type":"box","text":"a bond issuer’s failure to make interest or principal payments. However, insurance does not protect the Fund or its","page_number":105,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"ad90f314-e0a2-46d1-b7a6-e41ef38582a6","block_type":"box","text":"shareholders against losses caused by declines in a bond’s market value. Also, the Fund cannot be cer tain that any","page_number":105,"box":{"x":69,"y":544,"width":829,"height":11}},{"id":"e31af337-a767-459c-84d7-1f39b7468be8","block_type":"box","text":"insurance company does not make these payments. In addition, if the Fund purchases the insurance, it may pay the","page_number":105,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"4ce256a1-5bd6-4846-9081-dacc1744976b","block_type":"box","text":"premiums, which will reduce the Fund’s yield. The Fund seeks to use only insurance companies with claims paying","page_number":105,"box":{"x":70,"y":574,"width":815,"height":11}},{"id":"9a25194f-5bc9-4a51-98e0-c97a61e3c7ce","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":105,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"09d6642d-a4e0-4578-8679-6861220a2467","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":105,"box":{"x":68,"y":604,"width":767,"height":11}},{"id":"b9cf1d9b-8818-4e10-88df-2ac2a43173c0","block_type":"box","text":"insurance or insured bonds. If a bond’s insurer fails to fulfill its obligations or loses its credit rating, the value of the","page_number":105,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"6bba945a-5a23-444d-b450-99d459a5df42","block_type":"box","text":"bond could drop.","page_number":105,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"bf2c7164-4dd7-40cc-96be-b5d5f4abee74","block_type":"box","text":"Build America Bonds.","page_number":105,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"db76c1a9-ed6c-4a3a-af2d-69caa99a5d66","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":105,"box":{"x":259,"y":657,"width":616,"height":11}},{"id":"dbfea776-804c-401b-85fa-fb72757ea1e9","block_type":"box","text":"income tax credit; however, the issuer of a Build America Bond may instead elect to receive a cash payment directly","page_number":105,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"a660e4fb-cfd1-4af4-8ecd-bed5ed914999","block_type":"box","text":"from the federal government in lieu of holders such as the fund receiving a tax credit. The interest on Build America","page_number":105,"box":{"x":68,"y":687,"width":824,"height":11}},{"id":"14d8be0b-df63-4fee-810c-89df3dc6f744","block_type":"box","text":"Bonds is taxable for U.S. federal income tax purposes. If the Fund does receive tax credits from Build America Bonds","page_number":105,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"9098e468-412d-4103-8d97-753c59098ad0","block_type":"box","text":"or other tax credit bonds on one or more specified dates during the fund’s taxable year, and the Fund satisfies the","page_number":105,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"a8274309-8d60-4eb2-981d-5053682bc7a3","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":105,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"a008f3c6-87a5-461e-8ef7-10aec3c3a162","block_type":"box","text":"shareholders tax credits otherwise allowable to the Fund for that year with respect to such bonds. A tax credit bond","page_number":105,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"ebd9f852-0f25-45ab-8c3b-d30e607bf424","block_type":"box","text":"is defined in the Code as a “qualified tax credit bond” (which includes a qualified forestry conservation bond, a new","page_number":105,"box":{"x":70,"y":763,"width":825,"height":11}},{"id":"4bace83c-1ead-4ca0-893e-50f3320d984e","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":105,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"e6d80937-39bd-4135-b607-73b60349bd34","block_type":"box","text":"must meet cer tain requirements specified in the Code), a “Build America Bond” (which includes cer tain qualified","page_number":105,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"93e89c40-2404-42ef-a123-9fff347e202c","block_type":"box","text":"bonds issued before January 1, 2011) or cer tain other specified bonds. If the Fund were to so elect, a shareholder","page_number":105,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"bf3e49ca-7a6e-42e4-af8b-bfbd555aec2c","block_type":"box","text":"would be required to include in income and would be entitled to claim as a tax credit an amount equal to a","page_number":105,"box":{"x":68,"y":823,"width":760,"height":11}},{"id":"5e15e148-2c8a-4836-93a5-aaeb65fdebe6","block_type":"box","text":"propor tionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":105,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"1b37bfb7-d361-415f-bd5c-6a07f516cdaf","block_type":"box","text":"Cer tain limitations may apply on the extent to which the credit may be claimed.","page_number":105,"box":{"x":69,"y":854,"width":563,"height":11}},{"id":"0ea6992b-c110-42d2-a251-df5c9145652e","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":105,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"6d1d4610-91c6-4a2d-bb41-f202635ce89a","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":105,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"dd4230f1-4678-4c95-b1b1-2fa2cbc96f54","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, par ticipations, beneficial interests in a trust,","page_number":105,"box":{"x":68,"y":891,"width":798,"height":12}},{"id":"e2ae9acb-3c3b-4a1d-bfaa-abfe215091d0","block_type":"box","text":"par tnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":105,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"7db3fae4-bd16-4c05-9bf4-b96bbd1f8975","block_type":"box","text":"II-62","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"486230a7-7480-44ef-8917-57cee9ed0063","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":105,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6a2658ae-6057-4843-80a1-32425b2c1b03","block_type":"box","text":"of the structures used by cer tain Funds include interests in long-term fixed-rate municipal debt obligations, held by a","page_number":106,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"1a5bca19-4028-452a-a780-a4b4571d5130","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":106,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"1afa7019-f89d-4450-bbe1-344e73ee9a57","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":106,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"cf449d95-4de6-4e4c-9ea1-0afb782efe25","block_type":"box","text":"municipal debt obligation to a third par ty at periodic intervals and to receive the principal amount thereof.","page_number":106,"box":{"x":69,"y":90,"width":752,"height":11}},{"id":"f2fdf2af-e65d-430c-99d7-d577bb7208c5","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":106,"box":{"x":102,"y":113,"width":770,"height":11}},{"id":"3ad23b49-7b16-4a69-bb3c-c8ff554877e2","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":106,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"2b4881f3-feea-4a48-8da3-4c365cbd11c5","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":106,"box":{"x":70,"y":143,"width":809,"height":11}},{"id":"c122669c-4c86-40aa-b44a-d65c708a160d","block_type":"box","text":"their face value to the sponsor (","page_number":106,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"dcd33127-5285-45d9-b849-6d1c5cb0d329","block_type":"box","text":"e.g.","page_number":106,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"7e790539-f0f7-427f-95e9-2001f2315ef5","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":106,"box":{"x":325,"y":158,"width":557,"height":11}},{"id":"be40c179-2a8c-4d78-9677-1dbf9fff6fb1","block_type":"box","text":"periodic fees equal to the difference between the securities’ fixed coupon rate and the rate that would cause the","page_number":106,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"6919e07c-d25b-467f-8658-1531e516e3c4","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":106,"box":{"x":69,"y":188,"width":648,"height":11}},{"id":"a7b7cd28-f53d-4f25-8872-48353e477e09","block_type":"box","text":"A par ticipation interest gives the Fund an undivided interest in a Municipal Bond in the propor tion the Fund’s","page_number":106,"box":{"x":101,"y":211,"width":775,"height":11}},{"id":"d745762b-a455-4306-ac45-1dae6ed3a256","block_type":"box","text":"par ticipation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":106,"box":{"x":70,"y":226,"width":785,"height":11}},{"id":"f88f5e23-2c9e-4993-b266-05048c1ab297","block_type":"box","text":"feature for all or any par t of the full principal amount of the par ticipation interest, plus accrued interest. Trusts and","page_number":106,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"2efa6007-60f9-42cf-8bef-0b1987ae8c8d","block_type":"box","text":"par tnerships are typically used to conver t long-term fixed rate high quality bonds of a single state or municipal issuer","page_number":106,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"8dfcd14e-e5c5-4ab0-9e32-a1619bb60611","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":106,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"19def0ff-f5e5-4a9f-94eb-60decccf08c9","block_type":"box","text":"The Municipal Bond Funds may hold par ticipation interests and custodial receipts for municipal debt obligations","page_number":106,"box":{"x":101,"y":294,"width":797,"height":11}},{"id":"88968e5f-650f-44e3-b981-d644b04c91da","block_type":"box","text":"which give the holder the right to receive payment of principal subject to the conditions described above. The IRS has","page_number":106,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"9111d248-c4aa-4e97-b860-d83543a9a9c4","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of par ticipation interests","page_number":106,"box":{"x":69,"y":324,"width":831,"height":11}},{"id":"890d41c4-f5a5-4f1a-97c0-857f6d016ed8","block_type":"box","text":"or custodial receipts is tax-exempt, and accordingly, purchases of any such interests or receipts are based on the","page_number":106,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"2ca2cdad-06ca-4e90-a1d6-642c2a9890c5","block_type":"box","text":"opinions of counsel to the sponsors of such derivative securities. Neither a Fund nor its investment adviser or sub","page_number":106,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"ed74fd82-4ab6-4a30-832a-4d458ac07f1a","block_type":"box","text":"advisers will review the proceedings related to the creation of any tax-exempt municipal investments or the basis for","page_number":106,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"23a4a9fc-8701-44cc-8998-8f9081d42e5c","block_type":"box","text":"such opinions.","page_number":106,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"e87d80ea-377d-434c-817b-28db2e609f87","block_type":"box","text":"Operational and Technology Risks.","page_number":106,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"65614108-b452-4460-9bf4-72edea56a40f","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":106,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"c44a9f44-349b-4b4c-8abd-30df3c91a2a2","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":106,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"c102868e-144b-4785-b9dc-6d903121e9c9","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of ar tificial intelligence and machine","page_number":106,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"4865701d-4c0f-4a9e-9887-e68bb2b40a02","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":106,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"8f624021-7ed9-422e-9d3c-812a1cd0ed53","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":106,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"79937099-e430-409a-81a8-6b4a5d340132","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":106,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"3fa6fab6-7eb6-493d-9cd8-76a1cd619580","block_type":"box","text":"counterpar ties, market makers, Authorized Par ticipants, listing exchanges, other financial market operators, and","page_number":106,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"12f3fd9f-cc21-4f5a-b9f6-dc2d87136eea","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":106,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"34a01a93-d2bf-459b-86af-a8c1917b44fb","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":106,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"01c91995-4536-43ee-8745-eca3dcaf827b","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":106,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"9d53c102-eaee-4108-8533-efb07e29972e","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":106,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"e48224be-9e9a-4df9-a433-af661a4705c3","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":106,"box":{"x":70,"y":581,"width":790,"height":12}},{"id":"f025dbcd-8e06-49ad-aec5-d5c8f6db0e6d","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":106,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"58d958f6-ded3-4d03-82b8-ab659c3dbd0e","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":106,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"76af06cf-3112-4a20-a62d-8e38dd00fff9","block_type":"box","text":"par ticularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":106,"box":{"x":70,"y":627,"width":827,"height":11}},{"id":"3d8b725d-94a0-4ac4-9e28-2726b20d1906","block_type":"box","text":"any of the following: financial losses; inter ference with the Fund’s ability to calculate its NAV; disclosure of","page_number":106,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"23ead369-17f7-45c1-afd7-4990e512a775","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":106,"box":{"x":69,"y":657,"width":763,"height":11}},{"id":"df4eae24-66a8-4d13-9533-7ab3268d90e3","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":106,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"09e63b5b-0a44-47fa-9f30-a3ab077dca0f","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":106,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"9da4f922-8893-47a2-a2a0-af9ccda2e2f1","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Fur thermore, cybersecurity incidents may render","page_number":106,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"82d455e3-4829-4f88-9148-b7c81fab0305","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":106,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"0ccfc6ab-99c2-445a-aebf-9fbde9ba6de2","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":106,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"7d2cff36-3ec8-4a85-ae6b-438e873eba02","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":106,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"450f4419-aa36-4f1a-bf14-9e4089b64efb","block_type":"box","text":"upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these","page_number":106,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"285e9245-9fa4-4714-9aac-2d50e8c640b8","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. Recent advances in AI technology pose risks","page_number":106,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"f0e4fd1b-c942-4b4f-acce-737bdbdcdb91","block_type":"box","text":"to the Fund and its por tfolio investments. These advancements could harm the Fund and its por tfolio investments by","page_number":106,"box":{"x":68,"y":793,"width":836,"height":11}},{"id":"98d591cc-0b75-456b-8bc0-673038cf0510","block_type":"box","text":"reducing the demand for both the technology and software offerings of the Fund’s por tfolio investments. Additionally,","page_number":106,"box":{"x":69,"y":808,"width":833,"height":11}},{"id":"cae108fb-6835-42c7-b814-4b26fa367d9e","block_type":"box","text":"these advancements could significantly disrupt the Fund’s por tfolio investments and subject them to increased","page_number":106,"box":{"x":68,"y":823,"width":793,"height":12}},{"id":"77860493-326c-4390-ad2d-5126fb0ba763","block_type":"box","text":"competition, which could have a material adverse effect on business, financial condition, and results of operations.","page_number":106,"box":{"x":69,"y":838,"width":822,"height":11}},{"id":"c9bb89e1-90f9-484a-8946-12ac34745600","block_type":"box","text":"AI technology advancements, including efficiency improvements, without related increases in the adoption and","page_number":106,"box":{"x":68,"y":853,"width":787,"height":12}},{"id":"a5328e6a-9acf-4078-8b1d-89e0ce634ca1","block_type":"box","text":"development of such technologies, could also negatively impact demand for, and the valuation of, digital","page_number":106,"box":{"x":69,"y":869,"width":742,"height":11}},{"id":"233399b3-1623-44e8-966a-08fa831279d3","block_type":"box","text":"infrastructure assets.","page_number":106,"box":{"x":70,"y":884,"width":151,"height":9}},{"id":"3fa12460-500e-40a8-acf3-ab9f2ec90e97","block_type":"box","text":"II-63","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"512e42bb-8287-4b04-b439-75c0cd00b2e6","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":106,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"7fdcb791-e2ca-4679-9681-8d700f6b3fd0","block_type":"box","text":"The Fund and its por tfolio investments could be exposed to the risks of AI technology if third-par ty service","page_number":107,"box":{"x":101,"y":45,"width":755,"height":11}},{"id":"21ee04f8-553a-4808-862a-328b4075e350","block_type":"box","text":"providers or any counterpar ties, whether or not known to the Fund, also use AI technology in their business activities.","page_number":107,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"9160b7a0-184d-4f66-85d0-eace5b4e9e1b","block_type":"box","text":"The Fund and its service providers may not be in a position to control the use of AI technology in third-par ty products","page_number":107,"box":{"x":68,"y":75,"width":833,"height":11}},{"id":"7edce4a5-1ff9-4e07-a7f2-eeab2024f5ac","block_type":"box","text":"or services.","page_number":107,"box":{"x":69,"y":90,"width":82,"height":9}},{"id":"ffd07744-822b-4e24-b4ec-22327926d103","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable policies,","page_number":107,"box":{"x":102,"y":113,"width":781,"height":11}},{"id":"d6ca5613-e2c2-43d7-9139-a5735e12d55f","block_type":"box","text":"contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by","page_number":107,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"ec2d04fd-4ed2-44c8-b5b3-cd3770cb15e5","block_type":"box","text":"other third-par ty AI technology applications and users.","page_number":107,"box":{"x":69,"y":143,"width":383,"height":11}},{"id":"ba71cf00-9249-4b14-8a6c-111cb90c2f07","block_type":"box","text":"Independent of its context of use, AI technology is generally highly reliant on the collection and analysis of large","page_number":107,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"7cab23bc-95d6-4f71-9524-07478c916bc3","block_type":"box","text":"amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all","page_number":107,"box":{"x":69,"y":181,"width":813,"height":11}},{"id":"848428db-5f68-45f3-a03a-72b88420eacd","block_type":"box","text":"relevant data into the models that AI technology utilizes to operate. Cer tain data in such models will inevitably","page_number":107,"box":{"x":69,"y":196,"width":785,"height":11}},{"id":"c368cbed-0de1-4c7a-a8b1-aa5952f14d46","block_type":"box","text":"contain a degree of inaccuracy and error, or could otherwise be inadequate or flawed, which would be likely to","page_number":107,"box":{"x":69,"y":211,"width":782,"height":11}},{"id":"6893fedd-5f27-4799-8823-14a3529d5bde","block_type":"box","text":"degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be","page_number":107,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"9884d575-517e-40d0-83a9-298729aafb98","block_type":"box","text":"incomplete, erroneous, distor ted, or misleading. Fur ther, AI tools may lack transparency as to how data is utilized","page_number":107,"box":{"x":70,"y":241,"width":809,"height":11}},{"id":"83b2d833-611f-4118-9987-ca35f523f6e4","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":107,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"582a89c0-44c8-43ed-b0a4-7b135938a2f7","block_type":"box","text":"infrastructures and applications. To the extent that the Fund or its por tfolio investments are exposed to the risks of","page_number":107,"box":{"x":70,"y":271,"width":822,"height":11}},{"id":"2a35db4c-1002-4c2e-8742-50103a0e194c","block_type":"box","text":"AI technology use, any such inaccuracies or errors could have adverse impacts on the Fund or its investments.","page_number":107,"box":{"x":68,"y":287,"width":789,"height":11}},{"id":"7817cf15-3a5e-411e-999b-39c9c3cbd3ee","block_type":"box","text":"Regulations related to AI technology could also impose cer tain obligations and costs related to monitoring and","page_number":107,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"163ff4b4-e6ef-45e8-8309-13f39d019569","block_type":"box","text":"compliance. For example, in April 2023, the Federal Trade Commission, U.S. Depar tment of Justice, Consumer","page_number":107,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"637c8f43-8340-4403-a135-a8a74223fa2a","block_type":"box","text":"Financial Protection Bureau, and U.S. Equal Employment Oppor tunity Commission released a joint statement on","page_number":107,"box":{"x":70,"y":340,"width":796,"height":11}},{"id":"6a899a65-6e79-43ed-a65e-8750a022ae16","block_type":"box","text":"ar tificial intelligence demonstrating interest in monitoring the development and use of automated systems and","page_number":107,"box":{"x":69,"y":355,"width":788,"height":11}},{"id":"2b67f85b-4642-4ec2-a34e-cfbcb00eba38","block_type":"box","text":"enforcement of their respective laws and regulations. In October 2023, an executive order established new standards","page_number":107,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"0ae7f684-d00c-4880-81fb-2bfe6b365467","block_type":"box","text":"for AI safety and security. In addition to the U.S. regulatory framework, in 2024, the EU adopted the Ar tificial","page_number":107,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"29ecc1e4-3c49-4254-bf82-23b1bc59807b","block_type":"box","text":"Intelligence Act, which applies to cer tain AI technology and the data used to train, test, and deploy them, which may","page_number":107,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"0c672621-27af-4134-a0a0-0cb7e7bb32f2","block_type":"box","text":"create additional compliance burdens, higher administrative costs, and significant penalties should the Fund, the","page_number":107,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"ec0e29bc-f4a4-44c7-b53d-ba29b375a434","block_type":"box","text":"adviser, or the Fund’s por tfolio investments fail to comply.","page_number":107,"box":{"x":69,"y":430,"width":412,"height":11}},{"id":"cb405111-0b44-4f7c-a571-b49a894c666d","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to develop rapidly,","page_number":107,"box":{"x":101,"y":453,"width":797,"height":11}},{"id":"cf93b037-4f0d-422e-9937-ffdf0d594f5d","block_type":"box","text":"and it is impossible to predict the future risks that may arise from such developments. The full extent of current or","page_number":107,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"f90807a3-6016-4ac2-a494-eb09145441da","block_type":"box","text":"future risks related thereto is not possible to predict, and the Fund may not be able to anticipate, prevent, mitigate,","page_number":107,"box":{"x":68,"y":483,"width":824,"height":11}},{"id":"02229e02-3f96-4ffe-a7f5-52963797b5d9","block_type":"box","text":"or remediate all of the potential risks, challenges, or impacts of such changes.","page_number":107,"box":{"x":69,"y":498,"width":561,"height":11}},{"id":"fb695678-4730-4bc3-a429-9081dac4bca3","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":107,"box":{"x":101,"y":521,"width":747,"height":11}},{"id":"9a026a59-65fa-4cb6-be8e-cab3f00cca71","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":107,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"0209fc32-c0e3-43e4-a7fb-1a98467f93d8","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":107,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"e76ee183-2e8e-4420-b82a-3b96c28a13c0","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":107,"box":{"x":68,"y":566,"width":755,"height":11}},{"id":"0f95d859-f2b7-4804-ab1e-22f4592681a7","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":107,"box":{"x":69,"y":582,"width":838,"height":11}},{"id":"9c9d2251-5927-402a-841b-30462a9673c0","block_type":"box","text":"plans and systems, including the possibility that cer tain risks that may affect the Fund have not been identified or","page_number":107,"box":{"x":70,"y":596,"width":812,"height":12}},{"id":"401cac1d-d02c-4bfb-8b73-9cc3cb4a5eba","block_type":"box","text":"may emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the","page_number":107,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"0e2eb3e6-d478-43eb-b2b3-33f1ea235ab0","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":107,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"10bba74b-09ef-4358-9479-e1a9947ced08","block_type":"box","text":"and remediation effor ts will not be successful or that incidents will go undetected. The Fund cannot control the","page_number":107,"box":{"x":69,"y":642,"width":792,"height":11}},{"id":"af74f80c-6395-42b0-a27b-235b79aecd34","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":107,"box":{"x":69,"y":657,"width":775,"height":11}},{"id":"18ba4524-75c0-471f-a5ec-e56ca8334e1b","block_type":"box","text":"counterpar ties, and other third par ties whose activities affect the Fund.","page_number":107,"box":{"x":69,"y":672,"width":510,"height":11}},{"id":"0cbbfd42-3d8f-40ff-a8e2-9a6a39a786a2","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":107,"box":{"x":102,"y":695,"width":771,"height":11}},{"id":"aad0d9fb-05e1-488b-9799-d0083eee8509","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":107,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"725c8a94-0e9d-4d05-9b50-bd9c9d39115d","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":107,"box":{"x":69,"y":725,"width":778,"height":11}},{"id":"eba3b2b9-9c44-4bdb-a9e9-958a24a2742f","block_type":"box","text":"resources to monitor and implement required changes.","page_number":107,"box":{"x":69,"y":740,"width":391,"height":11}},{"id":"1f253413-b5cf-4b35-b187-0a0bfb14ebc1","block_type":"box","text":"Participation Notes.","page_number":107,"box":{"x":102,"y":763,"width":145,"height":11}},{"id":"40a6e7ad-07f4-4bf1-b7ae-f7821c2f1921","block_type":"box","text":"A Fund may buy par ticipation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":107,"box":{"x":253,"y":763,"width":641,"height":11}},{"id":"d02fde29-211a-4448-a63e-bb972c004ca8","block_type":"box","text":"Fund to a return measured by the change in value of an identified underlying security or basket of securities","page_number":107,"box":{"x":70,"y":778,"width":766,"height":11}},{"id":"4395f56e-524e-4cf5-8350-2a9a484cf864","block_type":"box","text":"(collectively, the “underlying security”). Par ticipation notes are typically used when a direct investment in the","page_number":107,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"aceeafe6-a61f-400c-b963-29658345ed38","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":107,"box":{"x":69,"y":808,"width":475,"height":11}},{"id":"26fee1f1-2ef7-4def-8b59-115f46b280d4","block_type":"box","text":"The Fund is subject to counterpar ty risk associated with each issuer. Investment in a par ticipation note is not","page_number":107,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"db9fb9d7-d346-4ea2-bb04-8984bfad1d46","block_type":"box","text":"the same as investment in the constituent shares of the company. A par ticipation note represents only an obligation","page_number":107,"box":{"x":68,"y":846,"width":831,"height":11}},{"id":"aeaf724f-39b5-45e5-ab06-62df52c78e64","block_type":"box","text":"of the issuer to provide the Fund the economic per formance equivalent to holding shares of an underlying security. A","page_number":107,"box":{"x":69,"y":861,"width":831,"height":11}},{"id":"796e2790-a1d1-4804-9d52-88297d3337aa","block_type":"box","text":"par ticipation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":107,"box":{"x":70,"y":876,"width":789,"height":11}},{"id":"fbea7a98-9866-4974-a65b-3b21ae2f5b0b","block_type":"box","text":"security. In other words, shares of the underlying security are not in any way owned by the Fund. However, each","page_number":107,"box":{"x":69,"y":891,"width":791,"height":12}},{"id":"5755d61e-8ad7-48ad-84e5-cef41c8636c0","block_type":"box","text":"par ticipation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":107,"box":{"x":70,"y":906,"width":827,"height":12}},{"id":"da7b28bb-1524-49c1-9ccb-97e600ae5547","block_type":"box","text":"II-64","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"060191ba-91fc-4494-a266-fa0c3e876c71","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":107,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"a52c3a3e-db3d-43c5-9da2-31d6ab19cd9b","block_type":"box","text":"a par ticipation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security,","page_number":108,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"3ef03a25-1755-45f8-83bd-7fe5ea14bb73","block_type":"box","text":"a Fund may suffer losses potentially equal to the full value of the par ticipation note if the issuer fails to per form its","page_number":108,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"9ecfa10e-dd43-4fcf-a199-1055da7b101b","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditwor thy.","page_number":108,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"14546da1-8688-4a9d-aebf-f15349d98e82","block_type":"box","text":"The counterpar ty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":108,"box":{"x":101,"y":98,"width":743,"height":11}},{"id":"02f1d8bb-5686-49ea-a077-d37ffdd5823c","block_type":"box","text":"obligation. A Fund may, but is not required to, purchase credit protection against the default of the issuer. When the","page_number":108,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"c07c1644-377c-476c-a805-965b91c4f4f8","block_type":"box","text":"par ticipation note expires or a Fund exercises the par ticipation note and closes its position, the Fund receives a","page_number":108,"box":{"x":70,"y":128,"width":799,"height":11}},{"id":"a4817ee4-724f-4dc0-96ba-bdbbb3258080","block_type":"box","text":"payment that is based upon the then-current value of the underlying security conver ted into U.S. dollars (less","page_number":108,"box":{"x":70,"y":143,"width":776,"height":11}},{"id":"06468c37-c75e-4a50-be37-c93a82d88f4b","block_type":"box","text":"transaction costs). The price, per formance and liquidity of a par ticipation note are all linked directly to the underlying","page_number":108,"box":{"x":68,"y":158,"width":834,"height":11}},{"id":"604d2804-69a7-4729-9af3-ca9b81235cd5","block_type":"box","text":"security. A Fund’s ability to redeem or exercise a par ticipation note generally is dependent on the liquidity in the local","page_number":108,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"0114f3ba-c24f-40ea-ace3-0d1971ecc12f","block_type":"box","text":"trading market for the security underlying the par ticipation note.","page_number":108,"box":{"x":68,"y":188,"width":454,"height":12}},{"id":"d5e2feb7-ef60-4740-aa3b-26aae91cdd9e","block_type":"box","text":"Portfolio Turnover Rates.","page_number":108,"box":{"x":102,"y":211,"width":181,"height":9}},{"id":"a1a88d29-9daa-45ff-8275-df1d442b6e78","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":108,"box":{"x":289,"y":211,"width":558,"height":11}},{"id":"32bfc6ec-7696-4e09-9841-f50cc38c1ba9","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":108,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"b54198fe-7695-4210-97e2-f3f32fc2eaf8","block_type":"box","text":"Funds will use an approach to investing that is largely a passive, indexing approach, such Funds may engage in a","page_number":108,"box":{"x":70,"y":241,"width":806,"height":11}},{"id":"0d2d2c36-ca63-4530-8a58-8901404358c7","block_type":"box","text":"substantial number of por tfolio transactions. With respect to these Funds, the rate of por tfolio turnover will be a","page_number":108,"box":{"x":69,"y":256,"width":800,"height":11}},{"id":"e8fcb388-f02f-4ba0-b174-a9dc7a9fcc45","block_type":"box","text":"limiting factor when the Manager considers whether to purchase or sell securities for a Fund only to the extent that","page_number":108,"box":{"x":70,"y":271,"width":818,"height":12}},{"id":"a6c80d2d-55a4-4dc6-9e8b-e214b29b83e1","block_type":"box","text":"the Manager will consider the impact of transaction costs on a Fund’s tracking error. Por tfolio turnover may vary","page_number":108,"box":{"x":68,"y":286,"width":800,"height":12}},{"id":"3f192c9a-daed-4ef2-9d4c-062e2814fb47","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (","page_number":108,"box":{"x":68,"y":302,"width":595,"height":11}},{"id":"eafc00be-2900-4dda-ad0f-2d0ab6664825","block_type":"box","text":"i.e.","page_number":108,"box":{"x":665,"y":302,"width":20,"height":9}},{"id":"011eb8b2-fc70-481a-b8c7-290639f392f6","block_type":"box","text":", 100% or more) may result in","page_number":108,"box":{"x":687,"y":302,"width":210,"height":11}},{"id":"ca049d73-8958-4494-8336-01127e3705d8","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":108,"box":{"x":70,"y":317,"width":797,"height":11}},{"id":"9737e8fa-64db-4b9e-ae8d-5479cee43f37","block_type":"box","text":"costs on the sale of the securities and reinvestment in other securities. The sale of a Fund’s securities may result in","page_number":108,"box":{"x":69,"y":332,"width":832,"height":11}},{"id":"b8bf89d0-8c4c-49f9-a670-cfbf2b1b8e31","block_type":"box","text":"the recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be shor t-term capital","page_number":108,"box":{"x":68,"y":347,"width":831,"height":11}},{"id":"d48b2f57-5e96-4605-9485-63ed3982cbaf","block_type":"box","text":"gain or loss. These effects of higher than normal por tfolio turnover may adversely affect a Fund’s per formance.","page_number":108,"box":{"x":68,"y":362,"width":795,"height":11}},{"id":"3fc485be-0f04-45ad-bce3-6192c860476f","block_type":"box","text":"Preferred Stock.","page_number":108,"box":{"x":102,"y":385,"width":118,"height":9}},{"id":"76413edf-1f7a-4ff6-9ae0-dabfeac4c7f6","block_type":"box","text":"Cer tain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":108,"box":{"x":226,"y":385,"width":665,"height":11}},{"id":"9458152f-36b2-49af-80f3-cef4da1e8fc6","block_type":"box","text":"stock in liquidation (and generally dividends as well) but is subordinated to bond holders and other creditors in all","page_number":108,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"1ca64efa-9e33-4338-b8e8-d97ea55bedaf","block_type":"box","text":"respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element","page_number":108,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"f7f01662-81b8-4d39-a88f-aed04efd44b2","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of conver tible preferred stock","page_number":108,"box":{"x":68,"y":430,"width":808,"height":11}},{"id":"85ae8fab-7456-4bd6-bf80-ee05bc9503ee","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":108,"box":{"x":68,"y":445,"width":813,"height":12}},{"id":"9c8743bb-6289-414a-bafd-8e4d98fd4337","block_type":"box","text":"other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value","page_number":108,"box":{"x":69,"y":460,"width":831,"height":12}},{"id":"dc12521f-b06f-4eac-8589-ac6d62dfa716","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":108,"box":{"x":69,"y":475,"width":791,"height":12}},{"id":"12ac22f2-7b0a-4d12-abba-c3c32db22e1d","block_type":"box","text":"payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors.","page_number":108,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"cb4e36cb-339e-47a3-be74-05dcd9d8dbcd","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":108,"box":{"x":69,"y":506,"width":604,"height":11}},{"id":"f4d1795a-ad5f-480b-9258-42b88389c89d","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":108,"box":{"x":103,"y":528,"width":207,"height":11}},{"id":"1a325593-bca1-42e8-ae2d-a18fefafbaa1","block_type":"box","text":"Cer tain Funds may invest in preferred interests of other investment funds that pay","page_number":108,"box":{"x":316,"y":528,"width":588,"height":12}},{"id":"c364d321-2779-47a2-a1bb-43beec44322e","block_type":"box","text":"dividends that are exempt from regular U.S. federal income tax. Such funds in turn invest in municipal bonds and","page_number":108,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"d44d3bce-1d9c-4358-b1a1-9d996c5842b2","block_type":"box","text":"other assets that pay interest or make distributions that are exempt from regular U.S. federal income tax, such as","page_number":108,"box":{"x":69,"y":559,"width":814,"height":11}},{"id":"ab74f6dd-7cf9-4028-a481-f8f52304538e","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":108,"box":{"x":69,"y":574,"width":780,"height":11}},{"id":"d67fb7cc-e7d3-419e-889a-239395341821","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":108,"box":{"x":70,"y":589,"width":820,"height":11}},{"id":"7afcb7da-04d5-4be8-9bde-d0b05105080e","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":108,"box":{"x":69,"y":604,"width":772,"height":11}},{"id":"d63d80fa-d8ab-4511-bd29-ddf351289c77","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":108,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"f70d2f5e-f024-40ba-9367-86f7482536d9","block_type":"box","text":"and concentration of investments in par ticular issuers or industries. The Municipal Bond Funds will treat investments","page_number":108,"box":{"x":69,"y":634,"width":834,"height":11}},{"id":"46f1a7d7-b8aa-4b1a-a3b8-af82c0590efb","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":108,"box":{"x":70,"y":649,"width":474,"height":11}},{"id":"9532fdff-87e7-4648-b12f-e2881076a7ef","block_type":"box","text":"Trust Preferred Securities.","page_number":108,"box":{"x":103,"y":672,"width":184,"height":9}},{"id":"071d1437-75c7-4732-a27a-d459469c3ac8","block_type":"box","text":"Cer tain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":108,"box":{"x":294,"y":672,"width":599,"height":11}},{"id":"9915ad7c-3632-44a9-ab4b-63f1f5e34070","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":108,"box":{"x":68,"y":687,"width":737,"height":11}},{"id":"65bb88eb-94ac-451c-89ed-611ce7d027ec","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":108,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"4343a612-1fe2-4580-bb25-5c833be3eb46","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":108,"box":{"x":69,"y":717,"width":805,"height":12}},{"id":"46dc81ad-5dc4-4c2f-a5d1-edda8507a545","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":108,"box":{"x":68,"y":732,"width":773,"height":12}},{"id":"15fbf944-0851-4749-8f6a-33aa800b61d0","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":108,"box":{"x":101,"y":755,"width":770,"height":11}},{"id":"5fb091d5-75ff-4bf1-a88c-8b030ce26846","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":108,"box":{"x":68,"y":770,"width":801,"height":12}},{"id":"cea4daf2-27d3-4fd4-9156-33bd6be23d7b","block_type":"box","text":"securities typically permit an issuer to defer the payment of income for five years or more without triggering an event","page_number":108,"box":{"x":69,"y":785,"width":830,"height":12}},{"id":"5261100a-abaf-4a12-9cff-127e2bdce5dd","block_type":"box","text":"of default. Because of their subordinated position in the capital structure of an issuer, the ability to defer payments","page_number":108,"box":{"x":69,"y":801,"width":822,"height":11}},{"id":"1f812403-84a3-471c-9da5-9520cdf49d6a","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and cer tain other features (such as","page_number":108,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"a731a954-004f-4ae6-a41c-80f9458694e2","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":108,"box":{"x":69,"y":831,"width":831,"height":11}},{"id":"c73ef7da-23b9-44ef-891c-03774be5bff0","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":108,"box":{"x":68,"y":846,"width":757,"height":11}},{"id":"6ca52835-0b27-4351-b834-b33480a07d62","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":108,"box":{"x":69,"y":861,"width":548,"height":11}},{"id":"c1cfdd33-ec27-4507-947b-aa3dcac7e960","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":108,"box":{"x":101,"y":884,"width":715,"height":11}},{"id":"4e86edd5-eba5-49d1-836c-e33a182fb3fb","block_type":"box","text":"®","page_number":108,"box":{"x":817,"y":884,"width":5,"height":5}},{"id":"d0c493b4-e739-426a-bf7b-65d796bee334","block_type":"box","text":"”); monthly","page_number":108,"box":{"x":824,"y":884,"width":77,"height":11}},{"id":"a7a48efe-b8b6-44b8-9f07-fdbfe003796b","block_type":"box","text":"income preferred securities (“MIPS","page_number":108,"box":{"x":70,"y":899,"width":248,"height":11}},{"id":"e92ea863-9ae3-4ecd-9b03-23070c8f5d04","block_type":"box","text":"®","page_number":108,"box":{"x":319,"y":899,"width":6,"height":5}},{"id":"819a0c28-339f-4574-b255-5045feae30de","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":108,"box":{"x":326,"y":899,"width":317,"height":11}},{"id":"22bac179-1947-4eea-986f-53260b4b604d","block_type":"box","text":"®","page_number":108,"box":{"x":644,"y":899,"width":6,"height":5}},{"id":"ba795502-6029-450b-b48a-f8b35190557f","block_type":"box","text":"” ); quar terly income debt securities","page_number":108,"box":{"x":652,"y":899,"width":255,"height":11}},{"id":"4a14bd35-e14d-4b42-b127-6e35c790423a","block_type":"box","text":"II-65","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3d64ae55-eaa1-4806-b09d-5160d00a98c7","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":108,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ea90d024-084b-4cc6-92b4-023bf764b41f","block_type":"box","text":"(“QUIDS","page_number":109,"box":{"x":69,"y":45,"width":57,"height":11}},{"id":"d00fa9cf-0f49-4022-b09a-574d2868b74f","block_type":"box","text":"®","page_number":109,"box":{"x":127,"y":45,"width":6,"height":4}},{"id":"0554ca83-9f4e-4281-a8b5-cfa802b07905","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":109,"box":{"x":135,"y":45,"width":346,"height":11}},{"id":"569e2404-3539-4073-a465-1317993ccd30","block_type":"box","text":"SM","page_number":109,"box":{"x":482,"y":45,"width":11,"height":4}},{"id":"87fb9031-b09c-46e9-bdeb-7744a28805d8","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":109,"box":{"x":495,"y":45,"width":267,"height":11}},{"id":"8c468a20-b389-4d3a-b1c0-9da9e1d12a44","block_type":"box","text":"®","page_number":109,"box":{"x":762,"y":45,"width":6,"height":4}},{"id":"f1354d6f-d1fa-4c61-8153-06304861ddad","block_type":"box","text":"”); public income","page_number":109,"box":{"x":770,"y":45,"width":118,"height":11}},{"id":"2d414918-fded-4f2b-98a7-21a45af722b9","block_type":"box","text":"notes (“PINES","page_number":109,"box":{"x":69,"y":60,"width":99,"height":11}},{"id":"a364cc09-e33b-46a6-93eb-abe76a1faa3a","block_type":"box","text":"®","page_number":109,"box":{"x":169,"y":60,"width":6,"height":5}},{"id":"bb285ce5-bf60-435c-9871-04338f759c25","block_type":"box","text":"”); and other trust preferred securities.","page_number":109,"box":{"x":177,"y":60,"width":275,"height":11}},{"id":"cd7d0463-f578-4898-b760-fa2345e38728","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":109,"box":{"x":101,"y":82,"width":790,"height":12}},{"id":"ec5920f9-d259-4bc7-a2d4-308f995bdfff","block_type":"box","text":"In cer tain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at","page_number":109,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"fc35b21a-c064-4861-9d36-dcaa8317e50b","block_type":"box","text":"the issuer’s option for a specified time without default. No redemption can typically take place unless all cumulative","page_number":109,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"19574cb7-2d19-4774-99f2-c9f07ac56391","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":109,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"a4c6f8d9-bac2-4e67-85b5-1ed8d6416abf","block_type":"box","text":"regard to whether all payments have been paid.","page_number":109,"box":{"x":69,"y":143,"width":338,"height":11}},{"id":"bfefa369-95d5-4710-bcc5-d40c932ef71e","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":109,"box":{"x":102,"y":166,"width":784,"height":11}},{"id":"2d5580b0-6005-4f36-9eb6-ce5749a48ee5","block_type":"box","text":"companies and are not a direct obligation of an operating company. At the time the trust or special purpose entity","page_number":109,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"c425fcc9-dc8d-4ece-b216-30f934734cd3","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":109,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"3afae690-f828-4eb8-8bda-ec2e927e9c40","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":109,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"3264a9e0-0e81-463a-a3d5-3c04d4d6525a","block_type":"box","text":"purposes the interest paid on the debt held by the trust or special purpose entity. The trust or special purpose entity","page_number":109,"box":{"x":70,"y":226,"width":830,"height":11}},{"id":"f93b728d-65e8-4d03-88ad-467789bf90f7","block_type":"box","text":"is generally required to be treated as transparent for U.S. federal income tax purposes such that the holders of the","page_number":109,"box":{"x":70,"y":241,"width":819,"height":11}},{"id":"8584eca0-4cf4-4a9d-8872-f4baea944673","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":109,"box":{"x":68,"y":256,"width":827,"height":12}},{"id":"411066fe-bcb1-4e6b-a53f-ba08305cd503","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":109,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"79d80871-7a6b-4864-b073-9c5684e83e3d","block_type":"box","text":"income tax purposes. The trust or special purpose entity in turn would be a holder of the operating company’s debt","page_number":109,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"1db1c9eb-ae2c-4144-b42f-6b339e4753b6","block_type":"box","text":"and would have priority with respect to the operating company’s earnings and profits over the operating company’s","page_number":109,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"b435b2ba-9fd0-40a9-8426-68368ac5be68","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":109,"box":{"x":69,"y":317,"width":778,"height":11}},{"id":"66bf197a-d210-467a-84fa-bcfefbc356f8","block_type":"box","text":"Typically a preferred share has a rating that is slightly below that of its corresponding operating company’s senior","page_number":109,"box":{"x":68,"y":332,"width":811,"height":11}},{"id":"3bf7f71e-edb5-4944-aa9e-75a3fdc61cbd","block_type":"box","text":"debt securities.","page_number":109,"box":{"x":69,"y":347,"width":109,"height":9}},{"id":"81ac8e5a-3506-45aa-bed8-94ac633d59d4","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":109,"box":{"x":102,"y":370,"width":300,"height":11}},{"id":"8eb5d43a-8e4c-44ea-93ed-d2debe810a04","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":109,"box":{"x":409,"y":370,"width":473,"height":11}},{"id":"e56f254d-06fa-4b34-94d2-8df049795565","block_type":"box","text":"REITs. REITs possess cer tain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":109,"box":{"x":70,"y":385,"width":814,"height":11}},{"id":"3f1b6840-2df2-44b7-af66-aa7a7fa25a85","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":109,"box":{"x":68,"y":400,"width":814,"height":11}},{"id":"96e2f786-41bd-46dc-b7a0-1092e5915abb","block_type":"box","text":"geographic areas or in specific proper ty types,","page_number":109,"box":{"x":68,"y":415,"width":329,"height":11}},{"id":"d76dbade-391d-4a0d-a92c-576ac58bc4ef","block_type":"box","text":"i.e.","page_number":109,"box":{"x":405,"y":415,"width":20,"height":9}},{"id":"9926d9d6-05ef-4579-af70-d4ac5db619ab","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":109,"box":{"x":428,"y":415,"width":411,"height":11}},{"id":"9fdb078c-9664-4c41-b0db-7ee277d72263","block_type":"box","text":"buildings.","page_number":109,"box":{"x":69,"y":430,"width":66,"height":11}},{"id":"954c3dfa-ddfb-4edd-8c38-0cf8e34b96c8","block_type":"box","text":"REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its","page_number":109,"box":{"x":102,"y":453,"width":768,"height":11}},{"id":"01db4bbf-c723-4843-a65c-caa43e7cd447","block_type":"box","text":"propor tionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":109,"box":{"x":70,"y":468,"width":824,"height":11}},{"id":"3ab5126f-5281-4944-b917-800506c4edd2","block_type":"box","text":"Mor tgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":109,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"8258bbfa-85e2-4c7e-9553-5589cb668c44","block_type":"box","text":"proper ty, which derive most of their income from rents. Mor tgage REITs invest mostly in mor tgages on real estate,","page_number":109,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"a4f46ff8-932c-4f03-bd4b-1907696c9b54","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mor tgage","page_number":109,"box":{"x":68,"y":513,"width":782,"height":12}},{"id":"58dab559-2aff-42ac-a32d-20a4e2403ce5","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mor tgage interests in real estate.","page_number":109,"box":{"x":70,"y":529,"width":649,"height":11}},{"id":"0064c782-aaf3-4265-a657-6017d9b307fd","block_type":"box","text":"Investing in REITs involves cer tain unique risks in addition to those risks associated with investing in the real","page_number":109,"box":{"x":102,"y":551,"width":776,"height":11}},{"id":"afad0c85-2869-4e6f-8c45-5cfa5062e5f1","block_type":"box","text":"estate industry in general. The market value of REIT shares and the ability of the REITs to distribute income may be","page_number":109,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"73309a15-97ae-45a7-9fd1-e4ac1f7c8dd3","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":109,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"ce12397f-b0c7-4050-9e45-0f6d7a11e3af","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":109,"box":{"x":69,"y":596,"width":822,"height":12}},{"id":"8007ad87-813f-4951-82ac-4b9b3e471cf4","block_type":"box","text":"safety, convenience and attractiveness of the proper ties, the ability of the owners to provide adequate management,","page_number":109,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"d1eebc44-88bb-44c6-9e8f-525babe81c63","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":109,"box":{"x":69,"y":627,"width":810,"height":11}},{"id":"4099cdf1-5377-4f14-8e32-e3cb355a92b5","block_type":"box","text":"from new proper ties, the impact of present or future environmental legislation and compliance with environmental","page_number":109,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"25dbcd10-bea3-480a-9cf3-7385e0b7d034","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":109,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"7240f8b2-e973-411a-ace6-d04d16278ad3","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":109,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"e3dd9062-517f-4927-b504-94a65b0a8394","block_type":"box","text":"zoning laws and other factors beyond the control of the issuers of the REITs. To the extent that assets underlying a","page_number":109,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"3765d69f-c198-49f9-9218-a583f1623b6e","block_type":"box","text":"REIT are concentrated geographically, by proper ty type, or in cer tain other respects, these risks may be heightened.","page_number":109,"box":{"x":70,"y":703,"width":822,"height":11}},{"id":"404fc7bc-7e32-48d0-9ee5-cd9ffc8de418","block_type":"box","text":"In addition, distributions received by a Fund from REITs may consist of dividends, capital gains and/or return of","page_number":109,"box":{"x":70,"y":717,"width":792,"height":12}},{"id":"83901dba-2e41-447d-b612-1f54e82dbe57","block_type":"box","text":"capital. As REITs generally pay a higher rate of dividends (on a pre-tax basis) than operating companies, to the extent","page_number":109,"box":{"x":69,"y":732,"width":834,"height":12}},{"id":"7f12bdc9-817c-4407-a1d2-34bbab46d300","block_type":"box","text":"application of the Fund’s investment strategy results in the Fund investing in REIT shares, the percentage of the","page_number":109,"box":{"x":69,"y":748,"width":798,"height":11}},{"id":"0dd625fa-da29-467c-8410-4a6411cdc279","block_type":"box","text":"Fund’s dividend income received from REIT shares will likely exceed the percentage of the Fund’s por tfolio which is","page_number":109,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"76313f02-5ec2-42f2-b323-2967aab927a6","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":109,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"6b42c465-b5c7-4979-8573-fbd00fd6928f","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":109,"box":{"x":68,"y":793,"width":797,"height":11}},{"id":"63a826a3-9151-4fbb-8a70-99c8bd93d72d","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":109,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"85bc67af-4a21-4868-b21d-84087535b2a6","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may repor t dividends as eligible for this deduction to","page_number":109,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"a0a568a0-5f8d-4c4e-bb7f-cca7dee73eeb","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":109,"box":{"x":68,"y":838,"width":831,"height":12}},{"id":"61f850c4-82f2-45c9-9c18-c5cc0139a13c","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":109,"box":{"x":69,"y":854,"width":801,"height":11}},{"id":"e9ed1f89-f3bd-4d4a-b51f-49bb03d74ebd","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":109,"box":{"x":70,"y":869,"width":631,"height":11}},{"id":"02934c3c-13df-4b05-af1d-ab628bf67593","block_type":"box","text":"REITs (especially mor tgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":109,"box":{"x":102,"y":891,"width":772,"height":12}},{"id":"e505ceba-21ab-440a-b11a-4dbb4a49125d","block_type":"box","text":"investors to demand a higher annual yield, which may, in turn, cause a decline in the market price of the equity","page_number":109,"box":{"x":70,"y":906,"width":790,"height":12}},{"id":"5b77cbc5-9e33-4c22-9e84-cb374acb04b8","block_type":"box","text":"II-66","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"323c8c29-27e4-4cc3-9206-2f0104d8d0ac","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":109,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"37d8fccd-a7fb-4d87-9223-8f23526a4f7f","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":110,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"9f6742c1-48a5-4cba-9107-9d2cb483bc16","block_type":"box","text":"cause the value of a Fund’s REIT investments to decline. During periods when interest rates are declining, mor tgages","page_number":110,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"0850cbed-77b3-4992-b670-52b56d354f1c","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":110,"box":{"x":69,"y":75,"width":812,"height":11}},{"id":"b09206ea-cbe0-4537-9395-bc30ffe39793","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":110,"box":{"x":69,"y":90,"width":759,"height":11}},{"id":"d0174b4d-34cb-4b17-b1cb-88cd6b713bc1","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":110,"box":{"x":69,"y":105,"width":778,"height":11}},{"id":"ea4975fc-60da-4bd8-9e92-fa8211c1e433","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":110,"box":{"x":102,"y":128,"width":773,"height":11}},{"id":"087fb144-b3d3-443d-ab6f-8d12c9583c56","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":110,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"876bce45-fc41-437b-973e-5bf0bf2e66ee","block_type":"box","text":"trade less frequently and in limited volume and may be subject to more abrupt or erratic price movements than larger","page_number":110,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"81baf812-b54d-4751-bfca-85e9de39e299","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":110,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"db59a043-045a-4c0d-8ab3-94d1584c578e","block_type":"box","text":"larger capitalization stocks such as those included in the S&P 500 Index. The management of a REIT may be subject","page_number":110,"box":{"x":70,"y":188,"width":832,"height":12}},{"id":"576c075c-9b67-4c9a-ac4c-a25362d42e50","block_type":"box","text":"to conflicts of interest with respect to the operation of the business of the REIT and may be involved in real estate","page_number":110,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"19eb03c4-e221-434d-b4c6-fb2f2674d4d9","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":110,"box":{"x":69,"y":219,"width":804,"height":11}},{"id":"d2ca84e5-9f6b-484a-9517-cf6e44d29638","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":110,"box":{"x":68,"y":234,"width":761,"height":11}},{"id":"25727f54-c312-4e32-8c35-2c9372f591f7","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":110,"box":{"x":102,"y":256,"width":275,"height":11}},{"id":"df222601-b14c-481a-a826-b85878ce75b3","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":110,"box":{"x":383,"y":256,"width":466,"height":12}},{"id":"770b8775-4222-4136-8afa-1deb0c538f30","block_type":"box","text":"markets generally or par ticular industries represented in the markets. The value of a security may decline due to","page_number":110,"box":{"x":69,"y":271,"width":801,"height":12}},{"id":"192d0d08-a4b2-4ea0-93c3-868c0b0432a8","block_type":"box","text":"general market conditions, economic trends or events that are not specifically related to a company or to factors that","page_number":110,"box":{"x":68,"y":286,"width":837,"height":12}},{"id":"93fbd714-f61d-49c8-8037-d01cff62fb71","block_type":"box","text":"affect a par ticular industry or industries, or factors that affect a par ticular issuer or issuers, exchange, country,","page_number":110,"box":{"x":69,"y":302,"width":795,"height":11}},{"id":"c51145d0-2b03-4576-be97-f72a1af15efc","block_type":"box","text":"group of countries, region, market, industry, group of industries, sector or asset class. The success of a Fund’s","page_number":110,"box":{"x":68,"y":317,"width":796,"height":11}},{"id":"f400adbb-1fa5-4319-940c-72ebeea224f4","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncer tainty, changes in","page_number":110,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"77464d58-6862-4814-ba9f-81b4566735af","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":110,"box":{"x":70,"y":347,"width":812,"height":11}},{"id":"f1a1009c-773a-4ec8-9e84-953fb60069b9","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":110,"box":{"x":68,"y":362,"width":807,"height":11}},{"id":"8a462a2b-b4c4-47ec-a03e-e79c40153c0c","block_type":"box","text":"issues, recessions, or other events could have a significant impact on a Fund and its investments. During a general","page_number":110,"box":{"x":70,"y":377,"width":822,"height":12}},{"id":"5de5e05b-7c49-440f-ae95-7f77ef5de33a","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":110,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"a68a6145-c7b4-4c3f-8f70-c4dde982cafd","block_type":"box","text":"affect the level and volatility of securities prices and the liquidity of a Fund’s investments, which could impair the","page_number":110,"box":{"x":69,"y":407,"width":804,"height":12}},{"id":"4a86859b-017e-46dc-a950-dd645890ac63","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":110,"box":{"x":70,"y":423,"width":787,"height":11}},{"id":"9ce230d8-4a91-4dda-9cb6-df136d05c677","block_type":"box","text":"affected by the level of volatility in the financial markets; the larger the positions, the greater the potential for loss.","page_number":110,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"31065327-9f6b-4bcb-82d6-72ffc63afb0c","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced oppor tunities to find suitable investments to","page_number":110,"box":{"x":70,"y":453,"width":796,"height":11}},{"id":"f282a13e-8a78-48b0-a644-d6a2a398a419","block_type":"box","text":"deploy capital or make it more difficult to exit and realize value from a Fund’s existing investments. It is impor tant to","page_number":110,"box":{"x":69,"y":468,"width":832,"height":11}},{"id":"477f07d1-29eb-41a0-b7e3-218fbf991278","block_type":"box","text":"understand that a Fund can incur material losses even if it reacts quickly to difficult market conditions and there can","page_number":110,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"56d6b49e-0be9-456c-baa7-b7bc6382d5a1","block_type":"box","text":"be no assurance that a Fund will not suffer material adverse effects from broad and rapid changes in market","page_number":110,"box":{"x":69,"y":498,"width":776,"height":11}},{"id":"108414da-5544-4226-99d1-f555ef8e8a43","block_type":"box","text":"conditions.","page_number":110,"box":{"x":69,"y":514,"width":76,"height":8}},{"id":"483695c8-b0ae-46bf-8dfb-6439b3f8c491","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":110,"box":{"x":102,"y":536,"width":802,"height":11}},{"id":"05b81439-6827-4984-8197-3ac81cb9858e","block_type":"box","text":"a par ticular sector or a geography, can occur. Some countries, including the United States, have adopted and/or are","page_number":110,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"9b28ac0e-399d-4544-a1aa-cf77c37df0de","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":110,"box":{"x":69,"y":566,"width":775,"height":11}},{"id":"2fbf9445-fb76-4f99-9e0c-442bfa7f24b1","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":110,"box":{"x":69,"y":581,"width":833,"height":12}},{"id":"eaa7704e-d97a-4cae-8c59-45200e8f6cb1","block_type":"box","text":"of these policies is still being considered, but the equity and debt markets may react strongly to expectations of","page_number":110,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"bc4c50a3-d486-486c-b714-8c73c9f02b79","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":110,"box":{"x":69,"y":612,"width":751,"height":11}},{"id":"10e4a2c1-dae1-492b-9eaa-aaae51f4b10e","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":110,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"b496d777-9c2a-4208-8c26-6d74ab363585","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":110,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"7bbc3fff-1552-4e84-81fe-c4bd08761e89","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":110,"box":{"x":69,"y":657,"width":810,"height":11}},{"id":"6000ef30-7183-4c2b-98ee-b197254ec5ca","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":110,"box":{"x":68,"y":672,"width":841,"height":11}},{"id":"4b024b02-2d6a-4052-8937-919cd482df03","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":110,"box":{"x":69,"y":687,"width":775,"height":11}},{"id":"763487f3-94db-4c38-a065-7a4945790e53","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":110,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"a4dc2aa6-57de-4b87-826c-5624dfd99e65","block_type":"box","text":"affected by such events.","page_number":110,"box":{"x":69,"y":717,"width":173,"height":12}},{"id":"132c810d-6816-449b-b36c-15ae14a68d37","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":110,"box":{"x":102,"y":740,"width":795,"height":11}},{"id":"70915e44-4ea9-4d7f-b630-8b3b5f1141af","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":110,"box":{"x":68,"y":755,"width":830,"height":11}},{"id":"feb879b3-85ef-4303-b572-4bf191f65bf7","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":110,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"8e50fed2-f4db-4d41-9039-0f657da2db55","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives under taken by the U.S. government","page_number":110,"box":{"x":69,"y":786,"width":820,"height":11}},{"id":"afac59df-20c7-40fb-afc8-e3d7e9da3d17","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":110,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"fc153900-7f01-4d0b-a88e-a04d4231d231","block_type":"box","text":"that could create uncer tainty and instability in domestic and global markets and could adversely affect the","page_number":110,"box":{"x":68,"y":816,"width":759,"height":11}},{"id":"5dc2ca20-2b7c-4b61-bdf1-8bb2c2f6fd9e","block_type":"box","text":"investment per formance of the Fund. In par ticular, actions taken by the U.S. government in respect of international","page_number":110,"box":{"x":70,"y":831,"width":819,"height":11}},{"id":"b49dcdd8-33c5-4ac9-939e-9607d5dc9cb8","block_type":"box","text":"trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced","page_number":110,"box":{"x":68,"y":846,"width":821,"height":11}},{"id":"1b274b8b-1426-4f85-93fd-3db5bd777c72","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":110,"box":{"x":68,"y":861,"width":837,"height":11}},{"id":"e79c9682-4769-44ba-860d-d0284d211da6","block_type":"box","text":"States, including a contentious domestic political environment, changes in political par ty control of one or more","page_number":110,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"1fc4b46f-f3d0-4488-962c-ff003ff83d24","block_type":"box","text":"branches of the U.S. Government, the U.S. Government’s inability at times to agree on a long-term budget and deficit","page_number":110,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"579dc503-4a51-430c-a062-9eb254a243ac","block_type":"box","text":"reduction plan, the threat of a U.S. Government shutdown, and disagreements over, or threats not to increase, the","page_number":110,"box":{"x":69,"y":906,"width":817,"height":12}},{"id":"c0698fd0-ca82-4bd0-878a-d6156ca4ba73","block_type":"box","text":"II-67","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e7c84fd6-5e45-4c27-a6ce-635d09f44f79","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":110,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"21962e0b-9995-4f6f-a363-3f791ddb92b4","block_type":"box","text":"U.S. Government’s borrowing limit (or “debt ceiling”), as well as political and diplomatic events abroad, may affect","page_number":111,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"e3ce1e91-311c-4c15-bbe1-c7b3eab7cd93","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":111,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"842abb16-e04d-47a0-bbbd-e9e64e99f214","block_type":"box","text":"suddenly and to a significant degree. A downgrade of the ratings of U.S. Government debt obligations, or concerns","page_number":111,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"e1165728-8a2a-42a6-bb37-15556673ce26","block_type":"box","text":"about the U.S. Government’s credit quality in general, could have a substantial negative effect on the U.S. and global","page_number":111,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"f6c92514-76de-43e3-bad7-244ee73f02db","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":111,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"5c0d1cae-d077-4836-ac6b-fd2bffcd08ae","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":111,"box":{"x":69,"y":120,"width":785,"height":12}},{"id":"d31d2b9d-a482-4366-8ecb-2a2ff9802b4d","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":111,"box":{"x":70,"y":135,"width":832,"height":12}},{"id":"d62dead2-5fa4-4c43-8fa3-822220d697b1","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":111,"box":{"x":68,"y":150,"width":799,"height":12}},{"id":"5b1ce489-eb37-422d-99aa-6264a387d802","block_type":"box","text":"unprecedented event are impossible to predict, but it is likely that a default by the United States would be highly","page_number":111,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"8c0e8e35-40d0-4c7a-98ba-3b326273f22f","block_type":"box","text":"disruptive to the U.S. and global securities markets and could significantly impair the value of the Fund’s","page_number":111,"box":{"x":69,"y":181,"width":746,"height":11}},{"id":"d1cd1050-738d-4386-b05c-228061c8adc2","block_type":"box","text":"investments.","page_number":111,"box":{"x":70,"y":196,"width":89,"height":9}},{"id":"332b49b4-dff6-4b64-87c2-c81ba7bded9c","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":111,"box":{"x":101,"y":218,"width":802,"height":12}},{"id":"e96b7e83-cb54-48d5-9104-fc32919008dd","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":111,"box":{"x":68,"y":234,"width":796,"height":11}},{"id":"fa8a33fa-295c-4309-906f-85fe7338fa1f","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":111,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"5700b06c-9ac2-40cb-8e20-5d2ee4b29c2f","block_type":"box","text":"in the future, could affect the economies of many nations, individual companies and the market in general in ways","page_number":111,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"89abe1d2-278a-4504-8bd9-50f1cc74a9c9","block_type":"box","text":"that cannot necessarily be foreseen at the present time. These health crises may be shor t term or long term, and","page_number":111,"box":{"x":68,"y":279,"width":812,"height":11}},{"id":"88ccd5d7-ed4b-45e5-8a44-8f7e7b14e57d","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":111,"box":{"x":69,"y":294,"width":771,"height":11}},{"id":"dffec706-77dc-46cb-9ed0-39078c4cff8a","block_type":"box","text":"operations, and negatively impact per formance. In addition, the impact of infectious diseases in emerging developing","page_number":111,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"11db0e78-f4dd-49dd-9bb6-aec7dcff7132","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":111,"box":{"x":69,"y":325,"width":646,"height":11}},{"id":"5b2dd8c8-1544-4012-9d56-e512919d60f2","block_type":"box","text":"Legal and Regulatory Risks.","page_number":111,"box":{"x":102,"y":347,"width":197,"height":11}},{"id":"9cef44d1-cb06-4848-ace4-dd8fd6ac607f","block_type":"box","text":"The Manager is par t of a larger firm with multiple business lines active in multiple","page_number":111,"box":{"x":305,"y":347,"width":583,"height":11}},{"id":"6140ad39-214e-4a20-8277-a69e3805484b","block_type":"box","text":"jurisdictions that are governed by a multitude of legal systems and regulatory regimes, some of which are new and","page_number":111,"box":{"x":67,"y":362,"width":819,"height":11}},{"id":"e75a91e1-7524-49a2-ab84-8cea1e38450c","block_type":"box","text":"evolving. As a result, the Funds and the Manager and its affiliates are subject to extensive and sophisticated legal,","page_number":111,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"dc2c3ece-a041-42ce-adce-def09df615a2","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":111,"box":{"x":68,"y":392,"width":781,"height":12}},{"id":"a4da6493-e7cd-4e32-8959-2622a243edd1","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":111,"box":{"x":69,"y":407,"width":763,"height":12}},{"id":"0c16af03-81fb-47a5-8bfe-94853348b66b","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":111,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"21a0e964-92b6-4d09-8d4f-558e2a191e0c","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":111,"box":{"x":69,"y":438,"width":781,"height":11}},{"id":"33d85e55-e8cc-4474-89db-39c5c23a5b4d","block_type":"box","text":"changes to comply with current and/or new regulations applicable to the Funds and/or the Manager could have a","page_number":111,"box":{"x":69,"y":453,"width":807,"height":11}},{"id":"51da2d68-6af6-465b-ac60-ca7a6cb60548","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":111,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"22cb1098-ed33-4703-b96b-2f374090b761","block_type":"box","text":"reducing investment oppor tunities or by otherwise restricting the Funds and/or the Manager).","page_number":111,"box":{"x":69,"y":483,"width":666,"height":11}},{"id":"8457e02e-c70d-4b04-9dcc-c393eaf939c2","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":111,"box":{"x":103,"y":506,"width":202,"height":11}},{"id":"1ce80b3d-e0fa-43ce-b459-037fb5b66cdb","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":111,"box":{"x":312,"y":506,"width":593,"height":11}},{"id":"9bbe3384-4a45-400f-a24b-25f06de06b1d","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":111,"box":{"x":68,"y":521,"width":806,"height":11}},{"id":"f41aa4e3-26a5-41dc-8025-15e2f2b9f3df","block_type":"box","text":"international trade relations, cer tain tax and immigration policies, and other aspects of the national and international","page_number":111,"box":{"x":70,"y":536,"width":833,"height":11}},{"id":"9a621960-4010-440f-97a5-09e620773bcc","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":111,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"c7f8b016-0cb3-45b7-aef5-bed1cfa71c24","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":111,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"1b3e0a0e-635a-4979-bb29-e10e46181eaa","block_type":"box","text":"Union, and the risks associated with trade negotiations between the U.S. and China, could affect the economies of","page_number":111,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"1a945982-99d0-4c61-b963-6f8ca306240b","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":111,"box":{"x":69,"y":596,"width":559,"height":12}},{"id":"84dd9b01-04df-461a-8971-80c4c6248294","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":111,"box":{"x":102,"y":619,"width":796,"height":11}},{"id":"1d569ace-b2d0-408f-8fe5-048d8d625127","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial per formance of a","page_number":111,"box":{"x":68,"y":634,"width":809,"height":12}},{"id":"77caced6-398a-4a9a-aac7-7adaf9a3e270","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":111,"box":{"x":70,"y":649,"width":799,"height":12}},{"id":"a094f3d0-cc53-4708-94fe-418e224ebe3e","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":111,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"b0f03553-af27-4431-becd-9e25347ea8d0","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":111,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"5a41cc50-db06-43f6-b2f3-bd892f3d4245","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":111,"box":{"x":69,"y":695,"width":783,"height":11}},{"id":"c455e0a0-9d0e-43f3-b5b1-db0c120e627f","block_type":"box","text":"sectors or industries in which a Fund invests and other adverse impacts on a Fund’s overall per formance.","page_number":111,"box":{"x":69,"y":710,"width":753,"height":11}},{"id":"5a15c81e-16e8-40f9-a4a8-c06ceeef9560","block_type":"box","text":"Geographic Risks","page_number":111,"box":{"x":102,"y":733,"width":123,"height":11}},{"id":"2334af4a-5ccc-490c-8b6f-703df7de30c4","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":111,"box":{"x":226,"y":732,"width":671,"height":12}},{"id":"65167e8e-d979-4ff6-83a3-bdeec19b1809","block_type":"box","text":"to, par ts of the world affected by natural disasters such as severe heat, ear thquakes, tornadoes, volcanic eruptions,","page_number":111,"box":{"x":68,"y":748,"width":835,"height":11}},{"id":"7ffc88da-c6d7-41d8-a28a-3e07f3a1fc82","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":111,"box":{"x":68,"y":763,"width":787,"height":11}},{"id":"dd0f00f8-0127-4bea-9144-b9ab73acb63f","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other","page_number":111,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"e09afb91-35c2-4781-8970-71807c680593","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":111,"box":{"x":68,"y":793,"width":840,"height":11}},{"id":"4f52871e-790b-45ea-b58e-48a139f3c014","block_type":"box","text":"affect the issuers, markets and economies to which a Fund is exposed, which may adversely affect the value of the","page_number":111,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"9271562e-3f8f-4b22-970f-e84529cd6799","block_type":"box","text":"Fund.","page_number":111,"box":{"x":70,"y":823,"width":36,"height":9}},{"id":"149caa9f-d9e3-4001-b35e-888e55d74eaa","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":111,"box":{"x":102,"y":846,"width":255,"height":11}},{"id":"18604cad-2a6c-4539-b890-9c31da63b2f3","block_type":"box","text":"A Fund’s investments, payment obligations and financing terms may be","page_number":111,"box":{"x":363,"y":846,"width":508,"height":11}},{"id":"a41ab18d-578b-4db0-9f48-53029389fdea","block_type":"box","text":"based on floating rates, such as the Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Interbank Average","page_number":111,"box":{"x":69,"y":861,"width":839,"height":11}},{"id":"01a25a4a-4b29-4517-8590-317c429d46d3","block_type":"box","text":"Rate (“SONIA”), and other similar types of reference rates (“Reference Rates”). The elimination of a Reference Rate","page_number":111,"box":{"x":70,"y":876,"width":825,"height":11}},{"id":"1136b748-d970-44af-b066-e55ead017937","block_type":"box","text":"or any other changes or reforms to the determination or supervision of a Reference Rate could have an adverse","page_number":111,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"ed4097aa-b7bc-4a29-844b-41cc6a2b7f9c","block_type":"box","text":"impact on the market for, or value of, any instruments (including debt instruments and cer tain derivative instruments)","page_number":111,"box":{"x":70,"y":906,"width":837,"height":12}},{"id":"c5984d97-83f8-47d3-832f-c6592e50c53f","block_type":"box","text":"II-68","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ec22309a-a5a1-47c7-a7be-3695cb7e9480","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":111,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"afe346cd-018d-467c-a4ee-f7b70673a24c","block_type":"box","text":"or payments linked to those Reference Rates. In addition, any substitute Reference Rate and any pricing adjustments","page_number":112,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"40d23bc4-21f3-4a7d-be35-afb3ade13e26","block_type":"box","text":"imposed by a regulator or by counterpar ties or otherwise may adversely affect a Fund’s per formance and/or net","page_number":112,"box":{"x":70,"y":60,"width":800,"height":11}},{"id":"6d311067-7fdf-4d1c-9fb5-f3d9b6c7bfb6","block_type":"box","text":"asset value. The London Interbank Offered Rate (“LIBOR”) had historically been used extensively in the U.S. and","page_number":112,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"e2b90de0-6838-4b86-8a52-46cecf451d08","block_type":"box","text":"globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and","page_number":112,"box":{"x":68,"y":90,"width":836,"height":11}},{"id":"c69d9aeb-9249-4636-b756-19b863b4ce8e","block_type":"box","text":"municipal bonds, bank loans, asset-backed and mor tgage-related securities, interest rate swaps and other","page_number":112,"box":{"x":69,"y":105,"width":761,"height":11}},{"id":"28c7b00a-1e11-4e15-b372-4fc39bd09610","block_type":"box","text":"derivatives. Instruments in which a Fund may have historically paid interest at floating rates based on LIBOR or may","page_number":112,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"b4a9eb92-bfe8-4ff0-806a-2b8b40d55918","block_type":"box","text":"have been subject to interest caps or floors based on LIBOR. The Funds and issuers of instruments in which a Fund","page_number":112,"box":{"x":69,"y":135,"width":825,"height":11}},{"id":"c53e1fb4-cd39-470f-8456-d5aeb7d148b6","block_type":"box","text":"invests may have also historically obtained financing at floating rates based on LIBOR. In connection with the global","page_number":112,"box":{"x":70,"y":150,"width":822,"height":12}},{"id":"9c7b3768-4225-4211-ab88-68b6a8e74cf2","block_type":"box","text":"transition away from LIBOR led by regulators and market par ticipants as a result of benchmark reforms, LIBOR was","page_number":112,"box":{"x":68,"y":166,"width":822,"height":11}},{"id":"033a528a-3703-4641-9cb9-8c081bbed033","block_type":"box","text":"last published on a representative basis at the end of June 2023. Alternative Reference Rates to LIBOR have been","page_number":112,"box":{"x":70,"y":181,"width":817,"height":11}},{"id":"0535c42c-a8b5-46d4-ab44-df83399a6724","block_type":"box","text":"established in most major currencies and markets in these alternative rates are continuing to develop (","page_number":112,"box":{"x":69,"y":196,"width":736,"height":11}},{"id":"6d0aa5b2-03e7-4070-995e-d906bd0a06a3","block_type":"box","text":"e.g.","page_number":112,"box":{"x":807,"y":197,"width":25,"height":10}},{"id":"3660bacb-f881-4b77-8c6e-ed8a3d57acc4","block_type":"box","text":", SOFR for","page_number":112,"box":{"x":835,"y":196,"width":70,"height":10}},{"id":"a00533ea-9da2-47ef-bd14-d05c27f4ba2c","block_type":"box","text":"USD-LIBOR and SONIA for GBP-LIBOR). While the transition from LIBOR has gone relatively smoothly, residual risks","page_number":112,"box":{"x":70,"y":211,"width":814,"height":11}},{"id":"7a0b51bb-aa98-4060-9816-c41ab2688868","block_type":"box","text":"associated with the transition may remain that may impact markets or par ticular investments and, as such, the full","page_number":112,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"3e81ec4a-3793-4370-977a-798dbe647734","block_type":"box","text":"impact of the transition on the Funds or the financial instruments in which the Funds invest cannot yet be fully","page_number":112,"box":{"x":70,"y":241,"width":784,"height":11}},{"id":"d4c05f2c-7b56-47a0-bb27-00ceb9c3e05a","block_type":"box","text":"determined.","page_number":112,"box":{"x":69,"y":257,"width":84,"height":8}},{"id":"7e29d759-7021-4a3d-b3de-83d968baffc3","block_type":"box","text":"SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are","page_number":112,"box":{"x":102,"y":279,"width":750,"height":11}},{"id":"e636c185-6a8a-4e72-9619-db3475d8bc98","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":112,"box":{"x":69,"y":294,"width":803,"height":11}},{"id":"f64abc56-3101-49eb-97b9-aaff3997413e","block_type":"box","text":"various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data.","page_number":112,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"32152e38-a0a6-4033-8867-e07f4cb0fe69","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":112,"box":{"x":70,"y":324,"width":801,"height":12}},{"id":"9bffdcf3-06da-4f5f-9ac5-edb4230b2b96","block_type":"box","text":"LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different shor t-term","page_number":112,"box":{"x":70,"y":339,"width":810,"height":12}},{"id":"6b130607-7215-4b68-9d2d-4ec6b48f36ec","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":112,"box":{"x":69,"y":355,"width":803,"height":11}},{"id":"d5353c3c-95bf-4351-b7df-600cf946b525","block_type":"box","text":"tenor. Thus, LIBOR is intended to be sensitive, in cer tain respects, to bank credit risk and to term interest rate risk.","page_number":112,"box":{"x":68,"y":370,"width":825,"height":11}},{"id":"ffcc221f-c4b2-4e04-89da-f676eebd3736","block_type":"box","text":"In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is","page_number":112,"box":{"x":70,"y":385,"width":828,"height":11}},{"id":"f99e6b93-efab-47de-9f4c-b5e60f96f648","block_type":"box","text":"largely insensitive to credit-risk considerations and to shor t-term interest rate risks. SOFR is a transaction-based rate,","page_number":112,"box":{"x":70,"y":400,"width":838,"height":11}},{"id":"db95136e-4096-4d1a-8bc7-ade20ca24bbd","block_type":"box","text":"and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during cer tain","page_number":112,"box":{"x":69,"y":415,"width":796,"height":11}},{"id":"6b229fb1-8df5-4350-93f9-51a90acf8e6a","block_type":"box","text":"periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will per form","page_number":112,"box":{"x":70,"y":430,"width":836,"height":11}},{"id":"b563fc08-bdde-493c-886e-aeddcfb95ced","block_type":"box","text":"in the same or similar way as LIBOR would have per formed at any time, and there is no assurance that SOFR-based","page_number":112,"box":{"x":70,"y":445,"width":824,"height":11}},{"id":"81569532-25fc-4ef8-a207-d00d9d845252","block_type":"box","text":"rates will be a suitable substitute for LIBOR. SOFR has a relatively limited history, having been first published in April","page_number":112,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"5caa7606-f7f9-4cbc-bc69-8aa4c8f795cf","block_type":"box","text":"2018. The future per formance of SOFR, and SOFR-based Reference Rates, cannot be predicted based on SOFR’s","page_number":112,"box":{"x":69,"y":475,"width":809,"height":11}},{"id":"57ac81e2-b777-4b95-908a-0d4f1d2cbdb5","block_type":"box","text":"history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or","page_number":112,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"4f3dfee4-79b1-4cc9-9769-5b4c521eeba7","block_type":"box","text":"other rates. There can also be no assurance that SOFR will not be discontinued or fundamentally altered in a manner","page_number":112,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"14f7450f-18eb-49da-bacc-8e479496d223","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":112,"box":{"x":68,"y":521,"width":384,"height":11}},{"id":"688b26e1-5a16-4491-827f-716ba2fcc4c3","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":112,"box":{"x":102,"y":543,"width":782,"height":12}},{"id":"60cbdf45-9159-4678-b8b7-d742a5f3f74e","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":112,"box":{"x":68,"y":559,"width":786,"height":11}},{"id":"4df9c593-eba7-4113-8980-d37ea2fe0af9","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":112,"box":{"x":69,"y":574,"width":746,"height":11}},{"id":"a01a62b2-0192-4f1c-b2b3-805aba66e7ef","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by vir tue","page_number":112,"box":{"x":70,"y":589,"width":822,"height":11}},{"id":"15859932-c698-4037-a589-d3d3412ef38f","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":112,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"f1f32f69-7d96-44bf-aabf-71571fb79ee1","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":112,"box":{"x":68,"y":619,"width":799,"height":11}},{"id":"220b7a13-5f15-49b2-b5e3-6ce98ea367aa","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may fur ther change","page_number":112,"box":{"x":70,"y":634,"width":830,"height":12}},{"id":"8a22a909-c4fb-4bda-9a99-158963a5c1e6","block_type":"box","text":"in the future, with the result that relevant benchmarks may per form differently than in the past, the use of","page_number":112,"box":{"x":70,"y":649,"width":757,"height":12}},{"id":"ba29b66f-228d-4c6d-adf4-cbdc52d3f4e6","block_type":"box","text":"benchmarks that are not compliant with the new standards by cer tain supervised entities may be restricted, and","page_number":112,"box":{"x":69,"y":665,"width":802,"height":11}},{"id":"3af2ee98-c195-4f7d-bd8c-72451cbccbe2","block_type":"box","text":"cer tain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":112,"box":{"x":69,"y":680,"width":840,"height":11}},{"id":"9537400c-57db-4125-8b2c-d7c96fa2765f","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":112,"box":{"x":70,"y":695,"width":782,"height":11}},{"id":"8ebcc6b5-a9bb-412c-b534-cc6b4d4abb8f","block_type":"box","text":"consequences which cannot be predicted.","page_number":112,"box":{"x":69,"y":710,"width":298,"height":11}},{"id":"1fb80389-c9b2-4905-ba25-35e208b5ec40","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":112,"box":{"x":102,"y":733,"width":432,"height":11}},{"id":"b38ae270-1186-4934-9c28-d93cec910cd2","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":112,"box":{"x":541,"y":733,"width":347,"height":11}},{"id":"b735de9f-780b-47e6-9771-eb8599f08d44","block_type":"box","text":"sale contracts, the other par ty agrees, upon entering into the contract with a Fund, to repurchase a security sold to","page_number":112,"box":{"x":69,"y":748,"width":821,"height":11}},{"id":"122510c2-a6d5-4b81-9215-cbcb0ac45d2a","block_type":"box","text":"the Fund at a mutually agreed-upon time and price in a specified currency, thereby determining the yield during the","page_number":112,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"11a21192-93a3-4757-b169-880050dfcbe4","block_type":"box","text":"term of the agreement.","page_number":112,"box":{"x":68,"y":778,"width":164,"height":11}},{"id":"c3e9ee55-5533-446b-b21c-e681a35f6fcf","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":112,"box":{"x":101,"y":801,"width":788,"height":11}},{"id":"17024f45-b387-49f4-bbc0-876605580b46","block_type":"box","text":"that securities are owned by the Fund and the purchaser receives any interest on the security paid during the period.","page_number":112,"box":{"x":68,"y":816,"width":831,"height":11}},{"id":"5a3dc9d4-be45-4eb2-94a1-3394ca62bc47","block_type":"box","text":"In the case of repurchase agreements, the prices at which the trades are conducted do not reflect accrued interest","page_number":112,"box":{"x":70,"y":831,"width":821,"height":11}},{"id":"20c94550-4fa2-4196-981f-01a8228474c4","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":112,"box":{"x":69,"y":846,"width":790,"height":11}},{"id":"0e868d88-5510-4b8c-8989-0ad13aa240b3","block_type":"box","text":"accrued interest. A Fund may enter into “tri-par ty” repurchase agreements. In “tri-par ty” repurchase agreements, an","page_number":112,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"3d159944-2e55-44ca-b159-7f4f0ebed0d4","block_type":"box","text":"unaffiliated third-par ty custodian maintains accounts to hold collateral for the Fund and its counterpar ties and,","page_number":112,"box":{"x":69,"y":876,"width":788,"height":11}},{"id":"32a1b762-5f62-4a72-9c78-d369aec068c8","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":112,"box":{"x":68,"y":891,"width":522,"height":11}},{"id":"35c73723-d7ae-4aae-b848-2d98a89596b9","block_type":"box","text":"II-69","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"96a485b2-6c9b-4004-a04d-b5ab32d6424a","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":112,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"22d572a6-3026-4ec8-bf95-ec42088687e5","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":113,"box":{"x":102,"y":45,"width":792,"height":11}},{"id":"67ce707b-4334-4ad2-a3c4-c9ee32b652e8","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":113,"box":{"x":70,"y":60,"width":784,"height":11}},{"id":"fb523cee-d42a-4656-aa61-05f3a75f09d3","block_type":"box","text":"currency fluctuations. However, in the event of a default under a repurchase agreement or under a purchase and sale","page_number":113,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"fdb95f2e-148e-4fc2-82c5-8e078efa5f2b","block_type":"box","text":"contract, instead of the contractual fixed rate, the rate of return to the Fund would be dependent upon intervening","page_number":113,"box":{"x":69,"y":90,"width":812,"height":11}},{"id":"c72b4ddd-0ee0-448a-8b17-e314bdf75978","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":113,"box":{"x":68,"y":105,"width":770,"height":11}},{"id":"33c0316d-e9f5-4f22-9605-eabc1899b0e6","block_type":"box","text":"securities. In such event, the Fund would have rights against the seller for breach of contract with respect to any","page_number":113,"box":{"x":69,"y":120,"width":802,"height":12}},{"id":"dbdfbb21-71a0-4170-9215-d3961a6d09b0","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":113,"box":{"x":70,"y":135,"width":430,"height":12}},{"id":"f07f9f81-44fe-4844-b445-4e1ab68666a0","block_type":"box","text":"Both types of agreement usually cover shor t periods, such as less than one week, although they may have","page_number":113,"box":{"x":102,"y":158,"width":759,"height":11}},{"id":"4f83d229-60a2-4dde-88c9-9ebc482b3602","block_type":"box","text":"longer terms, and may be construed to be collateralized loans by the purchaser to the seller secured by the","page_number":113,"box":{"x":70,"y":173,"width":765,"height":11}},{"id":"f0356e4b-e924-477c-8633-678156332011","block_type":"box","text":"securities transferred to the purchaser. In the case of a repurchase agreement, as a purchaser, a Fund’s Manager or","page_number":113,"box":{"x":69,"y":188,"width":835,"height":12}},{"id":"696eaa6d-847a-4890-8bab-15a1726e0486","block_type":"box","text":"sub-adviser will monitor the creditwor thiness of the seller, and a Fund will require the seller to provide additional","page_number":113,"box":{"x":69,"y":203,"width":799,"height":11}},{"id":"fb47f6f1-ea7c-4d26-b8c3-3392935415e9","block_type":"box","text":"collateral if the market value of the securities falls below the repurchase price at any time during the term of the","page_number":113,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"e799e884-e8d7-404c-b4ae-1a8d06bf06c1","block_type":"box","text":"repurchase agreement. The Fund does not have this right to seek additional collateral as a purchaser in the case of","page_number":113,"box":{"x":69,"y":234,"width":826,"height":11}},{"id":"4940c0cf-4100-4c44-8f37-b42b9668a1e5","block_type":"box","text":"purchase and sale contracts. The Fund’s Manager or sub-adviser will mark-to-market daily the value of the securities.","page_number":113,"box":{"x":70,"y":249,"width":831,"height":11}},{"id":"410524fa-e736-4bb5-b903-376b9fbc3156","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":113,"box":{"x":69,"y":264,"width":810,"height":11}},{"id":"55c5404f-bd50-4d00-94ad-940ce1e83def","block_type":"box","text":"contracts will be held by the Fund’s custodian (or sub-custodian) in the Federal Reserve/Treasury book-entry system","page_number":113,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"fef8cd8f-8123-4f17-be10-269ceb0fcee5","block_type":"box","text":"or by another authorized securities depository.","page_number":113,"box":{"x":69,"y":294,"width":329,"height":11}},{"id":"6db3d183-e0bc-4caa-87b7-a17556f481eb","block_type":"box","text":"In the event of default by the seller under a repurchase agreement construed to be a collateralized loan, the","page_number":113,"box":{"x":102,"y":317,"width":770,"height":11}},{"id":"78d573a2-213d-4a6c-8bcb-c6bf1d720e8b","block_type":"box","text":"underlying securities are not owned by the Fund but only constitute collateral for the seller’s obligation to pay the","page_number":113,"box":{"x":69,"y":332,"width":805,"height":11}},{"id":"a8a76cbe-2fb6-456a-9f90-33743d152a01","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":113,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"6750faf5-85ba-4989-a1a8-903a0c7dd2a5","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":113,"box":{"x":69,"y":362,"width":778,"height":11}},{"id":"36294d20-41cf-4ddc-bf90-2ee5ef80a255","block_type":"box","text":"applicable bankruptcy or other laws, a Fund’s ability to dispose of the underlying securities may be restricted. Finally,","page_number":113,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"25d4fba1-cf49-41b3-b798-2accf049161b","block_type":"box","text":"it is possible that a Fund may not be able to substantiate its interest in the underlying securities. To minimize this","page_number":113,"box":{"x":70,"y":393,"width":810,"height":11}},{"id":"8c3c2bb7-22fa-4a50-a996-6ad52ea7904a","block_type":"box","text":"risk, the securities underlying the repurchase agreement will be held by the applicable custodian at all times in an","page_number":113,"box":{"x":69,"y":408,"width":812,"height":11}},{"id":"17173603-1ed9-4e55-a911-5285ec934cfb","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":113,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"9410649f-7b25-4977-8a29-5f7057a86712","block_type":"box","text":"securities, a Fund may suffer a loss to the extent proceeds from the sale of the underlying securities are less than","page_number":113,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"1c60649c-48a2-476c-bca5-c4eb0a170347","block_type":"box","text":"the repurchase price.","page_number":113,"box":{"x":68,"y":453,"width":151,"height":11}},{"id":"c1f94872-febd-4fb2-81f6-ade106338c60","block_type":"box","text":"In any repurchase transaction to which a Fund is a par ty, collateral for a repurchase agreement may include cash","page_number":113,"box":{"x":102,"y":475,"width":805,"height":12}},{"id":"a9958de6-8419-4fd7-a3cf-7c4fad02ab45","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For cer tain Funds, however,","page_number":113,"box":{"x":70,"y":491,"width":837,"height":11}},{"id":"66419e39-0a6c-4c88-9ffd-629fcac0a9c4","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":113,"box":{"x":69,"y":506,"width":788,"height":11}},{"id":"0686e861-d8dc-404e-920d-f079aceb0a71","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":113,"box":{"x":69,"y":521,"width":767,"height":11}},{"id":"262af6d9-7cdb-4dac-8c9d-6b65c06bfb8e","block_type":"box","text":"strategies without the repurchase obligation.","page_number":113,"box":{"x":69,"y":536,"width":317,"height":11}},{"id":"43185504-d6d0-4869-bcd3-68e6c2bad7d9","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose cer tain risks for a Fund. Lower quality","page_number":113,"box":{"x":101,"y":559,"width":782,"height":11}},{"id":"b2e3cd90-6aa0-4dd8-b4bf-ac620abde8e6","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":113,"box":{"x":69,"y":574,"width":776,"height":11}},{"id":"085da050-54f1-4bde-a2a8-df02f7dbc5b5","block_type":"box","text":"collateral and collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower","page_number":113,"box":{"x":69,"y":589,"width":799,"height":11}},{"id":"216fcad4-286b-4dd1-9a08-1d63798ad0ff","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and","page_number":113,"box":{"x":69,"y":604,"width":829,"height":11}},{"id":"a456b649-18fe-455f-a463-709ead0c73ef","block_type":"box","text":"the amount of collateral not be sufficient to cover the counterpar ty’s repurchase obligation, a Fund would retain the","page_number":113,"box":{"x":68,"y":619,"width":825,"height":11}},{"id":"e67fad77-01ff-43f5-b647-db6b9fad32e4","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":113,"box":{"x":69,"y":634,"width":374,"height":11}},{"id":"4e551a4f-9fc6-4297-8478-599ca8acff98","block_type":"box","text":"i.e.","page_number":113,"box":{"x":445,"y":634,"width":20,"height":9}},{"id":"db613ea4-ef65-40c8-a505-7b1130a0f5c5","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":113,"box":{"x":468,"y":634,"width":434,"height":11}},{"id":"5335baa8-8e54-4534-83e9-e635e689d197","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to","page_number":113,"box":{"x":70,"y":649,"width":813,"height":12}},{"id":"b7ad6848-7177-4a12-ac8e-58b5f6e3b310","block_type":"box","text":"the amount of the shor tfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal","page_number":113,"box":{"x":68,"y":664,"width":816,"height":12}},{"id":"c636a849-5178-4dd8-b887-24277bc45452","block_type":"box","text":"and income involved in the transaction.","page_number":113,"box":{"x":69,"y":680,"width":278,"height":9}},{"id":"33cc6035-6b60-4370-aa46-73fac8bfa0c3","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":113,"box":{"x":102,"y":702,"width":800,"height":12}},{"id":"26dda723-c641-4527-9c24-fb36335a8e7a","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many repurchase agreements and purchase and sale","page_number":113,"box":{"x":68,"y":717,"width":840,"height":12}},{"id":"627e7cf0-97c5-4722-996c-2b7948d48486","block_type":"box","text":"contracts, terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such agreements,","page_number":113,"box":{"x":69,"y":732,"width":814,"height":12}},{"id":"4eeb1e1f-4503-4fdc-b4db-38a589b45c39","block_type":"box","text":"take foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":113,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"e6abd41e-3bd2-497a-b2dc-7b6ff72b486a","block_type":"box","text":"counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible","page_number":113,"box":{"x":69,"y":763,"width":818,"height":11}},{"id":"88f6556d-a7ea-4c1b-9cfc-30a67a00d8ce","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":113,"box":{"x":68,"y":778,"width":783,"height":11}},{"id":"1193b6d6-7746-48dc-ac69-e0006a34db69","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":113,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"2cba3683-d2c9-4940-a2d9-17f0f9db1515","block_type":"box","text":"contracts or to realize amounts to be received under such agreements. The SEC has also finalized rules that will","page_number":113,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"8151de65-f50d-4e94-9b7c-2e7da3bbeae1","block_type":"box","text":"require cer tain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":113,"box":{"x":69,"y":823,"width":796,"height":12}},{"id":"281735c3-04fe-45fd-8bd3-8e66e015d31d","block_type":"box","text":"Compliance with these rules is expected to be required by the middle of 2027. Although the impact of these rules on","page_number":113,"box":{"x":69,"y":838,"width":834,"height":12}},{"id":"bde8f226-fdd1-4071-8047-c1bce4db0bad","block_type":"box","text":"the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may","page_number":113,"box":{"x":68,"y":853,"width":824,"height":12}},{"id":"f873f132-4268-450a-9549-3631591913b0","block_type":"box","text":"adversely affect a Fund’s per formance.","page_number":113,"box":{"x":69,"y":869,"width":279,"height":11}},{"id":"a5cd12ca-3d58-49e6-a4ef-a11d72d47769","block_type":"box","text":"Restricted Securities.","page_number":113,"box":{"x":102,"y":891,"width":157,"height":9}},{"id":"8791b7d9-d940-402e-a87f-3c030bf9cc5a","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":113,"box":{"x":265,"y":891,"width":617,"height":12}},{"id":"c305b0d8-9ac0-491d-b4db-358f18d6824c","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":113,"box":{"x":69,"y":906,"width":801,"height":12}},{"id":"205415c8-c3fc-4a65-97e3-3650f04a5ea7","block_type":"box","text":"II-70","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cf077ce3-2bcb-4a7b-9b39-3a1da546a842","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":113,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"3d240a71-937e-4e23-8323-6a268fa47615","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":114,"box":{"x":69,"y":45,"width":808,"height":11}},{"id":"6c072087-415a-46a8-b179-067b49f91c41","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":114,"box":{"x":70,"y":60,"width":802,"height":11}},{"id":"eb0c23a8-0c24-4c68-91c4-6191ecf2e49a","block_type":"box","text":"listed on an exchange nor traded in other established markets. In many cases, privately placed securities may not be","page_number":114,"box":{"x":70,"y":75,"width":834,"height":11}},{"id":"1ec081f1-46c1-48d9-8222-b76968136e18","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":114,"box":{"x":68,"y":90,"width":825,"height":11}},{"id":"4de0c735-cde7-4139-9a81-71ba46469587","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":114,"box":{"x":68,"y":105,"width":815,"height":11}},{"id":"435e89ef-96e3-43e0-ac6c-a3530de41fb1","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":114,"box":{"x":69,"y":120,"width":821,"height":12}},{"id":"97e29fa7-987f-4285-a634-2caff68d075c","block_type":"box","text":"are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that a","page_number":114,"box":{"x":69,"y":136,"width":831,"height":11}},{"id":"c58b55af-621e-4499-b6b4-6c92812b3c52","block_type":"box","text":"Fund may not be able to resell some of its holdings for extended periods, which may be several years. There can be","page_number":114,"box":{"x":70,"y":150,"width":824,"height":12}},{"id":"7c68429f-e400-4551-90eb-623e80c55ace","block_type":"box","text":"no assurance that a Fund will be able to realize the value of such restricted securities in a timely manner or at all. As","page_number":114,"box":{"x":69,"y":166,"width":834,"height":11}},{"id":"34e5f8c2-aab6-45a2-baf3-58ed020be327","block_type":"box","text":"a result of the absence of a public trading market and the potential bespoke nature on cer tain transactions,","page_number":114,"box":{"x":69,"y":181,"width":769,"height":11}},{"id":"adfecb49-37a6-41b4-8ea9-355841c5e671","block_type":"box","text":"restricted securities may be deemed to be illiquid investments or less liquid investments and may be more difficult to","page_number":114,"box":{"x":69,"y":196,"width":838,"height":11}},{"id":"45bb91a6-e318-4ba8-a9f7-b32292e333e8","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":114,"box":{"x":68,"y":211,"width":805,"height":11}},{"id":"8677d941-802e-49b5-8b1d-74d3b993b96d","block_type":"box","text":"transactions, the prices realized from the sales, due to lack of liquidity, could be less than those originally paid by the","page_number":114,"box":{"x":68,"y":226,"width":840,"height":11}},{"id":"6fb4b2f8-c762-4ab6-85c4-e3f0abab851b","block_type":"box","text":"Fund or less than their fair market value. The amount of any discount may vary depending on the security type, the","page_number":114,"box":{"x":70,"y":241,"width":815,"height":11}},{"id":"13c9e251-1c20-4985-8f2b-bab1a345cb87","block_type":"box","text":"character of the issuer, which par ty (if any) will bear the expenses of registering the restricted security, and prevailing","page_number":114,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"b8bd1413-e7ef-48cd-89a0-d2901db116bf","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":114,"box":{"x":69,"y":272,"width":803,"height":11}},{"id":"a3d4e9e9-884a-4d20-b33e-aa6a932bfdca","block_type":"box","text":"listed may not be subject to the disclosure and other investor protection requirements that may be applicable if their","page_number":114,"box":{"x":70,"y":286,"width":830,"height":12}},{"id":"22acfa7c-743a-42c8-b777-a49bdae13277","block_type":"box","text":"securities were publicly traded. If any privately placed securities held by a Fund are required to be registered under","page_number":114,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"b409f634-bd2c-4f53-bc8e-4ff39350897d","block_type":"box","text":"the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses","page_number":114,"box":{"x":68,"y":317,"width":825,"height":11}},{"id":"db511c9a-f3b9-4abc-9141-94b187d49412","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":114,"box":{"x":69,"y":332,"width":777,"height":11}},{"id":"adf4d0f4-1bd9-4fe2-9c59-4c21b91e960c","block_type":"box","text":"between the time the Fund decides to sell the security and the time it is actually permitted to sell the security under","page_number":114,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"cb80e08a-f5ef-4329-ac95-2bd3202b87b6","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":114,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"0228ce36-fa12-4d41-add8-b68f50ee44de","block_type":"box","text":"obtain less favorable pricing terms than when it decided to sell the security. In addition, the Fund may be deemed to","page_number":114,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"c224f220-70a3-4d63-95c1-d21e6d5fd75f","block_type":"box","text":"be an “underwriter” for purposes of the Securities Act when selling restricted securities. If so, the Fund may be liable","page_number":114,"box":{"x":69,"y":392,"width":836,"height":12}},{"id":"8198b09d-089c-4dfc-9803-1c3d5a792416","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":114,"box":{"x":68,"y":407,"width":819,"height":12}},{"id":"67d1393d-4adf-403d-ba3d-ed9487096a18","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":114,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"25cb987c-ad73-406d-a396-fa98f6aa9336","block_type":"box","text":"costs that are higher than those for transactions in unrestricted securities. Cer tain of the Fund’s investments in","page_number":114,"box":{"x":69,"y":438,"width":798,"height":11}},{"id":"c414ac28-1c4b-4e2c-b75e-b13467caf481","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":114,"box":{"x":70,"y":453,"width":780,"height":11}},{"id":"eaf5bc58-c447-4f0c-b5f8-c07f637d106f","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC repor ting","page_number":114,"box":{"x":70,"y":468,"width":773,"height":11}},{"id":"a70a7613-79f5-483f-93a4-3b389d630510","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":114,"box":{"x":69,"y":483,"width":784,"height":11}},{"id":"0ae24ac8-f841-4345-bbfa-c8cc5f87c80b","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial repor ting. As a","page_number":114,"box":{"x":69,"y":498,"width":816,"height":11}},{"id":"8260721b-a19f-4f69-bb0d-10875db6d39e","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":114,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"802118f4-aefd-46d3-bcbb-1d93aa5aeeb7","block_type":"box","text":"operations of such issuers, and investments in securities of such issuers may involve a high degree of business and","page_number":114,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"47670832-65d2-4ca8-b15d-06dc4e6a5602","block_type":"box","text":"financial risk and may result in substantial losses to the Fund. Such issuers may also have limited product lines,","page_number":114,"box":{"x":68,"y":543,"width":804,"height":12}},{"id":"ee9fade4-4ab2-465c-952b-69784b9d74bc","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":114,"box":{"x":69,"y":559,"width":647,"height":11}},{"id":"da63ad7b-55f5-4ffb-9d32-da58e1191fc3","block_type":"box","text":"Cer tain restricted securities may represent limited investment oppor tunities and each shareholder’s","page_number":114,"box":{"x":102,"y":581,"width":714,"height":11}},{"id":"e03d9980-e9a7-409b-a7c3-f0b757945838","block_type":"box","text":"propor tionate investment exposure to such limited investment oppor tunities may be reduced propor tionately as the","page_number":114,"box":{"x":70,"y":597,"width":823,"height":11}},{"id":"7079b298-36b1-46d3-bd3e-cd564075b51e","block_type":"box","text":"Fund’s net assets grow from new or additional investments made in the Fund by other shareholders. The issuer of a","page_number":114,"box":{"x":70,"y":612,"width":826,"height":11}},{"id":"04e8a230-76d2-469c-8e6f-f01d73b11762","block_type":"box","text":"private placement may later register those shares for public sale in an IPO, but there is no guarantee that an IPO will","page_number":114,"box":{"x":70,"y":627,"width":830,"height":11}},{"id":"b9bd9d36-4e86-4944-934e-b816c4bbefca","block_type":"box","text":"ever be completed. Even after an IPO, there may be a limited trading market for securities of that issuer, including","page_number":114,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"8e74e9b0-4a99-47d2-81fa-208b10e65c91","block_type":"box","text":"any direct investment by a Fund, or the Fund may be subject to contractual limitations on its ability to resell its","page_number":114,"box":{"x":69,"y":657,"width":787,"height":11}},{"id":"ea3307e2-f4f3-4e98-847d-c66fcafbf56d","block_type":"box","text":"existing securities following an IPO. The inability of an applicable issuer of a restricted security to complete an IPO or","page_number":114,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"f2039ab3-3e3c-438f-ad71-493948c3763c","block_type":"box","text":"offer other liquidity oppor tunities to the Fund and other investors will extend the holding period of a Fund’s","page_number":114,"box":{"x":69,"y":687,"width":759,"height":11}},{"id":"0f01f6b1-cb29-4b62-8cfa-3343d7bedfb0","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":114,"box":{"x":70,"y":702,"width":833,"height":12}},{"id":"cba8eaaa-0e74-4002-bee3-9e944c31f409","block_type":"box","text":"such securities, a Fund may obtain access to material nonpublic information, which may restrict the Fund’s ability to","page_number":114,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"9b5329a0-dc4c-4d74-bd30-6530b1b7fa92","block_type":"box","text":"conduct por tfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":114,"box":{"x":69,"y":732,"width":827,"height":12}},{"id":"e2429a4f-a6bf-4b44-aab4-75d87c53f77c","block_type":"box","text":"investments in restricted securities is highly competitive and involves a high degree of uncer tainty. A Fund will be","page_number":114,"box":{"x":70,"y":748,"width":804,"height":11}},{"id":"52f7e24b-0455-4d5d-a442-d6f0b77e65fc","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":114,"box":{"x":69,"y":763,"width":816,"height":11}},{"id":"1c7f41cf-b3a8-4a93-8ff9-fd314727a736","block_type":"box","text":"investment oppor tunities may increase, thus potentially reducing the number of investment oppor tunities available to","page_number":114,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"9eaeefc5-c40f-4db3-ae32-c2afcd16f765","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":114,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"d510e710-c021-47b1-a8cc-56a97fde4862","block_type":"box","text":"investment oppor tunities for restricted securities will be available at any given time or at a level desired by a Fund,","page_number":114,"box":{"x":70,"y":808,"width":815,"height":11}},{"id":"57c0d619-2a03-465b-8289-bea739c8bd3e","block_type":"box","text":"especially as that Fund grows in size.","page_number":114,"box":{"x":69,"y":823,"width":264,"height":12}},{"id":"eb880225-0a1d-4c03-9ec6-f88a578c272c","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in par ticular, restricted","page_number":114,"box":{"x":101,"y":846,"width":762,"height":11}},{"id":"dd01c099-9bc2-4655-b7d5-83bf762c6694","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":114,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"ef55df52-075d-46e6-8a3c-42d19648c71a","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":114,"box":{"x":69,"y":876,"width":751,"height":11}},{"id":"00c09aa5-e557-4401-9174-41340c944f58","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncer tainty and subjectivity of","page_number":114,"box":{"x":70,"y":891,"width":755,"height":11}},{"id":"153e3d46-4e37-4aab-85a9-2bddd7f2fd12","block_type":"box","text":"determining the fair value of investments that do not have a readily available market value, the fair value of a Fund’s","page_number":114,"box":{"x":69,"y":906,"width":830,"height":12}},{"id":"bf4f7b9c-a69b-4793-bb82-37e3dc366780","block_type":"box","text":"II-71","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"69aa14da-7388-44d1-a3b5-fc1d1b472050","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":114,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8aafc47a-c25d-4eac-a30c-7263acc98510","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":115,"box":{"x":70,"y":45,"width":835,"height":11}},{"id":"2d065111-f7dc-4f54-87eb-d94619a53b29","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":115,"box":{"x":68,"y":60,"width":766,"height":11}},{"id":"355f256d-9729-4c3c-9433-1f18150b314c","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":115,"box":{"x":69,"y":75,"width":792,"height":11}},{"id":"6af9cbde-91c8-4e09-ae84-a6feb3b417f4","block_type":"box","text":"Fund’s shareholder transactions being effected at a NAV that does not accurately reflect the underlying value of the","page_number":115,"box":{"x":70,"y":90,"width":821,"height":11}},{"id":"758ebe6d-5c59-45d2-b1d5-c8dbf0e02cf8","block_type":"box","text":"Fund’s por tfolio, potentially resulting in the dilution of shareholder interests and increasing oppor tunities for","page_number":115,"box":{"x":70,"y":105,"width":771,"height":11}},{"id":"7663cd18-5fa2-43bb-995f-c4f8a93a6b23","block_type":"box","text":"shareholder arbitrage. The values used by the Fund to price its restricted securities may also differ from those used","page_number":115,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"4df8b64a-1dd2-455d-8dd8-260a2c71e6b6","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":115,"box":{"x":69,"y":135,"width":790,"height":11}},{"id":"af36df6e-2a73-4b29-b652-5634034d384d","block_type":"box","text":"changes in the market environment and other events on the fair values of a Fund’s investments that have no readily","page_number":115,"box":{"x":69,"y":150,"width":828,"height":12}},{"id":"07f11d87-e523-44eb-b3e9-e9749c58bd51","block_type":"box","text":"available market values may differ from the impact of such changes on the readily available market values for the","page_number":115,"box":{"x":69,"y":166,"width":810,"height":11}},{"id":"9719589b-641d-48a8-8267-d91257a60e59","block_type":"box","text":"Fund’s other investments. A Fund’s NAV could be adversely affected if the Fund’s determinations regarding the fair","page_number":115,"box":{"x":70,"y":181,"width":818,"height":11}},{"id":"4042124f-c113-4bfc-9fc6-b83b9d90bda4","block_type":"box","text":"value of the Fund’s investments were materially higher than the investment’s actual market or fair value or the values","page_number":115,"box":{"x":68,"y":196,"width":839,"height":11}},{"id":"b33a0b3a-bf66-42af-9a66-7effee031f4f","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":115,"box":{"x":68,"y":211,"width":514,"height":11}},{"id":"4ceba26f-ca91-48a1-bdbe-a272afc0ef14","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":115,"box":{"x":102,"y":234,"width":385,"height":11}},{"id":"611475dd-7ef4-4f10-bcd0-6822e86549a9","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":115,"box":{"x":102,"y":257,"width":246,"height":10}},{"id":"200467b4-5e95-48e4-a23c-57f40e82c642","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":115,"box":{"x":354,"y":257,"width":548,"height":11}},{"id":"f9252880-8949-4825-bd2a-5bbed68cac57","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":115,"box":{"x":68,"y":272,"width":830,"height":11}},{"id":"fbacb860-d0d8-4d5c-acfb-fb0284b13019","block_type":"box","text":"to another par ty and agrees to repurchase them at a par ticular date and price. A Fund may enter into a reverse","page_number":115,"box":{"x":68,"y":287,"width":793,"height":11}},{"id":"4b46ccb0-6315-4600-8725-58edfe91b3aa","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":115,"box":{"x":69,"y":302,"width":784,"height":11}},{"id":"d8f877cc-d92b-4742-878d-5677d93e501d","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":115,"box":{"x":70,"y":317,"width":591,"height":11}},{"id":"560d92bb-38b7-4f4c-8d83-a26c0fbea295","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":115,"box":{"x":101,"y":339,"width":730,"height":12}},{"id":"ec9239f9-2b4b-4244-a85b-83a7b98efe8b","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":115,"box":{"x":70,"y":355,"width":822,"height":11}},{"id":"ccb12b48-b4ed-4bee-b70d-4b5007bd95e8","block_type":"box","text":"of the proceeds will be less than the interest expense, (ii) the market value of the securities retained in lieu of sale","page_number":115,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"4fcb6ed6-3c8a-4a08-b60e-63f0fea107cc","block_type":"box","text":"by a Fund may decline below the price of the securities the Fund has sold but is obligated to repurchase, (iii) the","page_number":115,"box":{"x":69,"y":385,"width":801,"height":11}},{"id":"8d186580-0971-4e8c-a5e3-22e729584cd3","block_type":"box","text":"market value of the securities sold will decline below the price at which the Fund is required to repurchase them and","page_number":115,"box":{"x":69,"y":400,"width":830,"height":11}},{"id":"dd3bda59-4f70-4d05-ac40-66ec7fc3414e","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":115,"box":{"x":69,"y":415,"width":354,"height":11}},{"id":"abe414d0-8e87-4aeb-a97a-1ee569385a43","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":115,"box":{"x":102,"y":438,"width":769,"height":11}},{"id":"b99bae1d-d63a-47d9-80a2-de5bd6f18948","block_type":"box","text":"insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce a","page_number":115,"box":{"x":70,"y":453,"width":815,"height":11}},{"id":"81863c3f-e6ed-4555-ba45-191d70f12e8f","block_type":"box","text":"Fund’s obligations to repurchase the securities and the Fund’s use of the proceeds of the reverse repurchase","page_number":115,"box":{"x":70,"y":468,"width":782,"height":11}},{"id":"b2c33f39-3393-4e58-8809-50f391e960dc","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":115,"box":{"x":69,"y":483,"width":449,"height":11}},{"id":"0bb0b152-647c-4faa-9b01-caf11d81248e","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":115,"box":{"x":102,"y":506,"width":794,"height":11}},{"id":"e55a0685-b76e-4d9d-a2af-b442903e8a4f","block_type":"box","text":"similar financing transactions (","page_number":115,"box":{"x":69,"y":521,"width":218,"height":11}},{"id":"ada3634e-99cd-4cf9-8b4f-1224a5b0c986","block_type":"box","text":"e.g.","page_number":115,"box":{"x":289,"y":522,"width":24,"height":10}},{"id":"d470edd3-e806-4864-a50e-1f1fdab373cf","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":115,"box":{"x":316,"y":521,"width":594,"height":11}},{"id":"b1df4c71-2aa7-4b9b-827e-bb28738913dd","block_type":"box","text":"the limitation on the issuance of senior securities in Section 18 of the Investment Company Act, provided that the","page_number":115,"box":{"x":68,"y":536,"width":813,"height":11}},{"id":"607cd790-53a8-418e-9ddb-9bc650e5fe3b","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to all such transactions and any other","page_number":115,"box":{"x":70,"y":551,"width":789,"height":11}},{"id":"47a9cf7c-f4b1-4f20-96f2-ea2dd9770d2d","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":115,"box":{"x":69,"y":566,"width":836,"height":11}},{"id":"b96f5111-a153-415b-bba4-dd0c3ef5626e","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":115,"box":{"x":70,"y":581,"width":824,"height":12}},{"id":"d1d081b1-7097-4db4-8364-6307efcf8940","block_type":"box","text":"finalized rules that will require cer tain transactions involving U.S. Treasuries, including reverse repurchase","page_number":115,"box":{"x":68,"y":596,"width":758,"height":12}},{"id":"cf79829a-614f-4781-91bd-74d8b6fb6004","block_type":"box","text":"agreements, to be centrally cleared. Compliance with these rules is expected to be required by the middle of 2027.","page_number":115,"box":{"x":69,"y":612,"width":822,"height":11}},{"id":"d3e31876-c069-4a1b-aad7-e53c69f729f0","block_type":"box","text":"Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the","page_number":115,"box":{"x":68,"y":627,"width":838,"height":11}},{"id":"4dd85a37-5a2a-4ea8-a42b-02b254f46649","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s per formance.","page_number":115,"box":{"x":69,"y":642,"width":538,"height":11}},{"id":"61e10880-d6a5-4e93-b04d-82f364610411","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties","page_number":115,"box":{"x":101,"y":665,"width":780,"height":11}},{"id":"727d1704-84c3-4713-b682-219b9e682958","block_type":"box","text":"and cer tain of their affiliates to include in cer tain financial contracts, including many reverse repurchase agreements,","page_number":115,"box":{"x":69,"y":680,"width":838,"height":11}},{"id":"69fc21a2-2404-47e5-a717-27573a05eb96","block_type":"box","text":"terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such agreements, take","page_number":115,"box":{"x":68,"y":695,"width":775,"height":11}},{"id":"31e0aa48-dc5d-429a-bdf4-0325a51ccbe3","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":115,"box":{"x":68,"y":710,"width":754,"height":11}},{"id":"ee2f9c44-9b57-4826-9800-1e3e978d6369","block_type":"box","text":"counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible","page_number":115,"box":{"x":69,"y":725,"width":818,"height":11}},{"id":"d84d35bb-a839-4032-bce1-38a5f2a465aa","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":115,"box":{"x":68,"y":740,"width":783,"height":11}},{"id":"f20224d1-ccff-4ef7-b611-09201c14f46b","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":115,"box":{"x":69,"y":755,"width":800,"height":11}},{"id":"1b6dce1e-aaef-46dc-a7a5-b2686353c40f","block_type":"box","text":"amounts to be received under such agreements.","page_number":115,"box":{"x":69,"y":771,"width":345,"height":11}},{"id":"9671e214-6a25-4476-811e-a7f69c9ed537","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":115,"box":{"x":102,"y":793,"width":316,"height":11}},{"id":"69c22729-7c71-4da9-99cc-99f53632e53d","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":115,"box":{"x":424,"y":793,"width":481,"height":11}},{"id":"ced33ae6-59c6-4070-a531-6a44cfc5b6e3","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":115,"box":{"x":68,"y":808,"width":822,"height":11}},{"id":"daf9bdea-ecc1-4e0d-83a5-b191915c9b92","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":115,"box":{"x":69,"y":823,"width":776,"height":12}},{"id":"e9e75d7e-5dda-4322-88de-8d59b971a68e","block_type":"box","text":"normally have a shor t life span to expiration. The purchase of rights or warrants involves the risk that a Fund could","page_number":115,"box":{"x":69,"y":838,"width":817,"height":12}},{"id":"b844b1b5-2075-4984-bfd4-32d638565fcf","block_type":"box","text":"lose the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the","page_number":115,"box":{"x":70,"y":853,"width":833,"height":12}},{"id":"d104e4fd-e8fc-4b52-8d7a-729515d1fcf7","block_type":"box","text":"rights’ and warrants’ expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price","page_number":115,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"1a0850b2-4147-44ea-a809-18a26d13d9a0","block_type":"box","text":"paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the","page_number":115,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"d6f90ade-bd44-4073-b21f-3f5e2db5d3f3","block_type":"box","text":"subscribed security’s market price such as when there is no movement in the level of the underlying security. Buying","page_number":115,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"bfe5c337-fcb1-4256-bc36-81af26a5e78b","block_type":"box","text":"II-72","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fb11464c-3b8b-451a-9e6b-3f4ab19f3e9d","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":115,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"5b7d0b5e-1ee4-4915-8468-e86a87dfcc65","block_type":"box","text":"a warrant does not make the Fund a shareholder of the underlying stock. The warrant holder has no voting or","page_number":116,"box":{"x":69,"y":45,"width":777,"height":11}},{"id":"8d3a85c5-dd87-4c11-9b01-a4d599e1a768","block_type":"box","text":"dividend rights with respect to the underlying stock. A warrant does not carry any right to assets of the issuer, and for","page_number":116,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"bd13d4c5-297c-4491-a7a7-768d807619cc","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":116,"box":{"x":68,"y":75,"width":708,"height":11}},{"id":"63033870-3336-44b3-bad3-b2aaca8fef56","block_type":"box","text":"Rule 144A Securities.","page_number":116,"box":{"x":102,"y":98,"width":159,"height":9}},{"id":"6de573da-d8f7-4912-893f-5f4c7319caf3","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":116,"box":{"x":266,"y":98,"width":560,"height":11}},{"id":"09195dac-7b4f-4628-8edc-51c9aa1e82ca","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":116,"box":{"x":70,"y":113,"width":741,"height":11}},{"id":"e78ad61e-8c9a-4067-bac3-78e6c03e23d1","block_type":"box","text":"Securities Lending.","page_number":116,"box":{"x":101,"y":135,"width":139,"height":11}},{"id":"0c1aec17-085d-4317-98ca-e72d176b1816","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":116,"box":{"x":247,"y":135,"width":645,"height":11}},{"id":"a8757494-232e-4fc0-b3a5-ed9f62b32cf8","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":116,"box":{"x":69,"y":150,"width":825,"height":12}},{"id":"ff63ecfc-9bf8-4693-b34b-3865b50a958e","block_type":"box","text":"an amount at least equal to the current market value of the securities loaned. No securities loan shall be made on","page_number":116,"box":{"x":69,"y":166,"width":817,"height":11}},{"id":"9a759693-6e04-46fc-a725-72e82fb4e125","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the par ticular Fund exceeds one-third of","page_number":116,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"17c273ce-6e5b-430b-9921-690c48dccc12","block_type":"box","text":"the value of such Fund’s total assets (including the value of the collateral received). A Fund may terminate a loan at","page_number":116,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"f07cbd1c-2b64-425d-9d44-a253896c3b02","block_type":"box","text":"any time and obtain the return of the securities loaned. Each Fund receives, by way of substitute payment, the value","page_number":116,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"cd87ddcf-573a-4266-a0c2-292b5d1c23a5","block_type":"box","text":"of any interest or cash or non-cash distributions paid on the loaned securities that it would have otherwise received if","page_number":116,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"3eac5e29-cd95-486d-819f-174251ba8098","block_type":"box","text":"the securities were not on loan.","page_number":116,"box":{"x":68,"y":241,"width":225,"height":9}},{"id":"cba87a90-a23b-4775-ab9e-4c92fe6b9e98","block_type":"box","text":"With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee based on the","page_number":116,"box":{"x":101,"y":264,"width":799,"height":11}},{"id":"a53720a7-1c41-4e9f-a358-b221461505cd","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":116,"box":{"x":69,"y":279,"width":835,"height":11}},{"id":"0240c8e3-fdfd-408c-ac9e-e91540bf5348","block_type":"box","text":"reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, a Fund is","page_number":116,"box":{"x":69,"y":294,"width":824,"height":11}},{"id":"7b14f165-e9c1-4281-a172-bf4c0996d92a","block_type":"box","text":"compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any","page_number":116,"box":{"x":69,"y":309,"width":821,"height":11}},{"id":"3299ad0c-138f-47c4-bec1-3a2888c9189d","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in cer tain shor t-term","page_number":116,"box":{"x":69,"y":324,"width":810,"height":11}},{"id":"10b8301e-4f00-468a-a743-03ae8cf07c26","block_type":"box","text":"instruments either directly on behalf of the Fund or through one or more joint accounts or money market funds,","page_number":116,"box":{"x":70,"y":339,"width":789,"height":12}},{"id":"e84cad26-675c-4712-9216-f62f78df3298","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":116,"box":{"x":70,"y":355,"width":643,"height":11}},{"id":"3a4788ff-10eb-409f-97fe-cee60a5e9a2d","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":116,"box":{"x":102,"y":377,"width":568,"height":12}},{"id":"4f715fc7-efc4-4518-be1c-ecdc4120cbdc","block_type":"box","text":"i.e.","page_number":116,"box":{"x":672,"y":377,"width":20,"height":9}},{"id":"a615f0e1-9b4f-40ec-b159-2efd5a7aadb7","block_type":"box","text":", the risk of losses resulting","page_number":116,"box":{"x":695,"y":377,"width":198,"height":12}},{"id":"4bf4a051-50ef-4a2f-96e8-1a2cdcf966ef","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":116,"box":{"x":68,"y":392,"width":501,"height":12}},{"id":"a5fa8164-3d05-4507-bfda-68d672336144","block_type":"box","text":"i.e.","page_number":116,"box":{"x":571,"y":393,"width":20,"height":8}},{"id":"2b1b85ec-f397-4212-9b0c-bc37159f37d6","block_type":"box","text":", the risk of a mismatch between the return","page_number":116,"box":{"x":594,"y":392,"width":307,"height":11}},{"id":"8c4a5704-2257-45e3-9797-8b27dfad966d","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":116,"box":{"x":69,"y":407,"width":794,"height":12}},{"id":"4a030d93-dacd-441b-a302-91fe09de14c4","block_type":"box","text":"i.e.","page_number":116,"box":{"x":865,"y":408,"width":20,"height":8}},{"id":"58a3e305-5a85-4204-93ff-38023b1838a3","block_type":"box","text":",","page_number":116,"box":{"x":888,"y":415,"width":2,"height":3}},{"id":"08691988-a925-483e-838d-f91896095d3d","block_type":"box","text":"the risk of a shor tfall at default when a cash collateral investment is denominated in a currency other than the","page_number":116,"box":{"x":68,"y":423,"width":788,"height":11}},{"id":"2298990b-c6c6-48e4-a509-0c2a9833ae6e","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterpar ty and","page_number":116,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"8f7606b2-2d4c-42c6-9376-757e758f4dd4","block_type":"box","text":"market risks (including the risk that market events, including but not limited to corporate actions, could lead a Fund","page_number":116,"box":{"x":69,"y":453,"width":822,"height":11}},{"id":"426584b5-52ee-4fa3-8dba-bc85751e1de9","block_type":"box","text":"to lend securities that are trading at a premium due to increased demand, or to recall loaned securities or to lend","page_number":116,"box":{"x":68,"y":468,"width":811,"height":11}},{"id":"c7ffa6c1-f7e6-4823-b07b-05f281eaf61f","block_type":"box","text":"less or not at all, which could lead to reduced securities lending revenue). If a Fund were to lend out securities that","page_number":116,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"63b9787f-40d0-4a88-8ec5-43bba79114bf","block_type":"box","text":"are subject to a corporate action and commit to the borrower a par ticular election as determined by the Fund’s","page_number":116,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"852236c5-a46c-4ab4-a55c-f1d035744986","block_type":"box","text":"investment adviser, the benefit the Fund would receive in respect of committing to such election may or may not be","page_number":116,"box":{"x":70,"y":513,"width":820,"height":12}},{"id":"33a612fa-3549-4648-8619-aab19a435b1e","block_type":"box","text":"less than the benefit the Fund would have received from making a different election in such corporate action. If a","page_number":116,"box":{"x":70,"y":528,"width":805,"height":12}},{"id":"384f7438-7b9b-4d7d-9a62-73174d5c4e1f","block_type":"box","text":"securities lending counterpar ty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":116,"box":{"x":69,"y":543,"width":816,"height":12}},{"id":"c1b3a08b-159a-4030-809f-1e51344b9ccc","block_type":"box","text":"collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a","page_number":116,"box":{"x":69,"y":559,"width":775,"height":11}},{"id":"3bef2dd6-2b4b-4ff7-8b21-5a90716213c1","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to par ticipate in a corporate action event","page_number":116,"box":{"x":69,"y":574,"width":821,"height":11}},{"id":"2c4f5c83-1c4c-4075-aa15-12b2c74d9c24","block_type":"box","text":"may be impacted, or the Fund may experience losses if the proceeds received from liquidating the collateral do not at","page_number":116,"box":{"x":69,"y":589,"width":838,"height":11}},{"id":"a809054e-5788-46be-9e8f-edd0491ca05b","block_type":"box","text":"least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred","page_number":116,"box":{"x":70,"y":604,"width":837,"height":11}},{"id":"63b6f787-5b03-4201-b4f9-e6f061ddd4de","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":116,"box":{"x":70,"y":619,"width":808,"height":11}},{"id":"80e1eebb-5fc4-4227-8e01-8a2ce0915447","block_type":"box","text":"could lose money if its shor t-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":116,"box":{"x":69,"y":634,"width":839,"height":11}},{"id":"31f31554-2aa5-4c3b-9766-628c3989e08f","block_type":"box","text":"payments received by a Fund representing dividends paid on securities loaned out by the Fund will not be considered","page_number":116,"box":{"x":70,"y":650,"width":832,"height":11}},{"id":"aed0b55e-d395-4071-9582-67f3967651c4","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":116,"box":{"x":69,"y":664,"width":801,"height":12}},{"id":"32dfc08a-f56b-4dbf-9c59-95620e3009bd","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":116,"box":{"x":69,"y":680,"width":823,"height":11}},{"id":"78af9c95-8c79-4472-af71-386a941d91d8","block_type":"box","text":"REIT securities loaned out by the Fund will not be considered qualified REIT dividends, and distributions by the Fund","page_number":116,"box":{"x":70,"y":695,"width":823,"height":11}},{"id":"3f020f65-3527-4415-afdd-10c25503261a","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":116,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"b1e97525-c47c-4b6f-8597-e10845c011e8","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":116,"box":{"x":70,"y":725,"width":814,"height":11}},{"id":"6a7b5d3a-cece-450d-8cab-3282675712e5","block_type":"box","text":"will take into account the tax effects on shareholders caused by these differences in connection with a Fund’s","page_number":116,"box":{"x":68,"y":740,"width":787,"height":11}},{"id":"3647a71f-d76c-46a1-8c85-00bddc80555d","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":116,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"4d9a414a-d0dd-4b08-8a00-f9ae8c223b9e","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":116,"box":{"x":70,"y":770,"width":809,"height":12}},{"id":"46f72af5-732e-4285-878c-3f4957cec401","block_type":"box","text":"regulations, that may impact the regulatory or tax treatment of loaned securities and could, for example, result in a","page_number":116,"box":{"x":69,"y":785,"width":821,"height":12}},{"id":"4c121e75-7eff-44e0-820c-f398cce6c4cc","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":116,"box":{"x":69,"y":801,"width":731,"height":11}},{"id":"2ebae606-b974-4c0c-be52-6e86e5932f47","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":116,"box":{"x":102,"y":823,"width":800,"height":12}},{"id":"23c072d8-91c0-4bbe-8dbe-f44db81f8bbe","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":116,"box":{"x":68,"y":838,"width":802,"height":12}},{"id":"3377dc64-26ab-4ec4-977a-a44ae462e73d","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":116,"box":{"x":69,"y":853,"width":783,"height":12}},{"id":"322aedf0-1cfa-46be-a982-0416f77a4341","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit suppor t in the event that the counterpar ty and/or","page_number":116,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"6bf0df48-cd1c-4368-985a-2f63516aaa41","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":116,"box":{"x":70,"y":884,"width":747,"height":11}},{"id":"eb5e6fd0-428c-41c5-9c05-9d587b5ed88d","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":116,"box":{"x":69,"y":899,"width":806,"height":11}},{"id":"54f7fbf9-ed4b-4054-95d9-0ad33baf6a56","block_type":"box","text":"II-73","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2a8c6a16-3412-4cf3-ad52-6596c79b2a04","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":116,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6286662b-32ae-4343-9be8-3e4d231bc6c4","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":117,"box":{"x":69,"y":45,"width":808,"height":11}},{"id":"076342d9-b16d-4b1f-9cb2-b47c25511adb","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":117,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"ce61c53b-0c11-473b-928d-3389076c2d3f","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Cer tain Funds expect to provide","page_number":117,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"22b90a58-c3a0-4f5c-a6a1-3520382e96eb","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":117,"box":{"x":69,"y":90,"width":794,"height":11}},{"id":"ce4ed663-684e-4cb1-9113-0cb35f75c86d","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":117,"box":{"x":69,"y":105,"width":371,"height":11}},{"id":"858589a0-7519-43f6-bb2d-e71bb447ae9e","block_type":"box","text":"The SEC has adopted a rule that will require repor ting and public disclosure of securities loan transaction","page_number":117,"box":{"x":101,"y":128,"width":753,"height":11}},{"id":"44983158-da23-456b-95e8-230333aeed65","block_type":"box","text":"information (not including par ty names); this may include, but is not limited to, information about securities loans","page_number":117,"box":{"x":70,"y":143,"width":808,"height":11}},{"id":"6a627644-2646-4cf5-9cb6-923d74821ce9","block_type":"box","text":"entered into in connection with shor t sales. Compliance with this rule is expected to be required in late 2028,","page_number":117,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"08124197-8112-4ed3-98eb-ddf67b054d22","block_type":"box","text":"although in response to the outcome of a legal challenge against the rule, the SEC may amend the rule and/or delay","page_number":117,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"37248b0b-c486-466e-bd63-9b477828a56d","block_type":"box","text":"the current expected compliance date.","page_number":117,"box":{"x":68,"y":188,"width":273,"height":11}},{"id":"1e82a59e-8026-44de-b445-992a70e2ceea","block_type":"box","text":"Short Sales.","page_number":117,"box":{"x":101,"y":211,"width":89,"height":9}},{"id":"7edd2283-f818-4093-814c-f3e858d34e49","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":117,"box":{"x":196,"y":211,"width":696,"height":11}},{"id":"006ad562-92b3-45a6-b841-55527d7eeb1c","block_type":"box","text":"value of a por tfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":117,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"8a7a7c5c-ae14-4b81-b6ce-f22cef8f24d6","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":117,"box":{"x":69,"y":241,"width":778,"height":11}},{"id":"93cf9321-0070-421b-a49b-624d8ae2bbd5","block_type":"box","text":"“against-the-box.” In a shor t sale “against-the-box,” at the time of the sale, the Fund owns or has the immediate and","page_number":117,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"c581a714-7a55-459e-91be-46a014ff0555","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost. When a Fund makes a shor t sale, it borrows","page_number":117,"box":{"x":69,"y":272,"width":837,"height":11}},{"id":"57deece2-6c10-4c26-a534-65f6d7ad8024","block_type":"box","text":"the security sold shor t and delivers it to the broker-dealer through which it made the shor t sale. A Fund may have to","page_number":117,"box":{"x":68,"y":287,"width":828,"height":11}},{"id":"2a930b93-381b-408d-8e6f-1344150673f3","block_type":"box","text":"pay a fee to borrow par ticular securities and is often obligated to turn over any payments received on such borrowed","page_number":117,"box":{"x":70,"y":302,"width":829,"height":11}},{"id":"fb945a09-d88f-4feb-a0a2-a25e84f25fbe","block_type":"box","text":"securities to the lender of the securities.","page_number":117,"box":{"x":69,"y":317,"width":289,"height":9}},{"id":"c2bc3397-4383-4102-9754-beb5755bea6f","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":117,"box":{"x":101,"y":340,"width":772,"height":11}},{"id":"812e9a1d-2b12-4b43-b84c-788cbb99bbf7","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":117,"box":{"x":69,"y":355,"width":795,"height":11}},{"id":"8b7aacff-491d-49db-882f-6ac50c78aa65","block_type":"box","text":"uncovered shor t positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":117,"box":{"x":69,"y":370,"width":801,"height":11}},{"id":"1b0e3e23-db55-41a6-a4be-3456ba44b693","block_type":"box","text":"extent that the value of both collateral deposits in the aggregate is at all times equal to at least 100% of the current","page_number":117,"box":{"x":69,"y":385,"width":830,"height":11}},{"id":"a6feb5ee-ba4e-4507-9b9b-ca8b0346f355","block_type":"box","text":"market value of the security sold shor t. Depending on arrangements made with the broker-dealer from which the Fund","page_number":117,"box":{"x":69,"y":400,"width":839,"height":11}},{"id":"e3c79efe-fcc6-4960-93a9-0762e28e94e8","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":117,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"5d4ef896-65cc-4e9e-8fc0-811db3d0d429","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":117,"box":{"x":70,"y":430,"width":568,"height":11}},{"id":"ff4b8997-352f-4421-b348-66c019ca25d9","block_type":"box","text":"Because making shor t sales in securities that it does not own exposes a Fund to the risks associated with those","page_number":117,"box":{"x":102,"y":453,"width":806,"height":11}},{"id":"5909858e-a9d3-4625-9ec3-a36f77b98ce8","block_type":"box","text":"securities, such shor t sales involve speculative exposure risk. A Fund will incur a loss as a result of a shor t sale if","page_number":117,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"b91acfec-3eb6-43ce-afc5-7d8202029812","block_type":"box","text":"the price of the security increases between the date of the shor t sale and the date on which the Fund replaces the","page_number":117,"box":{"x":68,"y":483,"width":819,"height":11}},{"id":"baae113b-e414-428c-84ee-e8cb7ac39cd9","block_type":"box","text":"borrowed security. As a result, if a Fund makes shor t sales in securities that increase in value, it will likely","page_number":117,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"fdf6465d-9e8c-4aec-acf5-ede643512ceb","block_type":"box","text":"underper form similar mutual funds that do not make shor t sales in securities. A Fund will realize a gain on a shor t","page_number":117,"box":{"x":69,"y":513,"width":817,"height":12}},{"id":"d82204b6-dee3-4af7-a973-e69b0c81eae6","block_type":"box","text":"sale if the security declines in price between those dates. There can be no assurance that a Fund will be able to","page_number":117,"box":{"x":69,"y":528,"width":800,"height":12}},{"id":"c9c43989-d9bf-49c3-9088-0ab5559eba15","block_type":"box","text":"close out a shor t sale position at any par ticular time or at an acceptable price. Although a Fund’s gain is limited to","page_number":117,"box":{"x":69,"y":544,"width":818,"height":11}},{"id":"69580b5a-021b-4ad8-b9d7-b33d5eb76024","block_type":"box","text":"the price at which it sold the security shor t, its potential loss is limited only by the maximum attainable price of the","page_number":117,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"6fce3e3e-c371-4a31-b3ea-f107a835b1fd","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":117,"box":{"x":69,"y":574,"width":640,"height":11}},{"id":"8b39de7b-c1ea-43b3-8fce-de135e716e37","block_type":"box","text":"A Fund may also make shor t sales “against the box” without being subject to such limitations.","page_number":117,"box":{"x":101,"y":597,"width":673,"height":11}},{"id":"d5a297b7-2ea1-4dec-8a63-00eef5425272","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its shor t sale","page_number":117,"box":{"x":101,"y":619,"width":721,"height":11}},{"id":"4abb1e82-7c54-4d35-a559-f5b7ac2d9fde","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":117,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"ac14fc50-f288-47e1-b2ab-cdd91b44822b","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":117,"box":{"x":70,"y":649,"width":489,"height":12}},{"id":"ab37c0e5-19ff-4f15-bbfa-622e27542fe2","block_type":"box","text":"Shor t sales are also subject to cer tain SEC regulations and cer tain European Union and United Kingdom","page_number":117,"box":{"x":102,"y":672,"width":745,"height":11}},{"id":"78031050-4f5e-439f-8ef1-22298d8a28ba","block_type":"box","text":"regulations (under which there are restrictions on net shor t sales in cer tain securities). If the SEC or regulatory","page_number":117,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"3da55343-3a3d-4b66-ae4b-311d87afe54a","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding shor t sales, they could restrict a","page_number":117,"box":{"x":69,"y":703,"width":796,"height":11}},{"id":"7fe1f6ae-7a2b-42c5-ba00-42cec4761e66","block_type":"box","text":"Fund’s ability to engage in shor t sales in cer tain circumstances, and the Fund may be unable to execute its","page_number":117,"box":{"x":70,"y":718,"width":766,"height":11}},{"id":"3b9a3a4f-fca5-44b9-979e-0837864fcfbb","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":117,"box":{"x":70,"y":733,"width":754,"height":11}},{"id":"714ed06e-cbd7-4582-b190-b2047775de73","block_type":"box","text":"jurisdictions may adopt (and in cer tain cases, have adopted) bans or other restrictions on shor t sales of cer tain","page_number":117,"box":{"x":67,"y":748,"width":800,"height":11}},{"id":"c2d41a71-0422-4795-b7df-3302a65b411b","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":117,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"6dc57a52-c84a-49f6-b9f0-9b39bbf42190","block_type":"box","text":"other restrictions may make it impossible for a Fund to execute cer tain investment strategies and may have a","page_number":117,"box":{"x":69,"y":778,"width":782,"height":11}},{"id":"518a3e25-b156-4eec-a7d6-d232e7b5e318","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":117,"box":{"x":69,"y":793,"width":460,"height":11}},{"id":"c5877071-5293-41e2-ac9a-5ccbc091e00c","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":117,"box":{"x":101,"y":816,"width":293,"height":11}},{"id":"470c41d0-1586-4425-ace0-12ef1fec2db4","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":117,"box":{"x":400,"y":816,"width":504,"height":11}},{"id":"c03807a0-91c8-4caf-b396-f47bb96467c1","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":117,"box":{"x":69,"y":831,"width":791,"height":11}},{"id":"ba1e7c4d-0e09-4962-81ae-8a4381255d5f","block_type":"box","text":"potential acquisition oppor tunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":117,"box":{"x":70,"y":846,"width":793,"height":11}},{"id":"695ace06-f863-48eb-8d65-b9dbc666f2f8","block_type":"box","text":"publicly traded company that raises investment capital via an IPO for the purpose of identifying and acquiring one or","page_number":117,"box":{"x":70,"y":861,"width":824,"height":11}},{"id":"8abe331a-0ef8-40f5-a28f-e12efa6945b0","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":117,"box":{"x":69,"y":876,"width":821,"height":11}},{"id":"0f45b0d3-1593-4565-8ce7-38479f16b586","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":117,"box":{"x":69,"y":891,"width":768,"height":12}},{"id":"fab86033-85fc-4c5d-a29d-7f04722e3960","block_type":"box","text":"percentage (typically 20%) of the SPAC’s outstanding common stock upon completion of the IPO. At the time a SPAC","page_number":117,"box":{"x":70,"y":906,"width":826,"height":12}},{"id":"a9c63c02-413c-470d-8015-82e7fff2b332","block_type":"box","text":"II-74","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fff4cba2-3c9c-4c5c-a187-1656ee182b92","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":117,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"d5c05cc5-b21a-40ad-86bb-0e1565c125b1","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition oppor tunity.","page_number":118,"box":{"x":69,"y":45,"width":809,"height":11}},{"id":"234000f1-b078-4151-964c-9704db334f30","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":118,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"628d7371-ae4b-420a-8edf-7c33472bbf1f","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":118,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"fdfcba16-caf9-46a8-b176-78d6e5454d3c","block_type":"box","text":"within a pre-established period of time, the invested funds are returned to the SPAC’s public shareholders, the","page_number":118,"box":{"x":68,"y":90,"width":788,"height":11}},{"id":"0f11f8ab-ba12-48aa-b459-d883cb463e0d","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":118,"box":{"x":68,"y":105,"width":794,"height":11}},{"id":"ed0e367f-0330-4f92-a396-90d27e042a65","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":118,"box":{"x":69,"y":120,"width":820,"height":12}},{"id":"ac4f6f67-d45b-4f2e-84a2-84b046cf4a44","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":118,"box":{"x":68,"y":135,"width":815,"height":12}},{"id":"e2072326-66c6-443a-85f8-996f7b97e406","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":118,"box":{"x":70,"y":150,"width":802,"height":12}},{"id":"a930b170-4c85-40d3-82b4-e63158bff6a7","block_type":"box","text":"There is no guarantee that the SPACs in which a Fund invests will complete an acquisition or that any acquisitions","page_number":118,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"4fe593e7-1e7a-4653-9ba8-86d1a817268f","block_type":"box","text":"completed by the SPACs in which the Fund invests will be profitable. Some SPACs may pursue acquisitions only within","page_number":118,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"1524aff0-0193-4802-9593-1f8e1749c874","block_type":"box","text":"cer tain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the","page_number":118,"box":{"x":69,"y":196,"width":806,"height":11}},{"id":"a471ec57-958b-4d59-910a-a41d113fac27","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":118,"box":{"x":69,"y":211,"width":828,"height":11}},{"id":"704ed5a9-b482-4560-8878-bb87bb9f2806","block_type":"box","text":"Standby Commitment Agreements.","page_number":118,"box":{"x":101,"y":234,"width":255,"height":11}},{"id":"1295ac9f-c01a-4606-828d-61fa322057f0","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":118,"box":{"x":362,"y":234,"width":511,"height":11}},{"id":"dd0d93b7-213d-4824-ae69-37bee58c6190","block_type":"box","text":"time, to purchase a stated amount of securities that may be issued and sold to that Fund at the option of the issuer.","page_number":118,"box":{"x":68,"y":249,"width":834,"height":11}},{"id":"3a0ccd02-dc7e-48d2-8bb1-8405aa3d66a1","block_type":"box","text":"The price of the security is fixed at the time of the commitment. At the time of entering into the agreement, a Fund is","page_number":118,"box":{"x":68,"y":264,"width":834,"height":11}},{"id":"004de110-1311-4685-a8e4-eacb57787503","block_type":"box","text":"paid a commitment fee, regardless of whether or not the security is ultimately issued. A Fund will enter into such","page_number":118,"box":{"x":70,"y":279,"width":802,"height":11}},{"id":"e3233494-cc56-4592-a40d-73a00de142ce","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":118,"box":{"x":69,"y":294,"width":793,"height":11}},{"id":"b37ab55c-5445-4448-89f4-4e88ede4dafb","block_type":"box","text":"advantageous to the Fund.","page_number":118,"box":{"x":69,"y":309,"width":188,"height":11}},{"id":"52a31b76-047a-48e5-ac50-671ed7c4fc70","block_type":"box","text":"There can be no assurance that the securities subject to a standby commitment will be issued, and the value of","page_number":118,"box":{"x":101,"y":332,"width":800,"height":11}},{"id":"3d30cbc9-d0ec-4cb6-8a5d-35d8722318d0","block_type":"box","text":"the security, if issued, on the delivery date may be more or less than its purchase price. Since the issuance of the","page_number":118,"box":{"x":68,"y":347,"width":816,"height":11}},{"id":"024aee66-8444-4ff5-a8d5-55b520c6cdb4","block_type":"box","text":"security underlying the commitment is at the option of the issuer, the Fund may bear the risk of a decline in the value","page_number":118,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"5b118dce-bf46-40f8-810a-e999dcdfbb13","block_type":"box","text":"of such security and may not benefit from an appreciation in the value of the security during the commitment period.","page_number":118,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"94b49de5-edb1-4082-8d95-2a8fb50ec39d","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":118,"box":{"x":101,"y":400,"width":785,"height":11}},{"id":"0456fc17-dc0a-43f2-8dcc-2c2a5b7256b9","block_type":"box","text":"be recorded on the date on which the security can reasonably be expected to be issued, and the value of the security","page_number":118,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"77f7e689-09a6-4326-aa5c-7c903d9df9ec","block_type":"box","text":"thereafter will be reflected in the calculation of a Fund’s NAV. The cost basis of the security will be adjusted by the","page_number":118,"box":{"x":68,"y":430,"width":815,"height":11}},{"id":"3af5f62b-5c21-4329-a483-be7a7675f5ce","block_type":"box","text":"amount of the commitment fee. In the event the security is not issued, the commitment fee will be recorded as","page_number":118,"box":{"x":69,"y":445,"width":792,"height":11}},{"id":"517c92a1-28b8-4315-b9e1-f85ecd3bd0f1","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":118,"box":{"x":70,"y":460,"width":415,"height":12}},{"id":"c20b01df-df63-4a80-8fae-d1dedf2b208e","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":118,"box":{"x":102,"y":483,"width":789,"height":11}},{"id":"72be2235-aa7d-470f-9f32-83283a8b5fcf","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":118,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"3bf73504-314e-4bcc-899c-c7bb9151a343","block_type":"box","text":"por tfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":118,"box":{"x":70,"y":513,"width":827,"height":12}},{"id":"ae608e5d-29b2-49dd-92fe-b59875eb15b9","block_type":"box","text":"at zero in determining NAV. Accordingly, where a Fund pays directly or indirectly for a standby commitment, its cost","page_number":118,"box":{"x":69,"y":528,"width":815,"height":12}},{"id":"df1257d3-38cc-40ef-9243-882a57839d8d","block_type":"box","text":"will be reflected as an unrealized loss for the period during which the commitment is held by such Fund and will be","page_number":118,"box":{"x":68,"y":543,"width":817,"height":12}},{"id":"d9ffc4f9-1f22-42a9-adac-20d041c349ff","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":118,"box":{"x":69,"y":559,"width":578,"height":11}},{"id":"41127f86-2268-4563-a070-87f03992d456","block_type":"box","text":"Stripped Securities.","page_number":118,"box":{"x":101,"y":581,"width":143,"height":11}},{"id":"617304c0-322a-4e8d-b898-81c52c734fed","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":118,"box":{"x":251,"y":581,"width":596,"height":11}},{"id":"b1cde254-ab90-434e-8319-0cd2a22efba3","block_type":"box","text":"components of an instrument and sells them as separate securities. In general, one security is entitled to receive the","page_number":118,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"60c9a445-f7cd-44d6-9c14-b95f334c2f8f","block_type":"box","text":"interest payments on the underlying assets (the interest only or “IO” security) and the other to receive the principal","page_number":118,"box":{"x":70,"y":612,"width":818,"height":11}},{"id":"cc356f0b-1d9b-4dda-a089-dfd5fb5094af","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":118,"box":{"x":70,"y":627,"width":813,"height":11}},{"id":"5f4e568f-60d4-4512-93b3-5383494d7740","block_type":"box","text":"principal payments. The yields to maturity on IOs and POs are sensitive to the expected or anticipated rate of","page_number":118,"box":{"x":70,"y":642,"width":777,"height":11}},{"id":"96ba4f84-5ad3-421d-beb5-57868dc40b96","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":118,"box":{"x":70,"y":657,"width":802,"height":11}},{"id":"4c34246e-7a63-4352-8650-865687a9c02e","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":118,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"f422aaa8-06e6-4313-b580-c925101f8d20","block_type":"box","text":"principal, a Fund may not fully recoup its initial investment in IOs. Conversely, if the underlying assets experience less","page_number":118,"box":{"x":70,"y":687,"width":837,"height":11}},{"id":"d43972ab-c3d6-4ac4-b4c9-61b2cc1da827","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":118,"box":{"x":68,"y":702,"width":823,"height":11}},{"id":"144836d6-a2bb-4220-bf71-58e6b2cf5aa7","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":118,"box":{"x":69,"y":717,"width":494,"height":12}},{"id":"f4b25098-d5c8-4161-a48d-8e5a1637e7c8","block_type":"box","text":"Structured Notes.","page_number":118,"box":{"x":101,"y":740,"width":130,"height":9}},{"id":"0b4463bd-bc30-4678-8743-87965e57bf20","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":118,"box":{"x":237,"y":740,"width":650,"height":11}},{"id":"ddf03bc6-23bc-42fd-bafa-f1cbbd92caa6","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the per formance of a","page_number":118,"box":{"x":69,"y":755,"width":818,"height":11}},{"id":"c401584e-2636-4ee9-a539-6832795e8ab6","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":118,"box":{"x":69,"y":770,"width":839,"height":12}},{"id":"fd8183b9-311f-49e7-aa99-c71a46e97a63","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":118,"box":{"x":70,"y":786,"width":821,"height":11}},{"id":"6bc1a75a-95bb-4d41-b935-3d21126d9013","block_type":"box","text":"increase or decrease, depending upon changes in the value of the reference measure. The terms of a structured note","page_number":118,"box":{"x":70,"y":801,"width":839,"height":11}},{"id":"efa3b721-bbe2-429d-961c-28672c98f902","block_type":"box","text":"may provide that, in cer tain circumstances, no principal is due at maturity and, therefore, may result in a loss of","page_number":118,"box":{"x":69,"y":816,"width":801,"height":11}},{"id":"c7c0d17a-638d-44af-9f25-54e4e8b0313d","block_type":"box","text":"invested capital by a Fund. The interest and/or principal payments that may be made on a structured product may","page_number":118,"box":{"x":70,"y":831,"width":813,"height":11}},{"id":"e667c3c0-b14a-4af6-97db-6d5b73a9b324","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":118,"box":{"x":68,"y":846,"width":673,"height":11}},{"id":"bb8cb69a-75e1-4b1d-87d1-0a7616fc7e3a","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":118,"box":{"x":102,"y":869,"width":768,"height":11}},{"id":"71de4b74-24a0-46d0-a0c0-190b975a8f72","block_type":"box","text":"produce an increase or a decrease in the interest rate or the value of the principal at maturity. The rate of return on","page_number":118,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"d97156e4-f72a-461e-86be-5bdc4b18743a","block_type":"box","text":"II-75","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7f63f89e-6f5b-48e5-8019-d3f4d7d131f8","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":118,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ed7e1a4c-62ef-406d-8bd4-2a156a04f2a5","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":119,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"24a710c1-9fbc-438a-89e1-61e9df0cb1b3","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":119,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"20bf467a-d7f6-4896-a5a9-f733333a52d1","block_type":"box","text":"the risk of loss.","page_number":119,"box":{"x":68,"y":75,"width":110,"height":9}},{"id":"862bb813-140b-4c63-815a-80cf2e06efaa","block_type":"box","text":"The purchase of structured notes exposes a Fund to the credit risk of the issuer of the structured product.","page_number":119,"box":{"x":101,"y":98,"width":759,"height":11}},{"id":"609f0e59-415e-438f-9278-75bbfba5f4d0","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":119,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"c53c290b-50d7-477b-a0a4-491e3a133e70","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":119,"box":{"x":69,"y":128,"width":819,"height":11}},{"id":"813132dd-45cd-40c4-ae57-d7395e4322cc","block_type":"box","text":"illiquid making them difficult to sell when the Fund determines to sell them. The possible lack of a liquid secondary","page_number":119,"box":{"x":70,"y":143,"width":821,"height":11}},{"id":"f29acc5f-f486-4b33-9408-4228057f2316","block_type":"box","text":"market for structured notes and the resulting inability of the Fund to sell a structured note could expose the Fund to","page_number":119,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"0c2fcb8e-beea-42de-9e83-40cb0ab659e3","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":119,"box":{"x":70,"y":173,"width":618,"height":11}},{"id":"2b86d443-502d-441b-936c-069ba3b45369","block_type":"box","text":"Taxability Risk.","page_number":119,"box":{"x":103,"y":196,"width":109,"height":11}},{"id":"f4c1ead4-3e68-4a67-885d-43e8c36788a3","block_type":"box","text":"Cer tain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":119,"box":{"x":218,"y":196,"width":644,"height":11}},{"id":"5bb0cc6c-a7f8-415a-bb1c-bbba81c087d6","block_type":"box","text":"investing in tax-exempt or municipal securities in reliance at the time of purchase on an opinion of bond counsel to","page_number":119,"box":{"x":70,"y":211,"width":817,"height":11}},{"id":"eb8e2369-1e28-4986-8752-5005f865c089","block_type":"box","text":"the issuer and, in the case of derivative securities, sponsors’ counsel, that the interest paid on those securities will","page_number":119,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"e32b8b72-0045-4f90-a074-f20c074bcc3a","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":119,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"9f818dac-da95-4751-9be1-d679ba6bec80","block_type":"box","text":"to pay, or have paid, taxable income subsequent to the Fund’s acquisition of the securities. In that event, the IRS","page_number":119,"box":{"x":68,"y":256,"width":809,"height":11}},{"id":"e00eb835-2fe7-4a90-bd30-a6b9262cb991","block_type":"box","text":"may demand that the Fund pay U.S. federal income taxes on the affected interest income, and, if the Fund agrees to","page_number":119,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"6b3af502-d871-4fbc-a784-9a404f80904a","block_type":"box","text":"do so, the Fund’s yield could be adversely affected. In addition, the treatment of dividends previously paid or to be","page_number":119,"box":{"x":69,"y":286,"width":816,"height":12}},{"id":"b57ae653-9ca9-4126-a78f-2f18a5b0c94c","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":119,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"0725a87f-ec57-41b2-aeb3-498f2a96cbf8","block_type":"box","text":"increased U.S. federal income tax liabilities. If the interest paid on any tax-exempt or municipal security held by the","page_number":119,"box":{"x":70,"y":317,"width":818,"height":11}},{"id":"5b3c6053-0d56-472c-a0ef-a06b1f054561","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":119,"box":{"x":70,"y":332,"width":771,"height":11}},{"id":"78a806aa-696d-4e99-a127-9d0cbe65f320","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":119,"box":{"x":70,"y":347,"width":765,"height":11}},{"id":"42e47146-5864-4bf2-a34d-513488d08ac1","block_type":"box","text":"securities to be subject, directly or indirectly, to U.S. federal income taxation or interest on state municipal securities","page_number":119,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"a6c060a6-a5f4-485b-a8fa-3f71028b7fc8","block_type":"box","text":"to be subject to state or local income taxation, or the value of state municipal securities to be subject to state or","page_number":119,"box":{"x":68,"y":377,"width":807,"height":11}},{"id":"96dd2137-d2d2-49eb-b9d6-a1cb5cac86d6","block_type":"box","text":"local intangible personal proper ty tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":119,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"8d91da97-df9b-46ea-86e3-84aba0686596","block_type":"box","text":"tax-exempt status of such securities. Any such change could also affect the market price of such securities, and thus","page_number":119,"box":{"x":68,"y":407,"width":838,"height":12}},{"id":"997c752d-5974-44f8-bc85-a22fae2f0d88","block_type":"box","text":"the value of an investment in the Fund.","page_number":119,"box":{"x":68,"y":423,"width":278,"height":9}},{"id":"1cf2bd98-e6cd-4b2b-be4b-f004adb09415","block_type":"box","text":"Temporary Defensive Measures.","page_number":119,"box":{"x":103,"y":445,"width":230,"height":11}},{"id":"ddc69125-bdcd-462d-9caa-c78edbc01c22","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":119,"box":{"x":339,"y":445,"width":542,"height":12}},{"id":"80155daf-73cc-4e98-846f-0af09e352e4f","block_type":"box","text":"economic, political or other conditions, a Fund may depar t from its principal investment strategies and may invest","page_number":119,"box":{"x":69,"y":460,"width":811,"height":12}},{"id":"da1199d8-7bda-4847-b043-8734f55d1827","block_type":"box","text":"without limitation in cash, high quality money market instruments, or other shor t term investments. Cer tain Funds","page_number":119,"box":{"x":68,"y":476,"width":813,"height":11}},{"id":"2c6e07d9-8517-42ec-bca4-052cf396fc2e","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":119,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"4307f522-ab51-461d-93d6-3079efa206db","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":119,"box":{"x":70,"y":506,"width":813,"height":11}},{"id":"cf129adc-d26c-4d6e-ab3d-417ef4f5d147","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":119,"box":{"x":69,"y":521,"width":795,"height":11}},{"id":"dd032403-9198-4e98-b468-18838b14967b","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":119,"box":{"x":68,"y":536,"width":806,"height":11}},{"id":"4ed25836-46f8-4549-b5e1-718c7af5707c","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":119,"box":{"x":69,"y":551,"width":808,"height":11}},{"id":"fb80e6fc-64fc-4a92-a29c-aad99139fde4","block_type":"box","text":"within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability to achieve","page_number":119,"box":{"x":68,"y":566,"width":820,"height":11}},{"id":"0fa650a6-1998-46eb-981a-bc990db4c1c8","block_type":"box","text":"its investment objective.","page_number":119,"box":{"x":70,"y":582,"width":171,"height":10}},{"id":"ed6de3a3-c298-4225-95fb-e9f7f4909526","block_type":"box","text":"U.S. Government Obligations.","page_number":119,"box":{"x":102,"y":604,"width":213,"height":11}},{"id":"e7da0b81-9cf0-4ca5-97e1-cb43770b2722","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":119,"box":{"x":321,"y":604,"width":566,"height":11}},{"id":"9606885b-f215-4308-a94b-b2e7eccd48a1","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":119,"box":{"x":69,"y":619,"width":810,"height":11}},{"id":"2a2f809a-d5f8-4083-a0af-87f12000b7a3","block_type":"box","text":"U.S. Government are suppor ted by the full faith and credit of the U.S. Treasury. Others are suppor ted by the right of","page_number":119,"box":{"x":70,"y":634,"width":826,"height":12}},{"id":"febb5f35-ba6f-4f34-b20e-910d69414e95","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are suppor ted only by the credit of the agency or","page_number":119,"box":{"x":68,"y":649,"width":779,"height":12}},{"id":"2f89be5b-9ff6-4dd2-9e20-d27a8a14bf0a","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":119,"box":{"x":70,"y":664,"width":798,"height":12}},{"id":"f2ea6a2e-8f54-43f6-a90a-f31b9eb760c3","block_type":"box","text":"suppor t to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Cer tain U.S. Treasury","page_number":119,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"c46607e3-b2d9-4c6e-ac6b-8103de23c7dd","block_type":"box","text":"and agency securities may be held by trusts that issue par ticipation cer tificates (such as Treasury income growth","page_number":119,"box":{"x":69,"y":695,"width":809,"height":11}},{"id":"b7f428f3-0b17-408b-a7b6-7e93427ffe01","block_type":"box","text":"receipts and cer tificates of accrual on Treasury cer tificates). These cer tificates, as well as Treasury receipts and","page_number":119,"box":{"x":69,"y":710,"width":805,"height":11}},{"id":"bda8e35f-cd2c-4665-8c12-fea85b6a6425","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":119,"box":{"x":69,"y":725,"width":807,"height":11}},{"id":"ba8d7e97-ed19-4ae4-b8d4-a7c04c76ea72","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":119,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"14dda67a-bfa3-41e6-91d8-b059bf47167c","block_type":"box","text":"and may (par ticularly in the case of stripped mor tgage-backed securities) exhibit greater price volatility than ordinary","page_number":119,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"b0c573ff-2438-47df-8d89-e90b82280c7c","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":119,"box":{"x":69,"y":770,"width":716,"height":11}},{"id":"6eb6399c-fd18-4c7f-b152-23628ba21cec","block_type":"box","text":"Examples of the types of U.S. Government obligations that may be held by the Funds include U.S. Treasury Bills,","page_number":119,"box":{"x":102,"y":793,"width":800,"height":11}},{"id":"6c6c6633-2528-4525-8712-6f49d94a2673","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":119,"box":{"x":68,"y":808,"width":785,"height":11}},{"id":"a383003c-de10-43f3-8023-c96547f43aee","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":119,"box":{"x":68,"y":823,"width":813,"height":11}},{"id":"ee6e0d17-81db-49dc-b5ae-25f57253cb5d","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":119,"box":{"x":70,"y":838,"width":794,"height":12}},{"id":"9fc29079-13e2-4908-87f3-0e7800b3db75","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":119,"box":{"x":69,"y":854,"width":835,"height":10}},{"id":"10b901aa-21b4-45f7-9913-2c33446127cd","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":119,"box":{"x":69,"y":869,"width":818,"height":11}},{"id":"17e98f16-ca55-4b52-8a03-fb283e31836d","block_type":"box","text":"Funds may also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":119,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"ea000341-54e0-4f8e-bee7-e21715bf268c","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":119,"box":{"x":70,"y":899,"width":749,"height":11}},{"id":"f648e050-1971-4a12-ba2c-547c7272176b","block_type":"box","text":"II-76","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"44bf4853-4d81-456a-ac23-f9a7a25cf3f5","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":119,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"d192d9b7-9768-4c21-9a1a-50e5ebf7b9b5","block_type":"box","text":"U.S. Treasury Obligations.","page_number":120,"box":{"x":103,"y":45,"width":183,"height":11}},{"id":"4fbe852c-cb69-43cc-bf59-e32babe8e616","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":120,"box":{"x":292,"y":45,"width":593,"height":11}},{"id":"da4c3943-b143-4ca5-9fd8-ef4a7ce812c8","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":120,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"352b72d4-f929-410d-8c27-f835105d5238","block_type":"box","text":"of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given","page_number":120,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"d1660bef-7250-45a3-9869-05e5e7e1ee00","block_type":"box","text":"that the U.S. Government will provide financial suppor t to its agencies and authorities if it is not obligated by law to","page_number":120,"box":{"x":68,"y":90,"width":823,"height":11}},{"id":"498d15b4-9696-4b72-8b38-e65e3130f03e","block_type":"box","text":"do so.","page_number":120,"box":{"x":69,"y":105,"width":42,"height":9}},{"id":"20fb8328-9e3b-4ed3-8f99-7562d8a5f36b","block_type":"box","text":"U.S. Treasury Rolls","page_number":120,"box":{"x":102,"y":128,"width":139,"height":11}},{"id":"54e5ed1a-7f66-47c4-9b8f-b707a0b50847","block_type":"box","text":".","page_number":120,"box":{"x":241,"y":135,"width":3,"height":2}},{"id":"90b4d641-cc6d-4edb-95e5-e6c6ccad4c17","block_type":"box","text":"Cer tain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":120,"box":{"x":250,"y":128,"width":656,"height":11}},{"id":"af8f6f69-a7fa-4fa5-a017-46be52d59fff","block_type":"box","text":"sells a treasury security to a counterpar ty with a simultaneous agreement to repurchase the same security at an","page_number":120,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"285150f9-0652-42a8-b765-f10974e26894","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":120,"box":{"x":69,"y":158,"width":820,"height":11}},{"id":"18a046c7-8a04-4039-9dd2-916cce8ee798","block_type":"box","text":"maturity of a Fund’s por tfolio and increase the interest yield on the Fund’s por tfolio by extending the average maturity","page_number":120,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"a17dc96b-7e30-4309-b4fe-d5e9db3fbf38","block_type":"box","text":"of the por tfolio in a normal yield curve environment. During the period before the settlement date of a U.S. Treasury","page_number":120,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"9fbcfda3-5fd8-4d40-90a3-0cfd778df365","block_type":"box","text":"roll, a Fund continues to earn interest on the securities it is selling; however, it does not earn interest on the","page_number":120,"box":{"x":69,"y":204,"width":775,"height":11}},{"id":"e7c04aad-a7c7-41f8-b174-c127900d89ab","block_type":"box","text":"securities it is purchasing until after the settlement date. A Fund could suffer an oppor tunity loss if the counterpar ty","page_number":120,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"4b364cb1-5e02-4057-b5a2-4f062fba78f5","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":120,"box":{"x":68,"y":234,"width":657,"height":11}},{"id":"22b31140-5966-4a76-9edc-4e21adc97944","block_type":"box","text":"The market value of the securities that a Fund is required to purchase may decline below the agreed upon","page_number":120,"box":{"x":101,"y":256,"width":756,"height":12}},{"id":"6fcee54b-2cb8-4baf-90eb-b0a5209dff35","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":120,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"af6c32af-6a77-415e-ad81-8a2c02e8f294","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":120,"box":{"x":70,"y":286,"width":617,"height":12}},{"id":"3fa5fad4-97ec-4cab-9870-dba5425f5856","block_type":"box","text":"Utility Industries.","page_number":120,"box":{"x":102,"y":309,"width":124,"height":11}},{"id":"b6d3ed01-2072-4fc8-867d-0d240aca67b4","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":120,"box":{"x":233,"y":309,"width":674,"height":11}},{"id":"c862fa7c-3620-46dc-b057-cc59042aa33d","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":120,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"3070a019-d2d3-403a-b8ea-e4683f36d9d5","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":120,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"024cfabd-b73e-430d-b444-159b5b1bc07c","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":120,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"c09dee8b-f673-4b08-a7d1-00c0c698c223","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":120,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"69c67864-8a49-46b5-ac7a-0df6acaf9dde","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":120,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"21ffd58f-38f4-4f36-a236-e279b5f6676e","block_type":"box","text":"availability and high costs of natural gas for resale, the effects of energy conservation, the effects of a national","page_number":120,"box":{"x":69,"y":400,"width":795,"height":11}},{"id":"b46f00c6-917c-4ebf-a1d9-3f935ed88fca","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":120,"box":{"x":69,"y":415,"width":774,"height":11}},{"id":"ff56bd98-7259-49b9-b318-6fd67813a2ee","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":120,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"51dcd1d8-0595-49da-8210-9c9698e2ed79","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":120,"box":{"x":69,"y":445,"width":839,"height":11}},{"id":"26953bb6-6aeb-4af0-9460-617a72458b9d","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":120,"box":{"x":68,"y":460,"width":827,"height":12}},{"id":"299f5cd8-6cf7-459d-b1a4-4f7a2cb1eb1c","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":120,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"f14948cf-401a-438e-a89f-a085988a05ba","block_type":"box","text":"authorities will, in the future, grant rate increases or that such increases will be adequate to permit the payment of","page_number":120,"box":{"x":69,"y":491,"width":821,"height":11}},{"id":"d6036b8a-c605-4046-a9db-6de15e735a71","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":120,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"0360f8d5-9e34-424f-953f-075584d8f3e6","block_type":"box","text":"legislation may make it even more difficult for utilities to obtain adequate relief. Cer tain of the issuers of securities","page_number":120,"box":{"x":70,"y":521,"width":820,"height":11}},{"id":"d4f47cf1-5431-40e0-94ed-e92cabf16536","block_type":"box","text":"held in the Fund’s por tfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":120,"box":{"x":69,"y":536,"width":835,"height":11}},{"id":"15af7d62-f6e8-4848-adda-783605f7357b","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":120,"box":{"x":68,"y":551,"width":778,"height":11}},{"id":"c2118ad7-dff2-4592-acca-b6b83d0b18a2","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":120,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"62ddc53a-54e2-419c-a73e-5e722c0b9b2a","block_type":"box","text":"both the revenues of an electric and gas utility as well as the expenses of a utility, par ticularly a hydro-based electric","page_number":120,"box":{"x":69,"y":581,"width":831,"height":12}},{"id":"1ff8be37-0b02-4ce6-bda2-7736247cecbb","block_type":"box","text":"utility.","page_number":120,"box":{"x":69,"y":597,"width":39,"height":11}},{"id":"f2ac34ef-b4b1-4db5-ac1a-595d73b77098","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":120,"box":{"x":102,"y":619,"width":744,"height":11}},{"id":"1606998f-c7ee-4a10-996f-3a4b83e7345a","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":120,"box":{"x":70,"y":634,"width":828,"height":12}},{"id":"70edcbab-bfb7-42e0-a2b1-34cde2d40ad9","block_type":"box","text":"debt securities and, to a lesser extent, equity securities, tends to have an inverse relationship to the movement of","page_number":120,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"e61a7c77-1ef3-448c-bd93-00f7f688e89e","block_type":"box","text":"interest rates and therefore may lead to volatility in per formance.","page_number":120,"box":{"x":70,"y":664,"width":464,"height":12}},{"id":"9f27f674-3bee-4298-9d5e-287d35afb9f2","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":120,"box":{"x":102,"y":687,"width":789,"height":11}},{"id":"40bcedc2-a95d-4098-a50e-c9f08620aa32","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":120,"box":{"x":69,"y":702,"width":790,"height":12}},{"id":"6d911972-1a10-4d6e-852d-e26c98f14684","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":120,"box":{"x":69,"y":717,"width":811,"height":12}},{"id":"495ea387-34df-4bb9-bdc9-6843abef28f4","block_type":"box","text":"regulated in the United States and in foreign countries with the intention of protecting the public while ensuring that","page_number":120,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"46221b1b-de87-4c79-86fa-82d28827ee6e","block_type":"box","text":"the rate of return earned by utility companies is sufficient to allow them to attract capital in order to grow and","page_number":120,"box":{"x":68,"y":748,"width":781,"height":11}},{"id":"c36fcb03-866c-49a5-adde-b2e98e87024b","block_type":"box","text":"continue to provide appropriate services. There can be no assurance that such pricing policies or rates of return will","page_number":120,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"433cafce-b33d-4f17-b494-e5884a5f6307","block_type":"box","text":"continue in the future.","page_number":120,"box":{"x":69,"y":778,"width":156,"height":9}},{"id":"fe74fabf-b111-4ea9-87af-ecbb39f9593f","block_type":"box","text":"The nature of regulation of the utility industries continues to evolve both in the United States and in foreign","page_number":120,"box":{"x":101,"y":801,"width":763,"height":11}},{"id":"5efeab34-2c6e-4992-ac19-2bf509db8534","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":120,"box":{"x":69,"y":816,"width":820,"height":11}},{"id":"4f8801a5-fca7-46b6-8eb8-1fa1ac596b2c","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":120,"box":{"x":70,"y":831,"width":834,"height":11}},{"id":"f6dfd72d-02d6-4891-a5ae-3edf6c92dc50","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":120,"box":{"x":69,"y":846,"width":784,"height":11}},{"id":"60cf5896-a73f-4571-b98b-630072ad664a","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":120,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"0e99c201-b0b6-4d95-b505-52e0def78086","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant par t of their","page_number":120,"box":{"x":68,"y":876,"width":809,"height":11}},{"id":"c6dd742d-681d-4a46-84cc-6fb2c64f68ec","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in cer tain","page_number":120,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"210c35a6-16e6-49b7-93dc-80633714f543","block_type":"box","text":"utility companies being able to earn more than their traditional regulated rates of return, while others may be forced","page_number":120,"box":{"x":69,"y":906,"width":825,"height":12}},{"id":"482cfd90-53b4-4913-be6b-0e12eaaf14d3","block_type":"box","text":"II-77","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ec39b21c-81cf-4236-8d5b-8b9efcd13656","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":120,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"d4404214-1fba-4293-b78b-36babc803e5e","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":121,"box":{"x":68,"y":45,"width":840,"height":11}},{"id":"62ba2a3d-268b-4202-94c4-d15449d38c02","block_type":"box","text":"new uses of funds (such as for expansion, operations or stock buybacks) could result in cuts in dividend payout","page_number":121,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"2b525e8c-44dd-43d0-9569-efd7c2373ba9","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":121,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"4ea375f9-8966-45fc-8f4e-ff04eef3615f","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":121,"box":{"x":68,"y":90,"width":831,"height":11}},{"id":"2b78175d-3308-445b-928f-f875d580289b","block_type":"box","text":"restrictions on the maximum level of profits of cer tain utility companies, but may also subject these companies to","page_number":121,"box":{"x":69,"y":105,"width":812,"height":11}},{"id":"e3a36887-dd5f-4c92-b6e2-75f20c2d08d2","block_type":"box","text":"greater risk of loss. The Manager seeks to take advantage of favorable investment oppor tunities that may arise from","page_number":121,"box":{"x":68,"y":120,"width":833,"height":12}},{"id":"f66d9f3d-c340-4871-99dc-9b27f5d6483e","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":121,"box":{"x":68,"y":135,"width":831,"height":12}},{"id":"d73ef4a1-f51a-4f5b-9ae8-f7a79b6bca05","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":121,"box":{"x":102,"y":158,"width":720,"height":11}},{"id":"037a71e4-950f-4a54-859a-030a34bae251","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":121,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"038b1a92-51d2-4e5e-b22a-12013d0526b2","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":121,"box":{"x":68,"y":188,"width":762,"height":12}},{"id":"308294a1-b853-4c9e-b5d4-a1dba6e6ab8d","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":121,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"71774c28-0536-4bc4-be84-f89767090f9c","block_type":"box","text":"than those used in the United States, which may require such utilities to invest in pollution control equipment to","page_number":121,"box":{"x":68,"y":219,"width":801,"height":11}},{"id":"6b68e4c1-02b6-458d-a10f-addc909e78bf","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":121,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"cfbed793-3c3b-41e2-9d1e-d88a2431b04a","block_type":"box","text":"ways different from regulation in the United States.","page_number":121,"box":{"x":68,"y":249,"width":365,"height":11}},{"id":"a83e07ac-97ef-4782-94b6-cb2cb8a72c8f","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":121,"box":{"x":101,"y":272,"width":745,"height":11}},{"id":"e0dff890-0747-4cb0-bfa2-8ef119f8f0cf","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":121,"box":{"x":68,"y":286,"width":790,"height":12}},{"id":"aec80fc8-643e-4db4-9f04-8612352fc729","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":121,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"f2613889-4312-45dd-8b04-a06b10d692ad","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":121,"box":{"x":69,"y":317,"width":810,"height":11}},{"id":"9eb7be89-98fe-4249-96bf-a1cf9c76941e","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":121,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"378b1b9b-3f2f-4db1-9a37-59aaf10c63e9","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":121,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"7465d866-9ada-4a36-89df-2efb6139422f","block_type":"box","text":"ownership, is expected to occur in newer, faster-growing economies and in mature economies. Of course, there is no","page_number":121,"box":{"x":69,"y":362,"width":832,"height":11}},{"id":"e510e204-3576-4720-9fe7-3daca4d1306e","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":121,"box":{"x":69,"y":377,"width":786,"height":12}},{"id":"9690aaec-0117-4468-bf02-1a58885708d4","block_type":"box","text":"increase.","page_number":121,"box":{"x":70,"y":393,"width":63,"height":8}},{"id":"c95300de-1842-4647-a5a8-4eb44a620c4e","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":121,"box":{"x":101,"y":415,"width":793,"height":11}},{"id":"b71a9612-84a0-4eec-b21b-25538f395a16","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":121,"box":{"x":70,"y":430,"width":821,"height":11}},{"id":"55fbb8c1-c8f0-48ce-96d3-7a5f4c48b4c5","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":121,"box":{"x":69,"y":445,"width":619,"height":12}},{"id":"1a055d86-f9f1-4e5a-a2e8-6b5731503e4b","block_type":"box","text":"Electric.","page_number":121,"box":{"x":102,"y":468,"width":54,"height":9}},{"id":"a4369f46-3724-4500-9845-6fceb4748182","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":121,"box":{"x":163,"y":468,"width":684,"height":11}},{"id":"31a69222-e15b-4482-8393-8ab0c07b93e8","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":121,"box":{"x":68,"y":483,"width":793,"height":11}},{"id":"68209e3e-117e-41ca-bbbc-783e40ef66fb","block_type":"box","text":"electric utility companies, in general, have been favorably affected by lower fuel and financing costs and the full or","page_number":121,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"2259b7d7-f449-4ad0-be69-ff52291b0ca2","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":121,"box":{"x":69,"y":513,"width":833,"height":12}},{"id":"31143660-f2df-43a6-9a1a-e54f11307dd7","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":121,"box":{"x":69,"y":528,"width":821,"height":12}},{"id":"1b3dbd26-1241-470c-9d75-fb91ac09161f","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":121,"box":{"x":69,"y":543,"width":823,"height":12}},{"id":"48c6104a-9479-4a1c-be46-6db9c0a03659","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":121,"box":{"x":68,"y":559,"width":803,"height":11}},{"id":"0a9f7780-b73f-4064-838b-2f4e5118f187","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":121,"box":{"x":70,"y":574,"width":778,"height":11}},{"id":"fa2a4531-c32e-462a-b659-89ebf05abb6e","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":121,"box":{"x":70,"y":589,"width":836,"height":11}},{"id":"febe2195-387f-4809-adb0-cf23dd0b6cf8","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":121,"box":{"x":69,"y":604,"width":793,"height":11}},{"id":"79b6d00c-45a3-4e8e-a925-224641215c9f","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":121,"box":{"x":69,"y":619,"width":786,"height":11}},{"id":"dcf9e34a-3bb4-41e3-82dc-21948fa8ae78","block_type":"box","text":"caused the benefits of the rate declines to be shared wholly or in par t with customers. In a period of rising interest","page_number":121,"box":{"x":69,"y":634,"width":819,"height":12}},{"id":"e29a38ed-767c-441d-b1a6-f39c990983a3","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":121,"box":{"x":69,"y":649,"width":775,"height":12}},{"id":"6a251515-86dc-492e-aa8e-3e7c0fdb0600","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":121,"box":{"x":69,"y":664,"width":770,"height":12}},{"id":"048cdc4e-5057-4056-b79b-f71c2b5b212d","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":121,"box":{"x":70,"y":680,"width":826,"height":11}},{"id":"96753d6f-16bd-47f6-94c3-984f67ad46a4","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":121,"box":{"x":69,"y":695,"width":800,"height":11}},{"id":"c92bf030-d208-438e-90f5-ac8da06d1feb","block_type":"box","text":"costs in rate authorizations or the risk that a company may not be permitted to operate or complete construction of a","page_number":121,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"33b4f39a-ffdf-4506-98ef-8c558f6f85cb","block_type":"box","text":"facility. In addition, operators of nuclear power plants may be subject to significant costs for disposal of nuclear fuel","page_number":121,"box":{"x":68,"y":725,"width":826,"height":11}},{"id":"bf7552ac-8578-4429-9247-69f39e31ed4e","block_type":"box","text":"and for decommissioning such plants.","page_number":121,"box":{"x":69,"y":740,"width":270,"height":11}},{"id":"a5511055-4666-44b2-acd6-630eee89100a","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":121,"box":{"x":101,"y":763,"width":776,"height":11}},{"id":"5693d242-ca26-47ca-9f2f-c7bbf58cc05f","block_type":"box","text":"impacted to a greater extent in the future by the division of their asset base. Electric utility companies that focus","page_number":121,"box":{"x":70,"y":778,"width":802,"height":11}},{"id":"6b22a089-d495-4c28-85d9-bd684b89a573","block_type":"box","text":"more on the generation of electricity may be assigned less favorable ratings as this business is expected to be","page_number":121,"box":{"x":69,"y":793,"width":791,"height":11}},{"id":"f1fbdc09-0b52-436f-9dfb-d00e30829334","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":121,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"4c33cc3c-4e69-4a8e-a40b-34bdb58aa9dd","block_type":"box","text":"is expected to be the least competitive and the more regulated par t of the business, may see higher ratings given the","page_number":121,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"7e82408a-029f-4dfe-b8be-37d495ade3f7","block_type":"box","text":"greater predictability of cash flow.","page_number":121,"box":{"x":68,"y":838,"width":239,"height":12}},{"id":"cf828b30-09d2-40dd-a16f-24d9ec13d926","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":121,"box":{"x":101,"y":861,"width":801,"height":11}},{"id":"22ce7bf5-3225-4c94-8d6b-2f2d4ebc82bf","block_type":"box","text":"the industry as a result of such deregulation has at times resulted in lower revenue, lower credit ratings, increased","page_number":121,"box":{"x":68,"y":876,"width":821,"height":11}},{"id":"ca6fb371-a802-442b-9ba6-fb09e163ace5","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":121,"box":{"x":69,"y":891,"width":835,"height":12}},{"id":"df0d3d23-c359-40da-bd40-2d3278630b8a","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":121,"box":{"x":68,"y":907,"width":815,"height":11}},{"id":"c56bc248-4767-421d-96c9-3aea043ca443","block_type":"box","text":"II-78","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"85193d7a-3dac-41cc-83f4-37640b74a3d6","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":121,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"25b8d240-8a3f-4b56-baaa-3ecc9ee1dab3","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":122,"box":{"x":68,"y":45,"width":803,"height":11}},{"id":"61b7e36d-3265-44ba-93aa-c054da56c5d2","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":122,"box":{"x":69,"y":60,"width":777,"height":11}},{"id":"652ba767-e819-47d9-bfb5-369847df26e5","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":122,"box":{"x":69,"y":75,"width":819,"height":11}},{"id":"73829906-88db-47fb-9d9c-def777895cb0","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":122,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"87589d1b-853d-4f8e-889e-aa758de4b940","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":122,"box":{"x":69,"y":105,"width":700,"height":11}},{"id":"ac08d690-a4a5-432d-9ed1-46ee23487c9b","block_type":"box","text":"Telecommunications.","page_number":122,"box":{"x":103,"y":128,"width":147,"height":9}},{"id":"ddaaaba5-28fc-4e1a-abf1-2463e2de74ce","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":122,"box":{"x":256,"y":128,"width":652,"height":11}},{"id":"27c32ef5-2440-4a17-bd65-dab4f848f449","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":122,"box":{"x":69,"y":143,"width":813,"height":11}},{"id":"b252be6f-1d80-48a9-be81-317abf48e992","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":122,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"187c7d1f-a2fb-4962-b6eb-899fe357cc37","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":122,"box":{"x":69,"y":173,"width":786,"height":11}},{"id":"62cc02aa-1c44-4ccf-8757-438ee6697478","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":122,"box":{"x":69,"y":188,"width":784,"height":12}},{"id":"bef41f15-88b5-4a7c-adbd-8b88f6312ad9","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":122,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"31a3aa4d-20ca-4695-a21a-8bf4a3fcd95f","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":122,"box":{"x":69,"y":218,"width":790,"height":12}},{"id":"7ff3fe64-9a46-400d-a38d-ceb1ad328363","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":122,"box":{"x":70,"y":234,"width":788,"height":11}},{"id":"cd131c7a-4fb4-4d6e-95f4-059745fdc939","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":122,"box":{"x":68,"y":249,"width":825,"height":11}},{"id":"b8b5df87-4cd3-4ea6-a2f2-6aea1098e8b8","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":122,"box":{"x":69,"y":264,"width":823,"height":11}},{"id":"0d2e63c6-262d-4b29-8a94-2dfcdc287d47","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":122,"box":{"x":69,"y":279,"width":821,"height":11}},{"id":"37c5e162-cb92-41e1-a8ef-4ea551262f71","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":122,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"6ecf3dcc-fc52-4551-ac4e-e5b310dd7c84","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":122,"box":{"x":70,"y":309,"width":821,"height":11}},{"id":"34ab0f65-97ef-423e-b990-c4ff0ab72ff4","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":122,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"90394b32-d0d4-4c43-a1ee-d040e40ddbc7","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":122,"box":{"x":68,"y":339,"width":804,"height":12}},{"id":"8acb4fcb-0c95-4f82-964a-a2ea5aa15f3b","block_type":"box","text":"residential, corporate and governmental customers.","page_number":122,"box":{"x":69,"y":355,"width":367,"height":11}},{"id":"4c2366c5-5422-4edd-be4c-18eef9900b01","block_type":"box","text":"Gas.","page_number":122,"box":{"x":102,"y":377,"width":31,"height":9}},{"id":"23e6a7a5-6a13-4d91-9ee2-329fffeded18","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":122,"box":{"x":139,"y":377,"width":740,"height":12}},{"id":"b9fef5a9-91ac-4b99-bebb-cc0f2ce67aaf","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":122,"box":{"x":70,"y":392,"width":834,"height":12}},{"id":"358c595a-e5b1-4795-b892-c65c931a39bd","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":122,"box":{"x":70,"y":407,"width":756,"height":12}},{"id":"f0cfc861-c5ba-456b-9595-a0db6fd7253b","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":122,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"af29d5d4-e359-48b7-93dd-3f52e21d1ffb","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":122,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"e7cd70b4-15fc-4b68-954c-7fe6ab5ccedc","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":122,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"cdc43b57-a948-4443-a356-a579e856975f","block_type":"box","text":"outlook in the future. For example, natural gas is the cleanest of the hydrocarbon fuels, and this may result in","page_number":122,"box":{"x":69,"y":468,"width":782,"height":11}},{"id":"99b4de79-f314-4597-9124-d65a5e129c5d","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":122,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"2efc8cbe-6937-4f1b-8ede-33209d44274f","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":122,"box":{"x":70,"y":498,"width":691,"height":11}},{"id":"80fb0e09-1bd7-4a70-9cb2-e132d32d54b1","block_type":"box","text":"Water.","page_number":122,"box":{"x":103,"y":521,"width":42,"height":9}},{"id":"a6d3161a-aea4-4ad4-866a-fbec25cc4946","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":122,"box":{"x":151,"y":521,"width":754,"height":11}},{"id":"2a5ff7b4-9dc1-460e-be1f-a53e9fc2038f","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":122,"box":{"x":69,"y":536,"width":796,"height":11}},{"id":"1a75e744-2360-4cab-99f1-0ef799fd0be1","block_type":"box","text":"Companies in this industry are generally mature and are experiencing little or no per capita volume growth. In the","page_number":122,"box":{"x":69,"y":551,"width":806,"height":11}},{"id":"3a3d95b6-e746-46ef-9e89-517022308273","block_type":"box","text":"opinion of the Manager, there may be oppor tunities for cer tain companies to acquire other water utility companies","page_number":122,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"a6b8bd4e-bbed-4489-b42a-c08f7e8ca929","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment oppor tunities","page_number":122,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"0a59886f-c851-4278-98a2-1a1ada110092","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":122,"box":{"x":69,"y":596,"width":832,"height":12}},{"id":"92a948a0-7186-4e05-8874-aebeeb62aa56","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":122,"box":{"x":69,"y":612,"width":662,"height":11}},{"id":"385bd6f2-8e84-4389-bebc-8a24b8b4af6a","block_type":"box","text":"Utility Industries Generally.","page_number":122,"box":{"x":103,"y":634,"width":186,"height":11}},{"id":"8b846f3c-6889-43d6-ad2c-ae8be481e41e","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":122,"box":{"x":296,"y":634,"width":584,"height":12}},{"id":"ad174a6f-8a58-406a-8e85-ec729e7bcb1a","block_type":"box","text":"those relating to privatization and changing regulation, will occur or that risk factors other than those noted above will","page_number":122,"box":{"x":68,"y":649,"width":837,"height":12}},{"id":"abbe2419-4499-43f1-a7f5-9e8e9d93916b","block_type":"box","text":"not develop in the future.","page_number":122,"box":{"x":69,"y":664,"width":178,"height":11}},{"id":"22f2e5ce-58f1-404f-9572-d69b90527449","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":122,"box":{"x":103,"y":687,"width":585,"height":11}},{"id":"7d31e54d-e511-4fd9-9655-3347bc6706ec","block_type":"box","text":"A Fund may purchase or sell","page_number":122,"box":{"x":694,"y":687,"width":200,"height":11}},{"id":"51b5a8c9-bc50-4665-8e68-c167a597eae7","block_type":"box","text":"securities that it is entitled to receive on a when-issued basis. A Fund may also purchase or sell securities on a","page_number":122,"box":{"x":69,"y":703,"width":795,"height":10}},{"id":"65a02c75-4ebb-474b-8323-db7c46fd6ddc","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":122,"box":{"x":69,"y":717,"width":777,"height":12}},{"id":"0d2648ab-689d-4375-b51c-515f838a80d5","block_type":"box","text":"transactions involve the purchase or sale of securities by a Fund at an established price with payment and delivery","page_number":122,"box":{"x":68,"y":732,"width":820,"height":12}},{"id":"a07f7e5e-59de-4b17-a8ae-7fdfcda34f73","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":122,"box":{"x":68,"y":748,"width":807,"height":11}},{"id":"cb3184fc-15e1-4b39-bccc-a8202ae13483","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":122,"box":{"x":70,"y":763,"width":430,"height":11}},{"id":"f2a265bb-c145-42ba-8504-4caa1b44425d","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":122,"box":{"x":102,"y":785,"width":750,"height":12}},{"id":"6c8d85d1-fc08-4d65-98b3-6efe56a8f348","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterpar ty generally will be required to post collateral when entering into","page_number":122,"box":{"x":70,"y":801,"width":823,"height":11}},{"id":"2f048592-8562-4dd1-8c39-b0e8c3d76418","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":122,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"65260e2c-ea12-47d8-8bb3-c11d05d34a32","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":122,"box":{"x":70,"y":831,"width":755,"height":11}},{"id":"e9fc1791-6b95-4c13-939e-62d78a2d2415","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterpar ty credit risk between trade and settlement, but","page_number":122,"box":{"x":69,"y":846,"width":799,"height":11}},{"id":"5394ac4e-d14f-473d-95ae-cb3cec1cc5a3","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":122,"box":{"x":69,"y":861,"width":614,"height":11}},{"id":"ba436d3b-af21-457d-83c4-b16c01f82ec8","block_type":"box","text":"There can be no assurance that a security purchased on a when-issued basis will be issued or that a security","page_number":122,"box":{"x":101,"y":884,"width":780,"height":11}},{"id":"2f05bf86-5e33-4027-978b-4431501b5092","block_type":"box","text":"purchased or sold on a delayed delivery basis or through a forward commitment will be delivered. Also, the value of","page_number":122,"box":{"x":70,"y":899,"width":823,"height":11}},{"id":"523c78ba-1fb9-4d65-ac38-a85cc58c234d","block_type":"box","text":"II-79","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3c272ecd-e74b-496a-8f6b-744b36555f57","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":122,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c46abf15-4919-4617-8e6b-9fad8e90c8bc","block_type":"box","text":"securities in these transactions on the delivery date may be more or less than the price paid by the Fund to purchase","page_number":123,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"62e979fc-6f92-4c4f-9b0b-714c241ae696","block_type":"box","text":"the securities. The Fund will lose money if the value of the security in such a transaction declines below the purchase","page_number":123,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"dbc4263e-5ab2-44af-a523-752d6ebfb02f","block_type":"box","text":"price and will not benefit if the value of the security appreciates above the sale price during the commitment period.","page_number":123,"box":{"x":70,"y":75,"width":824,"height":11}},{"id":"0e41067d-910a-469b-9bdb-9a3a2d8c7286","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":123,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"4800ccb2-ad98-4bc9-aa68-820ed41d0b5b","block_type":"box","text":"after it has been entered into, and may sell securities it has committed to purchase before those securities are","page_number":123,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"5c26e718-1a0c-4bee-bb2f-f0760825dd1f","block_type":"box","text":"delivered to the Fund on the settlement date. In these cases the Fund may realize a taxable capital gain or loss.","page_number":123,"box":{"x":69,"y":128,"width":799,"height":11}},{"id":"3afd2733-73e7-4516-b9a1-e66a9ed81042","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other par ty to","page_number":123,"box":{"x":101,"y":150,"width":784,"height":12}},{"id":"77d8c00a-a961-46f2-86e3-9832885dbcf0","block_type":"box","text":"consummate the trade. Failure of such par ty to do so may result in the Fund’s incurring a loss or missing an","page_number":123,"box":{"x":69,"y":166,"width":772,"height":11}},{"id":"25fe1417-3782-46a1-ab06-59162b87be71","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":123,"box":{"x":69,"y":181,"width":434,"height":11}},{"id":"937b2b11-c46c-44c0-a760-0e6a73054a00","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":123,"box":{"x":101,"y":203,"width":745,"height":12}},{"id":"4d9bffd2-60fe-4539-b55a-f164cebb442c","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund star ting on the","page_number":123,"box":{"x":68,"y":218,"width":831,"height":12}},{"id":"1afff949-3d4c-40e7-8d56-eb99c2a6209f","block_type":"box","text":"day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed","page_number":123,"box":{"x":69,"y":234,"width":823,"height":11}},{"id":"5e0d1255-303f-45df-a0a0-1b3a2153338c","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":123,"box":{"x":68,"y":249,"width":514,"height":11}},{"id":"54aaa76a-0e91-422d-8c47-ff7a10b7348c","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":123,"box":{"x":102,"y":271,"width":759,"height":12}},{"id":"cd4b370d-47eb-4fe0-8dd5-08eb58f0345a","block_type":"box","text":"securities (","page_number":123,"box":{"x":69,"y":287,"width":78,"height":11}},{"id":"cb461c63-cdd1-46e0-a05a-4f35b63dceac","block_type":"box","text":"e.g.","page_number":123,"box":{"x":148,"y":288,"width":25,"height":10}},{"id":"c7019472-0969-417e-8d18-bc189e8614aa","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":123,"box":{"x":176,"y":286,"width":686,"height":12}},{"id":"0db478db-d0a2-400e-a063-2deae878b584","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":123,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"bdad9d72-08e3-45c8-9efe-a624cde11258","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":123,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"944d7ce8-f08a-4488-8594-5c85d7e4c3fa","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":123,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"088f9607-4774-4bc8-a73b-5644526d3a28","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":123,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"f79e1d9f-775e-4676-a799-12f2c257ab47","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":123,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"d0ebd7e7-b716-49bb-ae7e-54aaab9e221c","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":123,"box":{"x":70,"y":377,"width":349,"height":11}},{"id":"2c4715b1-8ab6-4cfc-b9e8-f7a93072337e","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":123,"box":{"x":102,"y":400,"width":800,"height":11}},{"id":"09c96ebd-4f86-4444-acc1-4af9c5fe5488","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many agreements with respect to when-issued, TBA","page_number":123,"box":{"x":68,"y":415,"width":829,"height":11}},{"id":"ebc04143-ad33-41cc-9832-a5e6bc24dea9","block_type":"box","text":"and forward commitment transactions, terms that delay or restrict the rights of counterpar ties, such as a Fund, to","page_number":123,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"4c67d6b0-932d-471b-943a-d58cdb618e58","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":123,"box":{"x":68,"y":445,"width":799,"height":12}},{"id":"e0605055-5e91-43f7-bc99-608d2bdb2059","block_type":"box","text":"suppor t in the event that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency","page_number":123,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"55cf3373-8165-47aa-a13e-99d0a6f840aa","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":123,"box":{"x":70,"y":476,"width":824,"height":11}},{"id":"8e71bb44-e816-4d14-ad01-3605571da64a","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":123,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"c00ab016-8eb8-45a7-9212-e89ef4f12cfd","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":123,"box":{"x":68,"y":506,"width":573,"height":11}},{"id":"e1efd6ef-442a-4c4c-ad38-d19d40547dba","block_type":"box","text":"Yields and Ratings.","page_number":123,"box":{"x":103,"y":529,"width":139,"height":11}},{"id":"22ab5b31-2d19-45c7-9b27-18b0e9b4470e","block_type":"box","text":"The yields on cer tain obligations are dependent on a variety of factors, including general","page_number":123,"box":{"x":247,"y":528,"width":628,"height":12}},{"id":"e32a622f-ea1c-4299-9c9d-6f68ad955e10","block_type":"box","text":"market conditions, conditions in the par ticular market for the obligation, the financial condition of the issuer, the size","page_number":123,"box":{"x":69,"y":543,"width":834,"height":12}},{"id":"9fda02ab-6715-499a-b4d8-4d6cc4a44f0b","block_type":"box","text":"of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody’s, Fitch and S&P","page_number":123,"box":{"x":69,"y":559,"width":799,"height":11}},{"id":"4f071f00-c2e8-4d23-8478-ed79275cd91d","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they under take to rate. Ratings, however, are","page_number":123,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"1f916199-bce5-4066-bf40-cf9e494d282d","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":123,"box":{"x":68,"y":589,"width":792,"height":11}},{"id":"2c6f39e3-bd8d-4a85-aba7-99e78ab48766","block_type":"box","text":"interest rate may have different market prices. Subsequent to its purchase by a Fund, a rated security may cease to","page_number":123,"box":{"x":70,"y":604,"width":827,"height":11}},{"id":"a07a7566-7f27-49d2-8e22-1a0da8b89ad5","block_type":"box","text":"be rated. A Fund’s Manager or sub-adviser will consider such an event in determining whether the Fund should","page_number":123,"box":{"x":69,"y":619,"width":786,"height":11}},{"id":"422ff3ab-46ef-4a3f-97fc-3277200dc303","block_type":"box","text":"continue to hold the security.","page_number":123,"box":{"x":69,"y":634,"width":204,"height":11}},{"id":"fb0027f1-8ba8-4474-a32c-025f02b11393","block_type":"box","text":"Zero Coupon Securities.","page_number":123,"box":{"x":102,"y":657,"width":175,"height":11}},{"id":"28353fd4-bd32-4d8d-987f-8917d00579c2","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":123,"box":{"x":283,"y":657,"width":601,"height":11}},{"id":"11c0dafe-2ca9-437b-9564-557e043412aa","block_type":"box","text":"not pay interest during the life of the security. The discount approximates the total amount of interest the security will","page_number":123,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"ad846e29-c7e3-4049-b93b-706437637289","block_type":"box","text":"accrue and compound over the period until maturity at a rate of interest reflecting the market rate of the security at","page_number":123,"box":{"x":69,"y":687,"width":822,"height":11}},{"id":"f419f8d0-63bf-40b6-a00d-02036281ded9","block_type":"box","text":"the time of issuance. Upon maturity, the holder of a zero coupon security is entitled to receive the par value of the","page_number":123,"box":{"x":68,"y":702,"width":814,"height":11}},{"id":"a61f49dc-92c8-48c6-af4e-da0cc6c6ed78","block_type":"box","text":"security.","page_number":123,"box":{"x":69,"y":718,"width":57,"height":11}},{"id":"9ca649b3-6a03-42fe-9256-00e193d0e0ee","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":123,"box":{"x":101,"y":740,"width":749,"height":11}},{"id":"e652a47e-e036-4bea-b45a-0360527c284f","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":123,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"c71d1dd5-2d5a-4f74-8aa8-9ff375b3c372","block_type":"box","text":"owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original","page_number":123,"box":{"x":69,"y":770,"width":833,"height":12}},{"id":"a6aad7f8-3502-449b-a6fc-6547e9887771","block_type":"box","text":"investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of","page_number":123,"box":{"x":70,"y":785,"width":836,"height":12}},{"id":"80052ecb-e514-43b0-a615-8f1323be44e0","block_type":"box","text":"earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit","page_number":123,"box":{"x":69,"y":801,"width":804,"height":11}},{"id":"83438ae2-6b87-4b27-984c-b8f67f1b524d","block_type":"box","text":"yield on the zero coupon bond, but at the same time eliminates the holder’s ability to reinvest at higher rates in the","page_number":123,"box":{"x":68,"y":816,"width":824,"height":11}},{"id":"d4b45f7e-fd59-4040-8f35-206da684591e","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":123,"box":{"x":68,"y":831,"width":805,"height":11}},{"id":"9bef7efd-c85d-47d9-86bc-0899210f781f","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":123,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"65279e1d-f441-4b05-a64e-283e7786afea","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shor ter term zero coupon bonds. These investments","page_number":123,"box":{"x":69,"y":861,"width":791,"height":11}},{"id":"603a6993-79f7-469a-b9be-18710c292c23","block_type":"box","text":"benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to","page_number":123,"box":{"x":69,"y":876,"width":800,"height":11}},{"id":"7fcf9162-705f-42e8-9ae7-62f3a4dbac6d","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":123,"box":{"x":69,"y":891,"width":400,"height":12}},{"id":"5d9ad91c-f0a1-453a-8237-437f5a461a58","block_type":"box","text":"II-80","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9b803d9c-aff2-4838-9c64-c5dfdeeb3902","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":123,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"184e0857-3bea-408c-a941-db61ac18c128","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":124,"box":{"x":101,"y":45,"width":775,"height":11}},{"id":"a836edd3-84c3-47c9-9c4b-23eeec3db1df","block_type":"box","text":"prior to the receipt of cash payments. Zero coupon securities may be subject to greater fluctuation in value and less","page_number":124,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"e576345b-ff15-408c-b4c8-9ce2b2cecd65","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":124,"box":{"x":70,"y":75,"width":826,"height":11}},{"id":"af6259e9-4600-4074-b82e-e1f35e24dff6","block_type":"box","text":"intervals.","page_number":124,"box":{"x":70,"y":90,"width":64,"height":9}},{"id":"eab33831-fef7-4869-8a3d-5ebd1aedd631","block_type":"box","text":"Fur ther, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund is","page_number":124,"box":{"x":102,"y":113,"width":749,"height":11}},{"id":"737ce050-12b3-4786-a61d-f3ac60f2f078","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":124,"box":{"x":69,"y":128,"width":784,"height":11}},{"id":"ebbe7f09-3e5d-475f-afc6-41fb8c91d010","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":124,"box":{"x":70,"y":143,"width":799,"height":11}},{"id":"58496f32-7bc6-4c51-ba14-e1639a7db024","block_type":"box","text":"generate the cash to satisfy these distributions. The required distributions may result in an increase in a Fund’s","page_number":124,"box":{"x":68,"y":158,"width":799,"height":11}},{"id":"1c5ceef9-44ec-439f-9a5d-d29e5318f6f3","block_type":"box","text":"exposure to zero coupon securities.","page_number":124,"box":{"x":69,"y":173,"width":253,"height":11}},{"id":"504442bd-ec82-401f-9628-89f7cc5e188d","block_type":"box","text":"In addition to the above-described risks, there are cer tain other risks related to investing in zero coupon","page_number":124,"box":{"x":102,"y":196,"width":740,"height":11}},{"id":"772d81a3-4ef2-44a5-a2d7-80d027ebe713","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":124,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"82a154eb-1451-46dd-a713-8fbd5f0d3330","block_type":"box","text":"In addition, as these securities do not pay cash interest, a Fund’s investment exposure to these securities and their","page_number":124,"box":{"x":70,"y":226,"width":829,"height":11}},{"id":"e77a85e1-dc97-4d01-b3ed-a232d9b5c7b5","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s por tfolio.","page_number":124,"box":{"x":69,"y":241,"width":741,"height":11}},{"id":"758326ea-6cd6-4f07-9349-76c627506a4d","block_type":"box","text":"Suitability. (All Funds)","page_number":124,"box":{"x":101,"y":264,"width":161,"height":11}},{"id":"b0384e6a-dba5-4c9b-b1a2-3b259d006cd2","block_type":"box","text":"The economic benefit of an investment in any Fund depends upon many factors beyond the control of the Fund,","page_number":124,"box":{"x":101,"y":286,"width":793,"height":12}},{"id":"8f035835-17b9-4029-a565-6a8f9825419e","block_type":"box","text":"the Manager and its affiliates. Each Fund should be considered a vehicle for diversification and not as a balanced","page_number":124,"box":{"x":68,"y":302,"width":811,"height":11}},{"id":"6caceac6-6f62-492d-aacf-19b426286d5b","block_type":"box","text":"investment program. The suitability for any par ticular investor of a purchase of shares in a Fund will depend upon,","page_number":124,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"9d1f98d8-f23b-458d-b419-54686a83df3b","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":124,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"bccda9b9-1663-4623-9623-65fdf1ae2c7d","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":124,"box":{"x":68,"y":347,"width":460,"height":11}},{"id":"db4e7134-835b-4569-a681-9f1238ded088","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":124,"box":{"x":102,"y":370,"width":264,"height":11}},{"id":"9006d574-48ad-4217-a956-3e8a91e4bacb","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":124,"box":{"x":102,"y":392,"width":745,"height":11}},{"id":"de3498fa-accb-4be9-b833-5a962fb3dc68","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":124,"box":{"x":68,"y":407,"width":807,"height":12}},{"id":"5b3df5af-6f4d-4ffa-9d99-18a3160fc389","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":124,"box":{"x":69,"y":423,"width":528,"height":11}},{"id":"de0e108a-78f2-46d9-81df-555d5a3039b0","block_type":"box","text":"Each Fund’s investments will be limited in order to allow the Fund to qualify as a “regulated investment","page_number":124,"box":{"x":102,"y":445,"width":735,"height":12}},{"id":"bd924132-251f-4a02-af6f-35e8c39960be","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":124,"box":{"x":69,"y":460,"width":775,"height":12}},{"id":"0ce97935-bb41-4933-828c-92b76cded01f","block_type":"box","text":"requirements, each Fund will limit its investments so that, at the close of each quar ter of the taxable year, (i) at least","page_number":124,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"3762b3ac-0860-43b2-bb5b-4849719d87ce","block_type":"box","text":"50% of the market value of each Fund’s assets is represented by cash, securities of other regulated investment","page_number":124,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"dcac701d-41e5-4b56-9109-3621f7197eac","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":124,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"92bea3d9-aa63-4513-849d-dd968a0faf87","block_type":"box","text":"issuer, to an amount not greater in value than 5% of the Fund’s assets and not greater than 10% of the outstanding","page_number":124,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"3fde9e78-9fc5-44f1-900e-5ab2b8987dff","block_type":"box","text":"voting securities of such issuer and (ii) not more than 25% of the value of its assets is invested in the securities","page_number":124,"box":{"x":68,"y":536,"width":802,"height":11}},{"id":"f1e22d92-6d34-4a82-917e-bed614bdb2d8","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":124,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"04b8c340-3ec6-4615-b0ab-413131655627","block_type":"box","text":"two or more issuers that the Fund controls and that are determined to be engaged in the same or similar trades or","page_number":124,"box":{"x":68,"y":566,"width":819,"height":11}},{"id":"3d84d108-6639-471e-baa9-765c775cb0a5","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded par tnerships","page_number":124,"box":{"x":69,"y":581,"width":828,"height":11}},{"id":"008576ef-ef46-4a92-9a16-a1f75d1f60e0","block_type":"box","text":"(","page_number":124,"box":{"x":69,"y":597,"width":3,"height":10}},{"id":"195623a5-e6a2-43af-b354-825dfce295ff","block_type":"box","text":"i.e.","page_number":124,"box":{"x":74,"y":597,"width":21,"height":8}},{"id":"7a3784f5-2c0e-4c66-bdc2-dc727a9e752f","block_type":"box","text":", par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":124,"box":{"x":97,"y":597,"width":806,"height":11}},{"id":"97fe0a21-4bf2-4024-9986-75da940dc137","block_type":"box","text":"par tnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":124,"box":{"x":70,"y":612,"width":824,"height":11}},{"id":"1c4355fb-d883-4dc5-afe1-dcf8e5ad723a","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":124,"box":{"x":69,"y":627,"width":824,"height":11}},{"id":"4015d994-619b-4677-aae5-8add28043d79","block_type":"box","text":"of its political subdivisions, agencies or instrumentalities and each multi-state agency of which the state is a member","page_number":124,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"f140589b-ba79-43c8-b4e6-55f0306291f2","block_type":"box","text":"as a separate issuer. Each public authority that issues securities on behalf of a private entity generally will also be","page_number":124,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"a688740c-9e67-43fd-84b0-f5bf82e62218","block_type":"box","text":"regarded as a separate issuer, except that if the security is backed only by the assets and revenues of a non","page_number":124,"box":{"x":69,"y":672,"width":781,"height":11}},{"id":"28e1bf4c-c195-41ad-9562-293c88b47c23","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":124,"box":{"x":68,"y":687,"width":810,"height":11}},{"id":"ffe4d4b8-b0e6-4269-8940-badae331fac2","block_type":"box","text":"regarded as the sole issuer.","page_number":124,"box":{"x":69,"y":703,"width":198,"height":11}},{"id":"0ed4c19c-8332-4353-a8da-b887af3b06c8","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":124,"box":{"x":102,"y":725,"width":784,"height":11}},{"id":"7187e3d2-8853-4158-8193-9d4c43d2d762","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":124,"box":{"x":69,"y":740,"width":819,"height":11}},{"id":"aad41c0d-b58e-4272-b428-a5383cf45afc","block_type":"box","text":"considered to be obligations of a single issuer. These tax-related limitations may be changed by the Directors of a","page_number":124,"box":{"x":69,"y":755,"width":811,"height":11}},{"id":"95fbf235-6b12-4972-a98c-93b398c88c78","block_type":"box","text":"Fund to the extent necessary to comply with changes to the U.S. federal tax requirements. A Fund that is","page_number":124,"box":{"x":70,"y":770,"width":747,"height":12}},{"id":"89210af6-005d-4425-ac16-6b190f4064e3","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":124,"box":{"x":70,"y":785,"width":834,"height":12}},{"id":"31c80095-1ca2-4d2d-80bf-69820152e404","block_type":"box","text":"75% of its total assets.","page_number":124,"box":{"x":69,"y":801,"width":165,"height":9}},{"id":"fba79281-b14c-4c49-8371-1b425b3cea18","block_type":"box","text":"II-81","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"de8aab3f-5493-4d0d-b849-f7d16bf59bb5","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":124,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"9adaec76-f4bd-4856-90e0-00701177b990","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":125,"box":{"x":268,"y":45,"width":442,"height":10}},{"id":"5406eb5a-e2b5-429d-a182-8b455e5b874e","block_type":"box","text":"Directors and Officers","page_number":125,"box":{"x":69,"y":76,"width":159,"height":8}},{"id":"21c9e044-503d-4741-845e-e001119a5cd2","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":125,"box":{"x":102,"y":98,"width":733,"height":11}},{"id":"587793d8-9cd1-409c-a363-b1148e87128f","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":125,"box":{"x":69,"y":113,"width":783,"height":12}},{"id":"c7ec3ac1-0e53-407f-b036-e08c8e28640d","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Par t I of each Fund’s SAI for biographical and","page_number":125,"box":{"x":69,"y":128,"width":795,"height":12}},{"id":"521d8f16-1e20-4183-a615-70a35b6cd4ed","block_type":"box","text":"cer tain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":125,"box":{"x":69,"y":143,"width":789,"height":12}},{"id":"8d4c4dc0-18d9-464c-90a5-077f670ce9b5","block_type":"box","text":"Management Arrangements","page_number":125,"box":{"x":69,"y":174,"width":202,"height":11}},{"id":"1e724958-8992-4f5c-80cb-bc5c586afce7","block_type":"box","text":"Management Services.","page_number":125,"box":{"x":102,"y":197,"width":162,"height":11}},{"id":"b92d2b24-6335-4af3-bced-39208023c55f","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":125,"box":{"x":270,"y":197,"width":615,"height":11}},{"id":"5c2b3147-67b3-4d20-86d2-a4ef09ebbfaa","block_type":"box","text":"Subject to the oversight of the Board of Directors, the Manager is responsible for the actual management of a Fund’s","page_number":125,"box":{"x":69,"y":212,"width":836,"height":11}},{"id":"0dc1aa97-59b1-4dcc-8e28-9fd75ff1cbe7","block_type":"box","text":"por tfolio and reviews the Fund’s holdings in light of its own research analysis and that from other relevant sources.","page_number":125,"box":{"x":70,"y":227,"width":820,"height":11}},{"id":"0fdd5792-0eea-466e-ba27-45d1a0b68f63","block_type":"box","text":"The responsibility for making decisions to buy, sell or hold a par ticular security rests with the Manager. The Manager","page_number":125,"box":{"x":68,"y":242,"width":832,"height":11}},{"id":"2a1c5d99-07e3-47f6-bc2f-1356f30dcd95","block_type":"box","text":"per forms cer tain of the other administrative services and provides all the office space, facilities, equipment and","page_number":125,"box":{"x":70,"y":257,"width":801,"height":11}},{"id":"0ae7e8d7-0a10-4ce4-a26c-2225d057ad25","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":125,"box":{"x":69,"y":272,"width":370,"height":11}},{"id":"564007c0-80ac-45e6-a009-96430cb0988d","block_type":"box","text":"Each Feeder Fund invests all or a por tion of its assets in shares of a Master Por tfolio. To the extent a Feeder","page_number":125,"box":{"x":102,"y":295,"width":778,"height":11}},{"id":"718a08c5-d189-4a3d-9e30-8e47def30680","block_type":"box","text":"Fund invests all of its assets in a Master Por tfolio, it does not invest directly in por tfolio securities and does not","page_number":125,"box":{"x":70,"y":310,"width":800,"height":11}},{"id":"82c7ac7b-03b9-4c59-b9aa-670848249dba","block_type":"box","text":"require management services. For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":125,"box":{"x":69,"y":325,"width":810,"height":11}},{"id":"f6e6a073-3ba5-433e-9cb4-251a7f09a458","block_type":"box","text":"Management Fee.","page_number":125,"box":{"x":102,"y":348,"width":126,"height":11}},{"id":"bd38060c-b700-49e9-a0c3-081914535dfe","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":125,"box":{"x":235,"y":348,"width":646,"height":11}},{"id":"90315aad-dd37-4785-8b2f-1906fe968c3e","block_type":"box","text":"the Manager receives for its services to the Fund monthly compensation at an annual rate based on the average daily","page_number":125,"box":{"x":68,"y":363,"width":841,"height":11}},{"id":"3207b0da-0635-4bc4-bb74-8ab73e88dc09","block_type":"box","text":"net assets of the Fund. For information regarding the fees paid by your Fund to the Manager for the Fund’s last three","page_number":125,"box":{"x":69,"y":378,"width":833,"height":11}},{"id":"5ec0569f-07f8-4905-907c-1cd489479fd0","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":125,"box":{"x":68,"y":393,"width":746,"height":11}},{"id":"c30554c8-2480-489a-98c8-b7beaeaa8724","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":125,"box":{"x":70,"y":408,"width":825,"height":11}},{"id":"e9e2339b-a6ed-4d93-b396-2aa612eff602","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":125,"box":{"x":102,"y":431,"width":774,"height":11}},{"id":"954d1f66-398c-4575-b356-da71016d596c","block_type":"box","text":"management services and to pay all compensation of and furnish office space for officers and employees of a Fund","page_number":125,"box":{"x":69,"y":446,"width":826,"height":11}},{"id":"61475238-2c8a-41bf-8646-21f23f826037","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":125,"box":{"x":70,"y":461,"width":820,"height":11}},{"id":"192552c2-e208-4da3-8637-2480ef4c13f0","block_type":"box","text":"the fees of all Directors of the Fund who are interested persons of the Fund. Each Fund pays all other expenses","page_number":125,"box":{"x":68,"y":476,"width":797,"height":11}},{"id":"3476a421-81f3-4db5-a56d-8128412a742a","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":125,"box":{"x":70,"y":491,"width":830,"height":12}},{"id":"79b91a3e-698d-4169-85a4-b0df485cc5eb","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder repor ts, prospectuses and statements of additional","page_number":125,"box":{"x":69,"y":506,"width":802,"height":12}},{"id":"f1d5122b-9ad6-41ed-8acc-4ba3a08efaa1","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":125,"box":{"x":70,"y":521,"width":809,"height":12}},{"id":"675a3fb5-9942-48de-adb1-75cba627afcd","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":125,"box":{"x":69,"y":537,"width":838,"height":11}},{"id":"4ffc2081-019b-4cd5-a66d-1241e6127588","block_type":"box","text":"of registering the shares under Federal, state or foreign laws; fees and expenses of Directors who are not interested","page_number":125,"box":{"x":69,"y":552,"width":830,"height":11}},{"id":"0f94c37a-f4eb-4a57-8b4c-aacc1b961c06","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":125,"box":{"x":70,"y":567,"width":784,"height":11}},{"id":"df6da064-baa8-4543-99f6-b6c3b3f60a9a","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":125,"box":{"x":69,"y":582,"width":767,"height":11}},{"id":"28d7921b-c506-45d7-abeb-cde5eb5db6bc","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Cer tain accounting services are provided to each Fund","page_number":125,"box":{"x":69,"y":597,"width":825,"height":11}},{"id":"b3422cf1-19f5-4276-aec7-8723d0ed1eee","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":125,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"56ca1103-6157-4365-9cdd-8164c7ee926e","block_type":"box","text":"or JPMorgan Chase Bank, N.A. (“JPM”) pursuant to an agreement between State Street, BNY Mellon or JPM, as","page_number":125,"box":{"x":69,"y":627,"width":794,"height":12}},{"id":"4a454d88-dc07-47b2-88dc-45d64188bda2","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. The Distributor pays cer tain promotional","page_number":125,"box":{"x":69,"y":642,"width":778,"height":12}},{"id":"8dd94f49-506b-4bd2-8764-d6ec9799f481","block_type":"box","text":"expenses of the Funds incurred in connection with the offering of shares of the Funds. Cer tain expenses are financed","page_number":125,"box":{"x":69,"y":658,"width":839,"height":11}},{"id":"fe1aeb59-5d84-4cf0-8c23-2ae809b629c7","block_type":"box","text":"by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the Investment Company Act. See","page_number":125,"box":{"x":69,"y":673,"width":820,"height":11}},{"id":"76a81384-e31b-4975-b740-0a0ef952fe8e","block_type":"box","text":"“Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":125,"box":{"x":70,"y":688,"width":524,"height":11}},{"id":"e3db3ec3-83cc-4185-a19e-b37a5ee9bf6c","block_type":"box","text":"Sub-Advisory Fee.","page_number":125,"box":{"x":102,"y":711,"width":124,"height":11}},{"id":"a585217f-e1d2-4cbb-a088-87be1b503aa2","block_type":"box","text":"The Manager of cer tain Funds has entered into one or more sub-advisory agreements (the","page_number":125,"box":{"x":232,"y":710,"width":643,"height":12}},{"id":"e1a2fc1f-8b74-496d-bee5-ef3de8884264","block_type":"box","text":"“Sub-Advisory Agreements”) with the sub-adviser or sub-advisers identified in each such Fund’s Prospectus (the “Sub","page_number":125,"box":{"x":70,"y":726,"width":839,"height":11}},{"id":"8e07a41a-6a23-4ba4-9b1d-3ec0efda4510","block_type":"box","text":"Adviser”) pursuant to which the Sub-Adviser provides sub-advisory services to the Manager with respect to the Fund.","page_number":125,"box":{"x":68,"y":741,"width":830,"height":11}},{"id":"38b16697-7eab-4f39-9e9f-7093e64876ed","block_type":"box","text":"Organization of the Manager.","page_number":125,"box":{"x":102,"y":763,"width":204,"height":12}},{"id":"e23589c6-cbe0-47c1-827b-ff5451eb77c6","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":125,"box":{"x":313,"y":763,"width":560,"height":12}},{"id":"03cca682-21eb-478f-be1a-0327ff6ecb39","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":125,"box":{"x":70,"y":778,"width":819,"height":12}},{"id":"f1126548-e15b-451d-95cc-8e51ce2faf7d","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":125,"box":{"x":70,"y":794,"width":817,"height":11}},{"id":"3608ddfe-41b4-4b73-9581-7857d882ed84","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":125,"box":{"x":69,"y":809,"width":768,"height":11}},{"id":"6173d7fb-fef0-417b-a71b-48cc2a7b6ec1","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":125,"box":{"x":69,"y":824,"width":821,"height":11}},{"id":"79d954bf-cd2f-421a-bf0f-8903362af5a9","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":125,"box":{"x":69,"y":839,"width":517,"height":11}},{"id":"bcd4d7c5-5894-4cea-bf3f-1b222bc26975","block_type":"box","text":"Duration and Termination.","page_number":125,"box":{"x":102,"y":862,"width":182,"height":9}},{"id":"5bd8ed95-0e43-4516-a885-ecce0dc5c1a5","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":125,"box":{"x":292,"y":862,"width":613,"height":11}},{"id":"d811a1f8-6f4f-4edd-90f1-3f928d0b616f","block_type":"box","text":"Sub-Advisory Agreement will remain in effect for an initial two year period and from year to year thereafter if approved","page_number":125,"box":{"x":69,"y":877,"width":835,"height":11}},{"id":"59088383-d321-40b4-a504-0c80fc927ece","block_type":"box","text":"annually (a) by the Board of Directors or by a vote of a majority of the outstanding voting securities of a Fund and","page_number":125,"box":{"x":69,"y":892,"width":803,"height":11}},{"id":"17eada6d-5c91-4b04-80af-61d68e14dc49","block_type":"box","text":"(b) by a majority of the Directors of the Fund who are not par ties to such agreement or interested persons (as defined","page_number":125,"box":{"x":69,"y":907,"width":839,"height":11}},{"id":"1143e438-4640-4b23-a07d-89745d14288d","block_type":"box","text":"II-82","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"eb7f8401-8f81-4dc3-8b69-038e6b2b14d3","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":125,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"edb871d2-3c80-4557-b0cc-24ce6a4fc058","block_type":"box","text":"in the Investment Company Act) of any such par ty. Each Management Agreement automatically terminates on","page_number":126,"box":{"x":70,"y":45,"width":778,"height":11}},{"id":"a8fb8251-844c-4950-a45b-ea8ee671010f","block_type":"box","text":"assignment and may be terminated without penalty on 60 days’ written notice at the option of either par ty thereto or","page_number":126,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"333f8b67-c449-4541-93b9-79c7a6692bf9","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":126,"box":{"x":69,"y":75,"width":388,"height":11}},{"id":"a65a7002-fcd3-48a8-bf13-a08980fce409","block_type":"box","text":"Other Service Arrangements","page_number":126,"box":{"x":69,"y":105,"width":205,"height":11}},{"id":"23e6fe65-d4c0-45ec-b513-2604ee79af2f","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":126,"box":{"x":101,"y":128,"width":338,"height":9}},{"id":"e4df8f1a-3dae-4f14-8c46-f70ed4499489","block_type":"box","text":"Cer tain Funds have entered into an administration agreement","page_number":126,"box":{"x":446,"y":128,"width":439,"height":11}},{"id":"5e33c308-afac-48ce-acfc-9d0fd88db7f7","block_type":"box","text":"(the “Administration Agreement”) with an administrator identified in the Fund’s Prospectus and Par t I of the Fund’s","page_number":126,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"a0dfe573-9982-4c0a-9940-681ecbd7975b","block_type":"box","text":"SAI (each an “Administrator”). For its services to a Fund, the Administrator receives monthly compensation at the","page_number":126,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"c85187b4-f68c-44d3-9861-7f517f1cbb0f","block_type":"box","text":"annual rate set for th in each applicable Fund’s Prospectus. For information regarding any administrative fees paid by","page_number":126,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"5c0c1de7-ccb9-40c2-86f9-71e4927b7d77","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":126,"box":{"x":68,"y":188,"width":738,"height":12}},{"id":"40a4cb2b-94db-4b69-b873-c1b543b7c001","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of","page_number":126,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"504e39b5-4ba9-436b-b26e-1e2c2ef8a5f2","block_type":"box","text":"that Fund’s SAI.","page_number":126,"box":{"x":68,"y":219,"width":113,"height":8}},{"id":"8fca261d-7a1d-4f9a-a36d-4a754460034d","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":126,"box":{"x":102,"y":241,"width":755,"height":11}},{"id":"9cb93db7-eca5-4414-8dae-c375a45279b1","block_type":"box","text":"cer tain administrative services to the Fund and to pay, or cause its affiliates to pay, for maintaining its staff and","page_number":126,"box":{"x":69,"y":256,"width":800,"height":12}},{"id":"5db17b04-86da-41a7-b279-33c93631d873","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. 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Such contract is not assignable","page_number":126,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"574d0d61-586c-46b6-b407-44e433a01b5b","block_type":"box","text":"and may be terminated without penalty on written notice at the option of either par ty thereto or by the vote of the","page_number":126,"box":{"x":69,"y":400,"width":805,"height":11}},{"id":"0c852387-fd6e-4928-9a6f-0888d3f84966","block_type":"box","text":"shareholders of the Fund.","page_number":126,"box":{"x":69,"y":415,"width":181,"height":9}},{"id":"eb77fb2e-d953-4a1c-ae7a-43b96fd7452f","block_type":"box","text":"Transfer Agency Services.","page_number":126,"box":{"x":103,"y":438,"width":180,"height":11}},{"id":"aab5a32d-c28b-4901-a4b7-fe7d40e33608","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":126,"box":{"x":291,"y":438,"width":595,"height":11}},{"id":"c479c789-cc5a-4281-9378-84fc712f5de3","block_type":"box","text":"subsidiary of The Bank of New York Mellon Corporation, acts as each Fund’s Transfer Agent pursuant to a Transfer","page_number":126,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"bdcfd6e9-d10a-4b58-af80-07f467266505","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":126,"box":{"x":68,"y":468,"width":833,"height":11}},{"id":"d9a07841-52a0-4003-b41a-50453cca879b","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":126,"box":{"x":68,"y":483,"width":792,"height":11}},{"id":"c3dbb876-8bd2-4c85-b14a-583c37167ed6","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":126,"box":{"x":68,"y":498,"width":819,"height":11}},{"id":"cc311abb-6c5e-4b70-9e27-7ebd8bbce32e","block_type":"box","text":"Transfer Agent a fee for the services it receives based on the type of account and the level of services required. Each","page_number":126,"box":{"x":68,"y":513,"width":839,"height":12}},{"id":"bd2668dc-f80f-4f81-9d0c-dca16bf56c3e","block_type":"box","text":"Fund reimburses the Transfer Agent’s reasonable out-of-pocket expenses and pays a fee of 0.10% of account assets","page_number":126,"box":{"x":70,"y":528,"width":831,"height":12}},{"id":"9ad7055c-9212-4075-815a-7905621eb705","block_type":"box","text":"for cer tain accounts that par ticipate in cer tain fee-based programs sponsored by the Manager or its affiliates. For","page_number":126,"box":{"x":68,"y":543,"width":813,"height":12}},{"id":"7be67ffd-5c06-493c-85a1-40374cedc617","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":126,"box":{"x":70,"y":559,"width":836,"height":11}},{"id":"d7c8da6f-2326-4714-a727-62038460a941","block_type":"box","text":"by the Transfer Agent and any other account representing the beneficial interest of a person in the relevant share","page_number":126,"box":{"x":69,"y":574,"width":806,"height":11}},{"id":"9dedd826-b740-495c-b596-c94704b8fefe","block_type":"box","text":"class on a recordkeeping system.","page_number":126,"box":{"x":69,"y":589,"width":238,"height":11}},{"id":"bb832460-e845-48d8-97cf-eeda69ab8d8f","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":126,"box":{"x":102,"y":612,"width":338,"height":11}},{"id":"d04f66a6-6af6-4e80-a1c4-415fd73e3b42","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":126,"box":{"x":446,"y":612,"width":441,"height":10}},{"id":"e48e400d-b65e-4a2f-8fdb-09cb9146045a","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":126,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"63d1cc5a-3988-49f1-9e51-47486d74c8a6","block_type":"box","text":"audits the Fund’s financial statements. Please see the inside back cover page of your Fund’s Prospectus and Par t I","page_number":126,"box":{"x":69,"y":642,"width":823,"height":11}},{"id":"07024d03-916f-40e8-aa5c-723c51db9035","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":126,"box":{"x":69,"y":657,"width":627,"height":11}},{"id":"def46c5f-77ee-4594-a33e-a69bd67504a3","block_type":"box","text":"Custodian Services.","page_number":126,"box":{"x":102,"y":680,"width":141,"height":9}},{"id":"ed9d75c4-4348-4319-992c-fdb1a59d7cda","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":126,"box":{"x":249,"y":680,"width":654,"height":11}},{"id":"9dea45b0-2fe5-489a-b714-c46e497f4e73","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":126,"box":{"x":70,"y":695,"width":820,"height":11}},{"id":"32c28c3f-f318-4d21-9c34-46c4ced033da","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":126,"box":{"x":70,"y":710,"width":814,"height":11}},{"id":"84437450-5533-433b-ab26-9a59a50bd49f","block_type":"box","text":"the Fund’s investments. The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":126,"box":{"x":68,"y":725,"width":802,"height":11}},{"id":"c273e042-3226-460f-a394-230de442d31b","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with cer tain foreign","page_number":126,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"f0079e39-b4d4-4f6e-9818-d172f02a04ef","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":126,"box":{"x":69,"y":755,"width":792,"height":11}},{"id":"9504d7e5-24b2-486a-92d6-95ee4b067268","block_type":"box","text":"cer tain assets.","page_number":126,"box":{"x":69,"y":771,"width":106,"height":8}},{"id":"4b358379-4cfd-4632-9275-2af1994870dc","block_type":"box","text":"For cer tain Feeder Funds, the Custodian also acts as the custodian of the Master Por tfolio’s assets.","page_number":126,"box":{"x":102,"y":793,"width":716,"height":10}},{"id":"eede3a47-567c-4b53-9c30-394cff0766cd","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. With respect to cer tain Funds, on a monthly","page_number":126,"box":{"x":102,"y":816,"width":803,"height":11}},{"id":"7adb2546-cc5b-419b-bd6c-b481e87c3eec","block_type":"box","text":"basis the Custodian nets the Fund’s daily positive and negative cash balances and calculates a credit (“custody","page_number":126,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"580887da-9fc7-41b2-86be-990550a5a168","block_type":"box","text":"credit”) or a charge based on that net amount. With respect to such Funds, the custodian fees, including the amount","page_number":126,"box":{"x":69,"y":846,"width":834,"height":11}},{"id":"43e82a6b-6f34-46fd-ba79-3fb77dd2d151","block_type":"box","text":"of any overdraft charges, may be reduced by the amount of such custody credits, and any unused credits at the end","page_number":126,"box":{"x":69,"y":861,"width":826,"height":11}},{"id":"52b0e768-a4e6-49ae-81c1-e8256973c587","block_type":"box","text":"of a given month may be carried forward to a subsequent month. Any such credits unused by the end of a Fund’s","page_number":126,"box":{"x":69,"y":876,"width":807,"height":11}},{"id":"a04f378e-b376-4f06-a70a-4dcb36067948","block_type":"box","text":"fiscal year will not expire. Net debits at the end of a given month are added to the Fund’s custody bill and paid by the","page_number":126,"box":{"x":68,"y":891,"width":836,"height":12}},{"id":"b5980eaf-f3a0-406c-8a19-9c066a1d8a69","block_type":"box","text":"Fund.","page_number":126,"box":{"x":70,"y":907,"width":36,"height":8}},{"id":"8bea53e8-508e-4a86-9dcb-14c440aac248","block_type":"box","text":"II-83","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8b68698c-b578-464b-950d-625b0aaba830","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":126,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"aa14bf65-c81a-44ab-9636-0f2f115f39fa","block_type":"box","text":"Accounting Services.","page_number":127,"box":{"x":101,"y":45,"width":148,"height":11}},{"id":"2cb5ae7c-d226-4817-8f88-e55976cc3e22","block_type":"box","text":"Each Fund has entered into an agreement with State Street, BNY Mellon or JPM, pursuant","page_number":127,"box":{"x":256,"y":45,"width":641,"height":11}},{"id":"31c9b2b5-5b47-4bce-8f19-c41ea5ae0661","block_type":"box","text":"to which State Street, BNY Mellon or JPM provides cer tain accounting and administrative services to the Fund. Each","page_number":127,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"66efff6a-e1c9-4b66-b48a-5ca600243842","block_type":"box","text":"Fund pays a fee for these services. State Street, BNY Mellon or JPM provides similar accounting services to the","page_number":127,"box":{"x":70,"y":75,"width":797,"height":11}},{"id":"fa801d93-f4d3-40f6-8b0f-f0b67cbd17ef","block_type":"box","text":"Master LLCs.","page_number":127,"box":{"x":70,"y":90,"width":91,"height":9}},{"id":"d9a7f6dd-c9c1-46b4-b316-5640d45e1875","block_type":"box","text":"See “Management, Advisory and Other Service Arrangements — Accounting Services” or “Management and","page_number":127,"box":{"x":102,"y":113,"width":771,"height":11}},{"id":"93de711f-f064-43a5-ac88-ef13c2c2115e","block_type":"box","text":"Advisory Arrangements — Accounting Services,” as applicable, in Par t I of each Fund’s SAI for information on the","page_number":127,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"303b67eb-1529-427e-8974-3ca740079566","block_type":"box","text":"amounts paid by your Fund and, if applicable, Master LLC to State Street, BNY Mellon or JPM and the Manager or, if","page_number":127,"box":{"x":69,"y":143,"width":828,"height":11}},{"id":"fc0512ed-e284-4d83-a736-f53845302fcd","block_type":"box","text":"applicable, the Administrator for the periods indicated.","page_number":127,"box":{"x":69,"y":158,"width":386,"height":11}},{"id":"6658ebaf-323f-4373-a230-8edd90891730","block_type":"box","text":"Distribution Expenses.","page_number":127,"box":{"x":102,"y":181,"width":158,"height":11}},{"id":"523e9e71-e524-48d0-a3b3-215132dbda62","block_type":"box","text":"Each Fund has entered into a distribution agreement with the Distributor in connection","page_number":127,"box":{"x":267,"y":181,"width":614,"height":11}},{"id":"93ef8dbe-29eb-49de-97d9-a01bd27d2071","block_type":"box","text":"with the continuous offering of each class of shares of the Fund (the “Distribution Agreements”). The Distribution","page_number":127,"box":{"x":68,"y":196,"width":807,"height":11}},{"id":"634691c3-73e5-4047-b18a-407a4e930894","block_type":"box","text":"Agreements obligate the Distributor to pay cer tain expenses in connection with the offering of each class of shares of","page_number":127,"box":{"x":68,"y":211,"width":842,"height":11}},{"id":"47c2db15-e97f-43e1-8e94-f0f65357f477","block_type":"box","text":"the Funds. After the prospectuses, statements of additional information and periodic repor ts have been prepared,","page_number":127,"box":{"x":68,"y":226,"width":813,"height":11}},{"id":"411ca94b-2f0a-4f06-adc6-833f7f6be479","block_type":"box","text":"set in type and mailed to shareholders, the Distributor pays for the printing and distribution of these documents used","page_number":127,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"b1334a88-8978-48d8-9a90-6e578344724f","block_type":"box","text":"in connection with the offering to dealers and investors. The Distributor also pays for other supplementary sales","page_number":127,"box":{"x":70,"y":256,"width":799,"height":12}},{"id":"5798e6d6-a56f-43aa-97ec-74d7d873c53e","block_type":"box","text":"literature and adver tising costs. Each Distribution Agreement is subject to the same renewal requirements and","page_number":127,"box":{"x":70,"y":272,"width":788,"height":11}},{"id":"00183263-e9ff-42c9-88ec-4d51f0791700","block_type":"box","text":"termination provisions as the Management Agreement described above.","page_number":127,"box":{"x":68,"y":287,"width":513,"height":11}},{"id":"6745aec8-2795-4e29-8091-86b8f1864a44","block_type":"box","text":"Code of Ethics","page_number":127,"box":{"x":69,"y":317,"width":105,"height":9}},{"id":"eb461bb9-c20e-4426-81eb-257caba23811","block_type":"box","text":"Each Fund, the Manager, each Sub-Adviser and the Distributor has adopted a Code of Ethics pursuant to Rule","page_number":127,"box":{"x":102,"y":339,"width":780,"height":12}},{"id":"2b80618d-c34d-4ec5-b01d-ee0d474ba85b","block_type":"box","text":"17j-1 under the Investment Company Act. The Code of Ethics establishes procedures for personal investing and","page_number":127,"box":{"x":70,"y":355,"width":794,"height":11}},{"id":"0604dc1c-7910-404a-9290-058eef8e5631","block_type":"box","text":"restricts cer tain transactions. 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BlackRock, its subsidiaries and their","page_number":132,"box":{"x":102,"y":339,"width":731,"height":12}},{"id":"aa8311fa-c69a-49c5-8907-7e8d941c6417","block_type":"box","text":"respective directors, officers and employees, including the business units or entities and personnel who may be","page_number":132,"box":{"x":69,"y":355,"width":799,"height":11}},{"id":"181e968e-b8b1-436b-ae19-527786da2b67","block_type":"box","text":"involved in the investment activities and business operations of a Fund, are engaged worldwide in businesses,","page_number":132,"box":{"x":70,"y":370,"width":786,"height":11}},{"id":"8bddcd02-9be5-458f-b2c2-966e8e5eb756","block_type":"box","text":"including managing equities, fixed income securities, cash and alternative investments, and other financial services,","page_number":132,"box":{"x":70,"y":385,"width":829,"height":11}},{"id":"a265fa37-bbf2-4774-bbba-b2dd1bd64bb7","block_type":"box","text":"and have interests other than that of managing the Funds. These are considerations of which investors in a Fund","page_number":132,"box":{"x":69,"y":400,"width":804,"height":11}},{"id":"e8eb1c1a-edfd-41b4-8869-f9d575552bf1","block_type":"box","text":"should be aware, and which may cause conflicts of interest that could disadvantage a Fund and its shareholders.","page_number":132,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"fa55215c-de87-4bb9-9197-8fd43d6eb5f5","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":132,"box":{"x":101,"y":438,"width":722,"height":11}},{"id":"aac97328-1dcd-47ac-a387-235fd9b45fbf","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be purchased","page_number":132,"box":{"x":69,"y":453,"width":827,"height":11}},{"id":"0338feb6-6a94-4948-bf26-266ec35e0626","block_type":"box","text":"or sold by a Fund.","page_number":132,"box":{"x":69,"y":468,"width":125,"height":11}},{"id":"f7eced75-3617-47f3-9199-86daec7cd694","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or funds","page_number":132,"box":{"x":102,"y":491,"width":762,"height":11}},{"id":"861bac2a-3766-4e00-820e-8f4158206f30","block_type":"box","text":"(including separate accounts and other funds and collective investment vehicles) that have investment objectives","page_number":132,"box":{"x":69,"y":506,"width":806,"height":11}},{"id":"ef6c50b8-3d82-478f-8fbf-176781a64e97","block_type":"box","text":"identical or similar to those of a Fund and/or that engage in transactions in the same types of securities, currencies","page_number":132,"box":{"x":70,"y":521,"width":828,"height":11}},{"id":"1d94a892-1e0f-49c4-a69e-3ed41cc22896","block_type":"box","text":"and instruments as the Fund. Such other funds or accounts may offer exposure to strategies that are identical or","page_number":132,"box":{"x":69,"y":536,"width":808,"height":11}},{"id":"b68c81ff-c4e0-4570-8481-b58a41ef6c79","block_type":"box","text":"substantially similar to those of a Fund but with different fees and expenses, governance and structures, and/or","page_number":132,"box":{"x":69,"y":551,"width":803,"height":11}},{"id":"49f70d59-a32a-457d-ad72-bcdb55efb9f9","block_type":"box","text":"services provided by BlackRock","page_number":132,"box":{"x":69,"y":566,"width":224,"height":11}},{"id":"131e288f-a9d7-478e-a302-3f71e6389a24","block_type":"box","text":".","page_number":132,"box":{"x":295,"y":574,"width":2,"height":1}},{"id":"4ffbb995-0b76-49ac-bfe2-26a070cf43ac","block_type":"box","text":"BlackRock is also a major par ticipant in the global currency, equities, swap and fixed","page_number":132,"box":{"x":304,"y":566,"width":603,"height":11}},{"id":"d82a33b1-66dd-4bc0-87f7-ea958b1129df","block_type":"box","text":"income markets, in each case, for the accounts of clients and, in some cases, on a proprietary basis. 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Such transactions, par ticularly in","page_number":132,"box":{"x":70,"y":649,"width":785,"height":12}},{"id":"6dfb7a8e-7666-4a1b-b641-2372aacdfcbe","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":132,"box":{"x":69,"y":664,"width":832,"height":12}},{"id":"77089e6d-f66a-4735-b2d4-bfea5056c908","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":132,"box":{"x":68,"y":680,"width":652,"height":11}},{"id":"22ca8856-22f7-49ef-90f1-0a343892c3e0","block_type":"box","text":"In addition, the por tfolio holdings of cer tain BlackRock-advised investment vehicles managed in an identical or","page_number":132,"box":{"x":102,"y":702,"width":787,"height":12}},{"id":"380b1dfb-8aa4-4d68-bf94-7bffec50639c","block_type":"box","text":"substantially similar manner as cer tain Funds are made publicly available on a more timely basis than the applicable","page_number":132,"box":{"x":69,"y":718,"width":832,"height":11}},{"id":"ff7aca33-bfee-4cdc-bb81-ebd729d78ac6","block_type":"box","text":"Fund. In some cases, such por tfolio holdings are made publicly available on a daily basis. 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BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":133,"box":{"x":69,"y":90,"width":776,"height":11}},{"id":"119dd563-be55-4705-bf0c-208f0b23716d","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in cer tain","page_number":133,"box":{"x":70,"y":105,"width":774,"height":11}},{"id":"bc3c1ae1-0be5-424d-a22d-b33fd9f003c1","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":133,"box":{"x":69,"y":120,"width":781,"height":12}},{"id":"dd8ce377-2aa4-4734-ad61-19e62aa2c139","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":133,"box":{"x":69,"y":135,"width":787,"height":12}},{"id":"b8a38208-b7ee-44e5-bea7-bb4a7d2f14e8","block_type":"box","text":"BlackRock. 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For example, BlackRock may determine to rely on information barriers between different","page_number":133,"box":{"x":70,"y":339,"width":780,"height":12}},{"id":"aca486cf-d1ae-4462-9127-463faf2cf4b0","block_type":"box","text":"business units or por tfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":133,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"f8be8943-816d-4aa0-bef7-54208b9545fc","block_type":"box","text":"situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of the","page_number":133,"box":{"x":69,"y":370,"width":817,"height":11}},{"id":"06d302fd-66eb-406e-a600-2747df7fba94","block_type":"box","text":"Funds.","page_number":133,"box":{"x":70,"y":385,"width":44,"height":9}},{"id":"b5829c38-4e69-4dcf-8ed8-3a938953ee9f","block_type":"box","text":"In addition, to the extent permitted by applicable law, cer tain Funds may invest their assets in other funds","page_number":133,"box":{"x":102,"y":407,"width":755,"height":12}},{"id":"169bba54-d819-49f1-94e7-9d17906e28c3","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same por tfolio managers, which could","page_number":133,"box":{"x":69,"y":423,"width":836,"height":11}},{"id":"0aab4c2f-4257-4efd-b643-f301b1dab225","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":133,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"3eca688a-c1f9-498c-b986-201d1b81a8e2","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":133,"box":{"x":69,"y":453,"width":679,"height":11}},{"id":"92849441-c11e-4146-a790-e1bcd3d41125","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":133,"box":{"x":101,"y":476,"width":760,"height":11}},{"id":"33dca405-5ba3-4082-9ae2-f731faa173c6","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":133,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"29e99d3f-473e-45d4-8d3d-3dc826c7972d","block_type":"box","text":"for registered representatives, other professionals and individual investors. 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BlackRock may (but is not required to) effect purchases and sales between","page_number":133,"box":{"x":68,"y":574,"width":817,"height":11}},{"id":"6907d12d-3571-4098-9d6a-39caaf9b3bb4","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":133,"box":{"x":70,"y":589,"width":797,"height":11}},{"id":"c0677375-e7c7-4d07-b98e-025c712b8e1d","block_type":"box","text":"based on each par ty’s investment objectives and guidelines, subject to applicable law and regulation. 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BlackRock may have a potentially conflicting division of","page_number":133,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"fdb741ac-898d-40bd-9578-1d7e624a3841","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":133,"box":{"x":70,"y":650,"width":457,"height":11}},{"id":"c12bca74-42f1-403d-8199-47dcfcb074cc","block_type":"box","text":"BlackRock and its clients may pursue or enforce rights with respect to an issuer in which a Fund has invested,","page_number":133,"box":{"x":102,"y":672,"width":784,"height":11}},{"id":"1c99b712-66e0-4cfc-972c-95972883a3f6","block_type":"box","text":"and those activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms of the","page_number":133,"box":{"x":69,"y":687,"width":840,"height":11}},{"id":"d669aa91-2fbf-403e-b924-e9d675418aa0","block_type":"box","text":"Fund’s investments may be negatively impacted by the activities of BlackRock or its clients, and transactions for the","page_number":133,"box":{"x":70,"y":702,"width":827,"height":12}},{"id":"396f2279-aa0b-4f8c-ac12-06635a652549","block_type":"box","text":"Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the","page_number":133,"box":{"x":70,"y":717,"width":828,"height":12}},{"id":"b4111882-1da0-472c-9d39-18c7cedb5b3f","block_type":"box","text":"case.","page_number":133,"box":{"x":69,"y":735,"width":37,"height":7}},{"id":"a169fa8a-52dd-4de1-b8ca-0ff41ff2b454","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":133,"box":{"x":101,"y":755,"width":791,"height":11}},{"id":"aee057cf-070d-4bb5-adba-c3be74052ea0","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":133,"box":{"x":70,"y":771,"width":824,"height":11}},{"id":"660a136f-19f6-442b-93ef-bf637882f251","block_type":"box","text":"manages or advises. It is possible that one or more accounts managed or advised by BlackRock and such other","page_number":133,"box":{"x":69,"y":786,"width":798,"height":11}},{"id":"db0ac057-26c2-4bed-86f6-3d7e152d739d","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":133,"box":{"x":69,"y":801,"width":828,"height":11}},{"id":"aaa2d1c5-5617-4897-b245-55eaca9fbe23","block_type":"box","text":"Fund. Moreover, it is possible that a Fund will sustain losses during periods in which one or more proprietary or other","page_number":133,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"665affc8-dd70-4cdf-bd04-885fe5647bd7","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":133,"box":{"x":69,"y":831,"width":767,"height":11}},{"id":"d962de5b-2a8f-424a-a80f-fecc40750707","block_type":"box","text":"From time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other","page_number":133,"box":{"x":102,"y":853,"width":766,"height":12}},{"id":"bdabc4ee-7d84-4d37-b4a3-c6fa79000dea","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":133,"box":{"x":70,"y":869,"width":786,"height":11}},{"id":"76c7cf7d-2239-4649-8116-cb3dd7974ff0","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":133,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"5de3af20-2a04-419c-ad95-e4f27658a596","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend cer tain","page_number":133,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"596ccbcb-629d-4bf5-be65-2d44db27bc88","block_type":"box","text":"II-90","page_number":133,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"be52fa07-cba5-4f51-ba4b-4af97750b682","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":133,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"70a6dd78-69c1-4b96-bf37-d99f401a5297","block_type":"box","text":"types of transactions in cer tain securities or instruments with respect to which BlackRock is per forming services or","page_number":134,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"403e3aa0-0e6e-41bb-89e2-2f78f081d7d6","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":134,"box":{"x":68,"y":60,"width":790,"height":11}},{"id":"1e02bb4c-126c-45d5-9d56-78f2a253a6f2","block_type":"box","text":"accounts and accounts under its management may limit the investment oppor tunities for a Fund in cer tain emerging","page_number":134,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"08b77286-f04d-43e2-a2c3-64a5a121070b","block_type":"box","text":"and other markets in which limitations are imposed upon the amount of investment, in the aggregate or in individual","page_number":134,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"fd0b2abb-e896-46be-8146-450f62f48845","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":134,"box":{"x":70,"y":105,"width":271,"height":11}},{"id":"b9c39f32-0a07-4b8a-83c5-357eed0af56a","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to cer tain fundamental analysis and","page_number":134,"box":{"x":102,"y":128,"width":792,"height":11}},{"id":"e644d889-ed79-4342-bfe7-1a8e615c6f74","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":134,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"fb8129c5-054a-403d-95f1-c7cfd8b6981d","block_type":"box","text":"transactions on behalf of a Fund in accordance with such analysis and models. In addition, BlackRock will not have","page_number":134,"box":{"x":68,"y":158,"width":821,"height":11}},{"id":"f6d8bded-d583-47da-a2d5-7413a66787e2","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":134,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"38ba3044-a4f4-44f1-914f-2c89388435a9","block_type":"box","text":"strategies used for other accounts managed by them, for the benefit of the management of a Fund and it is not","page_number":134,"box":{"x":69,"y":188,"width":793,"height":12}},{"id":"ea9f2ad0-4f34-4267-8ba9-0cb2c32da17e","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":134,"box":{"x":69,"y":203,"width":762,"height":12}},{"id":"9e925f46-7543-4ad7-8be3-d0400764c619","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":134,"box":{"x":70,"y":218,"width":839,"height":12}},{"id":"b051556c-ba67-472d-b742-2595d8ce7772","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":134,"box":{"x":70,"y":234,"width":795,"height":11}},{"id":"6350ceb9-a092-474c-9e5f-12195f29c8b7","block_type":"box","text":"managing a Fund.","page_number":134,"box":{"x":69,"y":249,"width":124,"height":11}},{"id":"96929714-17fa-4b8e-af8e-7d106a38a300","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":134,"box":{"x":101,"y":271,"width":751,"height":12}},{"id":"06f5c839-f86d-4de1-97b5-90fb9864c96b","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":134,"box":{"x":69,"y":286,"width":830,"height":12}},{"id":"c08764b8-2dbc-4438-9b4f-684509228383","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":134,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"71f2ba64-6968-4345-9bbc-62ed2750cb0a","block_type":"box","text":"value and liquidity of a Fund may be impacted by purchases and sales of the Fund by model-driven investment","page_number":134,"box":{"x":68,"y":317,"width":785,"height":11}},{"id":"62780ef6-5519-472b-b2fd-abcc5419792f","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":134,"box":{"x":70,"y":332,"width":481,"height":11}},{"id":"1146fb01-3337-4213-a47b-6a567bd8570a","block_type":"box","text":"In addition, cer tain principals and cer tain employees of a Fund’s investment adviser are also principals or","page_number":134,"box":{"x":102,"y":355,"width":754,"height":11}},{"id":"34d9f85d-60ad-4a4c-a0b6-b52d9d0b72c6","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":134,"box":{"x":69,"y":370,"width":804,"height":11}},{"id":"d9be50ce-b687-4b8f-a76a-030930e78821","block_type":"box","text":"have obligations to such other business units or entities or their clients and such obligations to other business units","page_number":134,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"5d14ceda-d8d0-40c9-b977-17ad222db4ee","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":134,"box":{"x":69,"y":400,"width":680,"height":11}},{"id":"7ebb4b3d-8576-49c6-9b06-3e5fb96d44d9","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":134,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"2de641db-2877-4da7-9830-4a95e3cc7b4b","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":134,"box":{"x":70,"y":438,"width":820,"height":11}},{"id":"8465036e-6d30-421c-b124-217bd0f67613","block_type":"box","text":"as the counterpar ty, principal or issuer. In such cases, such par ty’s interests in the transaction will be adverse to the","page_number":134,"box":{"x":69,"y":453,"width":837,"height":11}},{"id":"cbeb81d4-0eef-493b-aa61-a03cc5ca6df8","block_type":"box","text":"interests of the Fund, and such par ty may have no incentive to assure that the Fund obtains the best possible prices","page_number":134,"box":{"x":70,"y":468,"width":832,"height":11}},{"id":"988c8c16-bf20-41c2-a9fa-88e3b04962dc","block_type":"box","text":"or terms in connection with the transactions. In addition, the purchase, holding and sale of such investments by a","page_number":134,"box":{"x":69,"y":483,"width":813,"height":11}},{"id":"442f3adb-ac95-49ca-babd-2d23db46f4ac","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":134,"box":{"x":70,"y":498,"width":344,"height":11}},{"id":"74c84dcf-ca8b-4b05-ae31-ffe8832b200a","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":134,"box":{"x":102,"y":521,"width":741,"height":11}},{"id":"a60c77a8-9ec6-4b18-a5b4-6312d1541afa","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the per formance of the Fund.","page_number":134,"box":{"x":70,"y":536,"width":824,"height":11}},{"id":"16edab57-ed71-47dc-9184-cc746acdde1a","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the per formance of","page_number":134,"box":{"x":68,"y":551,"width":825,"height":11}},{"id":"65956cfc-0a5b-405e-8266-1e4f59bebfae","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":134,"box":{"x":69,"y":566,"width":777,"height":11}},{"id":"95ac301b-e9f8-4586-a4a5-2fc78bc79f45","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":134,"box":{"x":69,"y":581,"width":810,"height":12}},{"id":"5e67cea3-153d-4e5c-982e-8510978bea07","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":134,"box":{"x":69,"y":597,"width":784,"height":11}},{"id":"aa13e384-036b-4246-aff9-319fa8681050","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":134,"box":{"x":70,"y":612,"width":798,"height":11}},{"id":"71b43378-9118-4760-a212-eab6064e2eaa","block_type":"box","text":"under management for BlackRock.","page_number":134,"box":{"x":69,"y":627,"width":243,"height":11}},{"id":"26bf81c8-5731-4951-a6bb-36a66b2412ed","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":134,"box":{"x":101,"y":649,"width":773,"height":12}},{"id":"90afffed-0e31-4194-98fe-197e900cf64b","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":134,"box":{"x":69,"y":664,"width":797,"height":12}},{"id":"ac5a04c1-2f39-43ad-8178-738e505652ac","block_type":"box","text":"clients have interests adverse to those of the Fund. At times, these activities may cause business units or entities","page_number":134,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"42e3f141-568b-43e4-a929-5f14787c05b2","block_type":"box","text":"within BlackRock to give advice to clients that may cause these clients to take actions adverse to the interests of the","page_number":134,"box":{"x":68,"y":695,"width":837,"height":11}},{"id":"22691018-626d-4721-8b57-cacccfb68a50","block_type":"box","text":"Fund. To the extent such transactions are permitted, a Fund will deal with BlackRock on an arms-length basis.","page_number":134,"box":{"x":70,"y":710,"width":781,"height":11}},{"id":"da77a943-b635-43e4-883f-86ef67d234ce","block_type":"box","text":"To the extent authorized by applicable law, BlackRock may act as broker, dealer, agent, lender or adviser or in","page_number":134,"box":{"x":101,"y":733,"width":779,"height":11}},{"id":"3adc0bb7-8af0-4380-a29c-60672b29c1fa","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":134,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"c347651e-9f8a-4f57-84ba-7c0ada1f7d26","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":134,"box":{"x":69,"y":763,"width":821,"height":11}},{"id":"11c060a7-984f-4e24-8bec-96bcaa5c694a","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":134,"box":{"x":68,"y":778,"width":802,"height":11}},{"id":"8908e775-36fe-419e-96e9-608c720e3e4d","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":134,"box":{"x":69,"y":793,"width":792,"height":11}},{"id":"e28da48c-0474-4ca1-b322-3d736b41f861","block_type":"box","text":"amounts that are favorable to BlackRock and such sales personnel, which may have an adverse effect on the Funds.","page_number":134,"box":{"x":69,"y":808,"width":832,"height":11}},{"id":"e826d110-410d-4f27-a755-0352064f5cb4","block_type":"box","text":"Index based funds may use an index provider that is affiliated with another service provider of the Fund or BlackRock","page_number":134,"box":{"x":70,"y":823,"width":833,"height":11}},{"id":"5a3b2fbf-3eed-4a0c-ac74-987514778c40","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":134,"box":{"x":68,"y":838,"width":726,"height":12}},{"id":"443dc32d-c1b5-424e-9d9d-f1881a66d500","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":134,"box":{"x":102,"y":861,"width":796,"height":11}},{"id":"2fa4e0c1-4e67-41a3-abbc-652e0040f705","block_type":"box","text":"other amounts that they receive in connection with their service to the Funds as broker, dealer, agent, lender, adviser","page_number":134,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"ec37582b-e392-4558-b1b8-efde7dd7e463","block_type":"box","text":"or in other commercial capacities. No accounting to the Funds or their shareholders will be required, and no fees or","page_number":134,"box":{"x":69,"y":891,"width":823,"height":12}},{"id":"78a7d686-fed4-4a2a-8830-51db2d5185ea","block_type":"box","text":"II-91","page_number":134,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2a7fc14f-ee88-4ac1-b517-09e7b3a17c9b","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":134,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"32f9c569-7588-47ef-95f0-bd143e274a29","block_type":"box","text":"other compensation payable by the Funds or their shareholders will be reduced by reason of receipt by BlackRock of","page_number":135,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"fe8a51ea-1812-4730-9030-f5a7b8bd6aeb","block_type":"box","text":"any such fees or other amounts.","page_number":135,"box":{"x":69,"y":60,"width":230,"height":11}},{"id":"e35012db-ed5f-4009-a480-33af445ac298","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":135,"box":{"x":101,"y":83,"width":805,"height":11}},{"id":"88e60e6f-53eb-422a-bef2-3fbc8bfa09ce","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":135,"box":{"x":70,"y":98,"width":768,"height":11}},{"id":"83000bf2-35df-4aab-a9b0-778d8c888d6f","block_type":"box","text":"A Fund will be required to establish business relationships with its counterpar ties based on the Fund’s own","page_number":135,"box":{"x":101,"y":120,"width":766,"height":11}},{"id":"a149c5cd-edd7-4622-acd1-d5fb043752ed","block_type":"box","text":"credit standing. BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":135,"box":{"x":69,"y":136,"width":793,"height":11}},{"id":"a88d806b-9547-453c-812c-da70069b06e4","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterpar ties will rely on the credit of","page_number":135,"box":{"x":69,"y":150,"width":835,"height":12}},{"id":"715ecff8-c79e-4402-b7d5-a4ec9ac9a2d9","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":135,"box":{"x":70,"y":166,"width":374,"height":11}},{"id":"88371f47-3bc1-4b91-9d78-1457720aa3be","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":135,"box":{"x":102,"y":188,"width":768,"height":12}},{"id":"71d90039-8225-4ebf-a0b5-a7abf5c2f912","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":135,"box":{"x":69,"y":203,"width":829,"height":12}},{"id":"0316195c-c8f3-4214-97db-d26c33b15b2b","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":135,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"18182a45-6355-47c6-8519-d0311629d728","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":135,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"7c37bc91-3aa1-4657-b0b7-0871381da937","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":135,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"118ecb17-09cc-42c5-90f3-cb8d60c2ae35","block_type":"box","text":"have an incentive to, among other things, increase or decrease the amount of securities on loan or to lend par ticular","page_number":135,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"d7cde003-70e1-46c2-a4e8-28180a844c43","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":135,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"519b31ea-d374-45a8-a519-f55e4b566f5b","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":135,"box":{"x":69,"y":294,"width":783,"height":11}},{"id":"e43e1faf-ab9b-4338-bb9f-aec83e916fa1","block_type":"box","text":"BlackRock. As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":135,"box":{"x":70,"y":309,"width":814,"height":11}},{"id":"ac06879d-87f5-4d4b-88ca-60b557852d73","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":135,"box":{"x":69,"y":325,"width":660,"height":11}},{"id":"c54879fb-3c2a-4261-9120-c31cef5bdcb6","block_type":"box","text":"As par t of its securities lending program, BlackRock indemnifies the Funds and cer tain other clients and/or","page_number":135,"box":{"x":101,"y":347,"width":767,"height":11}},{"id":"9f28b308-5517-4a0d-950d-284a8dda0a12","block_type":"box","text":"funds against a shor tfall in collateral in the event of borrower default. On a regular basis, BlackRock calculates the","page_number":135,"box":{"x":68,"y":362,"width":820,"height":11}},{"id":"5bc69157-f868-4f8a-9921-64a09cea231b","block_type":"box","text":"potential dollar exposure of collateral shor tfall resulting from a borrower default (“shor tfall risk”) in the securities","page_number":135,"box":{"x":70,"y":377,"width":806,"height":12}},{"id":"ded301af-054d-43f5-8edc-f3273e38f10a","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":135,"box":{"x":70,"y":393,"width":816,"height":11}},{"id":"261e03ef-bfeb-4fc5-8d1c-a6b4b1fa5c18","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":135,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"6d94639f-43a5-4b9b-9883-0da4077a7e74","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":135,"box":{"x":70,"y":423,"width":727,"height":11}},{"id":"9363af22-d6d7-41e3-9d48-7c52aea453ce","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":135,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"31e9273e-a5ec-4f43-91d1-316e5ec0623c","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":135,"box":{"x":69,"y":453,"width":786,"height":11}},{"id":"68a643ad-79c2-4572-b96c-c8563b5e776b","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":135,"box":{"x":70,"y":468,"width":796,"height":11}},{"id":"f2a65e07-244f-4bcd-9282-0fa971f4f9a3","block_type":"box","text":"conduct at any given point in time by reducing the volume of lending oppor tunities for cer tain loans (including by","page_number":135,"box":{"x":69,"y":483,"width":799,"height":11}},{"id":"cf951efb-af28-499f-a6f8-9cf8493a0293","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":135,"box":{"x":69,"y":498,"width":356,"height":11}},{"id":"cfcd0275-e8e8-471f-914b-ff4af38a90b5","block_type":"box","text":"BlackRock may decline to make a securities loan on behalf of a Fund, discontinue lending on behalf of a Fund or","page_number":135,"box":{"x":102,"y":521,"width":801,"height":11}},{"id":"482bbc87-4528-4ac6-894a-cdcdc87d166d","block_type":"box","text":"terminate a securities loan on behalf of a Fund for any reason, including but not limited to regulatory requirements","page_number":135,"box":{"x":68,"y":536,"width":817,"height":11}},{"id":"c99eddd3-7eec-43ac-820d-8e3a6bdf2ef8","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":135,"box":{"x":69,"y":551,"width":784,"height":11}},{"id":"fe9c4910-665c-466a-a25e-e1895ef04a38","block_type":"box","text":"eliminating the volume of lending oppor tunities for cer tain types of loans, loans in par ticular markets, loans of","page_number":135,"box":{"x":69,"y":566,"width":789,"height":11}},{"id":"24c3593c-c3e1-4f42-9641-fa34cf199d13","block_type":"box","text":"par ticular securities or types of securities, or for loans overall. In addition, some borrowers may prefer cer tain","page_number":135,"box":{"x":70,"y":581,"width":783,"height":11}},{"id":"0c439a79-7498-4ae2-8c23-b73eaa9b2711","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":135,"box":{"x":70,"y":596,"width":790,"height":12}},{"id":"cf942dcd-4d2b-4d97-84f7-9e65f59d2aeb","block_type":"box","text":"regulation.","page_number":135,"box":{"x":69,"y":612,"width":73,"height":11}},{"id":"90b64857-5ac5-4a1a-ba96-a529c849daf6","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":135,"box":{"x":102,"y":634,"width":777,"height":11}},{"id":"8d4fe3a8-358c-4e6d-9eff-7450db1a7597","block_type":"box","text":"order to allocate a loan to a por tfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":135,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"81098cfb-dbb5-4734-856b-e050ae5f49d0","block_type":"box","text":"various program limits (","page_number":135,"box":{"x":68,"y":665,"width":168,"height":11}},{"id":"ad92e2f2-3c4e-4c52-bba5-7b1a2662256f","block_type":"box","text":"i.e.","page_number":135,"box":{"x":238,"y":665,"width":20,"height":8}},{"id":"cc4cd89e-bec1-4df7-af54-dad8c1307cae","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":135,"box":{"x":265,"y":664,"width":621,"height":12}},{"id":"4fff20c9-c756-427f-b8f6-d8b68b207702","block_type":"box","text":"hold the asset at the time a loan oppor tunity arrives; and (iii) the lending por tfolio must also have enough inventory,","page_number":135,"box":{"x":69,"y":680,"width":827,"height":11}},{"id":"ba666939-487f-4932-a3a7-4adf2bae6250","block_type":"box","text":"either on its own or when aggregated with other por tfolios into one single market delivery, to satisfy the loan request.","page_number":135,"box":{"x":69,"y":695,"width":836,"height":11}},{"id":"1a82ca26-d99d-44c5-808d-544ad80e151a","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending oppor tunities for all por tfolios, independent of whether","page_number":135,"box":{"x":70,"y":710,"width":780,"height":11}},{"id":"4cc5e53f-6139-4339-adf5-72b1fa52df72","block_type":"box","text":"BlackRock indemnifies the por tfolio. Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":135,"box":{"x":70,"y":725,"width":820,"height":11}},{"id":"54207796-50df-4e9d-a08b-4dfdd2725b5a","block_type":"box","text":"Specifically, shor t and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":135,"box":{"x":69,"y":740,"width":834,"height":11}},{"id":"65d8b630-8508-4fb5-a955-fb09118a855b","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":135,"box":{"x":69,"y":755,"width":444,"height":11}},{"id":"6f123b2d-1974-4174-8460-c3e40c349310","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":135,"box":{"x":102,"y":778,"width":734,"height":11}},{"id":"54a357ce-314f-4a2d-9540-5b4f9d2ea5ff","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":135,"box":{"x":70,"y":793,"width":840,"height":11}},{"id":"4f7276c4-508f-4bb2-9050-7fca7f9514ae","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if por tfolio","page_number":135,"box":{"x":69,"y":808,"width":822,"height":11}},{"id":"3a25cc08-ccc9-4af7-8134-f5223313e8b3","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":135,"box":{"x":69,"y":823,"width":788,"height":12}},{"id":"60d5b651-4c00-4424-8dc3-afa82044af71","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":135,"box":{"x":70,"y":839,"width":426,"height":11}},{"id":"1cd3ee29-fe9c-4004-91dd-33aaf5cec0f6","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":135,"box":{"x":102,"y":861,"width":763,"height":11}},{"id":"24b02e54-3f85-4a5c-8761-6de331780e61","block_type":"box","text":"entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds","page_number":135,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"dbc39fef-a64a-40e5-badf-40e882b38b6a","block_type":"box","text":"will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some","page_number":135,"box":{"x":68,"y":891,"width":767,"height":12}},{"id":"75447433-153e-4251-9f3d-05e4e41336c6","block_type":"box","text":"II-92","page_number":135,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"65c2ef35-4cdb-47c1-b3bd-98902e5107c0","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":135,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"2f0bb773-43c1-45ee-94ed-57a39c62fd10","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under cer tain circumstances, the Funds will not be charged","page_number":136,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"d85dee28-c84b-4479-86b6-4135b187c125","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":136,"box":{"x":68,"y":60,"width":672,"height":11}},{"id":"0ccc49ca-e1cd-44d1-9de9-bf43149c1224","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":136,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"bce38ee2-93af-4933-b44a-272546032437","block_type":"box","text":"Securities,” BlackRock, unless prohibited by applicable law, may cause a Fund or account to pay a broker or dealer a","page_number":136,"box":{"x":69,"y":98,"width":832,"height":11}},{"id":"69a62694-a6d6-480b-929f-ee5ca43bf277","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":136,"box":{"x":69,"y":113,"width":805,"height":11}},{"id":"4eccc94b-fe2b-4101-ad2f-9b10bc72143b","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":136,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"e4b70c2d-305c-454f-9c10-81e4ef3b461c","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":136,"box":{"x":69,"y":143,"width":831,"height":11}},{"id":"6aad9eb1-cb18-4176-b710-1c808962b2d1","block_type":"box","text":"sub-adviser to cer tain Funds, pay for research from brokers and dealers directly out of their own resources, rather","page_number":136,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"e152d98d-4644-479a-8672-fd73e90fa82a","block_type":"box","text":"than through client commissions.","page_number":136,"box":{"x":68,"y":173,"width":237,"height":11}},{"id":"c48cb8da-dc9f-4b60-bdff-9fdbe4506e94","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":136,"box":{"x":102,"y":196,"width":770,"height":11}},{"id":"a09baedf-fdd6-4a3a-85ac-53f6fe11b543","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":136,"box":{"x":69,"y":211,"width":797,"height":11}},{"id":"d89b271b-a87d-4a17-be36-e1d5faefb466","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":136,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"833b7f55-587a-4660-b0f5-6fcdc498f90c","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":136,"box":{"x":70,"y":241,"width":780,"height":11}},{"id":"1f39010b-5713-4d4d-8f19-4b47f2f85a44","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":136,"box":{"x":69,"y":257,"width":795,"height":10}},{"id":"57747d2c-0d3d-4fed-a343-dc76226ca13c","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":136,"box":{"x":69,"y":271,"width":815,"height":12}},{"id":"8981d49f-07dd-4c4b-aa35-68deaaafe8e8","block_type":"box","text":"research-oriented software and other services and products.","page_number":136,"box":{"x":69,"y":286,"width":430,"height":11}},{"id":"3abc2e4f-51cb-49c4-a90b-3d441785297f","block_type":"box","text":"Research or other services obtained in this manner may be used in servicing any or all of the Funds and other","page_number":136,"box":{"x":102,"y":309,"width":785,"height":11}},{"id":"ba9f1fbe-7b7b-4e9e-b3ec-376ca33cb8df","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":136,"box":{"x":70,"y":325,"width":768,"height":11}},{"id":"f41f61d1-241a-4790-b505-6e0372485ca7","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":136,"box":{"x":69,"y":340,"width":826,"height":11}},{"id":"a5fd8ae8-8fc3-458d-a863-1c29f765cef4","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":136,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"b2a0f997-943b-4ab5-8ea7-aa5e1941eb01","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":136,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"504c6669-9b71-4764-87ca-4063477ea84a","block_type":"box","text":"that are paid for through one client’s commissions may not be used in managing that client’s account. In addition,","page_number":136,"box":{"x":68,"y":385,"width":815,"height":11}},{"id":"02cea17c-b128-4b38-9f94-4cf1eda5d337","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":136,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"6ebdcc37-742b-4a72-b5e4-7f733d9c4d64","block_type":"box","text":"or price discounts in connection with products and services that may be provided to the Funds and to such other","page_number":136,"box":{"x":69,"y":415,"width":804,"height":11}},{"id":"337c98b2-9bee-4efd-9a36-67876b07639e","block_type":"box","text":"BlackRock client accounts. To the extent that BlackRock uses soft dollars, it will not have to pay for those products","page_number":136,"box":{"x":70,"y":430,"width":819,"height":11}},{"id":"a3d2b869-773e-44d6-8842-6832a91eacea","block_type":"box","text":"and services itself.","page_number":136,"box":{"x":69,"y":445,"width":134,"height":9}},{"id":"865ff6ed-62fa-4ba6-94d7-0a271e93cde5","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":136,"box":{"x":102,"y":468,"width":793,"height":11}},{"id":"37a27860-72f2-4845-a7fc-c17e3e68c4d0","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":136,"box":{"x":68,"y":483,"width":805,"height":11}},{"id":"5e2836ed-c080-4852-ad72-e2663fc9a4b5","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":136,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"3266b34d-9932-4489-9de5-d70a1ab594d8","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":136,"box":{"x":68,"y":514,"width":836,"height":11}},{"id":"4b8b64f8-9928-45ae-bd02-14129e1322d1","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":136,"box":{"x":69,"y":529,"width":760,"height":11}},{"id":"875c1184-8cea-4dd9-9f6e-e3f53d0c3d77","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a por tion of the commissions or","page_number":136,"box":{"x":68,"y":543,"width":803,"height":12}},{"id":"3d0b1b0d-a65b-47c7-9400-03e67d195862","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":136,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"d5ba184a-85e5-4c08-a966-58ec18477878","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":136,"box":{"x":69,"y":574,"width":760,"height":11}},{"id":"c89739cf-05c0-4063-afd1-0cf4ed8988c9","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":136,"box":{"x":102,"y":597,"width":799,"height":11}},{"id":"0e8b1627-9974-4ed7-b59b-8679ade21f03","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":136,"box":{"x":70,"y":612,"width":767,"height":11}},{"id":"d83afcda-41ff-4ef6-9d91-b23d414496cf","block_type":"box","text":"securities transactions for cer tain types of securities. These ECNs may charge fees for their services, including","page_number":136,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"9a8aed2b-f817-46c2-b21a-4d778295a998","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":136,"box":{"x":69,"y":642,"width":825,"height":11}},{"id":"af81f60a-1fda-4b24-b0c7-28381f7abb73","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":136,"box":{"x":68,"y":657,"width":821,"height":11}},{"id":"c67eb5a8-3fef-47da-ab43-e31c29fa5404","block_type":"box","text":"the cost of the securities purchased. Access fees may be paid by BlackRock even though incurred in connection with","page_number":136,"box":{"x":68,"y":672,"width":833,"height":11}},{"id":"3e10f66c-3099-4933-8f7a-8ca71232579d","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":136,"box":{"x":69,"y":687,"width":812,"height":11}},{"id":"9762020b-cf7e-4b4c-ba54-4b23a8ac9578","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":136,"box":{"x":69,"y":702,"width":809,"height":11}},{"id":"dadc7982-ee4c-47c8-b01e-d1829099cacd","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":136,"box":{"x":68,"y":718,"width":519,"height":11}},{"id":"348013a0-2159-4b48-bb6e-f2f731de4bf0","block_type":"box","text":"BlackRock owns a minority interest in, and is a member of, Members Exchange (“MEMX”), a newly created U.S.","page_number":136,"box":{"x":102,"y":740,"width":793,"height":11}},{"id":"bec8f7c3-6286-4833-8052-45ae1c9daa55","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third par ty brokers select MEMX as the","page_number":136,"box":{"x":69,"y":755,"width":782,"height":11}},{"id":"5c9cab72-90ca-4165-9e21-ee1951e8059b","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":136,"box":{"x":69,"y":770,"width":710,"height":11}},{"id":"2b457ae8-769f-489e-9b49-4c8978b7bed1","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":136,"box":{"x":102,"y":793,"width":792,"height":11}},{"id":"9e384e46-a326-43e3-a85a-fcec94266571","block_type":"box","text":"voting decisions that it makes on behalf of advisory clients, including the Funds, and to help ensure that such","page_number":136,"box":{"x":68,"y":808,"width":784,"height":11}},{"id":"070772f2-d543-43c4-9dfb-aba36cdec99d","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless, notwithstanding","page_number":136,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"745c5454-43ed-429b-bcdc-a57badc695b3","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":136,"box":{"x":69,"y":838,"width":835,"height":12}},{"id":"17b8396e-7007-40eb-b142-ac5a82c904ce","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":136,"box":{"x":68,"y":853,"width":837,"height":11}},{"id":"7027f102-160e-4d35-8174-6e78f70078d9","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":136,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"1300478b-9f93-43b8-9a93-c085a2f58510","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":136,"box":{"x":70,"y":884,"width":490,"height":11}},{"id":"2d91eaea-86c5-47c0-acee-0d5e760e05a2","block_type":"box","text":"II-93","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ffa19574-d0ea-4990-a3c8-e5c337c7da62","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":136,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6198813a-b773-4090-a218-baef5727b73b","block_type":"box","text":"It is also possible that, from time to time, BlackRock and/or its advisory clients (including other funds and","page_number":137,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"dcc83047-b15d-49d2-8a25-e9b7eaf5071b","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":137,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"25cb7bc8-a667-4d48-a723-c497354a0884","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":137,"box":{"x":70,"y":75,"width":837,"height":11}},{"id":"a3cf7d89-0da0-4e05-b406-d637a65f36d4","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":137,"box":{"x":69,"y":90,"width":774,"height":11}},{"id":"6e543a9d-06b0-4bff-9b3b-b5a460e4bb30","block_type":"box","text":"applicable law, to redeem at any time some or all of the shares of a Fund acquired for its own accounts. A large","page_number":137,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"9e326b63-77c4-42f7-a531-38602be39d9e","block_type":"box","text":"redemption of shares of a Fund by BlackRock could significantly reduce the asset size of the Fund, which might have","page_number":137,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"0ced6a6b-fc0c-4577-ab22-d5d7070f1c35","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":137,"box":{"x":69,"y":135,"width":831,"height":11}},{"id":"92725c92-46f2-4c72-9e54-bd924429ffb5","block_type":"box","text":"consider the effect of redemptions on a Fund and other shareholders in deciding whether to redeem its shares but is","page_number":137,"box":{"x":69,"y":150,"width":834,"height":12}},{"id":"1c2ed8ba-0d29-4b81-aba7-6f4c5e65a2ad","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":137,"box":{"x":69,"y":166,"width":355,"height":11}},{"id":"9d2a3db1-2877-4871-b4e6-f0ef2ac59fd4","block_type":"box","text":"It is possible that a Fund may invest in securities of, or engage in transactions with, companies in which","page_number":137,"box":{"x":102,"y":188,"width":742,"height":12}},{"id":"f0975900-ad81-4096-b8f1-00459145b286","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. 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In addition, from time to time, the activities of BlackRock may limit a Fund’s flexibility in purchases","page_number":137,"box":{"x":68,"y":264,"width":822,"height":11}},{"id":"b0d6bd0f-86c5-472a-9b80-946cbe351b91","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":137,"box":{"x":69,"y":279,"width":766,"height":11}},{"id":"6d8a831d-1fd8-4f8c-b03c-6d5738a059b6","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":137,"box":{"x":70,"y":294,"width":533,"height":9}},{"id":"cf681c4e-bb76-404c-a4c8-e0e652b691d9","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":137,"box":{"x":102,"y":317,"width":789,"height":11}},{"id":"abd962da-7230-4b97-bf81-d6b78d7c4532","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":137,"box":{"x":70,"y":332,"width":805,"height":11}},{"id":"56bd822d-b229-439e-854e-975a0394e0f7","block_type":"box","text":"sales of the Funds or other products may be greater than remuneration and profitability relating to services to and","page_number":137,"box":{"x":69,"y":347,"width":813,"height":11}},{"id":"0a58cbc5-9a03-4e9f-bebc-89fa4622cad7","block_type":"box","text":"sales of cer tain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":137,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"622899aa-da1b-4b0a-851d-f16430c6ae6d","block_type":"box","text":"directly or indirectly receive a por tion of the fees and commissions charged to the Funds or their shareholders.","page_number":137,"box":{"x":69,"y":377,"width":788,"height":12}},{"id":"083d0711-560c-49f6-b496-6b62ad9fefe8","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":137,"box":{"x":70,"y":392,"width":745,"height":12}},{"id":"97625cc8-306c-403f-aef9-35b2a8ec10ec","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":137,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"58861c8e-cb41-4af3-a96d-cf3de01c539c","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":137,"box":{"x":69,"y":423,"width":801,"height":11}},{"id":"c23d0933-33c7-43fc-ba50-ddbc6208998c","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":137,"box":{"x":70,"y":438,"width":711,"height":11}},{"id":"f0d1399d-e58b-4dfa-8a7c-584765d9b71f","block_type":"box","text":"BlackRock may provide valuation assistance to cer tain clients with respect to cer tain securities or other","page_number":137,"box":{"x":102,"y":461,"width":741,"height":11}},{"id":"fd96d3c2-b827-4ece-bbd7-5d0c462144e6","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":137,"box":{"x":70,"y":475,"width":823,"height":12}},{"id":"1d9c5865-b681-4618-8acc-11181b91a93d","block_type":"box","text":"the same securities or investments assigned by a Fund’s pricing vendors, especially if such valuations are based on","page_number":137,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"adaad780-ef5d-421e-8cbe-70dc95f30aad","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":137,"box":{"x":69,"y":506,"width":825,"height":11}},{"id":"331ae4e1-261c-4c53-a564-ffac22ed7f09","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":137,"box":{"x":69,"y":521,"width":830,"height":11}},{"id":"acc5d08a-299e-4027-9537-399c310ffa2d","block_type":"box","text":"may be instances where the Fund’s pricing vendors or fund accountants assign a different valuation to a security or","page_number":137,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"5fd78d82-b921-45f3-9980-6e217b53cc36","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":137,"box":{"x":69,"y":551,"width":792,"height":11}},{"id":"89e5706c-4f8f-460f-b15f-97c8952df723","block_type":"box","text":"As disclosed in more detail in “Pricing of Shares—Determination of Net Asset Value” in this SAI, when market","page_number":137,"box":{"x":101,"y":574,"width":784,"height":11}},{"id":"1508b3a2-c010-47c9-ba98-b1df285150d2","block_type":"box","text":"quotations are not readily available or are believed by BlackRock to be unreliable, a Fund’s investments are valued at","page_number":137,"box":{"x":69,"y":589,"width":837,"height":11}},{"id":"7a9f8f33-36da-422e-9d3b-3f13b02e5195","block_type":"box","text":"fair value by BlackRock. BlackRock has been designated as the Fund’s valuation designee pursuant to Rule 2a-5","page_number":137,"box":{"x":68,"y":604,"width":803,"height":11}},{"id":"50860eb9-9bf2-496c-9d55-3fcde96888cf","block_type":"box","text":"under the Investment Company Act and acts through BlackRock’s Rule 2a-5 Committee (the “2a-5 Committee”), with","page_number":137,"box":{"x":69,"y":619,"width":831,"height":11}},{"id":"0f078448-c8d1-4c21-b99d-2e9d43492cc7","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":137,"box":{"x":69,"y":634,"width":811,"height":12}},{"id":"fc6002cf-a823-44e3-80db-8d15cf7fc868","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":137,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"07a0224a-67d2-421a-b9e1-52014288b818","block_type":"box","text":"price that a Fund might reasonably expect to receive from the current sale of that asset or liability in an arm’s-length","page_number":137,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"9cea337e-1fc7-44e9-9c6b-61f03712e74f","block_type":"box","text":"transaction. The price generally may not be determined based on what a Fund might reasonably expect to receive for","page_number":137,"box":{"x":68,"y":680,"width":832,"height":11}},{"id":"8c4b25ad-6fc9-4048-8492-896a5529e8b8","block_type":"box","text":"selling an asset or liability at a later time or if it holds the asset or liability to maturity. While fair value determinations","page_number":137,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"6c5c23b6-f7e0-4740-8348-c1f24d2a0a4e","block_type":"box","text":"will be based upon all available factors that BlackRock deems relevant at the time of the determination, and may be","page_number":137,"box":{"x":68,"y":710,"width":829,"height":11}},{"id":"3c95b15c-5f06-477d-9f1b-de06c53d4ed6","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third par ty valuation models, fair value","page_number":137,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"f1e379ad-9f78-4c6a-8ab1-abec3fa2c6fa","block_type":"box","text":"represents only a good faith approximation of the value of an asset or liability. The fair value of one or more assets or","page_number":137,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"75ce5c8b-fefc-4f2f-b88c-0aadddae8e1f","block_type":"box","text":"liabilities may not, in retrospect, be the price at which those assets or liabilities could have been sold during the","page_number":137,"box":{"x":70,"y":755,"width":800,"height":11}},{"id":"85b744d1-f493-41cd-aa05-3f88f0095486","block_type":"box","text":"period in which the par ticular fair values were used in determining a Fund’s NAV. As a result, a Fund’s sale or","page_number":137,"box":{"x":70,"y":770,"width":779,"height":12}},{"id":"8a5fb899-0ae8-427e-bb44-fe301091ee53","block_type":"box","text":"redemption of its shares at NAV, at a time when a holding or holdings are valued by the 2a-5 Committee at fair value,","page_number":137,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"fffb81cd-700b-4b53-a310-52e9289d0d3d","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":137,"box":{"x":69,"y":801,"width":788,"height":11}},{"id":"c08954e1-373a-4d3c-8488-d88d37f60227","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":137,"box":{"x":69,"y":816,"width":765,"height":11}},{"id":"55ada0a5-cad6-4542-8cd7-0da356dca9d6","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its shor t term cash investments in","page_number":137,"box":{"x":101,"y":838,"width":784,"height":11}},{"id":"fa677c1f-45ca-4d88-95cc-ef6868a6a2c1","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":137,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"d182eae9-e023-4a6c-97d1-471c6ed0e13d","block_type":"box","text":"such investments, a Fund, to the extent permitted by the Investment Company Act, may pay its share of expenses of","page_number":137,"box":{"x":69,"y":869,"width":833,"height":11}},{"id":"04d9175f-89cf-4ed1-a3f2-6f4210c7502e","block_type":"box","text":"a money market fund or other similarly-managed private fund in which it invests, which may result in a Fund bearing","page_number":137,"box":{"x":69,"y":884,"width":822,"height":11}},{"id":"15beb2ae-3b90-4ff9-954e-3501e7ebf6f9","block_type":"box","text":"some additional expenses.","page_number":137,"box":{"x":69,"y":899,"width":190,"height":11}},{"id":"e2bdb3b2-30ae-4322-8d5e-0d3667152808","block_type":"box","text":"II-94","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"83a893eb-6666-4175-a655-39c24d4a515d","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":137,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"80ce6ded-f15c-42a2-b8cc-da7d4a83aa4f","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":138,"box":{"x":102,"y":45,"width":787,"height":11}},{"id":"6b91749c-4e46-48cb-a4a6-42e3415ffc95","block_type":"box","text":"own accounts and may have conflicts of interest with respect to investments made on behalf of a Fund. As a result of","page_number":138,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"04a40142-5364-4038-b323-8d42b2e0360d","block_type":"box","text":"differing trading and investment strategies or constraints, positions may be taken by directors, officers and","page_number":138,"box":{"x":69,"y":75,"width":764,"height":11}},{"id":"33911ed1-a2a7-4d15-b6ee-903dd5f9dbfb","block_type":"box","text":"employees of BlackRock that are the same, different from or made at different times than positions taken for the","page_number":138,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"cb4d6d60-5029-41fe-ae71-0fc857d32d09","block_type":"box","text":"Fund. To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":138,"box":{"x":70,"y":105,"width":802,"height":11}},{"id":"2ad49b99-9b34-48ba-9128-398851e19c5d","block_type":"box","text":"BlackRock each have adopted a Code of Ethics in compliance with Section 17(j) of the Investment Company Act that","page_number":138,"box":{"x":70,"y":120,"width":828,"height":11}},{"id":"7f86473e-f1e0-46bd-85a9-e8d873007ca1","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":138,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"bd963382-ccd5-42d3-a5bb-0e4be022b8db","block_type":"box","text":"possession of information regarding the Fund’s por tfolio transactions. Each Code of Ethics is also available on the","page_number":138,"box":{"x":70,"y":150,"width":816,"height":12}},{"id":"44267f50-0d3c-4c4b-934d-447bdc811f5e","block_type":"box","text":"EDGAR Database on the Commission’s Internet site at http://www.sec.gov, and copies may be obtained, after paying","page_number":138,"box":{"x":70,"y":166,"width":836,"height":11}},{"id":"8abbead2-330c-4aaf-a90a-1304a8357dde","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":138,"box":{"x":69,"y":181,"width":352,"height":11}},{"id":"d7b5c2eb-5f48-4e76-861b-e4703aea5c5c","block_type":"box","text":"BlackRock will not purchase securities or other proper ty from, or sell securities or other proper ty to, a Fund,","page_number":138,"box":{"x":102,"y":203,"width":768,"height":12}},{"id":"ac6cdace-c546-44de-aa60-64078efe51fb","block_type":"box","text":"except that the Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in","page_number":138,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"dcd57921-bbef-4fd5-83b3-be8131afe44c","block_type":"box","text":"transactions with another Fund or accounts that are affiliated with the Fund as a result of common officers, directors,","page_number":138,"box":{"x":68,"y":234,"width":839,"height":10}},{"id":"af7a2ce0-2a4f-4f4a-963d-af9f25ab9a3b","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":138,"box":{"x":69,"y":249,"width":824,"height":11}},{"id":"73140880-90b2-44cc-8c08-2850b5141046","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":138,"box":{"x":68,"y":264,"width":824,"height":11}},{"id":"49fc61f8-8224-409a-824c-78a30d0322cd","block_type":"box","text":"for the Fund to purchase and another client of BlackRock to sell, or the Fund to sell and another client of BlackRock","page_number":138,"box":{"x":68,"y":279,"width":826,"height":11}},{"id":"33093caf-127b-4982-a7b4-bc312a591323","block_type":"box","text":"to purchase, the same security or instrument on the same day. From time to time, the activities of a Fund may be","page_number":138,"box":{"x":68,"y":294,"width":810,"height":11}},{"id":"99d77ae7-4123-45a1-967c-0d4194ff7731","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":138,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"ce855428-84f0-45b1-9731-95b1364c209d","block_type":"box","text":"to comply with, limit the applicability of, or that otherwise relate to such requirements. A client not advised by","page_number":138,"box":{"x":68,"y":324,"width":782,"height":11}},{"id":"044f0edf-755c-4cf6-b193-02189a5b08a8","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":138,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"45e58d08-6ecf-4cfb-9214-4d728ba6a19f","block_type":"box","text":"initiate or recommend cer tain types of transactions, or may otherwise restrict or limit its advice regarding cer tain","page_number":138,"box":{"x":70,"y":355,"width":804,"height":11}},{"id":"8550c605-c5a3-4302-aaff-5c7540f3324f","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is per forming advisory or other","page_number":138,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"ef55a5ba-b5ef-4e65-98ac-a8a1c00d5cc6","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk","page_number":138,"box":{"x":69,"y":385,"width":755,"height":11}},{"id":"be628042-bdea-4147-93a9-32094360ab2f","block_type":"box","text":"management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities","page_number":138,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"757030ef-b7ce-4259-aea4-f1a5d1d329b5","block_type":"box","text":"of that company on behalf of a Fund, par ticularly where such services result in BlackRock obtaining material non","page_number":138,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"89cebb1b-9270-4779-824c-f35ae5412604","block_type":"box","text":"public information about the company (","page_number":138,"box":{"x":70,"y":430,"width":276,"height":11}},{"id":"c7a4980d-962b-42f3-95a0-0eb1019e6fa1","block_type":"box","text":"e.g.","page_number":138,"box":{"x":348,"y":432,"width":25,"height":9}},{"id":"ef5a849a-213f-4255-9495-32090dcb8127","block_type":"box","text":", in connection with par ticipation in a creditors’ committee). Moreover,","page_number":138,"box":{"x":376,"y":430,"width":499,"height":11}},{"id":"70535564-479f-4767-8dd4-bf83e76ae242","block_type":"box","text":"applicable provisions of the Investment Company Act or other regulatory considerations may restrict a Fund or","page_number":138,"box":{"x":69,"y":445,"width":784,"height":12}},{"id":"4ece6eed-665a-45ec-9dc6-9651b663509e","block_type":"box","text":"BlackRock from effecting cer tain por tfolio transactions or taking other actions in respect of an investment on behalf","page_number":138,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"4d988528-2479-4034-b83d-eb79d85d3d1d","block_type":"box","text":"of a Fund, including where BlackRock and/or clients advised by BlackRock already have an interest in such issuer or","page_number":138,"box":{"x":69,"y":475,"width":830,"height":12}},{"id":"89485043-6ce9-4f51-9f32-27cc9225a2ba","block_type":"box","text":"the investment. Similar situations could arise if personnel of BlackRock serve as directors of companies the","page_number":138,"box":{"x":68,"y":491,"width":773,"height":11}},{"id":"dd95354a-c413-4940-a547-b16252d6ef85","block_type":"box","text":"securities of which the Funds wish to purchase or sell. However, if permitted by applicable law, and where consistent","page_number":138,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"0baf9e74-4299-4c68-8ac7-069a7d7b9970","block_type":"box","text":"with BlackRock’s policies and procedures (including the necessary implementation of appropriate information","page_number":138,"box":{"x":68,"y":521,"width":781,"height":11}},{"id":"3c96db40-f2b0-4b2a-8c25-a6351b078dc2","block_type":"box","text":"barriers), the Funds may purchase securities or instruments that are issued by such companies, are the subject of","page_number":138,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"706a94d5-6969-4049-a16a-914912f8d5f5","block_type":"box","text":"an advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors or officers","page_number":138,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"7ba37d3b-204b-4cf7-afc9-06da6035eb06","block_type":"box","text":"of the issuer.","page_number":138,"box":{"x":69,"y":566,"width":92,"height":9}},{"id":"3a71f3d0-7f85-4a6f-b33c-137372ca1b53","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":138,"box":{"x":102,"y":589,"width":748,"height":11}},{"id":"619e61bf-7671-4052-9271-340e6bf416d6","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Cer tain","page_number":138,"box":{"x":69,"y":604,"width":819,"height":11}},{"id":"ac28f434-d233-40bd-bad9-2545b6ae6aa1","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":138,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"f3b60304-28d9-4f85-b92b-e2650bf432ca","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Cer tain por tfolio management teams within BlackRock may","page_number":138,"box":{"x":69,"y":634,"width":818,"height":12}},{"id":"996a968e-3fce-4b86-9f8b-853671017ae2","block_type":"box","text":"make decisions or take (or refrain from taking) actions with respect to clients they advise in a manner different than","page_number":138,"box":{"x":69,"y":649,"width":827,"height":12}},{"id":"6207c1d2-b32b-4be8-a2a5-f147f76a8fd4","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ por tfolio management teams. The","page_number":138,"box":{"x":69,"y":664,"width":835,"height":12}},{"id":"42663deb-ae6c-4bd9-8935-bdc4f068db15","block_type":"box","text":"various por tfolio management teams may not share information with each other, including as a result of cer tain","page_number":138,"box":{"x":68,"y":680,"width":797,"height":11}},{"id":"52a7a63b-3265-4201-a496-a7ce67546542","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":138,"box":{"x":70,"y":695,"width":667,"height":11}},{"id":"877b2538-3572-4e9d-9bc1-6d36b3b6f35a","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":138,"box":{"x":102,"y":717,"width":794,"height":12}},{"id":"3ab120af-461a-425e-895f-20dc5262b433","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":138,"box":{"x":69,"y":732,"width":791,"height":12}},{"id":"a9a26d73-4ade-48bf-8319-d343ed75f611","block_type":"box","text":"por tfolios and voting proxies with respect to cer tain index equity por tfolios versus those responsible for managing","page_number":138,"box":{"x":70,"y":748,"width":812,"height":11}},{"id":"e2665a71-a9dd-4c7c-80bc-12a6edcf957f","block_type":"box","text":"por tfolios and voting proxies with respect to all other por tfolios. As a result of information barriers, cer tain units of","page_number":138,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"e6b7b589-28ef-4c73-a5f4-e1a059857be2","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to cer tain information and personnel, including","page_number":138,"box":{"x":70,"y":778,"width":830,"height":11}},{"id":"8c9d32b0-798a-4579-81f9-cc0a99885646","block_type":"box","text":"senior personnel, in other units of BlackRock, and generally will not manage the Funds with the benefit of information","page_number":138,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"510fa0ac-2dc9-46ec-9ef9-fc01d8d346d3","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":138,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"c992d326-ee37-4908-a798-a61c1fbcc3ee","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":138,"box":{"x":68,"y":823,"width":472,"height":11}},{"id":"59dc7a1d-bbc8-465d-8364-65b6c0a7997f","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":138,"box":{"x":102,"y":846,"width":744,"height":11}},{"id":"d8f0e562-c114-466a-b327-ba17c1ba098d","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":138,"box":{"x":70,"y":861,"width":775,"height":11}},{"id":"722ce116-14f5-49d2-b48e-721e4cd42524","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":138,"box":{"x":69,"y":876,"width":818,"height":11}},{"id":"ee8216ef-aa90-4551-aee1-075b9d5d85ea","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":138,"box":{"x":68,"y":891,"width":779,"height":11}},{"id":"f00e9085-58b6-445b-ab96-3388b9addba3","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":138,"box":{"x":69,"y":906,"width":771,"height":12}},{"id":"5c7b310c-a3dc-4520-93a3-1e020bf4f516","block_type":"box","text":"II-95","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"35ed8f35-c5ce-4f65-b86b-8b7103e6ae55","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":138,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"23f813eb-ff30-4b41-a227-9aeeb91916f2","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":139,"box":{"x":68,"y":45,"width":812,"height":11}},{"id":"7482281b-8e74-491f-a4b7-31aeadac06a2","block_type":"box","text":"purchased or sold for a client in the absence of a change to an information barrier). Information barriers may not","page_number":139,"box":{"x":70,"y":60,"width":803,"height":11}},{"id":"c2d1ed44-e68f-466a-a2fb-ab68463c3920","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadver tent crossings of the barriers,","page_number":139,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"dfdde14e-9541-4707-b6c4-7b222d2db4e8","block_type":"box","text":"and actions by personnel on one side of a barrier may impact the potential actions of personnel on the other side of","page_number":139,"box":{"x":69,"y":90,"width":829,"height":11}},{"id":"296eda83-2529-466b-8c3e-a3923fc9d0d9","block_type":"box","text":"a barrier.","page_number":139,"box":{"x":69,"y":105,"width":62,"height":9}},{"id":"b8b1ace2-fe11-4904-af4a-c543c03bad3d","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":139,"box":{"x":101,"y":128,"width":788,"height":11}},{"id":"ab2c912f-d1b8-4386-bfa5-c405e877a09c","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":139,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"9ae1d427-8429-4a8a-af1c-88f5898a3b9b","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":139,"box":{"x":69,"y":158,"width":805,"height":11}},{"id":"81e1169d-6893-487a-940e-92186157289d","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":139,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"757d0e02-c438-4d79-9894-fb7b2a5cb36d","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":139,"box":{"x":69,"y":188,"width":806,"height":12}},{"id":"55a59641-2928-4bd8-8693-bf8cb4420853","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":139,"box":{"x":70,"y":204,"width":818,"height":11}},{"id":"9e60aa50-48b9-48f3-b1d5-b8091b21b42f","block_type":"box","text":"that operate in cer tain industries (","page_number":139,"box":{"x":68,"y":219,"width":244,"height":11}},{"id":"f4c47938-4902-4fe0-adbd-ace68ebe8b46","block_type":"box","text":"e.g.","page_number":139,"box":{"x":314,"y":220,"width":25,"height":10}},{"id":"63cb4463-8577-41b7-9a98-f03a7744358c","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":139,"box":{"x":342,"y":219,"width":515,"height":11}},{"id":"0a1cbfef-8fda-4333-adda-c6cddb7d4ff9","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":139,"box":{"x":69,"y":234,"width":523,"height":11}},{"id":"7c081008-1faa-4ee0-9fb8-d37228ea16a0","block_type":"box","text":"e.g.","page_number":139,"box":{"x":594,"y":235,"width":25,"height":10}},{"id":"e0fe093e-fc7d-40c0-8e99-a6f9e2585afe","block_type":"box","text":", with mechanisms such as poison pills","page_number":139,"box":{"x":621,"y":234,"width":280,"height":11}},{"id":"3581dba1-a900-4f79-a1a4-e48cbdac9abe","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in cer tain futures and derivatives, there may be","page_number":139,"box":{"x":70,"y":249,"width":816,"height":11}},{"id":"7bc4cad3-1eec-436b-bfed-fafe99c94302","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":139,"box":{"x":70,"y":264,"width":825,"height":11}},{"id":"fa53e8f9-bfc1-4118-a255-5de1bd93bacd","block_type":"box","text":"not be exceeded without the grant of a license or other regulatory or corporate approval, order, consent, relief, waiver","page_number":139,"box":{"x":69,"y":279,"width":837,"height":11}},{"id":"e62ec686-e8bf-40ec-9f46-dc39a77e1ab1","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":139,"box":{"x":69,"y":294,"width":769,"height":11}},{"id":"54ca3fa0-d505-407d-be85-7b5295193186","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":139,"box":{"x":69,"y":309,"width":775,"height":11}},{"id":"0474f54b-3a85-4b24-a03a-32b8ca485329","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":139,"box":{"x":69,"y":324,"width":839,"height":12}},{"id":"84b69c28-3fc5-4565-9d54-1ec38c934fad","block_type":"box","text":"seek to make indirect investments (","page_number":139,"box":{"x":69,"y":340,"width":255,"height":10}},{"id":"98ea4808-7296-43f2-bef1-902afd6c0ca5","block_type":"box","text":"e.g.","page_number":139,"box":{"x":326,"y":341,"width":24,"height":10}},{"id":"1b062e39-6f4e-454f-9b28-fd0a3591f4ad","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":139,"box":{"x":353,"y":339,"width":514,"height":12}},{"id":"5747b92c-804b-47bf-9319-35c85dbf22ff","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":139,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"61e3c0f5-ec10-4bab-95d7-38ccd0190ecc","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":139,"box":{"x":69,"y":370,"width":795,"height":11}},{"id":"d4aad414-1ea7-4083-ae03-539da3261861","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":139,"box":{"x":68,"y":385,"width":799,"height":11}},{"id":"67fd9dc1-e10c-4204-9810-7015b5ce6446","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":139,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"0f4d90b8-a7b2-467f-836b-2ee2a90637fd","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":139,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"73f57104-e13f-4f21-8a48-c7a78da563bc","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":139,"box":{"x":69,"y":430,"width":772,"height":11}},{"id":"3178ad65-4eb5-4181-abb6-0ff095cd9500","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":139,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"6b81e202-6c11-469b-ae1e-40d4b0eac11e","block_type":"box","text":"client or as a result of corporate actions by the issuer, the ability of BlackRock on behalf of clients to purchase or","page_number":139,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"a3977b3f-e556-460f-a99f-7a34b357b51c","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":139,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"4455f36f-354f-4292-afc2-7090a54d3f18","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":139,"box":{"x":70,"y":498,"width":818,"height":11}},{"id":"af2d3f2c-8600-4010-87ab-c6ed79132ea5","block_type":"box","text":"an ownership limitation or restriction, a client may be unable to purchase or directly hold a security the client would","page_number":139,"box":{"x":69,"y":514,"width":821,"height":10}},{"id":"f9ecc436-c342-4f6a-96e8-df3835c9de3b","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":139,"box":{"x":69,"y":528,"width":806,"height":12}},{"id":"68b8da45-218e-4a43-9431-ab5fa5654b26","block_type":"box","text":"instead of the specific client being restricted. For index funds, this means a fund may not be able to track its index as","page_number":139,"box":{"x":70,"y":543,"width":839,"height":12}},{"id":"308b342a-e1ca-4e25-a779-664d444f8915","block_type":"box","text":"closely as it would if it was not subject to an ownership limitation or restriction because the fund cannot acquire the","page_number":139,"box":{"x":69,"y":559,"width":826,"height":11}},{"id":"35b4a60c-c2da-4b97-b203-22d37fcca769","block_type":"box","text":"amount of the impacted security included in its index. BlackRock on behalf of its clients may limit purchases, sell","page_number":139,"box":{"x":69,"y":574,"width":807,"height":11}},{"id":"0f83fd40-8e3b-40ce-8028-20a66429f93c","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":139,"box":{"x":69,"y":589,"width":830,"height":11}},{"id":"214f7728-155f-4d5b-b4eb-0515e2d8cc2d","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":139,"box":{"x":69,"y":604,"width":765,"height":11}},{"id":"bc79d0be-463d-4581-a61e-b4057c3e7f74","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":139,"box":{"x":69,"y":619,"width":781,"height":11}},{"id":"e6de6f90-4200-4d50-bd0f-efb3e886dc64","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":139,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"383b6108-37c4-4151-9932-57170ce3da27","block_type":"box","text":"restrictions could negatively impact a client’s per formance or ability to meet its investment objective.","page_number":139,"box":{"x":69,"y":649,"width":720,"height":12}},{"id":"bafa9d9b-9e5b-408c-bcfb-4e164530abdd","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":139,"box":{"x":101,"y":672,"width":807,"height":11}},{"id":"0283839c-3ed2-4aa6-a9e1-8270047711af","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":139,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"4f7aff01-cdfd-4dd2-a9ee-167d1936c0d5","block_type":"box","text":"permission will be granted, or that, once granted, it will not be modified or revoked at a later date with minimal or no","page_number":139,"box":{"x":70,"y":702,"width":829,"height":12}},{"id":"ca42034d-4155-4663-be66-7cb53d05a855","block_type":"box","text":"notice. The issuer and/or regulator may also require that BlackRock on behalf of itself and its clients take or refrain","page_number":139,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"cdce588e-317a-4f51-ae0a-8d4445c1be31","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":139,"box":{"x":68,"y":732,"width":841,"height":12}},{"id":"02bd6078-48a9-44b6-817d-18cab072fa9c","block_type":"box","text":"may accept if it believes the benefits outweigh the costs and may limit BlackRock from taking actions that it","page_number":139,"box":{"x":69,"y":748,"width":770,"height":11}},{"id":"6b6a7f37-1690-4c97-96eb-ee3c0fdd6759","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":139,"box":{"x":69,"y":763,"width":769,"height":11}},{"id":"1d412f30-ba7e-4e13-8586-d9cb3b536ed9","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":139,"box":{"x":70,"y":778,"width":794,"height":11}},{"id":"17560bcc-72a1-4739-be15-fb5c7c651f81","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":139,"box":{"x":69,"y":793,"width":757,"height":11}},{"id":"cc00118e-5db7-428d-8f50-98c2860628d8","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":139,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"f6046321-b31b-4907-a079-4124d1483d40","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":139,"box":{"x":69,"y":823,"width":833,"height":11}},{"id":"56b8df67-37fb-4198-850e-6cccefb800ed","block_type":"box","text":"respect to ETFs, remove such securities from the list of Deposit Securities to be delivered to the Fund in connection","page_number":139,"box":{"x":69,"y":838,"width":827,"height":11}},{"id":"ceb79ce0-ec0a-4597-a679-51d96a11da43","block_type":"box","text":"with purchases of Creation Units of such Fund. If client holdings of an issuer exceed an applicable threshold and","page_number":139,"box":{"x":68,"y":853,"width":803,"height":12}},{"id":"2c28c8c6-0dfc-48a5-af07-dab70630412f","block_type":"box","text":"BlackRock is unable to obtain relief to enable the continued holding of such investments, it may be necessary to","page_number":139,"box":{"x":70,"y":869,"width":802,"height":11}},{"id":"ff26ae8d-38f9-4941-aac2-3ccf6a2663b2","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":139,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"2775122c-301b-4b41-be53-e9e907fc5693","block_type":"box","text":"actions. In these cases, the investments will be sold in a manner that BlackRock deems fair and equitable over time.","page_number":139,"box":{"x":69,"y":899,"width":834,"height":11}},{"id":"343fd6c5-2651-47a1-8cd2-a2a9c178b6fb","block_type":"box","text":"II-96","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fd815c64-2fd1-4bf3-b6a2-81c7d3bc0064","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":139,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6f4e45e7-473a-4735-8447-4442e0394163","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":140,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"90b05dfd-4197-4111-b96c-52c08b69b87a","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadver tently breach a limit or violate the corporate or","page_number":140,"box":{"x":69,"y":60,"width":831,"height":11}},{"id":"f4cb3856-284f-49f9-bcb1-fb81c046e188","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":140,"box":{"x":69,"y":75,"width":566,"height":11}},{"id":"f43bcc49-223d-4732-96b2-0fd866a6eae0","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":140,"box":{"x":102,"y":98,"width":798,"height":11}},{"id":"01a265f0-30fe-4c3b-8d4c-b8aad4886bd2","block_type":"box","text":"regulatory authorities, and such repor ts may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":140,"box":{"x":69,"y":113,"width":823,"height":11}},{"id":"d17723ab-3a60-4a8b-b1d4-f3f7e0094e9b","block_type":"box","text":"strategy with respect to such security or asset.","page_number":140,"box":{"x":69,"y":128,"width":333,"height":11}},{"id":"8e05ab29-ff4a-4e5c-b01f-c2f48b523821","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":140,"box":{"x":102,"y":151,"width":785,"height":11}},{"id":"ad6e7a1d-8161-470a-8c95-53b451335d7f","block_type":"box","text":"license and use such indices as par t of their investment strategy. Index based funds that seek to track the","page_number":140,"box":{"x":70,"y":166,"width":760,"height":11}},{"id":"bc347f1b-3467-4d78-85fe-475c85c56117","block_type":"box","text":"per formance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":140,"box":{"x":70,"y":181,"width":796,"height":11}},{"id":"fd2e8c1f-b458-48ad-b29a-12c4e74b7e65","block_type":"box","text":"providers, including BlackRock (to the extent permitted by applicable law), may be paid licensing fees for use of their","page_number":140,"box":{"x":70,"y":196,"width":830,"height":11}},{"id":"b93e9c6d-a528-4e79-a903-56f42f14ab4a","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":140,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"94bb4281-8436-458a-ba04-6e86387440c8","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third par ty index. BlackRock may","page_number":140,"box":{"x":68,"y":226,"width":829,"height":11}},{"id":"05657bfc-96cb-4bcc-aa39-73e25e72b28e","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":140,"box":{"x":69,"y":241,"width":784,"height":11}},{"id":"0c0000c8-186f-43b2-b261-f34c0a68edc0","block_type":"box","text":"indices. BlackRock is not obligated to license its indices to a Fund and the Funds are under no obligation to use","page_number":140,"box":{"x":70,"y":257,"width":797,"height":11}},{"id":"16f80d67-b3a4-4203-b518-e09efafd5c25","block_type":"box","text":"BlackRock indices. Any Fund that enters into a license for a BlackRock index cannot be assured that the terms of any","page_number":140,"box":{"x":70,"y":271,"width":837,"height":12}},{"id":"1d9eb785-56a0-4b84-bd00-c0cb9b152510","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":140,"box":{"x":70,"y":286,"width":746,"height":12}},{"id":"2278e648-6502-48e2-b7a8-744b72ae1594","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (","page_number":140,"box":{"x":102,"y":309,"width":686,"height":11}},{"id":"58a36a24-6658-4cd7-9947-6bb622a4b904","block_type":"box","text":"e.g.","page_number":140,"box":{"x":790,"y":311,"width":25,"height":9}},{"id":"f08c5963-796c-45eb-aaed-df488ac357f3","block_type":"box","text":", custodians,","page_number":140,"box":{"x":817,"y":309,"width":90,"height":11}},{"id":"44707408-4988-4973-9883-1f008d9bf8f5","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":140,"box":{"x":69,"y":324,"width":756,"height":11}},{"id":"89a1ebbe-d75a-4d92-a651-5f6a2714d2fb","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":140,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"36e3a6e3-97bb-438a-80ea-9d5a20a68eb7","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":140,"box":{"x":69,"y":355,"width":772,"height":11}},{"id":"6944e0dc-5605-406b-a786-4ce6f54fcf3a","block_type":"box","text":"provider’s services are terminated with respect to a Fund. To the extent that BlackRock is responsible for paying","page_number":140,"box":{"x":70,"y":370,"width":800,"height":11}},{"id":"a21db614-1951-4123-b271-3015d9609398","block_type":"box","text":"service providers out of its fees that it receives from the Funds, the benefits of lower fees, including any fee","page_number":140,"box":{"x":69,"y":385,"width":771,"height":11}},{"id":"937787b9-f796-4f11-a41b-7df89813b20a","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in par t, to BlackRock, which could result","page_number":140,"box":{"x":69,"y":400,"width":839,"height":11}},{"id":"bb3abd1d-6789-41b4-adb5-7325497ae0ff","block_type":"box","text":"in conflicts of interest relating to the use or termination of service providers to a Fund. In addition, conflicts of","page_number":140,"box":{"x":70,"y":415,"width":785,"height":11}},{"id":"13c056b5-9d2a-4c17-8283-40991ca524ef","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-par ty service providers to a Fund, or the","page_number":140,"box":{"x":70,"y":430,"width":786,"height":11}},{"id":"8f13034f-15ad-4457-b682-0b28f7cf7258","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":140,"box":{"x":69,"y":445,"width":837,"height":12}},{"id":"d1c56948-d1b3-4022-b857-cc23a4d06036","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":140,"box":{"x":69,"y":460,"width":809,"height":12}},{"id":"75c323b4-4412-4c7a-879a-867ca9edbdcb","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":140,"box":{"x":102,"y":483,"width":788,"height":11}},{"id":"ae71f9c9-9e2e-4d10-be53-9b559a488694","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":140,"box":{"x":69,"y":498,"width":795,"height":11}},{"id":"7bb44339-9ab3-4955-bae2-78cc943746c6","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":140,"box":{"x":69,"y":513,"width":835,"height":11}},{"id":"fb742a08-278a-4bed-955b-b790a3353a92","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":140,"box":{"x":70,"y":528,"width":363,"height":9}},{"id":"ac588c69-1f57-4eac-af9c-ced971394f86","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":140,"box":{"x":102,"y":551,"width":757,"height":11}},{"id":"72c9a411-9d68-4625-a444-04d811bea15f","block_type":"box","text":"information systems used by Fund service providers. These systems are, or will be, used by a Fund service provider","page_number":140,"box":{"x":70,"y":566,"width":826,"height":11}},{"id":"e73b1253-8437-4d90-98df-87c79f27218c","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":140,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"df20cae5-b2e6-4512-8df0-64d374aee3f9","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":140,"box":{"x":69,"y":597,"width":782,"height":11}},{"id":"e16098bd-c12e-45c9-9815-aae2b5a72144","block_type":"box","text":"provider remunerates BlackRock for the use of the systems. A Fund service provider’s payments to BlackRock for the","page_number":140,"box":{"x":70,"y":612,"width":835,"height":11}},{"id":"7d5f33c2-555e-472f-aa70-5657fc868e96","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":140,"box":{"x":69,"y":627,"width":465,"height":11}},{"id":"6bcbacba-9dea-49cd-b57f-c8ea9c4a5331","block_type":"box","text":"BlackRock’s receipt of fees from a service provider in connection with the use of systems provided by BlackRock","page_number":140,"box":{"x":102,"y":649,"width":804,"height":12}},{"id":"bacd0f64-c116-4954-94af-0c1b3611e613","block_type":"box","text":"may create an incentive for BlackRock to recommend that a Fund enter into or renew an arrangement with the service","page_number":140,"box":{"x":69,"y":664,"width":840,"height":12}},{"id":"6a558c91-11ba-4d5e-a89a-e455e0736789","block_type":"box","text":"provider.","page_number":140,"box":{"x":70,"y":680,"width":58,"height":11}},{"id":"fb5f79cd-1ce9-4c64-8b6c-35f8db837b0a","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":140,"box":{"x":102,"y":702,"width":778,"height":12}},{"id":"7674bf3d-684a-4b23-b8ed-91b4c965facc","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":140,"box":{"x":69,"y":717,"width":831,"height":12}},{"id":"edf490a7-5b47-481e-b5e9-b40d6fe557f9","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":140,"box":{"x":68,"y":732,"width":485,"height":11}},{"id":"f9c48121-b085-4871-ad26-1bdee7ade4be","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":140,"box":{"x":102,"y":755,"width":742,"height":11}},{"id":"58692424-411d-4a7a-b5f3-9fddaf87df80","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":140,"box":{"x":69,"y":770,"width":517,"height":12}},{"id":"e4de8a4d-4bba-4a34-a659-443633f39883","block_type":"box","text":"PURCHASE OF SHARES","page_number":140,"box":{"x":395,"y":800,"width":188,"height":10}},{"id":"ad640fc0-648d-4bb9-9fe5-ab12b14366e0","block_type":"box","text":"Most BlackRock-advised open-end funds offer multiple classes of shares under a plan adopted under Rule 18f-3","page_number":140,"box":{"x":102,"y":823,"width":800,"height":11}},{"id":"6ebba7ec-7616-43a6-b213-9398b346ddce","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":140,"box":{"x":69,"y":838,"width":771,"height":11}},{"id":"17c3ef4e-aeac-4773-b026-af6bfe3fcf70","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Shor t Obligations Fund are","page_number":140,"box":{"x":69,"y":853,"width":822,"height":11}},{"id":"26f8a828-3c04-4f29-a446-642a62ea73c4","block_type":"box","text":"generally not subject to an initial sales charge, and Investor C Shares are sold to investors choosing the deferred","page_number":140,"box":{"x":68,"y":868,"width":809,"height":11}},{"id":"1046613a-61b3-4e49-a31d-27df79863404","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to cer tain investors purchasing shares of Funds","page_number":140,"box":{"x":69,"y":883,"width":781,"height":11}},{"id":"e4b7be22-cf7f-41eb-9141-8304bfe1491f","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":140,"box":{"x":68,"y":898,"width":833,"height":11}},{"id":"73741aac-a7ee-443b-8407-8a3ca4ae2cff","block_type":"box","text":"II-97","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8c60d42f-3dcc-4703-a779-3ef0f3180f72","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":140,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8e14b479-ce2f-444b-b0ed-cc136345c3b0","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to cer tain eligible investors without a sales charge.","page_number":141,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"ecdea513-f425-4915-8f56-7c9b4d4d3904","block_type":"box","text":"Cer tain Funds offer Class R Shares, which are available only to cer tain employer-sponsored retirement plans and are","page_number":141,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"a1aed249-7bc7-4b2a-a507-407cf58ce83e","block_type":"box","text":"sold without a sales charge. Cer tain Funds offer Class G Shares, which are available only to investors on eligible","page_number":141,"box":{"x":69,"y":75,"width":804,"height":11}},{"id":"cfd5cc0c-49aa-48fa-9840-73ef4158814c","block_type":"box","text":"platforms, which are platforms where clients invest in the Fund through a single omnibus account in the name of a","page_number":141,"box":{"x":70,"y":90,"width":816,"height":11}},{"id":"824f1ae8-eeb2-4e22-bf8e-e7f872cc3990","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":141,"box":{"x":68,"y":104,"width":835,"height":12}},{"id":"458f34d3-b655-4b90-aa8f-1bd5812c37d5","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to cer tain eligible investors. Please see the","page_number":141,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"c6871f0f-c7db-4f6d-add3-9666ee278ece","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":141,"box":{"x":69,"y":135,"width":757,"height":11}},{"id":"c09a433b-e735-48d8-835d-b38b50d0f8e2","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":141,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"708c3573-ad90-4f83-b088-d004a554aae9","block_type":"box","text":"The applicable offering price for purchase orders is based on the NAV of a Fund next determined after receipt of","page_number":141,"box":{"x":101,"y":173,"width":799,"height":11}},{"id":"9f990c3d-fc4d-4d85-91cf-d9fc58a7cb0e","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":141,"box":{"x":68,"y":188,"width":798,"height":12}},{"id":"bfb29c1d-7151-4fd0-baed-c7348874372e","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":141,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"5d7e4e8c-6b18-4127-8c0c-1e2a1f129d81","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":141,"box":{"x":68,"y":218,"width":786,"height":12}},{"id":"c2d0436c-b431-49f4-b79e-a7e33cf90262","block_type":"box","text":"offering price of each affiliated underlying fund is based on the NAV of such affiliated underlying fund next determined","page_number":141,"box":{"x":69,"y":234,"width":839,"height":11}},{"id":"b45425f3-7dee-4557-8b50-5aaf735753a7","block_type":"box","text":"after a purchase order is received, or deemed to be received upon receipt by a Selling Dealer, by the BlackRock","page_number":141,"box":{"x":69,"y":249,"width":795,"height":11}},{"id":"3d0706db-70cd-4b8e-a0af-f6803c3e4bbb","block_type":"box","text":"Target Date Funds that allocate a por tion of such purchase order to such affiliated underlying fund. As to purchase","page_number":141,"box":{"x":68,"y":264,"width":819,"height":11}},{"id":"7a52f22a-60f0-4802-83be-43cc2ba4491a","block_type":"box","text":"orders received by Selling Dealers or BlackRock Target Date Funds prior to the close of business on the New York","page_number":141,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"78992cd2-c3cc-4071-81cc-e68f1880681b","block_type":"box","text":"Stock Exchange (“NYSE”) (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the order is placed,","page_number":141,"box":{"x":69,"y":294,"width":803,"height":11}},{"id":"2511d8f9-4c32-4187-bd59-046530784ba3","block_type":"box","text":"including orders received after the close of business on the previous day, the applicable offering price is based on","page_number":141,"box":{"x":70,"y":309,"width":812,"height":11}},{"id":"c09ac950-7f7e-4420-9b52-cfe2c7d7b582","block_type":"box","text":"the NAV determined as of the close of business on the NYSE on that day. If the purchase orders are not received by","page_number":141,"box":{"x":68,"y":324,"width":828,"height":11}},{"id":"af3b0f16-eae3-4bcf-8c09-649d84d18889","block_type":"box","text":"the Selling Dealer or a BlackRock Target Date Fund before the close of business on the NYSE, such orders are","page_number":141,"box":{"x":68,"y":339,"width":788,"height":12}},{"id":"4224f2c7-53af-46cd-8b50-3d612a99e81c","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":141,"box":{"x":69,"y":355,"width":779,"height":11}},{"id":"a14f0a74-321b-4bfb-b972-880b2995df91","block_type":"box","text":"payment on a timely basis. Generally, if payment is not received within the period described in the Prospectuses, the","page_number":141,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"4abf7f92-f201-458c-a5a7-fdd8a7d8abc7","block_type":"box","text":"order will be canceled, notice thereof will be given, and the broker and its customers will be responsible for any loss","page_number":141,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"5c201d42-8158-4171-8bd8-85130a081016","block_type":"box","text":"to the Fund or its shareholders. Orders of less than $500 may be mailed by a broker to the Transfer Agent.","page_number":141,"box":{"x":68,"y":399,"width":762,"height":12}},{"id":"ebb8c86f-0de9-4c57-a167-d63615033019","block_type":"box","text":"The minimum investment for the initial purchase of shares is set for th in the Prospectus for each Fund. The","page_number":141,"box":{"x":101,"y":423,"width":768,"height":11}},{"id":"dbe94c02-7093-405f-a37f-549ae5dafbb8","block_type":"box","text":"minimum initial investment for employees of a Fund, a Fund’s Manager, Sub-Advisers or BRIL or employees of their","page_number":141,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"7d6d625d-a616-4315-b361-e6525bf108fe","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":141,"box":{"x":69,"y":452,"width":769,"height":12}},{"id":"1104de0b-bede-4e62-ae30-49e9402cd957","block_type":"box","text":"investment is $25.","page_number":141,"box":{"x":70,"y":467,"width":132,"height":11}},{"id":"e14754f2-fd5a-479b-b1e9-5670392cde0a","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":141,"box":{"x":102,"y":491,"width":802,"height":11}},{"id":"1797c458-d529-4246-a31c-5af101bbbd51","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for cer tain investors","page_number":141,"box":{"x":69,"y":506,"width":833,"height":11}},{"id":"1eb9192e-0861-457a-81cf-d696034af06e","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":141,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"3af50eb0-9123-48b2-a4d0-59288c510abc","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":141,"box":{"x":70,"y":536,"width":751,"height":11}},{"id":"6e7ea831-c802-4a7a-bb04-baa5c65a4512","block_type":"box","text":"subsequent investment requirements and suspend and resume the sale of any share class of any Fund at any time.","page_number":141,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"4d743491-319b-4cef-aff7-294c58261eab","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":141,"box":{"x":102,"y":574,"width":768,"height":11}},{"id":"211f7f62-12af-428d-b104-ee8947450153","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":141,"box":{"x":68,"y":589,"width":807,"height":11}},{"id":"55cd7988-cdc3-47d8-ad96-63149ac92a93","block_type":"box","text":"class of shares of the same Fund, provided that the exchanged shares are not subject to a contingent deferred sales","page_number":141,"box":{"x":69,"y":604,"width":836,"height":11}},{"id":"b50fa8b9-9d4e-46fe-8238-2cd51b7a23b4","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":141,"box":{"x":69,"y":619,"width":814,"height":11}},{"id":"79fb9b42-7647-40c2-a611-e2cb31035fad","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":141,"box":{"x":68,"y":634,"width":740,"height":11}},{"id":"db00912a-e6cd-48f9-8f67-57f5758fea59","block_type":"box","text":"Each Fund or the Distributor may suspend the continuous offering of the Fund’s shares of any class at any time","page_number":141,"box":{"x":102,"y":657,"width":795,"height":11}},{"id":"0b5d2c66-94f0-4d13-8cce-03cd4af0fdf5","block_type":"box","text":"in response to conditions in the securities markets or otherwise and may resume offering the shares from time to","page_number":141,"box":{"x":70,"y":672,"width":813,"height":11}},{"id":"6bf5a52c-8ab4-4c7a-8268-30f2ba160aa3","block_type":"box","text":"time. Any order may be rejected by a Fund or the Distributor. Neither the Distributor, the securities dealers nor other","page_number":141,"box":{"x":68,"y":687,"width":827,"height":11}},{"id":"b953c089-5463-427a-b45e-5bad6c0744a5","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":141,"box":{"x":68,"y":702,"width":750,"height":12}},{"id":"8da80ff8-9cb2-4b24-bdaa-37b3950fb28a","block_type":"box","text":"The term “purchase,” as used in the Prospectus and this SAI, refers to (i) a single purchase by an individual,","page_number":141,"box":{"x":101,"y":725,"width":776,"height":11}},{"id":"bcd204f5-a1bb-48d8-9ef3-a1c9de03e359","block_type":"box","text":"(ii) concurrent purchases by an individual, his or her spouse and their children purchasing shares for his, her or their","page_number":141,"box":{"x":69,"y":740,"width":831,"height":11}},{"id":"b460f255-4031-4587-9bd6-65434a6312a8","block_type":"box","text":"own account, and (iii) single purchases by a trustee or other fiduciary purchasing shares for a single trust estate or","page_number":141,"box":{"x":69,"y":755,"width":822,"height":11}},{"id":"ca4d0be5-ef95-4652-8553-7e2819316a72","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":141,"box":{"x":69,"y":770,"width":802,"height":12}},{"id":"ba2f726e-2a59-45bb-a6cb-a174cd689d20","block_type":"box","text":"purchases by any “company,” as that term is defined in the Investment Company Act, but does not include purchases","page_number":141,"box":{"x":70,"y":785,"width":839,"height":12}},{"id":"c5bd72a1-c1dd-40dd-b4a7-e0e4d6c8e4b8","block_type":"box","text":"by (i) any company that has not been in existence for at least six months, (ii) a company that has no purpose other","page_number":141,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"86f01689-316f-4e8c-96ec-895a081bb9ba","block_type":"box","text":"than the purchase of shares of a Fund or shares of other registered investment companies at a discount, or (iii) any","page_number":141,"box":{"x":68,"y":816,"width":827,"height":11}},{"id":"96db3613-9f67-42c7-82c8-56d774d5e59c","block_type":"box","text":"group of individuals whose sole organizational nexus is that its par ticipants are credit cardholders of a company,","page_number":141,"box":{"x":68,"y":831,"width":803,"height":11}},{"id":"f4e63cef-36fa-40bc-b51f-5c83955b7b44","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":141,"box":{"x":70,"y":846,"width":788,"height":11}},{"id":"fd214fd4-fdd6-4cc8-8795-a6427fc4622f","block_type":"box","text":"adviser.","page_number":141,"box":{"x":69,"y":861,"width":53,"height":9}},{"id":"b1c34d57-4e22-4ab2-8dc4-73e9871d908f","block_type":"box","text":"With cer tain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":141,"box":{"x":101,"y":884,"width":795,"height":11}},{"id":"332a67c4-7a8b-4c95-8cc7-8ba4a4a04a98","block_type":"box","text":"and may not be distributed by a foreign financial intermediary. Under this policy, in order to accept new accounts or","page_number":141,"box":{"x":69,"y":899,"width":821,"height":11}},{"id":"f594d8cc-384b-4534-a1c0-048686279e10","block_type":"box","text":"II-98","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c328efda-e152-4b1e-8639-c50ad30227b7","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":141,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"85ce1ba2-bc37-43d4-9bdd-3570df3fda95","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":142,"box":{"x":69,"y":45,"width":803,"height":11}},{"id":"9befe56b-0396-4264-96cb-bd78d260e12e","block_type":"box","text":"requires that (i) a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within","page_number":142,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"f47d5e70-f39c-4a98-adbc-be43f8871982","block_type":"box","text":"the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer","page_number":142,"box":{"x":68,"y":75,"width":747,"height":11}},{"id":"9aab5eff-24a7-4079-b548-29589e619dbc","block_type":"box","text":"identification number, and (ii) a financial intermediary or a shareholder that is an entity be domiciled in the United","page_number":142,"box":{"x":70,"y":90,"width":809,"height":11}},{"id":"a4202413-a766-4986-8375-8b39bd1d63fe","block_type":"box","text":"States and have a valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S.","page_number":142,"box":{"x":69,"y":105,"width":819,"height":11}},{"id":"a6e8f298-be29-462f-81c5-0f2feb06b0c3","block_type":"box","text":"taxpayer identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will","page_number":142,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"c58d93ed-c7e6-40d5-89ac-98aa5c515de0","block_type":"box","text":"also be restricted from making additional investments.","page_number":142,"box":{"x":69,"y":135,"width":388,"height":12}},{"id":"af7746a4-275b-4beb-a63c-331da71fdcc4","block_type":"box","text":"In-Kind Purchases","page_number":142,"box":{"x":102,"y":158,"width":127,"height":9}},{"id":"09287c74-937d-4aea-a741-40fb658bbd83","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":142,"box":{"x":230,"y":158,"width":649,"height":11}},{"id":"505732aa-d955-4345-b44a-244021166dc0","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":142,"box":{"x":69,"y":173,"width":779,"height":11}},{"id":"d98d951b-b5ac-459f-a090-f2a1201319bb","block_type":"box","text":"limitations of the Fund as described herein. In connection with an in-kind securities payment, the Fund may require,","page_number":142,"box":{"x":70,"y":188,"width":820,"height":11}},{"id":"6fad4e32-e49c-47d7-bb49-76f04690b9c8","block_type":"box","text":"among other things, that the securities: (i) be valued on the day of purchase in accordance with the pricing methods","page_number":142,"box":{"x":69,"y":203,"width":827,"height":12}},{"id":"18cf3a37-4fc0-4845-80fc-b6f190ef5354","block_type":"box","text":"used by the Fund; (ii) be accompanied by satisfactory assurance that the Fund will have good and marketable title to","page_number":142,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"e0be3a8f-e0c0-4509-a08c-2c522b4b35c2","block_type":"box","text":"such securities; (iii) not be subject to any restrictions upon resale by the Fund; (iv) be in proper form for transfer to","page_number":142,"box":{"x":69,"y":234,"width":817,"height":11}},{"id":"a63423ba-4886-4c27-b747-31ed647e9731","block_type":"box","text":"the Fund; and (v) be accompanied by adequate information concerning the basis and other tax matters relating to the","page_number":142,"box":{"x":68,"y":249,"width":837,"height":11}},{"id":"986a5111-666d-440c-b339-d8600a76f2c7","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":142,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"297ca809-1589-4493-9635-7f6b16127711","block_type":"box","text":"of the Fund engaged in the in-kind purchase transaction and must be delivered to the Fund by the investor upon","page_number":142,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"4dc429ad-ec00-4c3d-b636-b8a5aad36679","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":142,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"fe3f517d-6177-418a-9073-7a00b41e0d20","block_type":"box","text":"has settled.","page_number":142,"box":{"x":69,"y":309,"width":83,"height":9}},{"id":"28c90d5e-a8e4-4316-a25c-06017d1fbfeb","block_type":"box","text":"Institutional Shares","page_number":142,"box":{"x":69,"y":340,"width":142,"height":8}},{"id":"74a8a076-a89a-4167-92b6-1d46f0185a20","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":142,"box":{"x":102,"y":362,"width":759,"height":11}},{"id":"45384a65-a1d5-443e-8460-158512ed5525","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":142,"box":{"x":70,"y":377,"width":756,"height":12}},{"id":"da6d5b0d-0c87-45e9-b176-760d6da6e794","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":142,"box":{"x":70,"y":392,"width":775,"height":12}},{"id":"d2bf908a-7d5e-4ede-a0e0-7a5bb6e6bc9e","block_type":"box","text":"Investor A, Investor A1, Investor C, Investor P, Class R or Service Shares. A Fund may in its discretion waive or modify","page_number":142,"box":{"x":70,"y":407,"width":839,"height":12}},{"id":"f21e5989-f503-451a-b68d-f85b077afb4f","block_type":"box","text":"any minimum investment amount, may reject any order for any class of shares and may suspend and resume the","page_number":142,"box":{"x":69,"y":423,"width":807,"height":11}},{"id":"bf3770a1-5d11-49a1-86a5-6aada5588621","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":142,"box":{"x":69,"y":438,"width":276,"height":11}},{"id":"751b4911-a23f-4fe1-9e1a-bbb598a20082","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":142,"box":{"x":102,"y":460,"width":259,"height":12}},{"id":"909141f0-b164-4f49-8090-0d9c60207372","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":142,"box":{"x":369,"y":460,"width":540,"height":12}},{"id":"01362674-6c9f-447f-989a-bc7db9b989f6","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":142,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"d382da10-b253-4092-9236-693429796f8b","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":142,"box":{"x":69,"y":491,"width":796,"height":11}},{"id":"7984068c-311e-44a4-984f-e00b12aad560","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":142,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"e942ca77-71fb-44f0-aee9-8e1310489b19","block_type":"box","text":"redemption of Fund shares. Each broker-dealer or agent is responsible for transmitting to its customers a schedule of","page_number":142,"box":{"x":69,"y":521,"width":840,"height":11}},{"id":"b254673b-cf46-4bb5-aa8b-41c56adb0b98","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":142,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"726e377a-113b-4de1-b161-7dbddedadff7","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":142,"box":{"x":69,"y":551,"width":802,"height":11}},{"id":"c53e7719-ba9d-4593-b517-aeace45423cb","block_type":"box","text":"these fees and conditions.","page_number":142,"box":{"x":68,"y":566,"width":189,"height":9}},{"id":"cda7d651-2ae2-484e-a942-5a5ec8f03579","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":142,"box":{"x":102,"y":589,"width":805,"height":11}},{"id":"1b68149a-85d0-4ed9-b22c-1a34699634e9","block_type":"box","text":"4 p.m. (Eastern time) on the first business day following receipt of the order. Payment may also, in the discretion of","page_number":142,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"49614803-4309-4bf5-9f17-155ea00fdf50","block_type":"box","text":"cer tain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":142,"box":{"x":69,"y":619,"width":817,"height":11}},{"id":"33f2e6c0-1b53-4ad2-bba9-fb2d7ee7e237","block_type":"box","text":"purchase order is not received by the prescribed time, an investor may be liable for any resulting losses or expenses","page_number":142,"box":{"x":70,"y":634,"width":831,"height":12}},{"id":"553ae2f3-a427-4d1f-81b8-a136b89139a8","block_type":"box","text":"incurred by the Fund.","page_number":142,"box":{"x":70,"y":650,"width":147,"height":11}},{"id":"fd801372-e5f3-4b2d-bbc4-14220c7a2fa3","block_type":"box","text":"Cer tain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":142,"box":{"x":102,"y":672,"width":774,"height":11}},{"id":"504b889b-5c70-43f6-b1e0-86a73272c2f4","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":142,"box":{"x":68,"y":687,"width":834,"height":11}},{"id":"09a7118e-10bd-4ced-b2dc-58762ce92563","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":142,"box":{"x":70,"y":702,"width":773,"height":11}},{"id":"79aa1d6a-0813-4776-9c0e-22158f28e270","block_type":"box","text":"immediate family members of such persons, individuals and “Institutional Investors” with a minimum initial","page_number":142,"box":{"x":70,"y":717,"width":762,"height":12}},{"id":"9433ceb7-45f6-48c8-a032-89a3d88cbc0b","block_type":"box","text":"investment of $2 million who may purchase shares of a Fund through a financial intermediary that has entered into","page_number":142,"box":{"x":70,"y":732,"width":821,"height":12}},{"id":"c1570a9f-eca5-43cb-82c0-00d546b82654","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":142,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"b34284e5-e29f-4465-b7be-68ab97c60afb","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":142,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"f75ccf8c-cbd2-4a6b-8f0b-ddf4ac0ca6e9","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":142,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"adc1c7bb-5bb1-47af-b12d-0ac5323d02c5","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":142,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"12fa2c5a-3172-4f08-937f-71707084018a","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":142,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"0da5bff9-00a1-45b8-aeda-6e531067f268","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":142,"box":{"x":69,"y":823,"width":789,"height":12}},{"id":"bbf2d7b7-095f-4b71-bb78-b7eb75e37471","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":142,"box":{"x":70,"y":838,"width":772,"height":12}},{"id":"cab731bd-c5f4-45cd-8acf-83ab7c6543a0","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":142,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"df52d860-7f82-4048-b2f6-beed30ccafac","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":142,"box":{"x":68,"y":869,"width":783,"height":11}},{"id":"707e22c1-59a8-4a5d-8a46-61b890be4f1b","block_type":"box","text":"(i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an","page_number":142,"box":{"x":69,"y":884,"width":785,"height":11}},{"id":"f527ecd9-f089-4813-ad18-6b86f105543c","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":142,"box":{"x":69,"y":899,"width":838,"height":11}},{"id":"94ad4beb-da97-4a21-84d2-de73f537e22c","block_type":"box","text":"II-99","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c098aa51-50b2-4c64-8445-ed1b1548f27d","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":142,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e3afa019-9c14-4e66-908b-cded901ad726","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":143,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"cb7bb395-df9b-463d-8c34-17bac84861f8","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":143,"box":{"x":69,"y":60,"width":751,"height":11}},{"id":"225571c3-b573-4522-85ba-f5b4518fdb8f","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":143,"box":{"x":69,"y":74,"width":817,"height":12}},{"id":"b2e90aff-45f6-40bd-9802-a8df8effbfee","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":143,"box":{"x":69,"y":90,"width":773,"height":11}},{"id":"86f0cffe-eb63-4801-bd7f-df6f075523c7","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":143,"box":{"x":69,"y":105,"width":771,"height":11}},{"id":"d956075d-3504-46a5-918b-382a3dc2937d","block_type":"box","text":"minimum initial investment of $1,000; trust depar tment clients of Bank of America, N.A. and its affiliates for whom","page_number":143,"box":{"x":69,"y":120,"width":822,"height":11}},{"id":"4fce9917-3edf-424e-8938-04c9a82094f0","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit plans), (ii) otherwise have","page_number":143,"box":{"x":68,"y":135,"width":771,"height":12}},{"id":"61b75b7a-aa77-4ccd-88b7-50425f37d4b6","block_type":"box","text":"investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders of cer tain BofA Corp.","page_number":143,"box":{"x":70,"y":150,"width":801,"height":11}},{"id":"5d20ce61-997a-4b1f-8f13-358743463168","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":143,"box":{"x":69,"y":166,"width":770,"height":11}},{"id":"666bba22-6b6e-49df-81b8-5d7e952b6624","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":143,"box":{"x":102,"y":188,"width":280,"height":12}},{"id":"2a06acc7-64b2-40cb-853f-c65437e5ff4e","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":143,"box":{"x":389,"y":188,"width":496,"height":11}},{"id":"e4b35982-f6f1-4a3a-9f68-648ae5dd9bcb","block_type":"box","text":"Funds, BofA Corp. or their respective affiliates; and any trust, pension, profit-sharing or other benefit plan for such","page_number":143,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"9f167aff-775a-484a-86ad-64d321d79197","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":143,"box":{"x":70,"y":219,"width":828,"height":11}},{"id":"7b8ba706-aeb0-4691-924c-9b6c9867a4fd","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by vir tue of the familiarity of these persons","page_number":143,"box":{"x":70,"y":234,"width":838,"height":11}},{"id":"4c145476-63a1-42d8-a7e9-1cdb690f48df","block_type":"box","text":"with the Fund. Employees, directors, and board members of other funds wishing to purchase shares of a Fund must","page_number":143,"box":{"x":68,"y":249,"width":826,"height":11}},{"id":"e9a0c98d-5b00-405c-9f5a-bc55a2b46196","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":143,"box":{"x":69,"y":264,"width":279,"height":11}},{"id":"0a11d613-a58a-436d-a3f8-db082c14e04f","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":143,"box":{"x":69,"y":294,"width":382,"height":11}},{"id":"e865b50c-9c3a-4961-b0fb-f17f06cdf911","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":143,"box":{"x":102,"y":317,"width":770,"height":11}},{"id":"52e20f25-fb19-440e-9565-d4658f151fe2","block_type":"box","text":"Shares are offered only (i) for purchase by cer tain employer-sponsored retirement plans and fee-based programs that","page_number":143,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"6279a209-e1af-4370-9b71-b03fc79e763c","block_type":"box","text":"have been previously approved by cer tain Funds, and (ii) to cer tain investors who currently hold Investor A1 Shares","page_number":143,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"a97638d9-abee-4912-88c0-506ac3f452bc","block_type":"box","text":"for dividend and capital gain reinvestment only. The Investor A1 initial sales charge does not apply to the transactions","page_number":143,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"02d557d6-a628-4138-b266-99bc783f648b","block_type":"box","text":"described in (i) and (ii). For ease of reference, Investor A, Investor A1 and Investor P (discussed below) Shares are","page_number":143,"box":{"x":69,"y":377,"width":815,"height":11}},{"id":"74765530-cded-4350-adaa-ffb272fd6d9f","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":143,"box":{"x":69,"y":392,"width":791,"height":11}},{"id":"8cdf2494-430e-4341-80ec-ec1f3cd4a5e4","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":143,"box":{"x":70,"y":407,"width":727,"height":12}},{"id":"0a61f2fd-e69f-4b8d-bb18-e87762c1069c","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":143,"box":{"x":102,"y":430,"width":770,"height":11}},{"id":"5de4b4b4-9d9c-4b9a-80a1-988c7de4673f","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":143,"box":{"x":70,"y":445,"width":812,"height":12}},{"id":"c625b340-184b-4f58-880b-3965fa86f0c0","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":143,"box":{"x":69,"y":460,"width":791,"height":12}},{"id":"fc7373dc-82df-47d9-b2c5-5274a92a8baf","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":143,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"7b4531a7-865e-4299-870a-5c2eda8f375c","block_type":"box","text":"for an extended period of time also may elect to purchase Investor A Shares, because over time the accumulated","page_number":143,"box":{"x":68,"y":491,"width":808,"height":11}},{"id":"f005a978-7512-41a9-9665-abcb4ff10a1b","block_type":"box","text":"ongoing service and distribution fees on CDSC shares may exceed the front-end load shares’ initial sales charge and","page_number":143,"box":{"x":69,"y":506,"width":834,"height":11}},{"id":"50007509-8ee4-4f24-a849-0fb0cdf4ad83","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":143,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"2ca854df-19f8-4792-b170-727d6598824c","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":143,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"f8c59ba9-8da8-4b6c-8d82-02d9e8e90f72","block_type":"box","text":"BlackRock front-end load and CDSC share holdings, will count toward a right of accumulation that may qualify the","page_number":143,"box":{"x":70,"y":551,"width":805,"height":11}},{"id":"2aceb842-68a9-40f6-8ca5-220485e42249","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":143,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"ff45a4eb-7ee9-4f2b-8011-9e20cf849f29","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":143,"box":{"x":69,"y":581,"width":826,"height":12}},{"id":"52b64140-bb51-4868-b93e-d4aca123369f","block_type":"box","text":"have lower total returns than the initial sales charge shares. The ongoing front-end load shares’ service fees will","page_number":143,"box":{"x":69,"y":596,"width":802,"height":12}},{"id":"2e599aad-a015-4b27-baa5-ef2bc2f3e093","block_type":"box","text":"cause Investor A, Investor A1, Investor P and Service Shares to have a higher expense ratio, pay lower dividends and","page_number":143,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"1590866f-7f4b-46bf-89ea-f89c04c0cb83","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":143,"box":{"x":69,"y":627,"width":358,"height":9}},{"id":"9804cd95-9d3e-4fd6-a77c-b2ffe44196c4","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":143,"box":{"x":102,"y":649,"width":734,"height":12}},{"id":"cd795f85-daba-4e2b-9099-e5ed874875a3","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":143,"box":{"x":70,"y":664,"width":785,"height":11}},{"id":"05a3d27f-184e-4c7c-931e-e59de977e29f","block_type":"box","text":"periods indicated.","page_number":143,"box":{"x":70,"y":680,"width":124,"height":11}},{"id":"e4269f73-9467-4e41-b257-cfe792217b86","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":143,"box":{"x":101,"y":702,"width":806,"height":11}},{"id":"d2019bfc-808c-425e-8251-2435f291b0d7","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":143,"box":{"x":68,"y":718,"width":830,"height":11}},{"id":"bf487a0b-ec4b-4c38-b84b-32ba72fb944d","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":143,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"57a42c9f-53c1-422e-a73c-df33a9a7a95f","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":143,"box":{"x":69,"y":748,"width":714,"height":11}},{"id":"42877026-bd01-4d6a-8b39-7bf45298e8dd","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":143,"box":{"x":69,"y":778,"width":297,"height":11}},{"id":"54154482-64e8-4a8a-a95e-aa65c52f8e12","block_type":"box","text":"Cer tain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":143,"box":{"x":102,"y":801,"width":761,"height":11}},{"id":"7ac440b5-050a-4b09-ac8b-2155f9caf55b","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":143,"box":{"x":69,"y":816,"width":800,"height":11}},{"id":"9847a865-6d85-4ebd-919b-88cb4bfc61d1","block_type":"box","text":"entered into an agreement with the Distributor to offer such shares and are subject to an initial sales charge. The","page_number":143,"box":{"x":69,"y":831,"width":812,"height":11}},{"id":"1361452f-7558-4754-a144-5351337104b3","block_type":"box","text":"ongoing front-end load shares’ service fees will cause Investor P Shares to have a higher expense ratio, pay lower","page_number":143,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"743426d0-82a8-499e-b557-71a4c1de0a10","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":143,"box":{"x":69,"y":861,"width":578,"height":9}},{"id":"a66558f4-53db-4d93-ad72-e48fc4029746","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":143,"box":{"x":102,"y":884,"width":734,"height":11}},{"id":"0fb94bc7-7a78-4fa7-9117-2d38b7a6176e","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":143,"box":{"x":70,"y":899,"width":800,"height":11}},{"id":"58740872-ddc2-473f-bf75-9ed47b59ed80","block_type":"box","text":"II-100","page_number":143,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0b29d8e5-af76-497c-b0ca-6564f44beebc","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":143,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"0db75e0e-3aca-43a7-91fe-cf2a9b287808","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":144,"box":{"x":101,"y":45,"width":806,"height":11}},{"id":"a1eaa209-9731-4c02-975d-0477805165e3","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":144,"box":{"x":68,"y":60,"width":830,"height":11}},{"id":"f6b3fc84-2ba8-47f9-a458-6ebb9fb59cae","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":144,"box":{"x":69,"y":75,"width":832,"height":11}},{"id":"ea16acce-9faa-4d2d-9c8b-0ba9506cf7b8","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":144,"box":{"x":69,"y":90,"width":714,"height":11}},{"id":"cf1e8d82-5f36-4efe-95e6-aa820902c41b","block_type":"box","text":"Reduced Initial Sales Charges","page_number":144,"box":{"x":69,"y":120,"width":219,"height":11}},{"id":"82d907b5-514c-4519-b7e7-fe7893769445","block_type":"box","text":"Cer tain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":144,"box":{"x":102,"y":143,"width":782,"height":11}},{"id":"c5bd2401-d07e-403e-bf1e-baf9302df78d","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":144,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"6a709abd-6e1b-4904-afec-c0eaea80ccca","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":144,"box":{"x":68,"y":173,"width":809,"height":11}},{"id":"6290c7f4-e9ba-4cfc-bac6-c16e8372ff05","block_type":"box","text":"exchange shares of a Fund from one class of shares to another class of shares of the same Fund provided that the","page_number":144,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"b721205d-b1ed-45ce-98c8-82f82e73476d","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":144,"box":{"x":69,"y":203,"width":812,"height":12}},{"id":"80907e2f-8dca-4615-8906-ade0e70945c2","block_type":"box","text":"requirements of the new share class. Cer tain sales load reductions and waivers may be available to customers of","page_number":144,"box":{"x":69,"y":218,"width":813,"height":12}},{"id":"77acd7a9-0fa5-4de1-84fa-603fe1c15095","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":144,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"00705517-4f4b-4a00-9304-93ded4e65c63","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":144,"box":{"x":70,"y":249,"width":603,"height":11}},{"id":"ffab58af-6314-4a06-bc9e-52d1bc525f26","block_type":"box","text":"Reinvested Dividends.","page_number":144,"box":{"x":102,"y":272,"width":156,"height":8}},{"id":"0d3c416f-c980-4230-b373-7722f7f0fa8c","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":144,"box":{"x":265,"y":271,"width":566,"height":12}},{"id":"c75577b0-a365-4249-a27b-704044a761a6","block_type":"box","text":"reinvestment of dividends.","page_number":144,"box":{"x":69,"y":286,"width":186,"height":10}},{"id":"e4cf2ffc-ecd3-4d6b-b2d9-92fbbd97cbcb","block_type":"box","text":"Right of Accumulation.","page_number":144,"box":{"x":102,"y":309,"width":158,"height":11}},{"id":"84866c3e-e9ea-4bdc-bf4a-27b74a454eb3","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":144,"box":{"x":267,"y":309,"width":574,"height":11}},{"id":"92c7151e-8de9-4cce-954e-cc9629113484","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":144,"box":{"x":69,"y":324,"width":826,"height":12}},{"id":"8bc73875-d28e-4b94-b5f1-3f1ecbadab94","block_type":"box","text":"a reduced front-end sales charge: (i) the current value of an investor’s existing Investor A, Investor A1, Investor C,","page_number":144,"box":{"x":69,"y":339,"width":810,"height":12}},{"id":"18fec0c6-2060-48ba-8b6a-740d73522a44","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares in most BlackRock Funds, (ii) the current value of an investor’s","page_number":144,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"edc6615b-499d-4f86-896a-edbf04c75c8c","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":144,"box":{"x":69,"y":370,"width":780,"height":11}},{"id":"e0599705-81f1-4a80-8dc3-6e054855cb24","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":144,"box":{"x":70,"y":385,"width":828,"height":11}},{"id":"42485434-ad21-4a14-947d-513c19bdc9ff","block_type":"box","text":"CollegeAdvantage 529 Program by the investor or by or on behalf of the investor’s spouse and children. Financial","page_number":144,"box":{"x":69,"y":400,"width":804,"height":11}},{"id":"bf97f393-560e-4d41-8689-4f9723f99883","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":144,"box":{"x":70,"y":415,"width":794,"height":11}},{"id":"cb09ce02-1e0a-414b-88c2-d289a9bb8878","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":144,"box":{"x":70,"y":430,"width":814,"height":11}},{"id":"1053bb98-84f4-4458-a927-1f8efa6bb7a3","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must aler t BlackRock to the existence of","page_number":144,"box":{"x":70,"y":445,"width":828,"height":12}},{"id":"3f423656-e529-439e-a729-4af02a4371ba","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":144,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"8431a988-4524-4cf5-9066-336cc7edf2ab","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":144,"box":{"x":70,"y":475,"width":776,"height":12}},{"id":"af940e3c-b1cf-44d1-bfc4-20b7e3f58b3b","block_type":"box","text":"Although Investor A Shares of Index Funds and BlackRock Shor t Obligations Fund generally are not subject to a sales","page_number":144,"box":{"x":68,"y":491,"width":835,"height":11}},{"id":"9511aaf3-8cee-494e-ae44-af9e6c300379","block_type":"box","text":"charge, an investor’s existing Investor A, Investor A1, Investor C, Investor P, Institutional, Class K and Premier Shares","page_number":144,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"12668e09-9824-4d04-99a6-15fffc6aef5a","block_type":"box","text":"in the Index Funds and BlackRock Shor t Obligations Fund may be combined with the amount of an investor’s current","page_number":144,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"9f937422-2db3-4b06-be7c-8e2b10f510c0","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":144,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"52b49fb4-6b27-427c-8d26-db4b586ecca4","block_type":"box","text":"Letter of Intent.","page_number":144,"box":{"x":102,"y":559,"width":109,"height":9}},{"id":"5230596c-4e17-4989-9b34-f6ab1de91f55","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":144,"box":{"x":217,"y":559,"width":681,"height":11}},{"id":"eacbfcfa-04bd-4bad-84a8-561e23f19199","block_type":"box","text":"Intent” stating the investor’s intention to make one or more of the following investments within the next 13 months","page_number":144,"box":{"x":70,"y":574,"width":820,"height":11}},{"id":"f4d92ff3-5c94-4efe-a001-9a017a58bed4","block_type":"box","text":"which would, if bought all at once, qualify the investor for a reduced sales charge: (i) buy a specified amount of","page_number":144,"box":{"x":68,"y":589,"width":792,"height":11}},{"id":"d6ee8b3c-0684-4015-9df0-bfc92be1eac4","block_type":"box","text":"Investor A, Investor C, Investor P, Institutional, Class K and/or Premier Shares, (ii) make an investment in one or","page_number":144,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"0353bcb9-765e-46d1-a14e-af7ae3c7e988","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":144,"box":{"x":69,"y":619,"width":760,"height":11}},{"id":"a8bafe8a-d0a5-432f-8c74-d00f286cd41a","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":144,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"c7fa339c-9408-48ef-b4c2-073cf343c3a3","block_type":"box","text":"initial purchase requirement. The 13-month Letter of Intent period commences on the day that the Letter of Intent is","page_number":144,"box":{"x":70,"y":649,"width":826,"height":12}},{"id":"137e129e-a78d-4e23-9832-85102fb09118","block_type":"box","text":"received by the Fund. The market value of current holdings in the BlackRock Funds (including Investor A, Investor C,","page_number":144,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"91fdb51d-9706-40be-8e1f-cb01c2fb40cc","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":144,"box":{"x":70,"y":680,"width":764,"height":11}},{"id":"58ba7b21-72b5-4630-b466-95af1fb8c9c5","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":144,"box":{"x":70,"y":695,"width":800,"height":11}},{"id":"c1b56d3b-8b1d-480d-96e9-c527d968d23e","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":144,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"f29147bc-d60f-481a-ad71-d8b58cd04110","block_type":"box","text":"the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock Closed-End Funds and/or the","page_number":144,"box":{"x":68,"y":725,"width":835,"height":11}},{"id":"aaa1ae2f-2deb-47e9-ae3f-6c3bd6b644f2","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":144,"box":{"x":70,"y":740,"width":811,"height":11}},{"id":"704f6aa0-0962-468c-9fea-f263b5e74162","block_type":"box","text":"subsequent purchases that should be counted towards the Letter of Intent. During the term of the Letter of Intent,","page_number":144,"box":{"x":69,"y":755,"width":814,"height":11}},{"id":"4b316c72-1262-4597-a115-b729c45af613","block_type":"box","text":"the Fund will hold Investor A Shares and/or Investor P Shares, as applicable, representing up to 5% of the indicated","page_number":144,"box":{"x":68,"y":770,"width":827,"height":12}},{"id":"8b6ff64e-5cc1-42bf-9386-091088bd11bf","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is","page_number":144,"box":{"x":69,"y":785,"width":827,"height":12}},{"id":"998b5dd1-de12-4713-9701-91201e192ce5","block_type":"box","text":"not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not","page_number":144,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"5406e400-49d9-4116-b5e3-9c487b332147","block_type":"box","text":"pay the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares and/or Investor P","page_number":144,"box":{"x":70,"y":816,"width":807,"height":11}},{"id":"e069a1b2-4ed0-429b-9a59-68e486f79e72","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":144,"box":{"x":69,"y":831,"width":423,"height":11}},{"id":"fe8c573e-27a3-489d-9884-1157203e92ba","block_type":"box","text":"Placement Fees.","page_number":144,"box":{"x":102,"y":854,"width":116,"height":8}},{"id":"4b06300a-dea9-4242-9242-fa36a91d7c26","block_type":"box","text":"BlackRock may pay placement fees to dealers on purchases of Investor A and Investor P Shares of all Funds,","page_number":144,"box":{"x":102,"y":876,"width":777,"height":11}},{"id":"fec23d23-e08c-4d11-9ead-59d8b8dc07de","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":144,"box":{"x":68,"y":891,"width":704,"height":12}},{"id":"8fb74484-75ee-4c69-af58-0938e962ed2b","block_type":"box","text":"II-101","page_number":144,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9170f88b-7690-440b-a5dc-f7297d3c0e44","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":144,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c05e86da-32a2-4b06-8ca8-4901dc460c30","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":145,"box":{"x":102,"y":45,"width":741,"height":11}},{"id":"ba7a60d4-16ac-4bde-b8b3-d5063302378d","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":72,"width":361,"height":10}},{"id":"cd11708a-762c-43e0-b408-4a1037b965f3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":145,"box":{"x":535,"y":72,"width":288,"height":9}},{"id":"73e64ff2-5617-4964-9fd6-16d356f8a006","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":87,"width":361,"height":10}},{"id":"13ac821e-350d-4b8f-8d1e-33511bc7b3d2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":88,"width":288,"height":8}},{"id":"b7888b6d-d7fa-432f-b97c-7a9689d604f0","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":102,"width":345,"height":10}},{"id":"530b15b1-5db0-4001-8463-807eefc388d4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":103,"width":305,"height":9}},{"id":"4c27922b-1905-4df3-8d2f-4ab8c9fd3c3e","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":145,"box":{"x":101,"y":126,"width":776,"height":12}},{"id":"a231126c-ce77-4d92-a39b-37198a6c58f5","block_type":"box","text":"Por tfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares","page_number":145,"box":{"x":69,"y":142,"width":774,"height":11}},{"id":"de716c4d-fafb-46dc-afc0-a986d0ead300","block_type":"box","text":"purchased prior to July 1, 2020) of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV","page_number":145,"box":{"x":70,"y":157,"width":824,"height":11}},{"id":"1fc11530-94e2-4ccd-8a64-b45854374dbb","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":145,"box":{"x":69,"y":172,"width":695,"height":11}},{"id":"e84d5a5f-5837-4ed0-a929-b72e31420f4b","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":199,"width":410,"height":11}},{"id":"fa24f2ac-0351-478a-b8ed-618a9b6ac7f8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":145,"box":{"x":583,"y":200,"width":240,"height":9}},{"id":"68ffdd27-f0e3-4515-aab6-896738665fc0","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":214,"width":361,"height":11}},{"id":"236c2ee2-d5c2-483a-af48-c12c4b9a8368","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":215,"width":288,"height":9}},{"id":"c507db70-b346-437b-9908-5e12dd0258e1","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":229,"width":345,"height":11}},{"id":"940e1556-b1e4-40d5-959c-17f8642d4d43","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":230,"width":305,"height":9}},{"id":"b73045e3-e23f-4bf9-92fa-617f6f50618a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":145,"box":{"x":101,"y":254,"width":806,"height":11}},{"id":"e5eaa21a-e0cb-49bc-982c-8b718576ba4e","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":145,"box":{"x":68,"y":269,"width":821,"height":11}},{"id":"4f60b7d5-1cf6-4bc1-8e0a-d054c2e5d6e8","block_type":"box","text":"SM","page_number":145,"box":{"x":890,"y":269,"width":11,"height":5}},{"id":"e1cfd094-170b-4cc3-8a4a-0aaf1c81006a","block_type":"box","text":",","page_number":145,"box":{"x":903,"y":276,"width":2,"height":3}},{"id":"914e1aa2-5d6e-4450-8ab7-f54835e89854","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":145,"box":{"x":70,"y":284,"width":816,"height":11}},{"id":"39b9914e-b2ad-47bc-97c9-e78633be40eb","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":145,"box":{"x":70,"y":299,"width":835,"height":11}},{"id":"50c650a8-364e-4b71-a85d-ef65c46457c3","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":145,"box":{"x":70,"y":314,"width":520,"height":12}},{"id":"3dd239c8-5e7d-4532-87aa-f49d087967db","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":341,"width":361,"height":11}},{"id":"bc200bec-7c87-4a8c-a59e-9382f0134250","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":145,"box":{"x":535,"y":342,"width":288,"height":9}},{"id":"fbfb93c5-1395-4d07-838d-618aa37d1e1c","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":356,"width":361,"height":11}},{"id":"2ca3cf86-85d0-4487-9e3e-e4b6a6a432e7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":357,"width":288,"height":9}},{"id":"0192c28f-5337-4373-81ac-1de611d33105","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":372,"width":345,"height":10}},{"id":"9b1e2aa5-2ae7-42fc-95b3-ef5c3cfe6f5f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":372,"width":305,"height":9}},{"id":"8ab25985-6037-4bc8-a305-7cc06995f4f0","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":145,"box":{"x":101,"y":396,"width":743,"height":11}},{"id":"f86d4336-4168-45d7-b6b4-2e07f701fd7a","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":145,"box":{"x":70,"y":411,"width":674,"height":12}},{"id":"3f294013-3507-4c1d-9959-407c402b19ef","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":438,"width":361,"height":11}},{"id":"8ffa24ff-af06-4db3-b6b7-ee6db400c77e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":439,"width":288,"height":9}},{"id":"8ab618d8-1831-435c-9d24-98de0f876966","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":453,"width":361,"height":11}},{"id":"cbbad7ac-6f8b-4301-b75d-6a1976f2dfe2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":535,"y":454,"width":288,"height":9}},{"id":"95db8c62-6ed3-46b0-84e3-affd44b232ab","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":469,"width":345,"height":10}},{"id":"da87101b-27a3-4079-8a54-adfe9610625c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":145,"box":{"x":518,"y":469,"width":305,"height":9}},{"id":"758aa8d1-b8a1-47c1-804f-1f07772df7c2","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":145,"box":{"x":101,"y":493,"width":808,"height":11}},{"id":"64d49df2-94ea-439e-a940-0e44044179e7","block_type":"box","text":"may be up to the following amounts:","page_number":145,"box":{"x":69,"y":508,"width":257,"height":12}},{"id":"e5913dca-cea7-44f7-adda-8054d04e351a","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":535,"width":410,"height":11}},{"id":"53c66e01-c5e9-4a73-8df0-88412572e3a8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":583,"y":536,"width":240,"height":9}},{"id":"05c15bf4-1b6e-426c-987f-0e3b652cd734","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":550,"width":361,"height":11}},{"id":"685ba7da-9684-49af-9c21-2f5091d8d4e4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":535,"y":551,"width":288,"height":9}},{"id":"1a46de1a-aca2-43dc-86fa-ee417edc6446","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":566,"width":345,"height":10}},{"id":"45c95361-cb4b-4ae0-ba93-0c6c603010f0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":145,"box":{"x":518,"y":566,"width":305,"height":9}},{"id":"27211191-9b75-44d1-8686-91ff900eb0dc","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Por tfolio of BlackRock Funds V, the","page_number":145,"box":{"x":101,"y":590,"width":768,"height":11}},{"id":"b3dc3145-e1ca-4709-bf0c-d1bbb89fe164","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":145,"box":{"x":70,"y":605,"width":371,"height":12}},{"id":"8fed7fb3-a9d5-4315-a085-95062276b5cb","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":632,"width":361,"height":11}},{"id":"e8141e30-31dc-483a-b05f-e0be90612d45","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":145,"box":{"x":535,"y":633,"width":288,"height":9}},{"id":"e5bb8561-25c6-4d98-916c-528a3aba10a7","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":647,"width":361,"height":11}},{"id":"255d51c2-cb57-443c-ad84-e3d6fc6b804a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":145,"box":{"x":535,"y":648,"width":288,"height":9}},{"id":"d34335d0-0b64-41e1-9a20-be43f695eb56","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":663,"width":345,"height":10}},{"id":"0f5a681b-5512-464a-b791-a5713b856205","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":145,"box":{"x":518,"y":663,"width":305,"height":9}},{"id":"ac6f1e4d-9fb7-4a29-b260-c75b8afd8f11","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income","page_number":145,"box":{"x":101,"y":687,"width":778,"height":11}},{"id":"1745b163-ceb5-413a-8cea-b4d709433d72","block_type":"box","text":"Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V, the","page_number":145,"box":{"x":69,"y":702,"width":830,"height":12}},{"id":"0d348f23-e908-40ee-bd7d-66785bba5940","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":145,"box":{"x":70,"y":717,"width":371,"height":12}},{"id":"9c09a842-30c9-4107-8a80-9d4b2064b950","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":744,"width":410,"height":12}},{"id":"98ee6649-8298-4d61-9fa4-9cbb794da1d5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":145,"box":{"x":583,"y":745,"width":240,"height":9}},{"id":"f566942e-99e5-4290-8ae7-6fa2a08b6faf","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":760,"width":361,"height":10}},{"id":"13b81366-20c6-4178-90fa-3addf0822eba","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":760,"width":288,"height":9}},{"id":"b412f83f-0425-46a6-96ea-f4d4b8b84fa1","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":775,"width":345,"height":10}},{"id":"90b3177f-e513-4fbf-8a3c-a0aa1c787cac","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":775,"width":305,"height":9}},{"id":"15bab189-8ef6-4a6f-b5bf-4335200d4947","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":145,"box":{"x":101,"y":799,"width":779,"height":11}},{"id":"7ec56a0a-0041-425c-b920-00a399e6ae6e","block_type":"box","text":"Inc. (for shares purchased prior to March 18, 2019), the placement fees may be up to the following amounts:","page_number":145,"box":{"x":70,"y":814,"width":780,"height":12}},{"id":"72164f3d-5dfc-41be-be96-6864c547cecf","block_type":"box","text":"$250,000 and above . . . .","page_number":145,"box":{"x":167,"y":841,"width":182,"height":12}},{"id":"a637d72c-6380-4e90-9580-31423d12af76","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":355,"y":842,"width":468,"height":9}},{"id":"d1a8b46b-b3b1-48c7-ae70-babcf7a44e05","block_type":"box","text":"II-102","page_number":145,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"644121be-ac9c-4f20-b2f9-f7ae72fb7c10","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":145,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"cd9833f9-1b21-433f-8408-8a92be0f4d61","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":146,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"768ec747-d2ef-46b5-8a50-ebb39199fc7b","block_type":"box","text":"Inc. (for shares purchased on or after March 18, 2019 and prior to July 1, 2020), the placement fees may be up to","page_number":146,"box":{"x":70,"y":60,"width":819,"height":11}},{"id":"eb5fcec8-c4e5-4c58-80a9-e7a0dc600d64","block_type":"box","text":"the following amounts:","page_number":146,"box":{"x":68,"y":75,"width":161,"height":11}},{"id":"681ae1ef-cdac-4e89-843b-94b3a8e98647","block_type":"box","text":"$100,000 and above . . . .","page_number":146,"box":{"x":167,"y":102,"width":182,"height":11}},{"id":"f7532402-fafc-4823-8ca7-12035ee1942c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":355,"y":103,"width":468,"height":9}},{"id":"ae5d9a70-e1bb-414b-a159-065618001565","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":146,"box":{"x":101,"y":126,"width":779,"height":11}},{"id":"ee9b588e-1887-4c14-8814-7d2ca7e061d0","block_type":"box","text":"Inc. (for shares purchased on or after July 1, 2020), the placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":142,"width":775,"height":11}},{"id":"b93015de-4cc0-4e3a-a116-1237b1b82169","block_type":"box","text":"$250,000 and above . . . .","page_number":146,"box":{"x":167,"y":169,"width":182,"height":11}},{"id":"f7a1ee6d-789b-4c10-9764-1bcf28eafafa","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":355,"y":169,"width":468,"height":9}},{"id":"4f773d59-064f-436a-95db-24c614eaf0d6","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":146,"box":{"x":101,"y":193,"width":788,"height":12}},{"id":"0b6217ff-8bf1-42d9-9295-2b1a95b59bf8","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":146,"box":{"x":69,"y":208,"width":792,"height":11}},{"id":"95886cc1-6b91-4586-a3f1-c8f4ad4e4a2c","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":146,"box":{"x":70,"y":224,"width":787,"height":11}},{"id":"d874d71a-1016-4c8b-82b0-68c09da70389","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":146,"box":{"x":69,"y":239,"width":834,"height":11}},{"id":"703afa60-1410-4ed5-9d0a-67ea76796b28","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":254,"width":729,"height":11}},{"id":"ea48ba92-b8e0-4bcd-8104-b7d642be474c","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":281,"width":410,"height":11}},{"id":"9c1c9bbe-c27d-4c83-a767-4c2d7cf54665","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":146,"box":{"x":583,"y":282,"width":240,"height":8}},{"id":"0c2fafaf-d50b-46a0-98b9-8e86e48f4992","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":296,"width":361,"height":10}},{"id":"7407accc-935f-46fc-b0f9-bb8c62f64147","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":297,"width":288,"height":9}},{"id":"cea8663f-a5ed-45e0-bb0c-518ecfe4f7b3","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":311,"width":345,"height":11}},{"id":"953fe1ee-b91a-4e40-aeb6-6906ec7c00c8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":312,"width":305,"height":9}},{"id":"62bb1949-859b-486b-9591-a7f05dc24e4c","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Por tfolio (for shares purchased on or after","page_number":146,"box":{"x":101,"y":336,"width":801,"height":11}},{"id":"5199f69c-7631-48dc-aaee-f45732e73c46","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares purchased on or after July 1, 2020) of","page_number":146,"box":{"x":69,"y":351,"width":769,"height":11}},{"id":"3fcf5762-c8ac-4a66-b6ae-08a1ace2ce4b","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":146,"box":{"x":70,"y":366,"width":818,"height":10}},{"id":"15b2b5f5-ed3f-4ba9-9f8b-8b1767a44f2b","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":146,"box":{"x":68,"y":381,"width":401,"height":11}},{"id":"15bc9766-c697-4de3-b6f0-7bcc8514cdf8","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":408,"width":410,"height":11}},{"id":"3e9263bb-d082-4227-8063-0eb2fbcf3630","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":146,"box":{"x":583,"y":409,"width":240,"height":9}},{"id":"24a7c86b-2f89-4692-8d63-faf5048a7d7c","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":423,"width":361,"height":11}},{"id":"116ef7f7-1222-44ff-b3de-dd0117338677","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":424,"width":288,"height":9}},{"id":"6c549c77-de14-4721-ad5a-440f2265b49d","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":438,"width":345,"height":11}},{"id":"f4b4a701-f87f-4b59-9379-8985a602c7b4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":439,"width":305,"height":9}},{"id":"62c55707-8e5f-444a-8498-f28b4dcccf49","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":146,"box":{"x":101,"y":463,"width":398,"height":11}},{"id":"904f3034-2844-4432-bd5f-27bc4e38da4a","block_type":"box","text":"®","page_number":146,"box":{"x":500,"y":463,"width":6,"height":5}},{"id":"e915e2c0-e3b6-43b5-9e78-2a8b471c283b","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":146,"box":{"x":513,"y":463,"width":264,"height":10}},{"id":"8f44d37e-bee7-4e03-8f97-5f6f16ea81b7","block_type":"box","text":"®","page_number":146,"box":{"x":778,"y":463,"width":6,"height":5}},{"id":"39b26a11-d475-40d3-9a34-67cb3b40b6ef","block_type":"box","text":"Index 2035","page_number":146,"box":{"x":791,"y":463,"width":79,"height":9}},{"id":"24fb318c-ec75-42bb-bb53-eb1080944bb7","block_type":"box","text":"Fund, BlackRock LifePath","page_number":146,"box":{"x":70,"y":478,"width":177,"height":11}},{"id":"7a3f6748-76c9-412a-a326-61515ae8543d","block_type":"box","text":"®","page_number":146,"box":{"x":249,"y":478,"width":6,"height":5}},{"id":"478f14c3-1667-4663-8fa1-fb02c5f538fd","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":146,"box":{"x":261,"y":478,"width":265,"height":11}},{"id":"a4125032-50f9-40f4-880e-19c42ebd1ade","block_type":"box","text":"®","page_number":146,"box":{"x":527,"y":478,"width":6,"height":5}},{"id":"00a58829-e7e6-4b69-985c-852187179ba6","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":146,"box":{"x":539,"y":478,"width":265,"height":11}},{"id":"ac4405ba-7372-4e67-9524-619a0c7737d7","block_type":"box","text":"®","page_number":146,"box":{"x":805,"y":478,"width":6,"height":5}},{"id":"35e69a3c-c81a-4b76-ab96-ccc09af4dcc1","block_type":"box","text":"Index 2050","page_number":146,"box":{"x":817,"y":478,"width":80,"height":9}},{"id":"9df6b922-065a-4db6-9cd8-23f8d682dbc5","block_type":"box","text":"Fund, BlackRock LifePath","page_number":146,"box":{"x":70,"y":493,"width":177,"height":11}},{"id":"d5a2e153-b12e-48aa-9a72-13405396c326","block_type":"box","text":"®","page_number":146,"box":{"x":248,"y":494,"width":6,"height":4}},{"id":"e52c387d-b30d-4ff0-8284-dd9fb7f535df","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":146,"box":{"x":261,"y":493,"width":263,"height":11}},{"id":"2f7b45f7-fdd6-4640-b90a-81824720ca12","block_type":"box","text":"®","page_number":146,"box":{"x":526,"y":494,"width":6,"height":4}},{"id":"f27a041c-a7c8-447e-98ea-79937377c706","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":146,"box":{"x":538,"y":493,"width":264,"height":11}},{"id":"83e15ced-55da-4d72-8302-95737c62c164","block_type":"box","text":"®","page_number":146,"box":{"x":803,"y":494,"width":6,"height":4}},{"id":"cfc9d62e-7a35-4ee5-952d-2390557ed644","block_type":"box","text":"Index 2065","page_number":146,"box":{"x":815,"y":493,"width":80,"height":9}},{"id":"6d4d09cd-a854-4765-9d30-f086d5daf346","block_type":"box","text":"Fund, BlackRock LifePath","page_number":146,"box":{"x":70,"y":508,"width":177,"height":11}},{"id":"a70e09e2-1177-485a-af32-e414476cde6e","block_type":"box","text":"®","page_number":146,"box":{"x":248,"y":509,"width":6,"height":4}},{"id":"c89c419b-fe99-45f5-a461-c8cb907b4404","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":146,"box":{"x":261,"y":508,"width":290,"height":9}},{"id":"dbb4ab7e-c854-40c7-b874-1de1ba566be4","block_type":"box","text":"®","page_number":146,"box":{"x":552,"y":509,"width":6,"height":4}},{"id":"1d1d6bfd-27fc-4915-89c0-0744ba046547","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":146,"box":{"x":564,"y":508,"width":324,"height":11}},{"id":"e5228839-4ef2-4ef7-b0f1-e0491864cc57","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":146,"box":{"x":68,"y":523,"width":401,"height":12}},{"id":"77cac7c4-4f6e-4456-9c9f-65b8c3e722a5","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":146,"box":{"x":167,"y":550,"width":206,"height":12}},{"id":"0433f6b7-8ca3-4b94-a80b-1b78ebfb97a0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":146,"box":{"x":380,"y":551,"width":443,"height":9}},{"id":"bf13f08f-1e02-42dc-a07e-9c293ebc0b7f","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":146,"box":{"x":101,"y":575,"width":657,"height":11}},{"id":"dd8c3bb7-68ea-475b-97c0-05cec259bbe1","block_type":"box","text":"SM","page_number":146,"box":{"x":760,"y":575,"width":10,"height":5}},{"id":"d4904d6d-28c1-4a3b-9ff3-b52f10fda597","block_type":"box","text":", the placement","page_number":146,"box":{"x":773,"y":575,"width":110,"height":11}},{"id":"4dd830c1-413e-4e38-bc9d-ef0339f2f1a7","block_type":"box","text":"fees may be up to the following amounts:","page_number":146,"box":{"x":68,"y":590,"width":294,"height":11}},{"id":"79b14ae6-74c9-4831-810a-dfbf6ac91835","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":146,"box":{"x":167,"y":617,"width":206,"height":11}},{"id":"d5b20ccf-2bc2-4f5c-a47f-2b96993ff251","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":146,"box":{"x":380,"y":618,"width":443,"height":9}},{"id":"1fee2ef9-18bb-4733-a609-df7b741caa91","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":146,"box":{"x":101,"y":642,"width":787,"height":11}},{"id":"dabaa414-0101-4d0f-81f1-5ce9c9b21fc8","block_type":"box","text":"Russell 2000 Small-Cap Index Fund of BlackRock Index Funds, Inc. and iShares S&P 500 Index Fund and iShares","page_number":146,"box":{"x":70,"y":657,"width":808,"height":11}},{"id":"aac6a19e-a501-4bbc-be81-7dd899deb75e","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":146,"box":{"x":70,"y":672,"width":393,"height":11}},{"id":"783dfa85-6794-4aa6-9836-264395dfc8c4","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":146,"box":{"x":102,"y":695,"width":740,"height":11}},{"id":"d11d285f-99a1-4b3f-a166-b8a261dbc923","block_type":"box","text":"example, a sale of $4 million wor th of Investor A Shares of BlackRock Impact Mor tgage Fund of BlackRock Funds V","page_number":146,"box":{"x":69,"y":709,"width":823,"height":12}},{"id":"fe9aa30d-cda2-44d7-9cce-dadf50663e44","block_type":"box","text":"will result in a placement fee of up to 0.50% on the first $3 million and a placement fee of 0.25% on the final","page_number":146,"box":{"x":68,"y":724,"width":780,"height":12}},{"id":"bf787d74-1f19-46ba-9bc9-7abdceb951c8","block_type":"box","text":"$1 million).","page_number":146,"box":{"x":69,"y":739,"width":79,"height":12}},{"id":"df0ea2cc-c9be-4bfd-b7e0-ff45f867c09d","block_type":"box","text":"Other.","page_number":146,"box":{"x":102,"y":763,"width":41,"height":9}},{"id":"3340989b-c821-4e90-bb93-99f32d078c40","block_type":"box","text":"The following persons may also buy Investor A or Investor P Shares without paying a sales charge:","page_number":146,"box":{"x":149,"y":763,"width":698,"height":11}},{"id":"789acf70-dad8-4bb6-a979-1bd471fddbb5","block_type":"box","text":"(a) cer tain employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do","page_number":146,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"e39f2f40-474e-430c-a6d6-bc52fd6bd4d5","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs); (b) rollovers of current investments through cer tain employer","page_number":146,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"dd19459e-be83-4a46-a634-9655b56cca69","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":146,"box":{"x":69,"y":808,"width":825,"height":11}},{"id":"befd7084-7edc-49af-ab70-a9311495b9f2","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":146,"box":{"x":68,"y":823,"width":773,"height":11}},{"id":"378517ea-1127-4c0c-9d59-805bd316fa68","block_type":"box","text":"proceeds are contributed to a BlackRock IRA through an account directly with the Fund; or purchases by IRA programs","page_number":146,"box":{"x":70,"y":839,"width":838,"height":11}},{"id":"8c73eb25-2aee-41a0-8fec-012ae3e6bbc7","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":146,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"a1720055-132a-4d6a-b24f-92fa89da823f","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":146,"box":{"x":69,"y":869,"width":836,"height":11}},{"id":"b88cbe49-bd22-4d9b-951a-ac5790af818c","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust depar tments exercising","page_number":146,"box":{"x":69,"y":884,"width":793,"height":11}},{"id":"70a02ffb-7b20-4354-b33e-20e2c4195026","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons par ticipating in a","page_number":146,"box":{"x":69,"y":899,"width":811,"height":11}},{"id":"1d012472-b994-4451-9c5a-50661f5b662b","block_type":"box","text":"II-103","page_number":146,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"32c72c47-c18c-4020-b83f-718f8eeb41e6","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":146,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8634ba23-0ab6-42a3-a156-c8c8430ce61f","block_type":"box","text":"fee-based program (such as a wrap account) under which they pay advisory fees to a broker-dealer or other financial","page_number":147,"box":{"x":68,"y":45,"width":827,"height":11}},{"id":"11516754-e3a5-4195-8edd-7d972a567332","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":147,"box":{"x":70,"y":60,"width":782,"height":11}},{"id":"35fd8a4e-a233-428e-9f68-7c8737d6b1d2","block_type":"box","text":"approved by the Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not","page_number":147,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"1daf85d1-e3a5-413a-b59a-7e69c79c7ad2","block_type":"box","text":"charge a transaction fee; (g) state sponsored 529 college savings plans and rollovers of such 529 plans into Roth","page_number":147,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"04b0c55f-732d-4702-8f57-a9c6dc015ecb","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":147,"box":{"x":70,"y":105,"width":799,"height":11}},{"id":"aeaa369f-c5cd-4251-9fa3-7c467835b92d","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":147,"box":{"x":69,"y":120,"width":752,"height":11}},{"id":"7df387ce-382d-4416-ae48-66756c100140","block_type":"box","text":"involuntarily liquidated from a Fund, who within 60 days of liquidation buy new shares of another BlackRock Fund (but","page_number":147,"box":{"x":70,"y":135,"width":836,"height":11}},{"id":"e79ffe5c-38d1-47fa-80c2-cfc00a7dc1b0","block_type":"box","text":"only up to the amount that was liquidated). The following persons associated with the Funds, the Fund’s Manager,","page_number":147,"box":{"x":69,"y":150,"width":812,"height":12}},{"id":"793607dc-35ba-4b95-8804-e4a9ba0ff50a","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":147,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"78373a42-333b-43fd-843a-10da35a634c0","block_type":"box","text":"or Investor P Shares of each of the Funds without paying a sales charge to the extent permitted by these firms","page_number":147,"box":{"x":69,"y":181,"width":788,"height":11}},{"id":"35890fb7-d5e3-4f79-9511-75c04e20180d","block_type":"box","text":"including: (a) officers, directors and par tners; (b) employees and retirees; (c) employees or registered representatives","page_number":147,"box":{"x":70,"y":196,"width":838,"height":11}},{"id":"38f9f17e-fcfc-4ab9-bc17-87b17484ab38","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":147,"box":{"x":69,"y":211,"width":810,"height":11}},{"id":"39ad5eaa-75e1-4309-a1f7-3ff36db3a688","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":147,"box":{"x":68,"y":226,"width":787,"height":11}},{"id":"eb78ab45-d7de-4384-bc39-c5f4f7a69f9c","block_type":"box","text":"spouse or domestic par tner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":147,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"1511743e-8e3e-4dd3-a1ba-66b9d9bb1222","block_type":"box","text":"plan for any of the persons set for th in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":147,"box":{"x":70,"y":256,"width":808,"height":12}},{"id":"474c19d4-82c7-4877-bf63-35ff6ea808bc","block_type":"box","text":"sales charge should purchase Investor A or Investor P Shares. In addition, a sales charge waiver may be available for","page_number":147,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"77b02026-551c-412a-bef9-a06599a710b9","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":147,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"e3ee0774-d846-40e2-818e-4ebbb5ef2603","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":147,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"73d0efc2-9b19-4c1b-819d-8990b2cfb57b","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":147,"box":{"x":70,"y":317,"width":831,"height":11}},{"id":"25bb2774-065f-4052-b57f-e0a5e973f5d5","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":147,"box":{"x":69,"y":332,"width":783,"height":11}},{"id":"2f3a0ff0-069a-4c86-9582-a654a64e6c84","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":147,"box":{"x":70,"y":347,"width":668,"height":11}},{"id":"e110086d-cde1-4110-9043-7c787c7ca9fe","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset","page_number":147,"box":{"x":102,"y":369,"width":754,"height":12}},{"id":"8626fa7f-ca1f-4492-af73-7dc66ab7ed5d","block_type":"box","text":"Income Por tfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":147,"box":{"x":70,"y":385,"width":823,"height":11}},{"id":"88446a4d-c213-4f18-9dfe-35ef66742c42","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":147,"box":{"x":69,"y":400,"width":833,"height":10}},{"id":"10be3446-10d4-4b95-affb-7659964bc150","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni","page_number":147,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"121b07b7-4cff-45a5-9143-b13734e83b0e","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Oppor tunities Fund of BlackRock","page_number":147,"box":{"x":70,"y":430,"width":781,"height":11}},{"id":"dae5ddfb-7238-4f87-83a7-cd84ae1c5898","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series","page_number":147,"box":{"x":70,"y":445,"width":819,"height":11}},{"id":"209db7fe-61c1-4bd1-9f55-c4dc4e9258c0","block_type":"box","text":"Trust, BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":147,"box":{"x":68,"y":460,"width":835,"height":12}},{"id":"897de5dc-c781-4f13-81f3-9565d8847dfb","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":147,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"aa63f257-173d-4c12-85c2-9212705f3c4c","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock","page_number":147,"box":{"x":70,"y":490,"width":792,"height":11}},{"id":"1ced9b34-19ae-48f2-9f7e-e436c69fdf2c","block_type":"box","text":"Floating Rate Income Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of","page_number":147,"box":{"x":70,"y":506,"width":813,"height":11}},{"id":"7a4a4a57-d5fe-40a0-80ba-319e07e4bdcc","block_type":"box","text":"BlackRock Funds V) or more in Investor A or Investor P Shares, as applicable, you may not pay an initial sales charge.","page_number":147,"box":{"x":70,"y":521,"width":837,"height":11}},{"id":"194fcafa-b742-4d4a-bc74-f0b82d1fe5ad","block_type":"box","text":"However, if you redeem your Investor A or Investor P Shares, as applicable, within 18 months after purchase (a","page_number":147,"box":{"x":70,"y":536,"width":790,"height":11}},{"id":"54310b8a-8a18-45a1-b758-b26a4fb7f82d","block_type":"box","text":"shor ter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":147,"box":{"x":69,"y":551,"width":736,"height":11}},{"id":"a77ae41a-f2f7-45c4-bb31-d566d9e64abb","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to cer tain redemptions of Investor A Shares of the Index","page_number":147,"box":{"x":101,"y":574,"width":763,"height":11}},{"id":"9b1775a6-7f5f-4586-b445-deb8ae78ebd8","block_type":"box","text":"Funds and BlackRock Shor t Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":147,"box":{"x":70,"y":589,"width":782,"height":11}},{"id":"4be7675a-b858-4f87-ad8c-bbd58c38d3fc","block_type":"box","text":"por tfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":147,"box":{"x":70,"y":604,"width":832,"height":11}},{"id":"6152bf37-7e7f-41c1-9822-bdacd7adbb1e","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Por tfolio”) as par t of an investment of $1,000,000 (lesser amounts may","page_number":147,"box":{"x":68,"y":618,"width":839,"height":12}},{"id":"fc1d75b5-30e0-4daa-b883-692d031b8e2b","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Por tfolio) or more. The Investor A Shares deferred sales","page_number":147,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"cfd86bab-f95b-4200-b7db-c5d5649cb173","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":147,"box":{"x":69,"y":649,"width":811,"height":12}},{"id":"30e90461-0e75-4acf-a5e8-2ca225f1a7a1","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Por tfolio (a shor ter holding period may apply depending","page_number":147,"box":{"x":70,"y":664,"width":818,"height":12}},{"id":"33a9d30b-49d1-4662-8ab3-524d5d45c5b3","block_type":"box","text":"on the Investor A Load-Waived BlackRock Por tfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":147,"box":{"x":69,"y":680,"width":836,"height":11}},{"id":"d0699792-2412-47f1-a2db-4d863a09a3db","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shor ter holding","page_number":147,"box":{"x":69,"y":695,"width":830,"height":11}},{"id":"ced02a6f-7aa1-4df1-be29-620b1540e4d1","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":147,"box":{"x":70,"y":710,"width":778,"height":11}},{"id":"fea52d03-d62a-48fe-a7ff-9e56054b1f61","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":147,"box":{"x":70,"y":725,"width":526,"height":11}},{"id":"012671ef-457c-44ed-9c61-2fee168ce4da","block_type":"box","text":"The deferred sales charge on Investor A or Investor P Shares, as applicable, is not charged in connection with:","page_number":147,"box":{"x":101,"y":748,"width":788,"height":11}},{"id":"31292088-f6ff-4242-b23d-10c21d5c9a24","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through cer tain employer-sponsored retirement plans","page_number":147,"box":{"x":69,"y":763,"width":819,"height":11}},{"id":"57b6014e-fb9a-4df2-90e4-6a5f38766b20","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":147,"box":{"x":69,"y":778,"width":820,"height":11}},{"id":"dd99d58c-d09d-4220-8d1f-c89c2395a066","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions from IRA and 403(b)(7) accounts due","page_number":147,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"cf370e69-a6f8-447f-b8a9-ec100a3fe809","block_type":"box","text":"to the shareholder reaching the applicable age triggering such distributions; (d) redemptions made with respect to","page_number":147,"box":{"x":68,"y":808,"width":812,"height":11}},{"id":"57a5f89e-241e-46cc-b572-dfe01e3ade75","block_type":"box","text":"cer tain retirement plans sponsored by a Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a","page_number":147,"box":{"x":69,"y":823,"width":803,"height":11}},{"id":"f90a439c-2873-4667-9238-f009dc5963f1","block_type":"box","text":"shareholder’s death or, if later, the receipt of a cer tified probate settlement (including in connection with the","page_number":147,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"830e6106-c635-41dd-bfcb-81aba3912326","block_type":"box","text":"distribution of account assets to a beneficiary of the decedent) or (ii) in connection with a shareholder’s disability (as","page_number":147,"box":{"x":69,"y":853,"width":835,"height":12}},{"id":"a2d3cb3c-aefe-4039-935f-d1f57262797c","block_type":"box","text":"defined in the Code) subsequent to the purchase of Investor A or Investor P Shares; (f) involuntary redemptions of","page_number":147,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"7acee070-a98a-4c17-b60a-6156fb7d2b04","block_type":"box","text":"Investor A or Investor P Shares in accounts with low balances; (g) cer tain redemptions made pursuant to the","page_number":147,"box":{"x":70,"y":884,"width":772,"height":11}},{"id":"eafde5d9-0335-4fb9-8512-50952bbb9a86","block_type":"box","text":"Systematic Withdrawal Plan (described below); (h) redemptions related to the payment of BNY Mellon Investment","page_number":147,"box":{"x":69,"y":899,"width":805,"height":11}},{"id":"6e3e8c34-81f7-467f-a379-4cfd1a36beef","block_type":"box","text":"II-104","page_number":147,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3f009a10-c929-4683-8d7a-1b32f6eccd58","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":147,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e3994dd8-78e5-4549-baf2-21af62f298fc","block_type":"box","text":"Servicing Trust Company custodial IRA fees; and (i) redemptions when a shareholder can demonstrate hardship, in","page_number":148,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"54962b5f-cd39-48de-b22c-5ef93b0f9742","block_type":"box","text":"the absolute discretion of a Fund.","page_number":148,"box":{"x":68,"y":60,"width":239,"height":9}},{"id":"a95c6af1-14ed-4a4a-92c2-1655cdd7846f","block_type":"box","text":"With respect to cer tain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":148,"box":{"x":101,"y":82,"width":794,"height":12}},{"id":"95a9c95e-0195-4a86-9ec5-a7478607034a","block_type":"box","text":"fee, the Fund may, at its own discretion, waive the CDSC related to purchases of $1,000,000 ($250,000 for","page_number":148,"box":{"x":68,"y":97,"width":776,"height":12}},{"id":"75354081-f3ce-4ffa-a799-290c856085c5","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":148,"box":{"x":70,"y":113,"width":821,"height":11}},{"id":"34415ef7-9864-4232-9441-0a16d023fc2e","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":148,"box":{"x":70,"y":128,"width":800,"height":10}},{"id":"a6b8a923-b2b2-4395-94f1-904eb74bebf8","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":148,"box":{"x":70,"y":143,"width":806,"height":11}},{"id":"13448f65-dd6d-4090-b95e-1e22255c6f9f","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":148,"box":{"x":70,"y":158,"width":823,"height":11}},{"id":"24a15985-f692-49ca-8023-f0036eb75760","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":148,"box":{"x":70,"y":173,"width":770,"height":11}},{"id":"cb13b71d-2f23-4785-8d3e-4d7d892fb291","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":148,"box":{"x":70,"y":188,"width":766,"height":11}},{"id":"6daa8133-a6cf-47d9-a92d-2529303f67db","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":148,"box":{"x":69,"y":203,"width":837,"height":12}},{"id":"8fed5f92-3f7d-4359-b58c-95dd33cc3fdd","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":148,"box":{"x":70,"y":219,"width":805,"height":11}},{"id":"8ed8740c-786c-4664-afc8-622f106a2ee0","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":148,"box":{"x":70,"y":233,"width":832,"height":12}},{"id":"7dc605d8-98cc-42f3-8fe1-51e18c1293b6","block_type":"box","text":"Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V) or more of Investor A or","page_number":148,"box":{"x":70,"y":249,"width":828,"height":11}},{"id":"7c2e61a0-3c0d-47dd-9d52-11334c096f54","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":148,"box":{"x":70,"y":264,"width":746,"height":11}},{"id":"027a11ba-7f15-4554-9b8d-aacd17c0efb3","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":148,"box":{"x":70,"y":279,"width":307,"height":11}},{"id":"4e4ebde8-a10e-4fa4-b305-cc337bd5128a","block_type":"box","text":"Investor A and Investor P Shares are also available at NAV to investors that, for regulatory reasons, are required","page_number":148,"box":{"x":102,"y":302,"width":799,"height":11}},{"id":"7f9201db-1508-4288-a018-02def9b68ee2","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":148,"box":{"x":68,"y":317,"width":829,"height":11}},{"id":"42b84d47-a795-4cf9-8be8-97df91e4520c","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":148,"box":{"x":68,"y":332,"width":317,"height":11}},{"id":"953111f6-0ab3-4fcf-95ee-96356bec1193","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":148,"box":{"x":101,"y":355,"width":326,"height":11}},{"id":"8ae40266-5425-4a03-9c70-21fbdd58c352","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":148,"box":{"x":434,"y":355,"width":413,"height":11}},{"id":"63999bc8-7c54-4777-8424-86225fa5d6ca","block_type":"box","text":"connection with the acquisition of the assets of, or merger or consolidation with, a personal holding company or a","page_number":148,"box":{"x":69,"y":370,"width":811,"height":11}},{"id":"ad0b9e65-db2d-4311-993f-b7ebb2e3d8af","block_type":"box","text":"public or private investment company.","page_number":148,"box":{"x":70,"y":385,"width":266,"height":11}},{"id":"cf9520e3-357a-4c6d-b56f-a717343d2398","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":148,"box":{"x":102,"y":408,"width":372,"height":11}},{"id":"699db71f-ff89-43bc-9b6e-e3854332527a","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":148,"box":{"x":481,"y":407,"width":421,"height":12}},{"id":"277f9c5b-43a8-4355-808a-061dd81da80f","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through cer tain financial advisers, selected securities dealers","page_number":148,"box":{"x":70,"y":423,"width":825,"height":11}},{"id":"0197e700-ffba-4619-b92a-f8a5b26d94c8","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":148,"box":{"x":69,"y":438,"width":830,"height":11}},{"id":"2f898b41-41a7-4429-870f-b40bcec42637","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":148,"box":{"x":69,"y":468,"width":405,"height":11}},{"id":"32b48532-e487-42d8-9ddf-69af49247399","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncer tain","page_number":148,"box":{"x":102,"y":491,"width":799,"height":11}},{"id":"c3144e8d-0deb-4874-ba34-63d066da60c0","block_type":"box","text":"as to the length of time they intend to hold their assets in a Fund. If you select Investor C Shares, you do not pay an","page_number":148,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"bca5b677-b1a2-490c-bc79-084ec1f08010","block_type":"box","text":"initial sales charge at the time of purchase. A Fund will not accept a purchase order of $500,000 or more for","page_number":148,"box":{"x":70,"y":520,"width":778,"height":12}},{"id":"d7444407-7cac-46e9-8815-77454b00f590","block_type":"box","text":"Investor C Shares (may be lower on funds that have set a lower breakpoint for NAV). Your financial intermediary may","page_number":148,"box":{"x":70,"y":536,"width":826,"height":11}},{"id":"9b6c2c41-cb4f-4f32-8690-d057a93d6458","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":148,"box":{"x":69,"y":551,"width":311,"height":9}},{"id":"cf652fe7-44c5-42c2-b31d-d66ec1d969ad","block_type":"box","text":"Investor C Shares are not available in accounts opened or held directly with a Fund that do not have a financial","page_number":148,"box":{"x":102,"y":574,"width":789,"height":11}},{"id":"c896a09e-28d3-4d20-8252-9c3461d6bc24","block_type":"box","text":"intermediary associated with the account.","page_number":148,"box":{"x":70,"y":589,"width":297,"height":11}},{"id":"324b6add-349e-4d13-8ae4-e61e3bfaa00d","block_type":"box","text":"If you select Investor C Shares, you do not pay an initial sales charge at the time of purchase.","page_number":148,"box":{"x":102,"y":612,"width":669,"height":11}},{"id":"b10d81a8-9fa5-41f1-b045-a78cf15c52e1","block_type":"box","text":"The deferred sales charge alternatives may be par ticularly appealing to investors who do not qualify for the","page_number":148,"box":{"x":101,"y":634,"width":763,"height":12}},{"id":"4b28ac06-8d6e-4fa3-90e1-abc9ea975511","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":148,"box":{"x":69,"y":649,"width":815,"height":12}},{"id":"71ec774a-3549-4e60-a5ad-c10809f2486d","block_type":"box","text":"these fees potentially may be offset to the extent any return is realized on the additional funds initially invested in","page_number":148,"box":{"x":68,"y":664,"width":813,"height":12}},{"id":"863b77fd-9599-4d4e-b544-e5eb1ed4e1dd","block_type":"box","text":"CDSC shares.","page_number":148,"box":{"x":69,"y":680,"width":97,"height":9}},{"id":"2e349bf0-0da1-4414-8fa7-70d6775da5b2","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":148,"box":{"x":102,"y":702,"width":804,"height":12}},{"id":"46e3077b-bef4-4ecd-bcd0-c186c3158fc2","block_type":"box","text":"of purchase from its own funds. Proceeds from the CDSC and the distribution fee are paid to the Distributor and are","page_number":148,"box":{"x":69,"y":717,"width":827,"height":11}},{"id":"8cf59c97-7fe8-400b-8bf2-aeeb0e02f761","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":148,"box":{"x":69,"y":732,"width":786,"height":12}},{"id":"143178c9-feb4-4e57-83e3-39c830b70d02","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":148,"box":{"x":70,"y":748,"width":831,"height":11}},{"id":"91aba045-c27f-4459-a9a1-83a0e41b51de","block_type":"box","text":"of the CDSC and the ongoing distribution fee facilitates the ability of each Fund to sell the CDSC shares without a","page_number":148,"box":{"x":69,"y":763,"width":809,"height":11}},{"id":"9d4f7622-317b-4df2-b900-86bc2b81fcc5","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":148,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"125de0e9-6d8b-4f66-8abe-9093a8d38de7","block_type":"box","text":"Imposition of the CDSC and the distribution fee on CDSC shares is limited by FINRA (as defined below) asset-based","page_number":148,"box":{"x":70,"y":793,"width":822,"height":11}},{"id":"896849d3-f00d-426e-9bef-c7096545de0d","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":148,"box":{"x":69,"y":808,"width":618,"height":11}},{"id":"2341f6cd-73cf-4456-8ca7-946ae1110caa","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":148,"box":{"x":102,"y":831,"width":782,"height":11}},{"id":"a9faec62-cf48-40c8-ad22-4ebf40c957e9","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":148,"box":{"x":70,"y":846,"width":764,"height":11}},{"id":"bb9d68af-1d06-4ede-a885-7a137ff901e4","block_type":"box","text":"connection with sales of Investor C Shares to cer tain employer-sponsored retirement plans sponsored by the Fund,","page_number":148,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"fbc796aa-1d6a-4c56-a621-336422f32c1f","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":148,"box":{"x":70,"y":876,"width":806,"height":11}},{"id":"27042023-fda1-4848-99ae-6294f0d24398","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":148,"box":{"x":70,"y":891,"width":813,"height":11}},{"id":"2f181a6e-0a79-4cef-a3a7-04bfd9b99e40","block_type":"box","text":"II-105","page_number":148,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c6c8b0b1-121f-4ade-a85c-143c7a7b687e","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":148,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b00b704a-898a-4273-98c0-23c056ef7bab","block_type":"box","text":"with sales of Investor A, Investor A1 and Investor P Shares. These may depend upon the policies, procedures and","page_number":149,"box":{"x":68,"y":45,"width":811,"height":11}},{"id":"d8f7703a-cf72-4610-84fd-29d609ae953a","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":149,"box":{"x":68,"y":60,"width":554,"height":11}},{"id":"271e77ff-0285-4836-b92f-fc660f5dbd63","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":149,"box":{"x":102,"y":82,"width":783,"height":11}},{"id":"901e36f6-e1b9-4d7b-a8f8-c222c99773b2","block_type":"box","text":"Investor C Shares held for approximately eight years will be conver ted into Investor A Shares, as set for th in each","page_number":149,"box":{"x":70,"y":98,"width":808,"height":11}},{"id":"480d418b-bfdd-41c0-8393-9fb73e4d7974","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":149,"box":{"x":70,"y":113,"width":797,"height":11}},{"id":"c2d39818-c0d5-4e38-bdbc-3f7e99624d76","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted to","page_number":149,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"abcddd27-b8a4-4152-a0a1-589a83f37a93","block_type":"box","text":"Investor A Shares.","page_number":149,"box":{"x":70,"y":143,"width":128,"height":9}},{"id":"3360031d-dbb0-4578-a70f-a9e6d35c8f8b","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":149,"box":{"x":102,"y":166,"width":378,"height":9}},{"id":"c1019a77-dd06-4daf-87b7-6bf2d2132136","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":149,"box":{"x":102,"y":188,"width":804,"height":12}},{"id":"2b077029-f342-464a-80ad-a2f741dac435","block_type":"box","text":"of each Fund will conver t automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":149,"box":{"x":69,"y":203,"width":794,"height":12}},{"id":"7266bb61-22a0-4513-82bb-1fd33748083a","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":149,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"250ec457-1f54-47dc-b51c-d21b189233b3","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":149,"box":{"x":69,"y":234,"width":806,"height":11}},{"id":"5e1d691d-a15a-4556-94c6-517919f46ebf","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":149,"box":{"x":70,"y":249,"width":793,"height":11}},{"id":"2a9a216a-b6a5-4736-91ba-eae5cd95bf24","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":149,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"4d79cfe5-4854-4f49-be50-0687cf1af334","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":149,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"7151a6aa-9f3d-4820-8ee9-9ed0825186b7","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":149,"box":{"x":69,"y":294,"width":793,"height":11}},{"id":"a7a7cd09-7848-4e2c-a4ec-b596f8312d84","block_type":"box","text":"Shares held as of the Effective Date will automatically conver t to Investor A Shares approximately eight years after","page_number":149,"box":{"x":69,"y":309,"width":817,"height":11}},{"id":"cf11e9cd-6a1b-4680-926d-f06ac6b78aef","block_type":"box","text":"the Effective Date. If, as of November 23, 2028 (eight years after the Effective Date), a financial intermediary has","page_number":149,"box":{"x":68,"y":324,"width":814,"height":12}},{"id":"97e1ffdd-3c38-49df-835d-df322b4a0e3c","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":149,"box":{"x":69,"y":339,"width":828,"height":12}},{"id":"1c44fb59-fcc2-4521-bff2-d6797f7c11d5","block_type":"box","text":"holding Investor C Shares through such financial intermediary will no longer be eligible to hold Investor C Shares and","page_number":149,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"8b3faac3-08d1-42fc-87e6-4461311f2fec","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":149,"box":{"x":69,"y":370,"width":718,"height":11}},{"id":"a142cfb0-4309-44cf-9a47-90e446023797","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":149,"box":{"x":102,"y":392,"width":764,"height":12}},{"id":"a71c74bb-7fb2-4489-a3b2-a26559947c28","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted into Investor A","page_number":149,"box":{"x":70,"y":408,"width":816,"height":11}},{"id":"9bef663b-18f6-4bfd-b593-99b8bf0272f7","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":149,"box":{"x":69,"y":423,"width":772,"height":11}},{"id":"727b0aa7-0922-4ebd-89b5-00f1f4f9c765","block_type":"box","text":"“Investor C Conversions”).","page_number":149,"box":{"x":70,"y":438,"width":186,"height":11}},{"id":"c5a9714d-055d-4976-8b34-d048f6c8fbd8","block_type":"box","text":"The Investor C Conversions will occur at least once each month (on the “Investor C Conversion Date”) on the","page_number":149,"box":{"x":101,"y":460,"width":776,"height":11}},{"id":"428fa232-12ca-40ef-b763-1eaf4b0a4fb4","block_type":"box","text":"basis of the relative NAV of the shares of the two applicable classes on the Investor C Conversion Date, without the","page_number":149,"box":{"x":69,"y":475,"width":824,"height":11}},{"id":"1098b4bd-994e-41c2-b4dd-3f626bee6ee1","block_type":"box","text":"imposition of any sales load, fee or other charge. The Investor C Conversions will not be deemed a purchase or sale","page_number":149,"box":{"x":70,"y":491,"width":827,"height":11}},{"id":"2029e618-7e6a-4957-aa0b-7383549540f6","block_type":"box","text":"of the shares for U.S. federal income tax purposes. Shares acquired through reinvestment of dividends on Investor C","page_number":149,"box":{"x":69,"y":506,"width":833,"height":11}},{"id":"77911384-f794-4809-ba3e-a8eee8a616d8","block_type":"box","text":"Shares will also conver t automatically to Investor A Shares, as set for th in each Fund’s Prospectus. The Investor C","page_number":149,"box":{"x":69,"y":521,"width":818,"height":11}},{"id":"923d7cdf-f8a4-4728-9018-81f45cd31a04","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":149,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"0384fed7-563e-430b-a610-230f01990beb","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":149,"box":{"x":69,"y":551,"width":445,"height":11}},{"id":"95c01357-3a39-4f66-9a04-5430daad9b1e","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":149,"box":{"x":102,"y":574,"width":396,"height":11}},{"id":"75f9ae8a-db1c-4deb-99fc-794432a945b9","block_type":"box","text":"Investor C Shares that are redeemed within one year of purchase may be subject to a 1.00% CDSC charged as a","page_number":149,"box":{"x":102,"y":596,"width":804,"height":12}},{"id":"eadb426e-1b86-49da-99a9-88630231ef42","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":149,"box":{"x":70,"y":612,"width":826,"height":11}},{"id":"c499a759-1e0f-42d4-8026-25200e71cbfc","block_type":"box","text":"a redemption, the calculation will be determined in the manner that results in the lowest possible rate being charged.","page_number":149,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"0e803d8b-7978-4c31-a76d-ab05c0bd8401","block_type":"box","text":"The charge will be assessed on an amount equal to the lesser of the proceeds of redemption or the cost of the","page_number":149,"box":{"x":68,"y":642,"width":795,"height":11}},{"id":"1ea6dc1d-b1af-4346-9e23-d17e89ded006","block_type":"box","text":"shares being redeemed. Accordingly, no CDSC will be imposed on increases in NAV above the initial purchase price of","page_number":149,"box":{"x":69,"y":657,"width":840,"height":11}},{"id":"3aeea9a3-4634-435b-b846-a98341bb1ffe","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":149,"box":{"x":70,"y":672,"width":804,"height":11}},{"id":"4e3b03d8-fafe-40d1-a074-d5e9c1427f4d","block_type":"box","text":"dividends. It will be assumed that the redemption is first of shares held for over one year or shares acquired","page_number":149,"box":{"x":69,"y":687,"width":772,"height":11}},{"id":"b0990505-8a54-4212-8311-f0e2fa99b798","block_type":"box","text":"pursuant to reinvestment of dividends and then of shares held longest during the one-year period. A transfer of","page_number":149,"box":{"x":70,"y":702,"width":790,"height":12}},{"id":"a61bb761-1d74-48c6-9918-c046f115b1a4","block_type":"box","text":"shares from a shareholder’s account to another account will be assumed to be made in the same order as a","page_number":149,"box":{"x":69,"y":717,"width":776,"height":9}},{"id":"4439fe26-5513-4d3e-80e9-6e88383d9e8e","block_type":"box","text":"redemption.","page_number":149,"box":{"x":69,"y":733,"width":83,"height":10}},{"id":"235c01b5-c0f7-42f0-8880-53a650e6890b","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":149,"box":{"x":102,"y":755,"width":734,"height":11}},{"id":"f2055819-e9e4-46fc-ad75-ab73ebd41e73","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":149,"box":{"x":70,"y":770,"width":769,"height":11}},{"id":"fb665787-6af6-42f6-aeed-5cba911ecc7c","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":149,"box":{"x":102,"y":793,"width":572,"height":11}},{"id":"27b02540-5102-4f3f-bb58-3eeff9b97fc1","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":149,"box":{"x":101,"y":816,"width":740,"height":11}},{"id":"2ebd92a2-027c-4c1e-866c-17a7f47b3462","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":149,"box":{"x":70,"y":831,"width":802,"height":11}},{"id":"a6fed1df-3846-4a9b-bdae-4c3d45d8bbae","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":149,"box":{"x":69,"y":846,"width":786,"height":11}},{"id":"918d3fca-554f-43eb-b42e-1f36be255df5","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":149,"box":{"x":70,"y":861,"width":797,"height":11}},{"id":"dc9a1978-78dc-4ffd-8ef0-37a796e6f2ef","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to cer tain","page_number":149,"box":{"x":69,"y":876,"width":776,"height":11}},{"id":"12fb1f46-d417-4e57-9f7d-5cec85fc063a","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":149,"box":{"x":69,"y":891,"width":747,"height":11}},{"id":"06fa5541-8c60-4bf6-a79d-0e33f6e4a5c2","block_type":"box","text":"shareholder’s death as long as the waiver request is made within one year of death or, if later, reasonably promptly","page_number":149,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"7c46be55-3897-4e95-acb6-af83778ec9b7","block_type":"box","text":"II-106","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6ed04b14-00a5-4ffc-aa52-60b506e88f68","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":149,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"7727bc57-179b-4fa4-8e64-81c178d53642","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":150,"box":{"x":68,"y":45,"width":836,"height":11}},{"id":"4fba93d5-6a75-4eb2-80b9-be7e11faceac","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":150,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"efd3dab3-5f1a-40b4-a603-a8a9a158a79c","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":150,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"2f752cd6-c1ce-40d5-a9b3-e1620fd2eb03","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":150,"box":{"x":70,"y":90,"width":834,"height":11}},{"id":"b80894f2-4598-400b-bdc5-358dfe3ebd3c","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":150,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"ee0efeb7-6ccc-4acf-8a28-06cecf0d7a8d","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":150,"box":{"x":70,"y":120,"width":791,"height":11}},{"id":"b7567db2-88f8-4093-b3e7-9518a4ea08b9","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":150,"box":{"x":70,"y":135,"width":784,"height":12}},{"id":"ffe83381-a9ba-4f82-b72e-ccae2f0a41f8","block_type":"box","text":"demonstrate hardship, in the absolute discretion of the Fund. In addition, no CDSC is charged on Investor C Shares","page_number":150,"box":{"x":69,"y":150,"width":824,"height":12}},{"id":"57e4f0e2-173e-44c9-9a4d-626fb59b8419","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":150,"box":{"x":69,"y":166,"width":451,"height":11}},{"id":"540272db-bd0a-49e7-bc3f-8f4340c23c0a","block_type":"box","text":"Cer tain CDSC waivers and reductions on Investor C Shares may be available to customers of cer tain financial","page_number":150,"box":{"x":102,"y":188,"width":781,"height":11}},{"id":"7a63ebe0-ac9c-4aa1-ac81-ef58bfbf178f","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":150,"box":{"x":70,"y":203,"width":813,"height":12}},{"id":"92af1add-7e48-418f-84d1-3b71efd7c17e","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":150,"box":{"x":69,"y":218,"width":462,"height":12}},{"id":"07eb93ad-dae0-4e2e-82c5-ff2f82d5a948","block_type":"box","text":"Class R Shares","page_number":150,"box":{"x":69,"y":249,"width":110,"height":9}},{"id":"f80aa66a-0779-44e2-b3c9-f5180c24c500","block_type":"box","text":"Cer tain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":150,"box":{"x":102,"y":271,"width":775,"height":11}},{"id":"aa56fa6b-5b2f-4490-ab0b-8ab6dc957992","block_type":"box","text":"available only to cer tain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":150,"box":{"x":69,"y":287,"width":799,"height":11}},{"id":"cf9c0205-7845-4ba3-b256-825b80d69124","block_type":"box","text":"charge or a CDSC but are subject to an ongoing distribution fee of 0.25% per year and an ongoing service fee of","page_number":150,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"bdf9e121-ace2-472b-a6b3-85f93ea700c4","block_type":"box","text":"0.25% per year. Distribution fees are used to suppor t the Fund’s marketing and distribution effor ts, such as","page_number":150,"box":{"x":69,"y":317,"width":772,"height":11}},{"id":"356ad948-a9be-4839-9f38-c6fed09b8cca","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":150,"box":{"x":69,"y":332,"width":836,"height":11}},{"id":"849eb617-9363-444a-a891-c465c9cdcfb2","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":150,"box":{"x":68,"y":347,"width":636,"height":11}},{"id":"f0798974-fc9c-4009-a7d6-26fbba171d16","block_type":"box","text":"If Class R Shares are held over time, these fees may exceed the maximum sales charge that an investor would","page_number":150,"box":{"x":102,"y":370,"width":791,"height":11}},{"id":"2cf0700b-88ea-4744-b77c-8c915dc07a1b","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":150,"box":{"x":69,"y":385,"width":440,"height":11}},{"id":"199409e7-40e7-446f-9269-39b0a68fd3f4","block_type":"box","text":"Class K Shares","page_number":150,"box":{"x":69,"y":415,"width":109,"height":9}},{"id":"99907539-9a93-4568-aad0-8b700a51a61c","block_type":"box","text":"Cer tain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are available","page_number":150,"box":{"x":102,"y":438,"width":797,"height":11}},{"id":"60486c42-9379-430f-9cc6-4c4e14555b94","block_type":"box","text":"only to (i) cer tain employee benefit plans, such as health savings accounts, and cer tain employer-sponsored","page_number":150,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"266cdfa6-0f43-4d2c-a50c-38514946231b","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":150,"box":{"x":69,"y":468,"width":827,"height":11}},{"id":"f04e1dc9-96f9-47db-9586-10573fb364dc","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":150,"box":{"x":69,"y":483,"width":817,"height":11}},{"id":"48d363b3-6388-4b72-92f0-2e6a8db4f291","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":150,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"f9f56a70-4b12-4c3b-aaa7-fe70c93ca285","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":150,"box":{"x":68,"y":514,"width":748,"height":10}},{"id":"1ccbb883-6e54-4df4-84ae-d5277feb9e59","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":150,"box":{"x":68,"y":528,"width":828,"height":12}},{"id":"e6e9d991-b2f4-437f-b622-5c7751326b7b","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":150,"box":{"x":70,"y":543,"width":760,"height":12}},{"id":"cc745c63-fd81-4399-89c4-77d3ae8b5127","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":150,"box":{"x":70,"y":559,"width":823,"height":11}},{"id":"6afa04fb-f14b-49a9-803a-cf6271569e8e","block_type":"box","text":"banks that purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":150,"box":{"x":69,"y":574,"width":836,"height":11}},{"id":"81b29bb4-f485-4cb8-99b1-2aa0e164e7ff","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":150,"box":{"x":70,"y":589,"width":814,"height":11}},{"id":"a1242533-ff76-4b93-9a50-7a088fb02105","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":150,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"245ed5eb-a688-46f4-a7a7-bf4154ca7436","block_type":"box","text":"offer such shares to fee-based advisory clients through an omnibus account held at the Fund or (b) transacts in the","page_number":150,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"984b014c-f2f0-4a09-aff9-7272ef0ceda7","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":150,"box":{"x":70,"y":634,"width":818,"height":12}},{"id":"d031ddc7-4ff0-4182-a5a1-cbd73f5b8ac5","block_type":"box","text":"met the eligibility criteria for BlackRock Shares or Class K Shares prior to August 15, 2016 and have continually held","page_number":150,"box":{"x":69,"y":649,"width":833,"height":12}},{"id":"25fb7555-4a04-429a-b7fc-be5291ee83e5","block_type":"box","text":"Class K Shares of the Fund or the respective Predecessor Fund in the same account since August 15, 2016. The","page_number":150,"box":{"x":69,"y":664,"width":807,"height":12}},{"id":"794f95bd-9e21-4217-b1e4-f172cbf57a54","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":150,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"77f972d1-e54c-41ae-8a29-6e0d5c2888a4","block_type":"box","text":"distribution and marketing agreement.","page_number":150,"box":{"x":69,"y":695,"width":270,"height":11}},{"id":"84543deb-a1a5-4121-b9b5-a6656077dabe","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":150,"box":{"x":102,"y":717,"width":734,"height":12}},{"id":"55e2487f-56e1-4f44-9b75-9599c0448e8d","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":150,"box":{"x":70,"y":732,"width":817,"height":12}},{"id":"169adafd-1815-47f6-bb07-4bfa350af960","block_type":"box","text":"Eligible individuals who would like to conver t existing holdings to Class K Shares must contact BlackRock.","page_number":150,"box":{"x":70,"y":748,"width":753,"height":11}},{"id":"f13f6d45-d67d-46d6-9450-f216135770df","block_type":"box","text":"Class G Shares","page_number":150,"box":{"x":69,"y":778,"width":110,"height":9}},{"id":"81fb14f0-414e-4536-8f9f-37f63744cef5","block_type":"box","text":"Cer tain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":150,"box":{"x":102,"y":801,"width":804,"height":11}},{"id":"a8727b94-3324-43ce-9bf9-3f51f72d8ce8","block_type":"box","text":"are those where clients invest in the Fund through a single omnibus account in the name of a financial intermediary","page_number":150,"box":{"x":69,"y":816,"width":826,"height":11}},{"id":"a6500670-db3a-48ff-b628-cfe490432743","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":150,"box":{"x":68,"y":830,"width":836,"height":12}},{"id":"a0144e4c-c729-43fa-a470-42ed65d97f2c","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":150,"box":{"x":69,"y":846,"width":803,"height":11}},{"id":"02f80272-79b5-4916-808d-89c93d15c414","block_type":"box","text":"eligibility requirements.","page_number":150,"box":{"x":69,"y":861,"width":164,"height":11}},{"id":"5723b50f-f996-4171-becd-f67709687f38","block_type":"box","text":"II-107","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8d672250-f078-4998-92b7-af40f0a21367","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":150,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8edbac97-6be5-4026-b733-05a39ddc42af","block_type":"box","text":"Service Shares","page_number":151,"box":{"x":68,"y":45,"width":109,"height":9}},{"id":"20421220-9fda-42fb-9158-a66db553139f","block_type":"box","text":"Cer tain Funds offer Service Shares, which are available only to cer tain investors, including: (i) cer tain financial","page_number":151,"box":{"x":102,"y":67,"width":788,"height":12}},{"id":"cb2b8a4b-9703-4480-9a03-19d7d14e80a0","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) cer tain persons who were","page_number":151,"box":{"x":70,"y":82,"width":815,"height":12}},{"id":"157262d3-ab9f-4e1d-b62e-8876b0c8f3d0","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":151,"box":{"x":69,"y":98,"width":693,"height":11}},{"id":"a059efe8-548c-43f8-ae93-c91e677a6818","block_type":"box","text":"®","page_number":151,"box":{"x":763,"y":98,"width":6,"height":4}},{"id":"f8efceef-feb3-40b7-89cd-e655a48b3217","block_type":"box","text":"Fund in 1996; and","page_number":151,"box":{"x":775,"y":98,"width":130,"height":10}},{"id":"768f206f-fc73-4007-a63b-c0d53dacab11","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":151,"box":{"x":69,"y":113,"width":287,"height":11}},{"id":"3d190b9f-b7ce-4e66-adcf-adeb964f74f6","block_type":"box","text":"SM","page_number":151,"box":{"x":357,"y":113,"width":11,"height":5}},{"id":"46651474-3903-49ab-b032-aee22394f814","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":151,"box":{"x":374,"y":113,"width":534,"height":11}},{"id":"dd1f72fa-697b-422c-aee8-deacc6b54105","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set for th in the applicable Fund’s Prospectus.","page_number":151,"box":{"x":69,"y":128,"width":776,"height":11}},{"id":"98566465-2ba8-4ee5-b5ae-485fbcf2f439","block_type":"box","text":"BlackRock Shares","page_number":151,"box":{"x":69,"y":158,"width":133,"height":9}},{"id":"99ffcbdf-e01d-402d-a169-fa70c958e0a0","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":151,"box":{"x":102,"y":181,"width":760,"height":11}},{"id":"5c786c90-4b99-4d94-8f66-5e4e13b4924d","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":151,"box":{"x":69,"y":196,"width":813,"height":11}},{"id":"9fefb7d8-289b-4739-9bb8-32aeb37384ab","block_type":"box","text":"fee-based programs.","page_number":151,"box":{"x":68,"y":211,"width":145,"height":11}},{"id":"906102fe-b075-4b45-a9a8-d638d5685e03","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":151,"box":{"x":69,"y":241,"width":348,"height":11}},{"id":"22c39d78-da25-46ad-8f1c-30ddd03da159","block_type":"box","text":"Each Fund has adopted a plan (each, a “Plan”) pursuant to Rule 12b-1 under the Investment Company Act with","page_number":151,"box":{"x":102,"y":264,"width":790,"height":11}},{"id":"92142eb1-17a9-4042-aa0d-ca90c7b60116","block_type":"box","text":"respect to cer tain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":151,"box":{"x":69,"y":279,"width":761,"height":11}},{"id":"04dfaeea-a688-42cf-a54c-5804ab1a5902","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":151,"box":{"x":69,"y":294,"width":541,"height":11}},{"id":"63a3745e-12b3-4710-bd1a-cab25ef94649","block_type":"box","text":"Pursuant to the Plans, a Fund may pay BRIL and/or BlackRock, or any other affiliate or significant shareholder of","page_number":151,"box":{"x":102,"y":317,"width":803,"height":11}},{"id":"15e28923-a55a-4115-b6a1-1b22ff1c2225","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":151,"box":{"x":70,"y":332,"width":783,"height":11}},{"id":"aef80d46-cf33-4348-9ab0-d643e06623e8","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described fur ther below, only Investor C and Class R Shares","page_number":151,"box":{"x":70,"y":347,"width":809,"height":11}},{"id":"06956d61-dd01-4aad-93c6-96645ac9e35e","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":151,"box":{"x":69,"y":362,"width":360,"height":11}},{"id":"ad0e999f-a9ea-4a7a-859b-f2484bc699d2","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":151,"box":{"x":102,"y":385,"width":770,"height":11}},{"id":"7f8e307b-d75e-4dae-95c4-b1c358b62820","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate effor ts to effect sales of the shares, but it is","page_number":151,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"5b033354-9162-4993-9206-9d5b39a8d0e3","block_type":"box","text":"not obligated to sell any par ticular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":151,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"486bdb09-2ffa-49f2-baff-f3665ca282a9","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":151,"box":{"x":68,"y":430,"width":355,"height":11}},{"id":"072ee680-acd5-4b46-b1db-dd67539ddb8f","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":151,"box":{"x":102,"y":453,"width":727,"height":11}},{"id":"a0ad4041-2e8e-4e36-9603-c85aa6d18019","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":151,"box":{"x":69,"y":468,"width":799,"height":11}},{"id":"76602957-0eaa-4f2c-abab-d999731b6d0b","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":151,"box":{"x":69,"y":483,"width":813,"height":11}},{"id":"e6b1b01b-ab30-404e-8bcc-47312a632cdd","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for cer tain suppor t services rendered by Service Organizations to","page_number":151,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"4c41f40c-274c-4cab-bc03-a7b33e05d7eb","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":151,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"b09d1a7f-a0c7-4b07-a625-1758ac2d7cba","block_type":"box","text":"Service and Class R Shares of a Fund. Such services are intended to supplement the services provided by the","page_number":151,"box":{"x":69,"y":528,"width":789,"height":12}},{"id":"6081b314-42bf-4319-ba9c-2869da1369ca","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":151,"box":{"x":70,"y":543,"width":562,"height":12}},{"id":"114d5b95-d05c-41dc-9d0b-5927d272f12d","block_type":"box","text":"The suppor t services provided by Service Organizations are general shareholder liaison services, which include,","page_number":151,"box":{"x":101,"y":566,"width":798,"height":11}},{"id":"bfa89117-9c7e-4729-b232-88a80ded2378","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":151,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"05880ad3-43ba-448c-9c9d-6e511f8cab7e","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and cer tain other matters","page_number":151,"box":{"x":70,"y":596,"width":776,"height":12}},{"id":"818bae98-0bf5-41cb-aa7b-0e7c282c2e52","block_type":"box","text":"per taining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":151,"box":{"x":70,"y":612,"width":835,"height":11}},{"id":"7928a681-fea6-4b16-a848-f4a889166432","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":151,"box":{"x":69,"y":627,"width":791,"height":11}},{"id":"34ee171b-6278-42d1-bfc1-96775c5401a3","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":151,"box":{"x":69,"y":642,"width":813,"height":11}},{"id":"8a54ff7c-2845-4d73-aad3-11cb1a3426ef","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":151,"box":{"x":68,"y":657,"width":501,"height":11}},{"id":"81d21105-4e92-4aa2-8f85-ea79ece686ca","block_type":"box","text":"Payments under the Plans are based on a percentage of average daily net assets attributable to the shares in","page_number":151,"box":{"x":102,"y":680,"width":783,"height":11}},{"id":"9b584e54-17f9-48d0-adef-da0fdf2c9fe1","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":151,"box":{"x":68,"y":695,"width":810,"height":11}},{"id":"5945a665-9f91-48fe-a2c2-e17345a66ecf","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":151,"box":{"x":69,"y":710,"width":813,"height":11}},{"id":"732ab04d-efbd-4fdf-a453-fb6714b2f1b1","block_type":"box","text":"with respect to the related class. Information with respect to the payments under the Plans and expenses incurred in","page_number":151,"box":{"x":68,"y":725,"width":836,"height":11}},{"id":"8fe7e48b-b249-434b-a415-0334aee48ba5","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quar terly.","page_number":151,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"008c1a7e-b75d-4529-a0c0-595918ac4afe","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":151,"box":{"x":69,"y":755,"width":832,"height":11}},{"id":"ff878f00-a254-4a0d-9b2a-a52634ce5a35","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":151,"box":{"x":68,"y":770,"width":803,"height":12}},{"id":"33004296-a40a-4dd4-bc43-b25ea800355a","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":151,"box":{"x":68,"y":785,"width":788,"height":12}},{"id":"3d3d55c3-c352-4bc3-88f8-15c1d16d1df4","block_type":"box","text":"expenses, adver tising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":151,"box":{"x":69,"y":801,"width":798,"height":11}},{"id":"d5220184-d9c5-46e5-a3a7-766da3f7bb75","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":151,"box":{"x":69,"y":816,"width":755,"height":11}},{"id":"6a000f50-ead8-4233-85bf-1f2282b0aa7f","block_type":"box","text":"compensation for selling different classes of shares.","page_number":151,"box":{"x":69,"y":831,"width":375,"height":11}},{"id":"7731c707-882a-453e-b746-6c6ef074084f","block_type":"box","text":"Each Plan is subject to the provisions of Rule 12b-1 under the Investment Company Act. In their consideration of","page_number":151,"box":{"x":102,"y":853,"width":803,"height":12}},{"id":"2ea7a8b8-a667-445b-8865-d41915119049","block_type":"box","text":"a Plan, the Directors must consider all factors they deem relevant, including information as to the benefits of the Plan","page_number":151,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"d13920ac-b6f7-408e-95c2-296505d3dfd9","block_type":"box","text":"to the Fund and the related class of shareholders. In approving a Plan in accordance with Rule 12b-1, the non","page_number":151,"box":{"x":68,"y":884,"width":788,"height":11}},{"id":"b39d536b-8e7a-4568-be11-67172a764dc2","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":151,"box":{"x":70,"y":899,"width":818,"height":9}},{"id":"ac58d957-c8da-44b3-8ebf-ee67867d6fb6","block_type":"box","text":"II-108","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4af8a125-23e4-46db-a749-0935cdfc0626","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":151,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"50e3e217-1dd7-4d9d-996f-9ecd6e9f60c6","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quar terly","page_number":152,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"a2113ddc-4a21-4744-948f-5dbd94ab7583","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":152,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"0adc8f66-ac4c-43b0-a2ff-c1f96a844ebf","block_type":"box","text":"(ii) the Plan will continue in effect for so long as its continuance is approved at least annually by the Board of","page_number":152,"box":{"x":69,"y":75,"width":778,"height":11}},{"id":"6457d5bc-e3f1-4bb3-a7e3-9f70079952ec","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":152,"box":{"x":70,"y":90,"width":773,"height":11}},{"id":"6e97dd2b-717e-419f-be03-2d18121d5ca1","block_type":"box","text":"Company Act) and who have no direct or indirect financial interest in the operation of the Plan or any agreement","page_number":152,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"a498c32e-194a-4c43-ac16-deb0d1862ab2","block_type":"box","text":"entered into in connection with the Plan (the “12b-1 Directors”), acting in person at a meeting called for said purpose","page_number":152,"box":{"x":69,"y":120,"width":837,"height":12}},{"id":"27cfa1ce-0f4d-407f-a979-faa6dad7c7fe","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":152,"box":{"x":70,"y":135,"width":801,"height":11}},{"id":"c51696b9-5800-4a43-990d-f93a04e391c9","block_type":"box","text":"approved by the Board of Directors, including the 12b-1 Directors, acting in person at a meeting called for said","page_number":152,"box":{"x":69,"y":150,"width":787,"height":12}},{"id":"074bcbcb-d536-43bb-9ec0-55180051343c","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":152,"box":{"x":70,"y":166,"width":802,"height":11}},{"id":"3947156f-dd87-48a4-a9c6-7217cd396eed","block_type":"box","text":"services pursuant to the Plan shall be effective only upon approval by a vote of a majority of the outstanding shares","page_number":152,"box":{"x":69,"y":181,"width":826,"height":11}},{"id":"62a55284-8120-461d-ace2-491040f2f247","block_type":"box","text":"of such class and by a majority of the Board of Directors, including the 12b-1 Directors, acting in person at a meeting","page_number":152,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"c08a3d1b-ea89-4b9e-a445-c7e6cc95f74d","block_type":"box","text":"called for said purpose; and (v) while the Plan remains in effect, the selection and nomination of the Fund’s Directors","page_number":152,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"44612dc0-8e15-4aa9-8dec-bc2ef08de906","block_type":"box","text":"who are not “interested persons” of the Fund shall be committed to the discretion of the Fund’s non-interested","page_number":152,"box":{"x":68,"y":226,"width":792,"height":11}},{"id":"a7c1ec90-bbdf-4780-a8b2-dc910c70edd2","block_type":"box","text":"Directors. Rule 12b-1 fur ther requires that each Fund preserve copies of each Plan and any repor t made pursuant to","page_number":152,"box":{"x":70,"y":241,"width":831,"height":11}},{"id":"6c58cb3b-5799-4904-8979-2baeea8fe41f","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such repor t, the first two years in an","page_number":152,"box":{"x":69,"y":256,"width":807,"height":11}},{"id":"b0ef0152-abff-4c72-ba07-adb4daa6b589","block_type":"box","text":"easily accessible place.","page_number":152,"box":{"x":69,"y":272,"width":167,"height":11}},{"id":"74ae269a-3ce7-465c-a295-51c2c4c8c61c","block_type":"box","text":"Each Plan is terminable as to any class of shares without penalty at any time by a vote of a majority of the 12b-1","page_number":152,"box":{"x":102,"y":294,"width":804,"height":11}},{"id":"cef29701-9844-43eb-afa9-42facb12f7a5","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":152,"box":{"x":70,"y":309,"width":542,"height":11}},{"id":"17e9ab31-94b2-4dac-95bd-165985917952","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":152,"box":{"x":102,"y":332,"width":734,"height":11}},{"id":"d34646ef-6af6-4362-b81e-5446a2697932","block_type":"box","text":"information relating to the fees paid by your Fund to the Distributor under each Plan during the Fund’s most recent","page_number":152,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"b1ad6054-6669-4d2d-b9b8-31651607f635","block_type":"box","text":"fiscal year.","page_number":152,"box":{"x":68,"y":362,"width":75,"height":11}},{"id":"389b33a6-2544-4d19-9556-1d0af5ca7f9a","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":152,"box":{"x":69,"y":392,"width":396,"height":11}},{"id":"20cee8f2-320f-40a1-b29e-367b0097cbc8","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":152,"box":{"x":101,"y":415,"width":777,"height":11}},{"id":"91a83a59-284d-4182-a8e4-affc95942945","block_type":"box","text":"imposes a limitation on cer tain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":152,"box":{"x":70,"y":430,"width":835,"height":11}},{"id":"51bacf5d-34df-4757-974c-b48f4594adfa","block_type":"box","text":"the distribution fee and the CDSC borne by the Investor C Shares. This limitation does not apply to the shareholder","page_number":152,"box":{"x":68,"y":445,"width":822,"height":11}},{"id":"2adbff0d-1cfe-4e5f-8ab9-47d2d0c37631","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":152,"box":{"x":69,"y":460,"width":778,"height":12}},{"id":"bec9088d-d26f-46ea-9184-9e9bfe8d7a8c","block_type":"box","text":"distribution fee payments and CDSCs payable by a Fund to (1) 6.25% of eligible gross sales of Investor C and Class R","page_number":152,"box":{"x":69,"y":475,"width":840,"height":12}},{"id":"c34a70a2-1583-4bf5-98df-b8df5b4bdeba","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":152,"box":{"x":69,"y":491,"width":803,"height":11}},{"id":"7cb9a842-3059-42df-8533-82bdbf8f462e","block_type":"box","text":"(2) interest on the unpaid balance for the respective class, computed separately, at the prime rate plus 1% (the","page_number":152,"box":{"x":69,"y":506,"width":794,"height":11}},{"id":"6881b30d-6c47-4e0b-86c6-08bc8c79edb8","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":152,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"bbaece5d-b678-49d0-b3b0-c5e956a25f36","block_type":"box","text":"and the CDSC). See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI","page_number":152,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"f533905c-b8be-4744-a3db-b101bf067974","block_type":"box","text":"for comparative information as of your Fund’s most recent fiscal year end with respect to, if applicable, the Investor C","page_number":152,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"75d5c00f-7c41-4886-8a9c-895eccae59ac","block_type":"box","text":"and Class R Shares of your Fund.","page_number":152,"box":{"x":69,"y":566,"width":236,"height":11}},{"id":"47a7a49e-bd3c-47b3-82c4-e7ab06fc4d28","block_type":"box","text":"Other Payments by the Fund","page_number":152,"box":{"x":69,"y":597,"width":206,"height":11}},{"id":"a5f17606-8dcf-45d6-87c0-f56d4107f2ce","block_type":"box","text":"In addition to shareholder servicing fees that a Fund may pay to a Service Organization pursuant to the Plan and","page_number":152,"box":{"x":102,"y":619,"width":800,"height":11}},{"id":"fc1ff349-9abb-41ab-9bc0-b480690f7061","block_type":"box","text":"fees the Fund pays to its Transfer Agent, BlackRock, on behalf of a Fund, may enter into non-Plan agreements with","page_number":152,"box":{"x":68,"y":634,"width":816,"height":12}},{"id":"21b07fd4-055b-4c81-a0b1-8e2acb57f0e7","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":152,"box":{"x":69,"y":649,"width":794,"height":12}},{"id":"8c956b4e-bdbd-443f-bafd-0c58bc5368c4","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":152,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"fdbe24aa-09a6-489d-8262-269a4fba7adb","block_type":"box","text":"generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Service","page_number":152,"box":{"x":68,"y":680,"width":841,"height":11}},{"id":"b8dff834-658b-4ded-9477-3106add98460","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":152,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"9cdef883-5366-4f0e-a085-ad45a8e68f29","block_type":"box","text":"of these payments may be substantial.","page_number":152,"box":{"x":69,"y":710,"width":276,"height":11}},{"id":"322a3a9f-f917-4dab-aa12-d765f744c369","block_type":"box","text":"Additional Payments by BlackRock","page_number":152,"box":{"x":68,"y":740,"width":256,"height":11}},{"id":"90c56206-e521-475b-a0c0-9ae20f30f559","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":152,"box":{"x":102,"y":763,"width":803,"height":11}},{"id":"1af473c0-0a35-4ac6-b942-389bcda136f5","block_type":"box","text":"may compensate Service Organizations for the sale and distribution of shares of a Fund, for services to a Fund and","page_number":152,"box":{"x":69,"y":778,"width":823,"height":11}},{"id":"b560499b-87cf-4159-80a1-9543c6f39c0f","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":152,"box":{"x":70,"y":793,"width":768,"height":11}},{"id":"0c6722b4-b8f3-47d2-8a15-dca1d8c27b50","block_type":"box","text":"obligations itself or may arrange for a third par ty to per form them. These payments, which are not made pursuant to","page_number":152,"box":{"x":69,"y":808,"width":830,"height":11}},{"id":"c9cc809c-86ab-415f-b808-b5089fb2f398","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":152,"box":{"x":69,"y":823,"width":599,"height":11}},{"id":"99274ac9-b8f6-4df5-bf8a-3b3b14de4510","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":152,"box":{"x":101,"y":846,"width":776,"height":11}},{"id":"6fef7da1-8557-43f1-94ed-e0209ac66d45","block_type":"box","text":"paid by a Fund to BlackRock for various services, such as investment advisory services). These payments are not an","page_number":152,"box":{"x":70,"y":861,"width":832,"height":11}},{"id":"b21f19ce-2c78-497d-afad-9c4770fdea95","block_type":"box","text":"additional charge to a Fund or its shareholders and do not change the price paid by shareholders for the purchase of","page_number":152,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"512f9d7d-074c-4858-880f-1529c279fe93","block_type":"box","text":"a Fund’s shares or the amount a Fund receives as proceeds from such purchases. Additional Payments made to","page_number":152,"box":{"x":69,"y":891,"width":802,"height":11}},{"id":"e1f5f049-e9ac-483a-b7c8-4ebb3cbf7c0f","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":152,"box":{"x":69,"y":906,"width":802,"height":12}},{"id":"3ee7bcb8-315c-4266-8409-497ab1d104e1","block_type":"box","text":"II-109","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"96d279d7-9877-4145-bc55-2a852c30b845","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":152,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"92764a73-a537-42f6-83f2-39ded669bdc8","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":153,"box":{"x":70,"y":45,"width":796,"height":11}},{"id":"8b987c16-ad1b-44ef-abc1-ddfc4fe5a683","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":153,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"4df1af7e-4580-4738-bdb2-968b14c3d775","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":153,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"763d10d9-72da-415c-9945-6c9256e15498","block_type":"box","text":"such payments in connection with the sale and distribution of Fund shares, are required to be disclosed. While FINRA","page_number":153,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"52800e9d-556a-4f1e-9448-db80e9a0d129","block_type":"box","text":"regulations limit the sales charges that shareholders may bear, there are no limits with regard to the amounts that","page_number":153,"box":{"x":69,"y":105,"width":818,"height":11}},{"id":"11b28678-1939-4870-a77b-badde6c68629","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":153,"box":{"x":70,"y":120,"width":294,"height":11}},{"id":"e18f2878-1e1d-46d4-9b05-7b9eb14a8efe","block_type":"box","text":"Additional Payments may be made as a fixed dollar amount, may be based on the number of Customer accounts","page_number":153,"box":{"x":101,"y":143,"width":803,"height":11}},{"id":"4694571c-07bd-4cd2-90e4-6f45df3486e5","block_type":"box","text":"maintained by a Service Organization, may be based on a percentage of the value of shares sold to, or held by,","page_number":153,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"37f05615-1ccd-470e-8510-8444bf37b489","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":153,"box":{"x":69,"y":173,"width":623,"height":11}},{"id":"45c20b70-7723-4bbb-9025-7b36af98d51f","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":153,"box":{"x":102,"y":196,"width":765,"height":11}},{"id":"335505a0-5e2b-40bd-b17d-6c0e1376e6a2","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":153,"box":{"x":69,"y":211,"width":841,"height":11}},{"id":"0cf4a70c-597c-4a72-873f-a18cbba13803","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":153,"box":{"x":68,"y":226,"width":806,"height":11}},{"id":"022dbfc0-1d0e-4d1d-a4e6-9758d5df3b3f","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":153,"box":{"x":69,"y":241,"width":776,"height":11}},{"id":"6a47770c-41b3-4afa-8cba-26df1af3aac9","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":153,"box":{"x":70,"y":256,"width":802,"height":11}},{"id":"0cc9d9f0-2377-459e-984c-7b9aec7e6827","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In cer tain","page_number":153,"box":{"x":68,"y":271,"width":811,"height":12}},{"id":"1e155f01-03eb-4ccc-b209-302491d5237a","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":153,"box":{"x":69,"y":287,"width":538,"height":11}},{"id":"609aa91d-c0e3-4dca-9968-82bb157b7c15","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":153,"box":{"x":101,"y":309,"width":795,"height":11}},{"id":"185eee32-87ba-4fe8-b832-9c8910dfd7d1","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":153,"box":{"x":69,"y":324,"width":807,"height":12}},{"id":"4486a611-a8b7-482f-921b-da9931899e7b","block_type":"box","text":"same Service Organization, or one or more of its affiliates, may receive payments under more than one category of","page_number":153,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"1cc3a7ad-97c4-49c9-8959-70be1d0c32dd","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":153,"box":{"x":68,"y":355,"width":819,"height":11}},{"id":"3549d633-0a1b-40fe-963b-8bc34761650a","block_type":"box","text":"Funds.","page_number":153,"box":{"x":70,"y":370,"width":44,"height":9}},{"id":"fff99d9a-87d3-4b07-afa8-38c04a27d3ff","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":153,"box":{"x":101,"y":392,"width":270,"height":12}},{"id":"77109df5-9b03-42a5-8566-ef8ac91e0026","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. 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BlackRock","page_number":157,"box":{"x":70,"y":341,"width":833,"height":11}},{"id":"359c7895-683e-454c-a4a0-988e3b769435","block_type":"box","text":"configures these tools and calculators and localizes the content for Service Organizations as par t of its customary","page_number":157,"box":{"x":69,"y":356,"width":817,"height":11}},{"id":"dd583f5b-275e-49c9-9145-6153d96e6dd0","block_type":"box","text":"digital marketing suppor t and promotion of the Funds or other BlackRock funds, iShares ETFs and other exchange","page_number":157,"box":{"x":69,"y":371,"width":815,"height":11}},{"id":"b5e4a87a-6cfd-47a9-9b50-29626b62866e","block_type":"box","text":"traded products.","page_number":157,"box":{"x":68,"y":386,"width":116,"height":11}},{"id":"52e9cb58-f078-4f04-9549-46d6fb11943e","block_type":"box","text":"F. Conflicts","page_number":157,"box":{"x":102,"y":409,"width":78,"height":9}},{"id":"52133c68-3e8f-435c-95d8-1d17aabab6a7","block_type":"box","text":"Additional Payments made by BlackRock to a Service Organization or its affiliates or other incentive","page_number":157,"box":{"x":101,"y":431,"width":710,"height":12}},{"id":"202e488d-4647-4cff-9d38-10777db7d354","block_type":"box","text":"arrangements may be an impor tant factor in the Service Organization’s willingness to suppor t the sale of a Fund","page_number":157,"box":{"x":69,"y":446,"width":803,"height":12}},{"id":"5d48dd7b-253e-4df6-90ea-b37410775bed","block_type":"box","text":"and/or par ticular share class through its distribution system or to per form services with respect to such Fund.","page_number":157,"box":{"x":69,"y":462,"width":788,"height":11}},{"id":"6e6a776c-8f53-49dd-842b-7f0c1d85af49","block_type":"box","text":"Additional Payments and other incentive arrangements may also be impor tant factors in the Service Organization’s","page_number":157,"box":{"x":68,"y":477,"width":819,"height":11}},{"id":"3c3babc8-5b3c-4b2c-8eee-543defd6748b","block_type":"box","text":"willingness to recommend the BlackRock Fund complex in general.","page_number":157,"box":{"x":68,"y":492,"width":473,"height":11}},{"id":"614574ad-083a-47a1-8a53-748f37d6d093","block_type":"box","text":"BlackRock may be motivated to pay Additional Payments and other incentive compensation to promote the sale","page_number":157,"box":{"x":102,"y":515,"width":793,"height":11}},{"id":"378a28de-24ef-4f6f-a59f-8e9e674e9e38","block_type":"box","text":"of Fund shares to Customers of Service Organizations and the retention of those investments by such Customers. To","page_number":157,"box":{"x":69,"y":530,"width":835,"height":11}},{"id":"7a53e899-296e-4580-921a-e26cc26afb10","block_type":"box","text":"the extent Service Organizations sell more shares of a Fund or retain shares of a Fund in their Customers’ accounts,","page_number":157,"box":{"x":68,"y":545,"width":833,"height":11}},{"id":"a4322030-9fce-4f21-be8d-395444b718c3","block_type":"box","text":"BlackRock benefits from the incremental management and other fees paid by the Fund with respect to those assets.","page_number":157,"box":{"x":70,"y":560,"width":830,"height":11}},{"id":"1f27ced3-329d-4131-9eb2-0a0c6a8b0580","block_type":"box","text":"Service Organizations may have financial incentives for recommending a par ticular Fund, share class or fund","page_number":157,"box":{"x":102,"y":583,"width":774,"height":11}},{"id":"1445b825-70cd-4522-a3e1-096b242ad244","block_type":"box","text":"complex over another. Service Organizations may charge their Customers additional fees in connection with the","page_number":157,"box":{"x":69,"y":598,"width":794,"height":11}},{"id":"ab51be18-19b3-4d75-a100-96c1b89d9998","block_type":"box","text":"purchase or redemption of Fund shares or for account-related services which are in addition to the sales and other","page_number":157,"box":{"x":70,"y":613,"width":818,"height":11}},{"id":"fdbf8542-34eb-4cf2-ae2d-a02ebac275b8","block_type":"box","text":"charges described in the Fund’s Prospectus and this SAI. Such charges may vary among Service Organizations but in","page_number":157,"box":{"x":69,"y":628,"width":836,"height":11}},{"id":"ac7e6aeb-2ff1-4ed5-b95d-f0619af5cedd","block_type":"box","text":"all cases will be retained by the Service Organization and will not be remitted to a Fund or BlackRock.","page_number":157,"box":{"x":69,"y":643,"width":723,"height":11}},{"id":"dceb479b-e399-48f6-9a73-660dfafd95d9","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations from a","page_number":157,"box":{"x":102,"y":666,"width":759,"height":11}},{"id":"3aa8bf14-a938-4ebf-b330-749267cc8f8b","block_type":"box","text":"Service Organization to purchase or sell shares of a Fund and when considering which share class is most","page_number":157,"box":{"x":69,"y":681,"width":760,"height":11}},{"id":"66e9243f-cd6e-4060-adc0-e2e13ef6b4ba","block_type":"box","text":"appropriate.","page_number":157,"box":{"x":69,"y":696,"width":84,"height":11}},{"id":"bc30743f-f619-4971-a57b-efdf47b84667","block_type":"box","text":"You should consult with your Service Organization, and review carefully any disclosure by the Service","page_number":157,"box":{"x":160,"y":696,"width":738,"height":11}},{"id":"894b05ce-644f-4128-b700-619a0e047345","block_type":"box","text":"Organization, as to compensation received by it or its affiliates and for more information about the payments","page_number":157,"box":{"x":69,"y":711,"width":795,"height":11}},{"id":"44bc2bde-a932-4675-b7a3-efe7108bcea4","block_type":"box","text":"described above.","page_number":157,"box":{"x":69,"y":726,"width":122,"height":9}},{"id":"ccdf801f-afbd-4fda-b04d-4a33530b4510","block_type":"box","text":"REDEMPTION OF SHARES","page_number":157,"box":{"x":385,"y":756,"width":208,"height":9}},{"id":"d67172f8-8630-4708-b534-5f6597c48885","block_type":"box","text":"Shares normally will be redeemed for cash upon receipt of a request in proper form, although each Fund retains","page_number":157,"box":{"x":102,"y":778,"width":798,"height":12}},{"id":"377847d0-9940-4309-9eff-9368e779cc78","block_type":"box","text":"the right to redeem some or all of its shares in kind (valued in the same way as they would be valued for purposes of","page_number":157,"box":{"x":68,"y":794,"width":836,"height":11}},{"id":"aab9b9c9-75f5-4a3a-8c30-f0f09b976430","block_type":"box","text":"computing a Fund’s NAV), by delivery of securities and other assets selected from the Fund’s por tfolio holdings at the","page_number":157,"box":{"x":69,"y":809,"width":840,"height":11}},{"id":"d00cacb0-a4c6-4a7b-9852-3669bdf51a8a","block_type":"box","text":"Manager’s discretion. In kind payment means payment will be made in por tfolio securities and other assets rather","page_number":157,"box":{"x":70,"y":824,"width":814,"height":11}},{"id":"acb97f65-8525-4034-8789-5da0e2327e17","block_type":"box","text":"than cash. Redemptions in kind may be used in applicable circumstances, generally if the relevant shareholder is","page_number":157,"box":{"x":68,"y":839,"width":809,"height":11}},{"id":"ce76755d-3c68-4c41-a4da-f91307f66732","block_type":"box","text":"able to accept securities in kind, and may also be used in stressed market conditions. If this occurs, the redeeming","page_number":157,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"03e8ae0c-90cd-41fa-8655-75c0c5c47383","block_type":"box","text":"shareholder might incur brokerage or other transaction costs to conver t the securities and other assets to cash. Each","page_number":157,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"8420aad8-d110-414a-8218-1789aefcb101","block_type":"box","text":"Fund has elected, however, to be governed by Rule 18f-1 under the Investment Company Act so that the Fund is","page_number":157,"box":{"x":70,"y":884,"width":797,"height":12}},{"id":"6790f838-7266-4822-9258-5042915a9fd4","block_type":"box","text":"II-114","page_number":157,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a00ad12c-fcb5-4716-87f3-e9ef58e83f32","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":157,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c9201607-0ca2-4205-aa58-af585e234375","block_type":"box","text":"obligated to redeem its shares solely in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period","page_number":158,"box":{"x":69,"y":44,"width":833,"height":12}},{"id":"6b4e1b7c-7978-45f3-8871-2677f65feaf3","block_type":"box","text":"for any shareholder of the Fund.","page_number":158,"box":{"x":68,"y":60,"width":227,"height":11}},{"id":"22cdcdb3-f31e-45bd-9339-d6a592927924","block_type":"box","text":"The redemption price is the NAV per share next determined after the initial receipt of proper notice of","page_number":158,"box":{"x":101,"y":82,"width":722,"height":11}},{"id":"3daa2858-c848-4954-b7ab-10d45458d107","block_type":"box","text":"redemption. The value of shares of each Fund at the time of redemption may be more or less than your cost at the","page_number":158,"box":{"x":69,"y":98,"width":818,"height":11}},{"id":"8803321e-4648-4f1c-b119-bc2e2a449b19","block_type":"box","text":"time of purchase, depending in par t on the market value of the securities held by the Fund at such time. Except for","page_number":158,"box":{"x":68,"y":113,"width":821,"height":11}},{"id":"23e90ede-e51f-49cc-856b-0360a8d40307","block_type":"box","text":"any CDSC that may be applicable, there will be no redemption charge if your redemption request is sent directly to","page_number":158,"box":{"x":69,"y":128,"width":815,"height":11}},{"id":"e69c829b-30a3-4a17-b38e-c374768bce22","block_type":"box","text":"the Transfer Agent. If you are liquidating your holdings you will receive all dividends reinvested through the date of","page_number":158,"box":{"x":68,"y":143,"width":812,"height":11}},{"id":"fa91345d-504a-42c5-a0ff-c73594f5315d","block_type":"box","text":"redemption.","page_number":158,"box":{"x":69,"y":158,"width":83,"height":11}},{"id":"f2e6203d-da31-49e6-a647-181dd556870a","block_type":"box","text":"The right to redeem shares may be suspended or payment upon redemption may be delayed for more than seven","page_number":158,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"f86fa262-7258-4415-9189-478ff2a68c3e","block_type":"box","text":"days only (i) for any period during which trading on the NYSE is restricted as determined by the Commission or during","page_number":158,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"a7d2671a-7b85-4c84-8ee3-88de798ef482","block_type":"box","text":"which the NYSE is closed (other than customary weekend and holiday closings), (ii) for any period during which an","page_number":158,"box":{"x":68,"y":211,"width":811,"height":11}},{"id":"43b57ef3-b8f3-4bca-b00b-94343bc3667e","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":158,"box":{"x":69,"y":226,"width":741,"height":11}},{"id":"dc7a4886-1564-4b94-a2d6-05d8a1f293b9","block_type":"box","text":"determination of the NAV of a Fund is not reasonably practicable, or (iii) for such other periods as the Commission","page_number":158,"box":{"x":69,"y":241,"width":813,"height":11}},{"id":"d0ca3469-734f-490e-8df3-d6a630def844","block_type":"box","text":"may by order permit for the protection of shareholders of the Fund. (A Fund may also suspend or postpone the","page_number":158,"box":{"x":69,"y":256,"width":787,"height":11}},{"id":"90cb3a5d-a626-4180-b20c-3a3844b7f0ba","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":158,"box":{"x":69,"y":271,"width":685,"height":12}},{"id":"eae7ea33-49d8-420b-afca-9ac8a1dbccea","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":158,"box":{"x":102,"y":294,"width":798,"height":11}},{"id":"872e7e06-5b7d-49b3-ba84-1f7921316b18","block_type":"box","text":"credit with a syndicate of banks that is intended to provide the Fund with a temporary source of cash to be used to","page_number":158,"box":{"x":69,"y":309,"width":820,"height":11}},{"id":"836f4bc9-0ea7-4d8d-927c-7c43c94ff6cc","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":158,"box":{"x":69,"y":324,"width":653,"height":12}},{"id":"779a3855-e498-4315-9202-b1cef44bd824","block_type":"box","text":"Each Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of the failure","page_number":158,"box":{"x":102,"y":347,"width":803,"height":11}},{"id":"528bb68c-9c85-4ca3-8a2f-45b8ca9c4ada","block_type":"box","text":"of a shareholder to make full payment for shares purchased by the shareholder or to collect any charge relating to a","page_number":158,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"e7acc1b5-51c8-422c-8080-58fa45e0bb6c","block_type":"box","text":"transaction effected for the benefit of a shareholder. Each Fund reserves the express right to redeem shares of the","page_number":158,"box":{"x":68,"y":377,"width":824,"height":12}},{"id":"2d888d31-3d3f-4cd7-ab9d-bb9359f0a17e","block_type":"box","text":"Fund involuntarily at any time if the Fund’s Board of Directors determines, in its sole discretion, that failure to do so","page_number":158,"box":{"x":70,"y":392,"width":825,"height":12}},{"id":"a51cf1c6-df55-4df7-9a36-98eeb22442f1","block_type":"box","text":"may have adverse consequences to the holders of shares in the Fund. Upon such redemption the holders of shares","page_number":158,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"4f20397c-6ed0-4ee6-b96d-88b3d1006a36","block_type":"box","text":"so redeemed shall have no fur ther right with respect thereto other than to receive payment of the redemption price.","page_number":158,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"7f692774-f15e-480d-9e1c-f00ef2771ddb","block_type":"box","text":"Redemption","page_number":158,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"e439386b-89a8-498a-a0fc-2631c9d9c74b","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":158,"box":{"x":70,"y":476,"width":481,"height":10}},{"id":"1985577c-ad04-4f4c-b903-a06ac674b1cd","block_type":"box","text":"Redeem by Telephone:","page_number":158,"box":{"x":102,"y":498,"width":162,"height":11}},{"id":"144eafb5-8236-4940-90ce-37f0431ee68c","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":158,"box":{"x":270,"y":498,"width":571,"height":11}},{"id":"c53d245e-1add-41da-92c6-31bdb9db21b2","block_type":"box","text":"telephone request if cer tain conditions are met and if the amount being sold is less than (i) $100,000 for payments","page_number":158,"box":{"x":68,"y":513,"width":829,"height":12}},{"id":"fa20945b-d3bf-4421-b4fb-915f79b653a0","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":158,"box":{"x":69,"y":528,"width":798,"height":12}},{"id":"3448455f-4642-4d25-9df1-accad8b38f57","block_type":"box","text":"Cer tain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":158,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"091154c6-765a-46e3-a8a4-0a32bf12ed50","block_type":"box","text":"verified banking information on file; or (ii) the proceeds are not paid to the record owner at the record address, must","page_number":158,"box":{"x":68,"y":559,"width":831,"height":11}},{"id":"a267b516-2425-4594-a1d9-cce6f27ca471","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":158,"box":{"x":69,"y":574,"width":822,"height":11}},{"id":"d1ac0368-f35a-4b72-8759-762762bd01a3","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":158,"box":{"x":70,"y":589,"width":791,"height":11}},{"id":"dc617452-c5bd-4feb-be86-8cd36307fc3d","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, cer tain redemption","page_number":158,"box":{"x":68,"y":604,"width":818,"height":11}},{"id":"9551b29e-35bb-49c2-b4fa-369ccb5870e8","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":158,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"bae8c615-c598-4c58-b903-89e4ce68c0ee","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":158,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"69a70245-93f4-419e-9acd-373311d38f95","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":158,"box":{"x":69,"y":650,"width":834,"height":11}},{"id":"4b3a7fc7-e240-446a-9712-bc15c0e969a7","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":158,"box":{"x":69,"y":664,"width":825,"height":12}},{"id":"3d7c1890-588a-41c7-9532-769fbd0d26ae","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a par t of these programs","page_number":158,"box":{"x":68,"y":680,"width":840,"height":11}},{"id":"541a76ca-73e0-4780-9426-379016876c74","block_type":"box","text":"will not be accepted. A notary public seal will not be acceptable. Generally, a properly signed written request with any","page_number":158,"box":{"x":68,"y":695,"width":835,"height":11}},{"id":"6aac2d26-0920-469a-8702-4cf99c04094f","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":158,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"5e7bfa54-8360-44d8-8388-27d84463d22d","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":158,"box":{"x":69,"y":725,"width":835,"height":11}},{"id":"61ad9fe8-52e5-49d8-89c5-377dfcb96054","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":158,"box":{"x":70,"y":740,"width":603,"height":11}},{"id":"44f9c231-6660-49ba-b342-569ed3b82bdd","block_type":"box","text":"If you make a redemption request before a Fund has collected payment for the purchase of shares, the Fund","page_number":158,"box":{"x":102,"y":763,"width":774,"height":11}},{"id":"b3c95987-15aa-458b-91e5-b7562d7fc46e","block_type":"box","text":"may delay mailing your proceeds. This delay will usually not exceed ten days. A Fund, its Administrators and the","page_number":158,"box":{"x":69,"y":778,"width":795,"height":11}},{"id":"e5a0723e-8fb7-4978-acd1-1a230360ebea","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":158,"box":{"x":70,"y":793,"width":821,"height":11}},{"id":"919bfd49-a52c-4576-ab84-f9526188e546","block_type":"box","text":"Telephone redemption requests will not be honored if: (i) the accountholder is deceased, (ii) the proceeds are to be","page_number":158,"box":{"x":68,"y":808,"width":823,"height":11}},{"id":"beae0024-c23e-4fe7-827c-29bdc6f39203","block_type":"box","text":"sent to someone other than the shareholder of record, (iii) a Fund does not have verified information on file, (iv) the","page_number":158,"box":{"x":69,"y":823,"width":823,"height":11}},{"id":"132364da-1bff-441e-a5ac-a1ecf02f38c2","block_type":"box","text":"request is by an individual other than the accountholder of record, (v) the account is held by joint tenants who are","page_number":158,"box":{"x":69,"y":838,"width":809,"height":11}},{"id":"47f77ffa-08ab-42c6-878d-4c40de220f73","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share cer tificates have been issued","page_number":158,"box":{"x":69,"y":853,"width":833,"height":12}},{"id":"57efb8ca-923d-4a06-9367-4681f0f6cb2f","block_type":"box","text":"on the account, or (vii) to protect against fraud, if the caller is unable to provide the account number, the name and","page_number":158,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"bce9b85d-5154-40a6-8034-03272026dd1a","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":158,"box":{"x":69,"y":884,"width":785,"height":11}},{"id":"3ef76b77-70eb-43db-aca4-06cd695fb4a1","block_type":"box","text":"service providers will not be liable for any loss, liability, cost or expense for acting upon telephone instructions that","page_number":158,"box":{"x":69,"y":899,"width":820,"height":11}},{"id":"5edd690b-7a75-4815-b3ff-30822163a963","block_type":"box","text":"II-115","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"83e1de5b-b8b2-4615-b68d-d27089bc733d","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":158,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"9f39a508-e838-4911-ba1d-c0273f706bc9","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":159,"box":{"x":69,"y":45,"width":782,"height":11}},{"id":"b9942376-740e-4159-88a0-ba4d7563471b","block_type":"box","text":"honored, signature approval from all shareholders of record on the account must be obtained. The Fund may refuse a","page_number":159,"box":{"x":69,"y":60,"width":838,"height":11}},{"id":"6376a281-959b-418b-b292-20c086592ce4","block_type":"box","text":"telephone redemption request if it believes it is advisable to do so. During periods of substantial economic or market","page_number":159,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"37e7d447-ca80-4df6-9459-2b22393f8efb","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":159,"box":{"x":69,"y":90,"width":800,"height":11}},{"id":"e913b5ce-4ef6-49ad-9a3f-020ac1271150","block_type":"box","text":"Redemption orders for Institutional Shares placed prior to 4:00 p.m. (Eastern time) on a business day will be","page_number":159,"box":{"x":102,"y":113,"width":776,"height":11}},{"id":"35edd6a7-b0d9-4c11-a0fb-d1679cdf7b7f","block_type":"box","text":"priced at the NAV determined that day. If redemption orders are received by 4:00 p.m. (Eastern time) on a business","page_number":159,"box":{"x":70,"y":128,"width":823,"height":11}},{"id":"0540d2c1-2b5a-4a82-b89a-eba601b48a75","block_type":"box","text":"day, payment for redeemed Institutional Shares will normally be wired in Federal Funds on the next business day. If","page_number":159,"box":{"x":69,"y":143,"width":820,"height":11}},{"id":"0db5ea93-c706-47fb-b678-9fe31b717b4e","block_type":"box","text":"the Federal Reserve Bank of Philadelphia is not open on the business day following receipt of the redemption order,","page_number":159,"box":{"x":68,"y":158,"width":826,"height":11}},{"id":"9bbcfd63-458e-49fd-913f-a8ad96b1b041","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":159,"box":{"x":68,"y":173,"width":817,"height":11}},{"id":"2304ad2f-c7fc-4b51-a0d1-c725bae22fa5","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":159,"box":{"x":70,"y":188,"width":648,"height":11}},{"id":"fd5189b5-dfbb-49e0-9129-14d5508c31d8","block_type":"box","text":"Redeem by VRU:","page_number":159,"box":{"x":102,"y":211,"width":120,"height":11}},{"id":"27bc0fbf-7b07-47d0-9631-ae0de083dc99","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":159,"box":{"x":229,"y":211,"width":667,"height":11}},{"id":"a7765503-b781-44e0-a0ab-71cb1654ec95","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":159,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"9a5cbcf3-d007-405c-8f58-5652f3451530","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":159,"box":{"x":68,"y":241,"width":644,"height":11}},{"id":"7d33517d-c58b-404d-9414-3c734ea0ca2f","block_type":"box","text":"Redeem by Internet:","page_number":159,"box":{"x":102,"y":264,"width":147,"height":11}},{"id":"50affe8a-97da-41ba-a01b-ea2f060e1f94","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":159,"box":{"x":255,"y":264,"width":637,"height":11}},{"id":"24f0ce09-a90a-41da-846f-8f438f81d52b","block_type":"box","text":"BlackRock website at www.blackrock.com. Proceeds from Internet redemptions may be sent via check, ACH or wire to","page_number":159,"box":{"x":70,"y":279,"width":836,"height":11}},{"id":"638752e8-8c65-425e-bd20-e854260f9c30","block_type":"box","text":"the bank account of record. Payment for shares redeemed by Internet may be made for non-retirement accounts up","page_number":159,"box":{"x":68,"y":294,"width":823,"height":11}},{"id":"2103e6ac-dba1-4bcd-9c0a-58924a94921e","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to cer tain","page_number":159,"box":{"x":68,"y":309,"width":789,"height":11}},{"id":"18daec54-da25-4de8-b2ce-cb7823c50e7c","block_type":"box","text":"institutional investors.","page_number":159,"box":{"x":70,"y":325,"width":155,"height":8}},{"id":"f2c17b61-b9de-4143-b35e-2f0c9b637c37","block_type":"box","text":"Redeem in Writing:","page_number":159,"box":{"x":102,"y":347,"width":137,"height":11}},{"id":"67b7c28f-50ac-4e4d-bba1-9a12849ea9c4","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":159,"box":{"x":247,"y":347,"width":639,"height":11}},{"id":"c5698b57-3b48-447b-8598-f73b8fc7f4d1","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":159,"box":{"x":68,"y":362,"width":831,"height":11}},{"id":"1bdd2461-76b3-4168-b506-669eef14eec4","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 1350 Penn Avenue Suite 102, Pittsburgh,","page_number":159,"box":{"x":68,"y":377,"width":745,"height":12}},{"id":"62c45ccd-66b6-4b07-932a-e52b48a6df49","block_type":"box","text":"Pennsylvania 15222. If you hold share cer tificates issued by your Fund, the letter must be accompanied by","page_number":159,"box":{"x":69,"y":392,"width":764,"height":12}},{"id":"19ffbc1d-3e20-417c-ba62-72139319f6be","block_type":"box","text":"cer tificates for the shares. All shareholders on the account must sign the letter. A medallion signature guarantee will","page_number":159,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"b13186ac-54ef-4b41-9577-40ce473ada65","block_type":"box","text":"generally be required but may be waived in cer tain limited circumstances. You can obtain a medallion signature","page_number":159,"box":{"x":68,"y":423,"width":794,"height":11}},{"id":"08c81d0e-6f1c-4b23-8165-a7af38399ce5","block_type":"box","text":"guarantee stamp from a bank, securities dealer, securities broker, credit union, savings and loan association,","page_number":159,"box":{"x":68,"y":438,"width":782,"height":11}},{"id":"decd4df4-f0cb-48c7-940b-81bf80464d0d","block_type":"box","text":"national securities exchange or registered securities association. A notary public seal will not be acceptable. If you","page_number":159,"box":{"x":69,"y":453,"width":817,"height":11}},{"id":"fe178d2d-f7dc-4ee6-9481-a5325c2b18d8","block_type":"box","text":"hold stock cer tificates, return the cer tificates with the letter. Proceeds from redemptions may be sent via check, ACH","page_number":159,"box":{"x":69,"y":468,"width":836,"height":11}},{"id":"279c94b0-c5d3-4502-850f-fcc9eb6a25b5","block_type":"box","text":"or wire to the bank account of record.","page_number":159,"box":{"x":69,"y":483,"width":266,"height":9}},{"id":"a0640bfd-9664-4916-a1b3-2cc05aa6a3b1","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":159,"box":{"x":102,"y":506,"width":802,"height":11}},{"id":"9c7ef3da-6e75-492c-83dd-d5be2f8992c9","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":159,"box":{"x":69,"y":521,"width":489,"height":11}},{"id":"03013e5a-f93c-4844-a5cb-79028d27fe21","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":159,"box":{"x":101,"y":543,"width":668,"height":12}},{"id":"d901ef17-d3f0-4b30-9bf1-d6b7ef901357","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":159,"box":{"x":102,"y":566,"width":800,"height":11}},{"id":"73faaa95-a998-4075-818f-fd8fee2a988d","block_type":"box","text":"of receipt of the proper notice of redemption. A Fund may delay the mailing of a redemption check until good payment","page_number":159,"box":{"x":69,"y":581,"width":838,"height":12}},{"id":"fbf0052f-b2e3-4bc8-ae82-d25a03c7354c","block_type":"box","text":"(that is, cash, Federal funds or cer tified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":159,"box":{"x":69,"y":596,"width":811,"height":11}},{"id":"018361d0-0ce6-4cfb-94d9-ac4aa30b1a6e","block_type":"box","text":"shares, which delay will usually not exceed 10 days. If your account is held directly with the Transfer Agent and","page_number":159,"box":{"x":69,"y":612,"width":789,"height":11}},{"id":"a9372c61-74ca-43e9-9a38-ba8559fa485b","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":159,"box":{"x":69,"y":627,"width":775,"height":11}},{"id":"9b0d99ef-0bf3-4bc3-ab33-54660513c9cc","block_type":"box","text":"redeemed by the Fund.","page_number":159,"box":{"x":69,"y":642,"width":162,"height":11}},{"id":"41ecd495-b84d-4dee-bb84-832231805d26","block_type":"box","text":"Note on Low Balance Accounts.","page_number":159,"box":{"x":102,"y":665,"width":223,"height":8}},{"id":"d22d71dc-6f4f-47c8-98c1-3301b7455b1f","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":159,"box":{"x":332,"y":664,"width":503,"height":12}},{"id":"61f8026f-b7a7-4699-9331-eef75aefa423","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":159,"box":{"x":70,"y":679,"width":752,"height":12}},{"id":"a3ddea22-57a3-4b78-948e-53038b926d54","block_type":"box","text":"Minimum”), and may redeem the shares in your account if the NAV of those shares in your account falls below $500","page_number":159,"box":{"x":70,"y":694,"width":829,"height":12}},{"id":"721d99e9-f4bf-4e02-bb0b-7c728e253e17","block_type":"box","text":"for any reason, including market fluctuation.","page_number":159,"box":{"x":68,"y":710,"width":313,"height":11}},{"id":"c3b636b2-80f0-4134-91e0-e42cb7ed3697","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":159,"box":{"x":101,"y":732,"width":775,"height":12}},{"id":"5f09b7cc-5478-446f-afa0-757b04b42ffe","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":159,"box":{"x":70,"y":748,"width":773,"height":11}},{"id":"a19e033a-0a18-4642-82a4-2f5b7a86520d","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":159,"box":{"x":70,"y":762,"width":776,"height":12}},{"id":"c2362ac8-7b61-4134-93b5-777ad7f09909","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":159,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"a84695b6-a6e7-44bd-954f-fad77367b4b5","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":159,"box":{"x":69,"y":793,"width":811,"height":11}},{"id":"9750ed68-9e40-424c-8ebd-913c72a671b3","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":159,"box":{"x":69,"y":808,"width":435,"height":11}},{"id":"1c4e4267-840b-479e-9247-7496c4fef2b2","block_type":"box","text":"Redemptions in Kind:","page_number":159,"box":{"x":102,"y":831,"width":153,"height":11}},{"id":"ee2882ce-15cc-4579-92e1-fafd6af78f80","block_type":"box","text":"Each Fund reserves the right to honor any request for redemption by making payment in","page_number":159,"box":{"x":263,"y":831,"width":624,"height":11}},{"id":"31a83c6e-12eb-4e66-af23-61241b293e7b","block_type":"box","text":"whole or in par t by delivering securities valued in the same way as they would be valued for purposes of computing a","page_number":159,"box":{"x":68,"y":846,"width":833,"height":11}},{"id":"5fb47b33-d02a-4b12-8f39-e1ba7f62afa2","block_type":"box","text":"Fund’s NAV, except that each Fund is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1%","page_number":159,"box":{"x":70,"y":860,"width":825,"height":12}},{"id":"c93ac694-946c-466e-8185-dc886fc542f4","block_type":"box","text":"of the Fund’s NAV during any 90-day period for any one shareholder. Redemptions in excess of those amounts will","page_number":159,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"1701e3de-a4fb-46bf-a0f6-9d13a0644e0d","block_type":"box","text":"normally be paid in cash but may be paid wholly or par tly by a distribution in kind of securities.","page_number":159,"box":{"x":69,"y":891,"width":672,"height":11}},{"id":"32fa1d17-cb79-409a-be11-9c6d41f189e4","block_type":"box","text":"II-116","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"cf09b493-dcdd-4b14-9605-5aa91cf3ca73","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":159,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"613dc906-f98f-4559-bf24-1cff9613e11e","block_type":"box","text":"The specific security or securities to be distributed will be determined by the Manager and could include a pro","page_number":160,"box":{"x":101,"y":45,"width":787,"height":11}},{"id":"51087ec6-af3a-44ee-888c-3815e0d2d907","block_type":"box","text":"rata representation of the Fund’s por tfolio or a non-pro-rata representation of the Fund’s por tfolio depending upon","page_number":160,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"a3094252-bd04-489d-9699-146ba640d690","block_type":"box","text":"various circumstances and subject to the Funds’ policies and procedures and any applicable laws or regulations. In","page_number":160,"box":{"x":68,"y":75,"width":822,"height":11}},{"id":"4ad12980-8fac-46da-99ab-7fa4f1ce1f76","block_type":"box","text":"effecting such redemption in kind, the Manager may select securities to distribute to the redeeming shareholder by","page_number":160,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"0b374779-884f-49b9-b6ba-25cf296a272e","block_type":"box","text":"considering cer tain factors, including, without limitation, the por tfolio management team’s model or optimal por tfolio,","page_number":160,"box":{"x":69,"y":105,"width":838,"height":11}},{"id":"9dc8297e-1524-4a89-8941-a58bf9c670a1","block_type":"box","text":"risk management considerations, compliance considerations, the active positioning of a Fund post-redemption, the","page_number":160,"box":{"x":69,"y":120,"width":818,"height":12}},{"id":"ccc6e8a4-2cb3-4b75-ab89-4af743322189","block_type":"box","text":"liquidity of the securities, and the tax basis of the securities. There is no assurance that BlackRock will select to","page_number":160,"box":{"x":70,"y":135,"width":801,"height":11}},{"id":"95398863-fc3f-4164-89bc-e4dc9987bf9e","block_type":"box","text":"retain those securities that will per form the best. An Index Fund may deviate from pro rata redemptions but will seek","page_number":160,"box":{"x":69,"y":150,"width":832,"height":12}},{"id":"988a6a79-caf8-48e9-9b92-eeece7645393","block_type":"box","text":"for the securities and other assets to be distributed to be deemed to be a fair representation of por tfolio holdings","page_number":160,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"dc70d126-89c7-49ba-8886-ff0a0a520025","block_type":"box","text":"and the interests of the remaining shareholders in the Index Fund to not be diluted.","page_number":160,"box":{"x":69,"y":181,"width":594,"height":11}},{"id":"6b170052-57bc-45b3-a612-d8235cb75971","block_type":"box","text":"The Funds may effect redemptions in kind in an effor t to, among other considerations: (a) manage the por tfolio","page_number":160,"box":{"x":101,"y":203,"width":795,"height":12}},{"id":"e18300fe-d940-4af0-8461-e023348ffdb5","block_type":"box","text":"efficiently or for any other por tfolio management purpose, and (b) externalize cer tain transaction costs that would","page_number":160,"box":{"x":69,"y":218,"width":810,"height":12}},{"id":"8f23f369-6854-4fa2-805b-7a0f9b86802b","block_type":"box","text":"otherwise be borne by a Fund in connection with redemption activity or por tfolio turnover. Redemptions in kind may","page_number":160,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"ac863cb9-45f1-417f-96c6-91988ffb3964","block_type":"box","text":"reduce the need for the Fund to maintain shor t-term cash reserves, reduce Fund transaction costs, reduce the need","page_number":160,"box":{"x":69,"y":249,"width":828,"height":10}},{"id":"b2e628ca-3d35-457f-b2c3-9b18b4775a09","block_type":"box","text":"for the Fund to sell its investments at inoppor tune times, and lower Fund capital gain recognition, all of which may be","page_number":160,"box":{"x":68,"y":264,"width":838,"height":11}},{"id":"94e96395-711d-40da-a20c-48e74aed0293","block_type":"box","text":"considerations when determining whether to effect a redemption in kind. However, there can be no assurance that","page_number":160,"box":{"x":69,"y":279,"width":817,"height":11}},{"id":"dc610517-8e1f-4dfe-a38b-91fda27ac980","block_type":"box","text":"redemptions in kind can or will be effected when they would be beneficial to a Fund, and it may be impractical or","page_number":160,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"04d77b5f-0868-49d4-baa5-65f643de612a","block_type":"box","text":"impossible to effect redemptions in kind with many or substantially all of the Fund’s shareholders because of, among","page_number":160,"box":{"x":70,"y":309,"width":837,"height":11}},{"id":"b172b09b-89e5-4977-ab6e-88134f32fd15","block_type":"box","text":"other things, how they hold their Fund shares or the small value of the redemptions.","page_number":160,"box":{"x":69,"y":324,"width":598,"height":12}},{"id":"2fd7070d-03a0-4872-85a6-e6dcf826adaf","block_type":"box","text":"In some circumstances, in order to meet Fund liquidity needs, for optimization of the Fund’s por tfolio, or a","page_number":160,"box":{"x":102,"y":347,"width":756,"height":11}},{"id":"27ca2138-2125-446d-ba22-cd546159f2cd","block_type":"box","text":"combination thereof, a Fund, in its discretion, may accept large purchase orders from one or more financial","page_number":160,"box":{"x":69,"y":362,"width":764,"height":11}},{"id":"4681f0c9-cd05-4a67-9311-ffb2cd0f8c2d","block_type":"box","text":"institutions that are willing, upon redemption of their investment in the Fund, to receive their redemption proceeds in","page_number":160,"box":{"x":70,"y":377,"width":830,"height":12}},{"id":"6cf248e2-879e-467e-b46a-689320a74de6","block_type":"box","text":"kind rather than in cash. A Fund’s ability to pay these redemption proceeds in kind relieves the Fund of the need of","page_number":160,"box":{"x":69,"y":392,"width":821,"height":12}},{"id":"b2b09870-5120-4e7f-8e7c-ad850b281f11","block_type":"box","text":"the Fund to sell the securities that are distributed in kind and incur brokerage and other transaction costs associated","page_number":160,"box":{"x":68,"y":408,"width":837,"height":11}},{"id":"989e354e-e9bf-44a0-8d3e-874385c2d2c2","block_type":"box","text":"with such sale, and may have the effect of reducing the amount of taxable gains the Fund would otherwise be","page_number":160,"box":{"x":68,"y":423,"width":784,"height":11}},{"id":"f1925b08-f3ac-4b23-915e-14162fd3306c","block_type":"box","text":"required to distribute to shareholders. A Fund’s ability to engage in such transactions is subject to, among other","page_number":160,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"9e11f872-70af-49d5-b108-995f7c6952df","block_type":"box","text":"things, limitations on frequency of redemptions in kind under the Fund’s policies and availability of shareholders able","page_number":160,"box":{"x":68,"y":453,"width":835,"height":11}},{"id":"27c4fcfb-e7e5-4f84-987d-2751b803a883","block_type":"box","text":"to transact in kind, and there is no assurance that the Fund can or will effect any redemptions in kind. Financial","page_number":160,"box":{"x":68,"y":468,"width":796,"height":11}},{"id":"38613e51-f2f7-4897-af73-0bde56342aca","block_type":"box","text":"institutions that par ticipate in the transactions described in this sub-section do not receive a fee from the Fund for","page_number":160,"box":{"x":70,"y":483,"width":816,"height":11}},{"id":"75ab33a4-4a9a-45ba-80c1-1b6526c552f7","block_type":"box","text":"doing so. The Funds’ shor t-term trading policy shall not apply to the transactions described in this sub-section.","page_number":160,"box":{"x":69,"y":498,"width":788,"height":11}},{"id":"17519ac2-c8db-47e7-98ac-39598254b536","block_type":"box","text":"If you receive securities through a redemption in kind, and desire to conver t them to cash, you may pay taxes","page_number":160,"box":{"x":102,"y":521,"width":779,"height":11}},{"id":"6f2d732b-9e13-4a78-8419-70c890942f7e","block_type":"box","text":"and brokerage and other transaction costs to dispose of the securities. You may also receive less for the securities","page_number":160,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"46d7a90c-269d-4315-90d7-d427ed72dbac","block_type":"box","text":"than the price at which they were valued for purposes of effecting the redemption. There may also be a risk that","page_number":160,"box":{"x":68,"y":551,"width":800,"height":11}},{"id":"3feec888-8371-4435-a908-efa0f83c2d19","block_type":"box","text":"redemption in kind activity could negatively impact the market value of the securities distributed in kind and, in turn,","page_number":160,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"ab0b0707-68eb-49fb-9d4b-e359518e0b58","block_type":"box","text":"the NAV of the corresponding Fund.","page_number":160,"box":{"x":68,"y":581,"width":251,"height":12}},{"id":"7db18562-dce2-4e12-9e59-8c26611f6f81","block_type":"box","text":"Repurchase","page_number":160,"box":{"x":69,"y":612,"width":85,"height":11}},{"id":"81f88709-29e7-432b-a72b-27c3d88fee87","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":160,"box":{"x":101,"y":634,"width":800,"height":12}},{"id":"7291ad4c-f938-4ff3-9b61-2e4c100f1e38","block_type":"box","text":"priced at the NAV of the Fund next determined after receipt of the repurchase order by a Selling Dealer that has been","page_number":160,"box":{"x":70,"y":649,"width":833,"height":12}},{"id":"d615d871-5b19-4003-90bd-659aa2a43391","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":160,"box":{"x":69,"y":665,"width":822,"height":11}},{"id":"29910e26-0245-486b-af44-4768ecad42c6","block_type":"box","text":"prior to the close of business on the NYSE (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the","page_number":160,"box":{"x":70,"y":680,"width":809,"height":11}},{"id":"036a2558-5be7-49e9-9a79-166940cbe5c8","block_type":"box","text":"order is placed, which includes orders received after the close of business on the previous day, the repurchase price","page_number":160,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"243e7c70-ac00-4ff4-b1af-ad3bd5763e01","block_type":"box","text":"is the NAV determined as of the close of business on the NYSE on that day. If the orders for repurchase are not","page_number":160,"box":{"x":70,"y":710,"width":796,"height":11}},{"id":"329ff630-aafa-4488-b1ff-3febb0b58c08","block_type":"box","text":"received by the Selling Dealer before the close of business on the NYSE, such orders are deemed received on the","page_number":160,"box":{"x":69,"y":725,"width":812,"height":11}},{"id":"4cbc33ae-65d5-40af-aed8-eea3c1e732e4","block_type":"box","text":"next business day.","page_number":160,"box":{"x":69,"y":740,"width":130,"height":11}},{"id":"a8a31af2-c4c3-41bd-8bf8-f3215f130452","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":160,"box":{"x":101,"y":763,"width":783,"height":11}},{"id":"27575fdf-9f08-4b27-8847-3cdb77ef4637","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":160,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"14629da5-b1b8-4ad2-bb35-c9a3177fc6aa","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":160,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"45e7be4f-5871-4f19-9767-93426a194fbf","block_type":"box","text":"impose a transaction charge for transmitting the notice of repurchase to the Fund. Each Fund reserves the right to","page_number":160,"box":{"x":70,"y":808,"width":814,"height":11}},{"id":"b50f87ab-1561-4c05-96a0-37cedfab0d73","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":160,"box":{"x":69,"y":823,"width":788,"height":11}},{"id":"6d2e9991-7252-4fcb-b39d-35b701c9039e","block_type":"box","text":"redeem shares as set out above.","page_number":160,"box":{"x":69,"y":839,"width":235,"height":8}},{"id":"46510382-edeb-4a93-8625-84dc0c306884","block_type":"box","text":"II-117","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"caacfa5f-5b09-42bd-8c3b-fa2c7d89ab3b","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":160,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"dd93416e-91d1-4589-8e4d-133b120d726a","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":161,"box":{"x":69,"y":45,"width":440,"height":11}},{"id":"23013562-c50d-4be9-a031-01a745973f8f","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":161,"box":{"x":102,"y":67,"width":791,"height":11}},{"id":"49ba8e47-6488-4bab-86f8-0f7b5c070a30","block_type":"box","text":"reinvest all or a por tion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":161,"box":{"x":69,"y":82,"width":815,"height":12}},{"id":"acdf972c-2123-4901-b71c-e8ab4423c230","block_type":"box","text":"Shares of the same or another BlackRock fund without paying a front-end sales charge. This right may be exercised","page_number":161,"box":{"x":69,"y":98,"width":822,"height":11}},{"id":"52f21a41-9025-4d15-ae7c-5dca83f4976f","block_type":"box","text":"within 90 days of the redemption, provided that the Investor A or Investor P Shares, as applicable, of that fund is","page_number":161,"box":{"x":68,"y":113,"width":806,"height":11}},{"id":"0434b4f0-82a9-4170-a693-2e4bd4e658aa","block_type":"box","text":"currently open to new investors or the shareholder has a current account in that closed fund. Shares will be","page_number":161,"box":{"x":69,"y":128,"width":768,"height":11}},{"id":"b3048d6a-744b-41e5-815c-b43587a055bb","block_type":"box","text":"purchased at the NAV calculated at the close of trading on the day the request is received in good order. To exercise","page_number":161,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"51799c4b-f3ab-43ea-a70e-dd25cdb0a242","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":161,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"3fa69a49-d203-43ae-9dad-32ddcdcec984","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":161,"box":{"x":69,"y":173,"width":764,"height":11}},{"id":"25eec73c-5936-47a5-9c1d-36fd33a3c6c3","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":161,"box":{"x":69,"y":188,"width":400,"height":12}},{"id":"9cff7653-f1b3-4ab1-8469-4eed6e79f6de","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":161,"box":{"x":384,"y":218,"width":210,"height":9}},{"id":"edaa1d4e-7ba2-4318-a928-28176f1334a6","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":161,"box":{"x":102,"y":241,"width":747,"height":11}},{"id":"183e1b79-3fdb-48b0-83f9-b4cba1ede18c","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":161,"box":{"x":70,"y":256,"width":781,"height":11}},{"id":"6f8402c3-109e-4d16-a5a9-25070e7ad5b5","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":161,"box":{"x":68,"y":271,"width":836,"height":11}},{"id":"f517939c-8215-4e6b-9d01-ef6684f856f3","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":161,"box":{"x":69,"y":286,"width":641,"height":11}},{"id":"5bf3639b-3c26-4aca-9ce8-8a94e797bfbc","block_type":"box","text":"Investment Account","page_number":161,"box":{"x":69,"y":316,"width":146,"height":9}},{"id":"969f6735-7035-498d-aeeb-690431317cfe","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":161,"box":{"x":102,"y":339,"width":774,"height":11}},{"id":"b248cef5-cb4f-446f-80b6-79786db1c519","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":161,"box":{"x":70,"y":354,"width":796,"height":11}},{"id":"0a61127a-cb2d-4f2b-a79b-ddccaae4e731","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":161,"box":{"x":70,"y":369,"width":807,"height":11}},{"id":"559d3840-0a77-4dab-a09d-bd560b4b7115","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":161,"box":{"x":68,"y":384,"width":830,"height":11}},{"id":"15bea643-7960-48ef-b726-73f799298c64","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":161,"box":{"x":69,"y":399,"width":829,"height":11}},{"id":"d5cf0f2b-0a09-4a99-bf58-a36515d13686","block_type":"box","text":"the Transfer Agent you may make additions to it at any time by mailing a check directly to the Transfer Agent. Each","page_number":161,"box":{"x":68,"y":414,"width":815,"height":12}},{"id":"20658193-94ba-4cf4-bdf9-4eca0361a9eb","block_type":"box","text":"Fund limits purchases by personal check to $500,000 per trade. You may also maintain an account through a","page_number":161,"box":{"x":70,"y":429,"width":781,"height":12}},{"id":"6179515a-d3c3-4c6c-980a-9ca7166f9e84","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":161,"box":{"x":69,"y":445,"width":825,"height":11}},{"id":"cf8b4b13-6d28-45da-aed5-780d88233262","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":161,"box":{"x":69,"y":460,"width":785,"height":11}},{"id":"33cfe4e8-7c53-4ca1-aeb5-d4a4a665d790","block_type":"box","text":"automatically at the Transfer Agent.","page_number":161,"box":{"x":69,"y":475,"width":251,"height":11}},{"id":"c62841f8-2b72-4f5b-8347-a00980d37a38","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":161,"box":{"x":101,"y":498,"width":750,"height":11}},{"id":"f492ebd8-04be-4899-b51e-58f0034235e6","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":161,"box":{"x":69,"y":513,"width":797,"height":11}},{"id":"8e4cb9e3-bfa9-4c54-927a-670ced92a119","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":161,"box":{"x":69,"y":528,"width":797,"height":11}},{"id":"4871a873-0455-46a6-a2c9-57b62e3329ad","block_type":"box","text":"coordinated by the new firm. If you wish to transfer your shares to a securities dealer or other financial intermediary","page_number":161,"box":{"x":69,"y":543,"width":826,"height":11}},{"id":"38ee1d52-2903-4855-ac0e-c6f860e40496","block_type":"box","text":"that has not entered into an agreement with the Distributor, you must either (i) redeem your shares, paying any","page_number":161,"box":{"x":68,"y":558,"width":792,"height":11}},{"id":"ea8232cb-7c34-4ef3-9d2d-eeddcf2f8768","block_type":"box","text":"applicable CDSC or (ii) continue to maintain an Investment Account at the Transfer Agent for those shares. You also","page_number":161,"box":{"x":69,"y":573,"width":824,"height":11}},{"id":"530e1d17-e1a7-41ad-91ac-5aea9b19f93c","block_type":"box","text":"may request that the new securities dealer or other financial intermediary maintain the shares in an account at the","page_number":161,"box":{"x":69,"y":588,"width":820,"height":11}},{"id":"907dfc6e-ad00-4f3a-be13-5c22269073bb","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":161,"box":{"x":68,"y":603,"width":833,"height":12}},{"id":"e3efe9b0-b201-430b-87b3-6469f0af94a0","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":161,"box":{"x":68,"y":618,"width":795,"height":12}},{"id":"c6aade2e-7591-4282-9be1-aff6ff1ce4bb","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":161,"box":{"x":70,"y":634,"width":822,"height":11}},{"id":"e42676d1-f792-4a7d-a201-33fc1f939ed2","block_type":"box","text":"not be issued physically. Shares are maintained by each Fund on its register maintained by the Transfer Agent and","page_number":161,"box":{"x":69,"y":649,"width":814,"height":11}},{"id":"12719d1b-70c2-4766-9384-081d66f96999","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if cer tificates had been","page_number":161,"box":{"x":68,"y":664,"width":822,"height":11}},{"id":"1fb535b6-f9a8-4f6c-90c1-ddb71c23e130","block_type":"box","text":"issued.","page_number":161,"box":{"x":70,"y":679,"width":49,"height":9}},{"id":"2eb1b3ce-79ac-48eb-8292-4c0273fa24de","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":161,"box":{"x":102,"y":702,"width":785,"height":11}},{"id":"220bc30f-57fe-40ec-b590-d89b6f09f91d","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":161,"box":{"x":68,"y":717,"width":830,"height":11}},{"id":"dfd7ebc3-915b-43c0-9324-e1ebaf2c46ba","block_type":"box","text":"that if the new firm will not take delivery of shares of the Fund, you must either redeem the shares (paying any","page_number":161,"box":{"x":68,"y":732,"width":790,"height":11}},{"id":"be4b1f36-911e-45b4-a68d-c0ee2f31fe6a","block_type":"box","text":"applicable CDSC) so that the cash proceeds can be transferred to the account at the new firm, or you must continue","page_number":161,"box":{"x":69,"y":747,"width":831,"height":11}},{"id":"501c4675-7481-4525-901f-5ee35f8d8c40","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":161,"box":{"x":68,"y":762,"width":652,"height":11}},{"id":"112e6788-3830-4c50-b119-6623bac71a3f","block_type":"box","text":"Exchange Privilege","page_number":161,"box":{"x":69,"y":792,"width":138,"height":11}},{"id":"8d53630f-51f4-410a-ba6b-7ba59c26aaf8","block_type":"box","text":"U.S. shareholders of Investor A, Investor A1, Investor C, Investor P, Class K, Institutional and Class G Shares of","page_number":161,"box":{"x":102,"y":815,"width":797,"height":11}},{"id":"c5efe9f4-659f-45b3-9ea9-f544fd9f0cf8","block_type":"box","text":"each Fund have an exchange privilege with cer tain other Funds. However, Investor A1 Shares may only exchange out.","page_number":161,"box":{"x":69,"y":830,"width":832,"height":11}},{"id":"cb6fc035-b9c9-4f2f-b29d-960affdc7b02","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":161,"box":{"x":68,"y":845,"width":788,"height":12}},{"id":"4172dbf8-1713-4d8f-9097-e57574280f07","block_type":"box","text":"$1,000 if you already have an account in the Fund into which you are exchanging. You may only exchange into a","page_number":161,"box":{"x":69,"y":860,"width":796,"height":12}},{"id":"a49a4e75-3311-4abe-8490-0fa645a20ed8","block_type":"box","text":"share class and a Fund that are open to new investors or in which you have a current account if the class or fund is","page_number":161,"box":{"x":69,"y":875,"width":824,"height":12}},{"id":"fb9935b7-59bb-44e0-8414-144b89423475","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":161,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"0484d35b-d1cc-4ee4-9211-6e79a6422d13","block_type":"box","text":"II-118","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7e89854f-91b7-4409-9f06-d4b3c2cd7b46","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":161,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"becf9685-191c-47c5-89a4-2ce8c1d32c6b","block_type":"box","text":"into which you wish to make the exchange. Exercise of the exchange privilege is treated as a sale of the exchanged","page_number":162,"box":{"x":70,"y":45,"width":820,"height":11}},{"id":"32a61055-3b67-4306-bb85-76610cdaec87","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":162,"box":{"x":69,"y":60,"width":600,"height":11}},{"id":"e2df2c3d-8b75-4926-914d-ba239793ff2c","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":162,"box":{"x":102,"y":82,"width":648,"height":12}},{"id":"2b224c3c-238a-4abb-a8df-04a24add663a","block_type":"box","text":"Institutional Shares","page_number":162,"box":{"x":757,"y":83,"width":137,"height":8}},{"id":"a639379a-3d38-4404-b130-075554dd325a","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":162,"box":{"x":69,"y":98,"width":817,"height":11}},{"id":"73e6543a-42d5-4395-a5cb-f7861974fb67","block_type":"box","text":"Investor A Shares of other Funds to the extent such shares are offered by your financial intermediary. Investor P","page_number":162,"box":{"x":70,"y":113,"width":798,"height":11}},{"id":"1362c139-6783-4c6f-8460-f355072ac27e","block_type":"box","text":"Shares are exchangeable for Investor P Shares of other Funds, to the extent such shares are offered by your financial","page_number":162,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"e9d25738-884a-4104-a7bf-befd1bd62302","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":162,"box":{"x":70,"y":143,"width":834,"height":11}},{"id":"0bdfae0b-99b8-4903-8b6e-74532696fb4a","block_type":"box","text":"for Class G Shares of other Funds.","page_number":162,"box":{"x":68,"y":158,"width":246,"height":9}},{"id":"971bd575-e703-40e7-813a-517aedd06e7a","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":162,"box":{"x":102,"y":181,"width":800,"height":11}},{"id":"5b8ddb32-6036-4946-8762-bc841d3e747b","block_type":"box","text":"market fund are effected on the basis of relative NAV per Institutional Share. Exchanges of Investor A or Investor A1","page_number":162,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"333f6192-48d6-43ec-9f7a-c2c7e1dcc521","block_type":"box","text":"Shares outstanding (“outstanding Investor A Shares”) for Investor A Shares of a second fund, or for shares of a","page_number":162,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"2edba83a-ff23-4104-a1a0-a9dc31f3c108","block_type":"box","text":"money market fund (“new Investor A Shares”) are effected on the basis of relative NAV per share. Exchanges of","page_number":162,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"11cc1cc3-ceca-4887-a6d6-7f30596d01ed","block_type":"box","text":"Investor P Shares outstanding for Investor P Shares of a second fund are effected on the basis of relative NAV per","page_number":162,"box":{"x":70,"y":241,"width":814,"height":11}},{"id":"f9a1546f-4b64-469d-bfc9-6cc06e92b18f","block_type":"box","text":"share. Exchanges of Class K Shares outstanding for Class K Shares of a second fund, or for shares of a money","page_number":162,"box":{"x":69,"y":256,"width":796,"height":12}},{"id":"ea2c529e-cc58-4ddd-87fe-626d6de5ca75","block_type":"box","text":"market fund are effected on the basis of relative NAV per share. Exchanges of Class G Shares outstanding for Class","page_number":162,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"dad2c800-e84e-47bd-a253-138e10320031","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":162,"box":{"x":69,"y":286,"width":561,"height":11}},{"id":"6dfe14c9-be4d-4fad-a732-9533adbd782d","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":162,"box":{"x":102,"y":309,"width":229,"height":11}},{"id":"63180602-10bd-4614-b228-64c74326c0fd","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":162,"box":{"x":338,"y":309,"width":570,"height":11}},{"id":"e7b25989-f38a-43b0-a668-14b7f153b429","block_type":"box","text":"Investor C Shares”) may exchange their shares for Investor C Shares of a second Fund (“new Investor C Shares”) or","page_number":162,"box":{"x":70,"y":324,"width":827,"height":12}},{"id":"6d246998-7bac-427d-acaf-9ad6c3e0b88a","block_type":"box","text":"for shares of a money market fund (“new money market fund Shares”) on the basis of relative NAV per share, without","page_number":162,"box":{"x":68,"y":339,"width":839,"height":12}},{"id":"bd5567dd-4651-4c12-8e4d-ee103556bbff","block_type":"box","text":"the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":162,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"883cd0e1-b9ea-4a89-b201-c2b9335887b0","block_type":"box","text":"upon redemption of new Investor C Shares or new money market fund Shares, as applicable, the time you held both","page_number":162,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"d1394be2-3041-4d8a-8ffb-c686236ffada","block_type":"box","text":"the exchanged Investor C Shares and the new Investor C Shares or new money market fund Shares will count","page_number":162,"box":{"x":68,"y":385,"width":781,"height":11}},{"id":"5d4fdade-98cd-44f6-b065-b97de6be19af","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":162,"box":{"x":68,"y":400,"width":654,"height":11}},{"id":"21a48fa0-c433-4a3e-b6a0-c40bcdb3493d","block_type":"box","text":"Exchanges of Service Shares.","page_number":162,"box":{"x":102,"y":423,"width":211,"height":11}},{"id":"927c2d88-a146-4f2c-9293-34e32aa73762","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":162,"box":{"x":319,"y":423,"width":588,"height":11}},{"id":"ed6e28b5-a867-4027-a65a-ae410db22e10","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":162,"box":{"x":69,"y":438,"width":342,"height":11}},{"id":"c034e157-cae7-4ae0-8343-237c5fede061","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":162,"box":{"x":102,"y":460,"width":335,"height":12}},{"id":"8e7e1d6a-2fae-4be7-b275-dbffc7c90d35","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":162,"box":{"x":443,"y":460,"width":455,"height":12}},{"id":"6c128e06-5186-4138-9fcb-647aad3923ac","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":162,"box":{"x":70,"y":475,"width":788,"height":12}},{"id":"284366c2-388d-4bbd-ab9d-ee54238d9841","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":162,"box":{"x":70,"y":491,"width":793,"height":11}},{"id":"e529c039-401a-48f6-ad0b-4b30ed41f05a","block_type":"box","text":"classes of shares: exchanges of Investor A, Investor A1 and Institutional Shares of a Fund will receive Investor A","page_number":162,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"3f2f47d6-5880-4f43-8b28-4f717375022d","block_type":"box","text":"Shares of Summit and exchanges of Investor C Shares of a Fund will receive Investor C Shares of Summit. You may","page_number":162,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"05dbcd06-4e71-4a6a-b5b7-d2ea208d61bb","block_type":"box","text":"exchange Investor A Shares of Summit back into Investor A or Institutional Shares of a Fund, if you are eligible to","page_number":162,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"7b518fbe-54ab-4956-b5f7-2323095cfd15","block_type":"box","text":"hold such shares. You may exchange Investor C Shares of Summit back into Investor C Shares of a Fund and, in the","page_number":162,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"6c1f75fc-7e5f-412b-8d6a-bff999eed0f4","block_type":"box","text":"event of such an exchange, the period of time that you held Investor C Shares of Summit will count toward","page_number":162,"box":{"x":69,"y":566,"width":758,"height":11}},{"id":"98a0dc5f-0410-43f3-9368-a74b0e5a35cb","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":162,"box":{"x":69,"y":581,"width":822,"height":12}},{"id":"bac95bbf-6f7d-4642-82c1-140ece075bc5","block_type":"box","text":"subject to a distribution fee at an annual rate of 0.75% of average daily net assets of such Investor C Shares.","page_number":162,"box":{"x":69,"y":596,"width":782,"height":12}},{"id":"a87e7696-e17e-45b7-9854-f991f93ba542","block_type":"box","text":"Exchanges of Investor C Shares of a money market fund other than Summit for Investor C Shares of a Fund will be","page_number":162,"box":{"x":70,"y":612,"width":814,"height":11}},{"id":"32c647bd-47b1-4470-802e-ae65b59a138a","block_type":"box","text":"exercised at NAV. However, a CDSC may be charged in connection with any subsequent redemption of the Investor C","page_number":162,"box":{"x":69,"y":627,"width":830,"height":11}},{"id":"a430158b-4a91-4fe3-97d0-9ce5a069f1e5","block_type":"box","text":"Shares of the Fund received in the exchange. In determining the holding period for calculating the CDSC payable on","page_number":162,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"ed0e588e-fc7b-4050-a5ac-983d47aba1de","block_type":"box","text":"redemption of Investor C Shares of the Fund received in the exchange, the holding period of the money market fund","page_number":162,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"7c0d4b89-dd4f-405b-8421-1b03121240ab","block_type":"box","text":"Investor C Shares originally held will be added to the holding period of the Investor C Shares acquired through","page_number":162,"box":{"x":70,"y":672,"width":781,"height":11}},{"id":"6ab3b81c-6dce-4329-bfa6-1c9b1954389a","block_type":"box","text":"exchange.","page_number":162,"box":{"x":69,"y":687,"width":70,"height":11}},{"id":"0c5f7f98-1c8d-4618-838b-72f20f21bc70","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":162,"box":{"x":102,"y":710,"width":337,"height":11}},{"id":"caa8a82e-0295-476d-8f45-f36794123bdc","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":162,"box":{"x":445,"y":710,"width":448,"height":11}},{"id":"86d86f00-a21f-445e-9d4f-f778b72b75de","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":162,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"c0c6e336-6911-42bf-bf88-5ccb6f805c75","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":162,"box":{"x":69,"y":740,"width":796,"height":11}},{"id":"31b1680a-db59-464c-81b2-95cc6b087593","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":162,"box":{"x":70,"y":755,"width":324,"height":11}},{"id":"20e85951-a479-47dd-82fd-181be6be4c39","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":162,"box":{"x":102,"y":778,"width":245,"height":11}},{"id":"3303f26b-d9b5-4f7b-a059-122a41403e52","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":162,"box":{"x":353,"y":778,"width":543,"height":11}},{"id":"10f5c97e-7440-482b-bd97-b47d5541f5df","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share cer tificates, you may","page_number":162,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"e57c04b0-1b49-4372-997b-86da812929f7","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":162,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"67438edc-b2cf-426f-b02a-90e0b534df18","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":162,"box":{"x":69,"y":823,"width":512,"height":12}},{"id":"660d53e5-7ebb-4211-b4ef-a1523fac3a91","block_type":"box","text":"A shareholder who wishes to make an exchange may do so by sending a written request to the Fund c/o the","page_number":162,"box":{"x":101,"y":846,"width":772,"height":11}},{"id":"36b096bd-4eda-4207-8c05-d27c2f625f8d","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":162,"box":{"x":68,"y":861,"width":824,"height":11}},{"id":"ce5159fb-533b-489e-a915-9ed3abf692f1","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":162,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"73943281-509c-4ece-b421-6447cc9d5196","block_type":"box","text":"Application that they do not wish to use this privilege. To add this feature to an existing account that previously did","page_number":162,"box":{"x":68,"y":891,"width":817,"height":12}},{"id":"af24dab1-2f88-4d1a-8ece-38d15c04ba57","block_type":"box","text":"not provide this option, a Telephone Exchange Authorization Form must be filed with the Transfer Agent. This form is","page_number":162,"box":{"x":69,"y":906,"width":826,"height":12}},{"id":"34b7b0c2-50b7-4c85-9f9f-e87f9f8fd14e","block_type":"box","text":"II-119","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"df4bef58-493f-4b09-a5fb-6d525560bfc5","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":162,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"08e01d7e-77b2-4b66-8068-a0e26e625174","block_type":"box","text":"available from the Transfer Agent. Once this election has been made, the shareholder may simply contact the Fund by","page_number":163,"box":{"x":69,"y":45,"width":840,"height":11}},{"id":"e79c59f8-5b70-4de6-a361-5a73a92c1f4e","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":163,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"e6dc284a-d407-4b61-95bb-71cf41554c70","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":163,"box":{"x":68,"y":75,"width":815,"height":11}},{"id":"13646f3e-e73b-497d-9402-dd9f1d17d598","block_type":"box","text":"Transfer Agent in writing.","page_number":163,"box":{"x":68,"y":90,"width":175,"height":11}},{"id":"2c7a8d6e-ef28-4b91-b7ca-bf111c7c9fca","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":163,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"b32111d4-fa22-4e0a-ac1e-1ca93339b312","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":163,"box":{"x":69,"y":128,"width":828,"height":11}},{"id":"fdcda2e2-e110-4e6a-909d-cbb8e0600628","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":163,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"536c17bb-c861-4542-8215-fc2932a82f48","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to par ticipate in the","page_number":163,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"e492ee24-6f2c-43d6-a2d1-2817b27d611e","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":163,"box":{"x":68,"y":173,"width":763,"height":11}},{"id":"4760e9ca-795a-4c15-9f8d-f201a2c11532","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":163,"box":{"x":69,"y":188,"width":424,"height":12}},{"id":"aca81cea-2ab1-42e9-854f-5e5ae76b744a","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":163,"box":{"x":101,"y":211,"width":790,"height":11}},{"id":"f0766676-f74f-45ba-8f25-30f3efa122a2","block_type":"box","text":"must be legally available for sale in the state of the investor’s residence. For U.S. federal income tax purposes, a","page_number":163,"box":{"x":69,"y":226,"width":808,"height":11}},{"id":"ba7576e2-57cf-4787-ba5e-97d31bf8a585","block_type":"box","text":"share exchange is a taxable event and, accordingly, a capital gain or loss may be realized. Before making an","page_number":163,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"6fdeb68e-07e6-437a-a74b-2a7216dead16","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":163,"box":{"x":69,"y":256,"width":819,"height":12}},{"id":"b3140a0a-4e9d-4aa3-a19c-05a8be040b8b","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":163,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"a2199182-6833-4129-83ae-12b4eed61d78","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":163,"box":{"x":70,"y":286,"width":354,"height":12}},{"id":"707e001f-6c93-4dc5-92df-41583d811545","block_type":"box","text":"The Funds reserve the right to suspend, modify or terminate the exchange privilege at any time. Notice will be","page_number":163,"box":{"x":101,"y":309,"width":782,"height":11}},{"id":"920c2bed-717b-453a-8d25-6cc5c02ed6d0","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":163,"box":{"x":68,"y":324,"width":800,"height":12}},{"id":"74434859-2199-4475-ae62-a4babfe69aa8","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":163,"box":{"x":69,"y":340,"width":831,"height":11}},{"id":"5872250a-49a1-4e57-b671-de791aefab3e","block_type":"box","text":"amount or frequency, and to other restrictions that may be established from time to time to ensure that exchanges","page_number":163,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"9fd753b3-1400-4c94-b0ec-c66884780003","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":163,"box":{"x":69,"y":370,"width":506,"height":11}},{"id":"02204bc8-6ead-43ff-86c7-80c3f6bb8ff0","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":163,"box":{"x":101,"y":392,"width":733,"height":12}},{"id":"a9db2d27-d099-49bc-85c9-c81b5958506f","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":163,"box":{"x":69,"y":407,"width":793,"height":12}},{"id":"5ee05b54-ad44-46ea-a5dc-9834fd3cf8ec","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":163,"box":{"x":70,"y":423,"width":832,"height":11}},{"id":"a9c2a25d-c9c4-4b47-b4a1-6c622fbd47cf","block_type":"box","text":"such procedures. By use of the exchange privilege, the investor authorizes the Fund’s Transfer Agent to act on","page_number":163,"box":{"x":69,"y":438,"width":785,"height":11}},{"id":"27ff6c62-d9ef-4af7-8dad-23b6afb35c28","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":163,"box":{"x":68,"y":453,"width":825,"height":11}},{"id":"678e83aa-6227-4d7b-9184-ad729c5dc13d","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent per taining to such instructions are","page_number":163,"box":{"x":68,"y":468,"width":837,"height":11}},{"id":"f5f3f265-71be-49d9-aeab-68009b235298","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":163,"box":{"x":69,"y":483,"width":767,"height":11}},{"id":"62cdba20-89cb-42d8-868d-be0e1536dcba","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":163,"box":{"x":69,"y":498,"width":750,"height":11}},{"id":"3a72ce60-433e-4752-b9ce-c5f1f3263a36","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":163,"box":{"x":102,"y":521,"width":757,"height":11}},{"id":"bf65ebbe-1dee-4a69-9ae7-389596558772","block_type":"box","text":"Cer tain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":163,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"203cb933-18e5-480f-b83d-8f2a2dbce085","block_type":"box","text":"such offering from time to time. The exchange privilege is available only to U.S. shareholders in states where the","page_number":163,"box":{"x":69,"y":551,"width":805,"height":11}},{"id":"9d0d88c4-563c-4fbc-b361-5ec959dcdae7","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":163,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"cf243469-5719-4201-bb20-4a23cf33061e","block_type":"box","text":"may be distributed by the Distributor.","page_number":163,"box":{"x":69,"y":582,"width":262,"height":10}},{"id":"6137cfda-e493-47f8-b717-89c7fb378770","block_type":"box","text":"Participation in Fee-Based Programs","page_number":163,"box":{"x":69,"y":612,"width":266,"height":11}},{"id":"7a56c19f-9cc0-4ac0-8b0c-4c109a4db0e6","block_type":"box","text":"If you par ticipate in cer tain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":163,"box":{"x":102,"y":634,"width":780,"height":12}},{"id":"1c756b56-9869-485c-9687-07c090e61522","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":163,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"129e2573-afdc-48ca-84fd-d4bcc92b6cdc","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":163,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"e863c011-5599-4858-820d-333443c05cda","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":163,"box":{"x":69,"y":680,"width":770,"height":11}},{"id":"f8e1a166-97ee-4b0a-b451-aa912ea19b48","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":163,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"e3159ed0-5624-4685-983b-a4094eb1e2f1","block_type":"box","text":"if you choose to leave the fee-based program, you may have to redeem your shares held through the program and","page_number":163,"box":{"x":70,"y":710,"width":808,"height":11}},{"id":"d434def3-aa40-4247-8cca-fd6a8db774f7","block_type":"box","text":"purchase shares of another class, which may be subject to distribution and service fees. This may be a taxable event","page_number":163,"box":{"x":70,"y":725,"width":838,"height":11}},{"id":"89504267-1e40-44fa-bbc5-c6cdebef5f38","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":163,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"6992265e-64d2-4ffe-b561-5d09bc691746","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":163,"box":{"x":70,"y":755,"width":555,"height":11}},{"id":"d2fd9ea1-db58-4f36-a039-a1df83406ad4","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated or the shares can be held in","page_number":163,"box":{"x":102,"y":778,"width":788,"height":11}},{"id":"77bb6a13-e57b-40de-8544-2f794449053f","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":163,"box":{"x":69,"y":793,"width":817,"height":10}},{"id":"256f744d-156e-49d8-9453-610abef4efba","block_type":"box","text":"class was held in the program can be held after termination. Shares that have been held for less than specified","page_number":163,"box":{"x":69,"y":808,"width":796,"height":11}},{"id":"89b848e5-3caa-437d-bf42-adec2c826d26","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":163,"box":{"x":70,"y":823,"width":754,"height":12}},{"id":"7a852123-1a61-4f9a-bc2e-66aafc6b95f3","block_type":"box","text":"Institutional Shares in the program may be eligible to purchase additional shares of the respective share class of a","page_number":163,"box":{"x":70,"y":838,"width":820,"height":12}},{"id":"5b601253-1070-4abe-bb7f-2ba34f6a47f8","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":163,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"a18d6623-7887-447a-a57a-944462eebc9e","block_type":"box","text":"Institutional Shares are permitted only if you have an existing position at the time of purchase or are otherwise","page_number":163,"box":{"x":70,"y":869,"width":791,"height":11}},{"id":"e2c6ab21-32a1-4e2c-96bb-90a1712c7769","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":163,"box":{"x":69,"y":884,"width":756,"height":11}},{"id":"d877dff1-485a-4bd8-9998-4b41603fb816","block_type":"box","text":"II-120","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"719bab94-1583-416d-9e58-d3e8390447ef","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":163,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"08c073b6-94c9-42e4-beb8-35cfe3bced5c","block_type":"box","text":"Cer tain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":164,"box":{"x":102,"y":45,"width":793,"height":11}},{"id":"7daa0200-e6d8-4fe5-b919-69fce8e171c4","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":164,"box":{"x":68,"y":60,"width":791,"height":11}},{"id":"e3a79a6a-6d21-4980-bb9d-31ac78de43cc","block_type":"box","text":"intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":164,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"a3efdf25-4a70-486a-b1d8-0aefb2fe2d79","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":164,"box":{"x":69,"y":90,"width":807,"height":11}},{"id":"95c9445e-b4d3-4381-93f8-9167adf7ce4b","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":164,"box":{"x":69,"y":105,"width":801,"height":11}},{"id":"3577a7b8-af08-4460-83ee-a4b9b9c4d3da","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":164,"box":{"x":69,"y":120,"width":424,"height":11}},{"id":"e1853798-4ca9-43be-bb1a-af83815518b8","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":164,"box":{"x":102,"y":143,"width":752,"height":11}},{"id":"af701e82-23cc-43f9-a774-a45882ff4d90","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":164,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"d2419a87-1cec-4983-9f5e-4475cc6b2502","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":164,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"93356745-0ec2-4bbc-8e70-da857be6aa37","block_type":"box","text":"information.","page_number":164,"box":{"x":70,"y":188,"width":83,"height":9}},{"id":"aa34f0fb-49ae-41d3-9744-f288c7fe5407","block_type":"box","text":"Retirement and Education Savings Plans","page_number":164,"box":{"x":69,"y":219,"width":296,"height":11}},{"id":"1e6097bb-f957-4df3-af9f-d5fbed7bc33b","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":164,"box":{"x":102,"y":241,"width":805,"height":11}},{"id":"062a403d-0e48-41f2-90f2-f0c63067b986","block_type":"box","text":"intermediary. Under these plans, investments may be made in a Fund (other than a Municipal Fund) and cer tain of","page_number":164,"box":{"x":70,"y":256,"width":815,"height":11}},{"id":"ea71d8ee-4860-4984-b3ba-a3466247b263","block_type":"box","text":"the other mutual funds sponsored by the Manager or its affiliates as well as in other securities. There may be fees","page_number":164,"box":{"x":68,"y":271,"width":819,"height":12}},{"id":"c4c5ef30-6e11-43d6-b904-4a5c74f92111","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":164,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"fb8cd84b-afee-4c16-aeae-6fec4cb3555f","block_type":"box","text":"your financial intermediary.","page_number":164,"box":{"x":68,"y":302,"width":191,"height":11}},{"id":"3291e7bd-de08-43c3-bf24-355ec38e17d0","block_type":"box","text":"Dividends received in each of the plans referred to above are exempt from U.S. federal taxation until distributed","page_number":164,"box":{"x":102,"y":324,"width":796,"height":11}},{"id":"dbeb487e-6dc7-4315-9269-0f8e3485027a","block_type":"box","text":"from the plans and, in the case of Roth IRAs and education savings plans, may be exempt from taxation when","page_number":164,"box":{"x":68,"y":339,"width":784,"height":12}},{"id":"4d461483-2562-48e4-a659-a61081c68f2b","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":164,"box":{"x":69,"y":355,"width":801,"height":11}},{"id":"2edb6a97-4b2b-4fe6-9610-91d5afab0c1c","block_type":"box","text":"specific tax laws relating to the plan and should consult their attorneys or tax advisors with respect to the","page_number":164,"box":{"x":69,"y":370,"width":753,"height":11}},{"id":"119f66c8-da31-4ec8-8565-81a1557f506b","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":164,"box":{"x":69,"y":385,"width":354,"height":11}},{"id":"5ad92212-9925-4ec5-ad14-00a863246119","block_type":"box","text":"Automatic Investment Plans","page_number":164,"box":{"x":68,"y":415,"width":207,"height":9}},{"id":"afa246d0-d9e0-4529-abd1-0835726ee2bf","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":164,"box":{"x":102,"y":438,"width":773,"height":11}},{"id":"5206eae1-aecb-474f-aee0-473f6d4f5874","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":164,"box":{"x":69,"y":453,"width":477,"height":11}},{"id":"8033cbee-60b3-44bf-86c3-024571938441","block_type":"box","text":"®","page_number":164,"box":{"x":547,"y":453,"width":6,"height":5}},{"id":"dab4993a-ce54-4fb6-ac70-c35ab8f9d81a","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":164,"box":{"x":559,"y":453,"width":272,"height":11}},{"id":"8ce442f4-333a-410b-84c6-78148de39d81","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":164,"box":{"x":70,"y":468,"width":787,"height":11}},{"id":"d240a23f-c00f-460c-a466-ad9efec77ad3","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through cer tain accounts, no minimum charge to","page_number":164,"box":{"x":69,"y":482,"width":822,"height":12}},{"id":"8635245d-f51c-4a91-ad15-73e0112e60d6","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":164,"box":{"x":68,"y":498,"width":805,"height":11}},{"id":"33252e1f-a174-487e-8231-f8c83ddc880f","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":164,"box":{"x":68,"y":529,"width":285,"height":8}},{"id":"c3bbcb5c-960f-4e1b-8240-3083853aa627","block_type":"box","text":"Each Fund will distribute substantially all of its net investment income and net realized capital gains, if any, to","page_number":164,"box":{"x":102,"y":551,"width":782,"height":11}},{"id":"70356095-6da9-441e-bdea-7a4344b66011","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":164,"box":{"x":69,"y":566,"width":828,"height":11}},{"id":"9531e623-025a-4401-a7a0-e02d0602d28a","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set for th in a","page_number":164,"box":{"x":69,"y":581,"width":839,"height":9}},{"id":"52da27aa-a1fd-481d-a960-4925290ce37f","block_type":"box","text":"Fund’s prospectus. Such election, or any revocation thereof, must be made in writing to the Transfer Agent, and will","page_number":164,"box":{"x":70,"y":596,"width":822,"height":12}},{"id":"0a2fae83-979a-4b47-a6a8-310f986aab53","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":164,"box":{"x":69,"y":612,"width":614,"height":11}},{"id":"c89f8435-2649-4f71-a420-9a80e9d0cfa8","block_type":"box","text":"Systematic Withdrawal Plans","page_number":164,"box":{"x":68,"y":642,"width":214,"height":11}},{"id":"6824609b-7b51-427e-94e9-c828009ddd71","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":164,"box":{"x":102,"y":664,"width":780,"height":12}},{"id":"dbaedfcf-13bb-41b7-bb52-89b1ad525a10","block_type":"box","text":"Upon commencement of the SWP, the account must have a current value of $10,000 or more in a Fund.","page_number":164,"box":{"x":70,"y":679,"width":742,"height":12}},{"id":"dac8bb75-b7b9-4ae1-a6bf-5cbc92263c0f","block_type":"box","text":"Shareholders may elect to receive automatic cash payments of $50 or more at any interval. You may choose any day","page_number":164,"box":{"x":69,"y":694,"width":834,"height":12}},{"id":"11ad23a5-8b16-4c29-8848-aa925d658c03","block_type":"box","text":"for the withdrawal. If no day is specified, the withdrawals will be processed on the 25th day of the month or, if such","page_number":164,"box":{"x":68,"y":710,"width":823,"height":11}},{"id":"189489c1-5ebe-4a84-83f6-02a17f4344c4","block_type":"box","text":"day is not a business day, on the prior business day and are paid promptly thereafter. An investor may utilize the SWP","page_number":164,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"4f98f019-cc01-4610-96f4-83204caf9e49","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":164,"box":{"x":69,"y":740,"width":800,"height":11}},{"id":"0dc45609-ca9f-4e69-87aa-1991c5319baa","block_type":"box","text":"www.blackrock.com.","page_number":164,"box":{"x":68,"y":755,"width":142,"height":9}},{"id":"95afab21-05b9-4582-9b03-40fffa39f3c8","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":164,"box":{"x":102,"y":778,"width":789,"height":11}},{"id":"11e61045-42c6-4770-835d-3e5d26be6faf","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":164,"box":{"x":68,"y":793,"width":774,"height":11}},{"id":"6c975c95-d887-42c7-914d-07c9cac5d846","block_type":"box","text":"Shareholders may change or cancel the SWP at any time, upon written notice to the Fund, or by calling the Fund at","page_number":164,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"10d6bd93-51a8-4f5e-8eac-608311a52a0b","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":164,"box":{"x":69,"y":823,"width":817,"height":11}},{"id":"81aa5b3e-e229-42fb-a1c9-71bf93d6f830","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":164,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"4885cb02-24c1-4756-b9d2-30c7f5ccfc55","block_type":"box","text":"CDSC will be assessed on redemptions of Investor C Shares made through the SWP that do not exceed 12% of the","page_number":164,"box":{"x":69,"y":853,"width":820,"height":12}},{"id":"63bbc9e8-7909-4551-b3d0-e5d9350f815e","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":164,"box":{"x":69,"y":869,"width":810,"height":11}},{"id":"4752924a-e130-43a1-abc7-d2f0bd332d4a","block_type":"box","text":"II-121","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f00c95c4-a4ca-45b5-bf7a-48ac69a638a1","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":164,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"538f1312-1649-4806-a6c1-8cab5c56c550","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quar terly) and 6% (semi","page_number":165,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"2334d391-12ec-4ef7-8c0d-700920c1d8a9","block_type":"box","text":"annually), respectively, of an account’s NAV on the redemption date. SWP redemptions of Investor C Shares in excess","page_number":165,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"d4742d4f-380c-40e9-800a-91eebe568012","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":165,"box":{"x":69,"y":75,"width":367,"height":11}},{"id":"007ad4e1-f62e-40cc-ba4d-b53936c60275","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":165,"box":{"x":102,"y":98,"width":798,"height":11}},{"id":"1a17fbac-391e-4f0f-a3f6-16ed3154c848","block_type":"box","text":"to Buy, Sell, Exchange and Transfer Shares” or “How to Buy, Sell and Exchange Shares,” as applicable, in the Fund’s","page_number":165,"box":{"x":68,"y":113,"width":834,"height":11}},{"id":"d0f8e967-ec11-41b2-9b60-b58968676e39","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":165,"box":{"x":69,"y":128,"width":311,"height":11}},{"id":"20224507-f54b-44a3-b050-e16791ad07b6","block_type":"box","text":"Dividend Allocation Plan","page_number":165,"box":{"x":69,"y":158,"width":176,"height":9}},{"id":"5f0ad058-172d-4c0d-9388-ca4a02aab811","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":165,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"67b79519-992d-4348-b370-7bcc4b31a499","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":165,"box":{"x":69,"y":196,"width":763,"height":11}},{"id":"5dc80a02-90e6-484e-bb25-a867c631ff65","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":165,"box":{"x":69,"y":211,"width":814,"height":11}},{"id":"5f17620e-3730-4001-bc20-0576294a834f","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":165,"box":{"x":70,"y":226,"width":771,"height":11}},{"id":"7ff82c67-f653-4a3a-be31-821b076c35a9","block_type":"box","text":"PRICING OF SHARES","page_number":165,"box":{"x":406,"y":256,"width":167,"height":9}},{"id":"e117c2c3-0c3a-4095-b018-84989a4b1eff","block_type":"box","text":"Determination of Net Asset Value","page_number":165,"box":{"x":69,"y":286,"width":243,"height":9}},{"id":"01b9ad2e-59cd-4b1e-a10a-449449f31eae","block_type":"box","text":"Valuation of Shares.","page_number":165,"box":{"x":101,"y":309,"width":145,"height":9}},{"id":"21ddc2e5-ee28-4d71-b185-acf446c2feb0","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":165,"box":{"x":252,"y":309,"width":626,"height":11}},{"id":"8fa7ac32-3900-4a85-b4bb-406038304534","block_type":"box","text":"regular trading hours on the NYSE (currently 4:00 p.m. Eastern Time) on each business day the NYSE is open.","page_number":165,"box":{"x":69,"y":324,"width":785,"height":11}},{"id":"a0777c1b-c606-4c46-92c3-3e543130287b","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":165,"box":{"x":68,"y":339,"width":343,"height":11}},{"id":"a42baf2d-0178-4192-a76b-2a09f30665f5","block_type":"box","text":"Equity Investments.","page_number":165,"box":{"x":102,"y":362,"width":143,"height":11}},{"id":"d86ea536-be06-4ccf-8547-85c2429c3494","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":165,"box":{"x":252,"y":362,"width":439,"height":11}},{"id":"ec202284-ca98-4e21-a67d-0c2ef0045387","block_type":"box","text":"e.g.","page_number":165,"box":{"x":693,"y":363,"width":25,"height":10}},{"id":"0a04c22a-dd45-47df-896e-b68b908c809e","block_type":"box","text":", NYSE), on separate","page_number":165,"box":{"x":720,"y":362,"width":147,"height":11}},{"id":"486361bb-8228-419e-acf5-3a98a53bf18c","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":165,"box":{"x":68,"y":377,"width":799,"height":11}},{"id":"6df300c3-35d8-4f2d-bc3c-58eb298a2765","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":165,"box":{"x":70,"y":392,"width":808,"height":11}},{"id":"f8241cbf-cf9e-4368-bf7c-15582ad56c0b","block_type":"box","text":"generally at the Exchange closing price or if an Exchange closing price is not available, the last traded price on that","page_number":165,"box":{"x":68,"y":407,"width":820,"height":11}},{"id":"59cad556-213a-4206-9729-afb930d2bdca","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under cer tain circumstances,","page_number":165,"box":{"x":70,"y":422,"width":805,"height":11}},{"id":"ec4e908e-57fe-4ea8-8dcd-ccd6b5e0793b","block_type":"box","text":"other means of determining current market value may be used. If an equity security is traded on more than one","page_number":165,"box":{"x":69,"y":437,"width":793,"height":11}},{"id":"2f325be6-4da3-49b1-909b-7186ddcf31bc","block_type":"box","text":"Exchange, the current market value of the security where it is primarily traded generally will be used. In the event that","page_number":165,"box":{"x":70,"y":452,"width":836,"height":11}},{"id":"4d70cdf6-4cd4-4756-bfb2-bd0c4c66b826","block_type":"box","text":"there are no sales involving an equity security held by a Fund on a day on which the Fund values such security, the","page_number":165,"box":{"x":68,"y":468,"width":815,"height":11}},{"id":"47183e86-bb6d-483d-a2e3-a760eba227af","block_type":"box","text":"last bid (long positions) or ask (shor t positions) price, if available, will be used as the value of such security. If a Fund","page_number":165,"box":{"x":70,"y":482,"width":837,"height":12}},{"id":"aa6eb50f-72c8-4471-abbc-27a85a490333","block_type":"box","text":"holds both long and shor t positions in the same security, the last bid price will be applied to securities held long and","page_number":165,"box":{"x":69,"y":498,"width":832,"height":11}},{"id":"ce58ed37-18aa-452a-9d20-323fc8f84dba","block_type":"box","text":"the last ask price will be applied to securities sold shor t. If no bid or ask price is available on a day on which a Fund","page_number":165,"box":{"x":68,"y":513,"width":828,"height":11}},{"id":"452da11b-3d4b-4f51-8e6f-07c738c80f36","block_type":"box","text":"values such security, the prior day’s price will be used, unless BlackRock determines that such prior day’s price no","page_number":165,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"16cfee86-f24d-4304-bd1e-f64bceb0d292","block_type":"box","text":"longer reflects the fair value of the security, in which case such asset would be treated as a Fair Value Asset (as","page_number":165,"box":{"x":70,"y":543,"width":798,"height":11}},{"id":"8ecdda34-f913-488f-8767-1e12c454eb11","block_type":"box","text":"defined below).","page_number":165,"box":{"x":69,"y":558,"width":106,"height":11}},{"id":"a7979590-65d6-4199-b871-69a6a9b8ad67","block_type":"box","text":"Fixed-Income Investments.","page_number":165,"box":{"x":102,"y":581,"width":194,"height":9}},{"id":"0c61ba38-864c-42f0-8d6e-508c4c121f62","block_type":"box","text":"Fixed-income securities are generally valued using prices provided by dealers or","page_number":165,"box":{"x":304,"y":581,"width":565,"height":11}},{"id":"0b61529b-e0a0-40f5-af30-8b0b91fb75ee","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":165,"box":{"x":70,"y":596,"width":825,"height":11}},{"id":"796de79e-02e5-4812-ad7e-31e423c2911e","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":165,"box":{"x":69,"y":611,"width":823,"height":11}},{"id":"4b1ca1d0-306b-40f6-84d7-62727c0e6809","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":165,"box":{"x":69,"y":626,"width":443,"height":11}},{"id":"77d66e4f-c5db-4401-b584-1e77eb33fc0d","block_type":"box","text":"e.g.","page_number":165,"box":{"x":514,"y":628,"width":24,"height":9}},{"id":"1de1fa44-fd3a-4ec4-9845-5644f08c3ed0","block_type":"box","text":", recent representative bids and offers), credit","page_number":165,"box":{"x":541,"y":626,"width":328,"height":11}},{"id":"396f71bf-0aae-4634-9e29-080f1948b596","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":165,"box":{"x":69,"y":641,"width":834,"height":11}},{"id":"99fa070b-216d-49ec-adb6-dda2e46780a3","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":165,"box":{"x":69,"y":656,"width":769,"height":11}},{"id":"fc8a397b-b5c6-4d07-9b0f-c1e4a03ceeee","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":165,"box":{"x":70,"y":671,"width":797,"height":12}},{"id":"0f56d4a3-7df1-4233-9ce5-890630851659","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":165,"box":{"x":69,"y":686,"width":821,"height":12}},{"id":"1aca2d07-56f0-4fb2-b50a-bdc4c7a037b6","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in cer tain asset","page_number":165,"box":{"x":68,"y":702,"width":798,"height":11}},{"id":"7dab969d-140a-4001-82fb-7c32278fcbda","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":165,"box":{"x":69,"y":717,"width":825,"height":11}},{"id":"c2dc5d22-a13a-4f1a-a8e7-dab21932e09f","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amor tized cost method of valuation may be used with","page_number":165,"box":{"x":69,"y":732,"width":791,"height":11}},{"id":"de224ec0-3c43-46e6-a01a-b3a66d23d409","block_type":"box","text":"respect to debt obligations with 60 days or less remaining to maturity unless such method does not represent fair","page_number":165,"box":{"x":69,"y":747,"width":814,"height":11}},{"id":"c77f88c6-cd54-4067-8b04-0b5acc645356","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":165,"box":{"x":68,"y":762,"width":802,"height":11}},{"id":"99c81903-8d7b-440b-b63f-6d0d8101048d","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":165,"box":{"x":69,"y":777,"width":773,"height":11}},{"id":"e6c848fa-d7d8-474a-9ade-df244b062862","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":165,"box":{"x":69,"y":792,"width":795,"height":12}},{"id":"74019646-55e8-45de-add2-e8a768c4724e","block_type":"box","text":"attributes of the tranche.","page_number":165,"box":{"x":69,"y":807,"width":176,"height":9}},{"id":"3b1df786-b644-471c-ae7d-3fcae2fd3cc8","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":165,"box":{"x":101,"y":830,"width":344,"height":11}},{"id":"7c88cad8-7b2f-47be-ab1a-ff31a067dd71","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":165,"box":{"x":453,"y":830,"width":416,"height":11}},{"id":"a9f5ccd4-27d4-4800-b12b-5440f0a9a1d3","block_type":"box","text":"index options or those that are customized) for which market quotations are readily available are valued at the mean","page_number":165,"box":{"x":70,"y":845,"width":829,"height":11}},{"id":"ec059c40-8518-4924-9885-cca543ac2274","block_type":"box","text":"of the last bid and ask prices as quoted on the Exchange or the board of trade on which such options are traded. In","page_number":165,"box":{"x":69,"y":860,"width":824,"height":12}},{"id":"c2d89f74-00b6-4acf-90a7-c6d0665ed358","block_type":"box","text":"the event that there is no mean price available for an exchange-traded equity option held by a Fund on a day on which","page_number":165,"box":{"x":68,"y":875,"width":838,"height":12}},{"id":"b7159bb4-e62b-4bc3-9a44-48d6ee5bcc56","block_type":"box","text":"the Fund values such option, the last bid (long positions) or ask (shor t positions) price, if available, will be used as","page_number":165,"box":{"x":68,"y":891,"width":820,"height":11}},{"id":"fdc01534-ddb4-46de-a536-fde70d47b130","block_type":"box","text":"the value of such option. If no bid or ask price is available on a day on which a Fund values such option, the prior","page_number":165,"box":{"x":68,"y":906,"width":808,"height":11}},{"id":"47385d05-5e75-4ed7-b506-b2fd263813e2","block_type":"box","text":"II-122","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e2682ccf-d078-4258-b94e-bcc7b9295555","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":165,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"594a0371-8909-4af2-8c19-b082b3387689","block_type":"box","text":"day’s price will be used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of","page_number":166,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"40b8d080-d431-40e0-9436-172a555a2a87","block_type":"box","text":"the option, in which case such option will be treated as a Fair Value Asset. Customized exchange-traded equity","page_number":166,"box":{"x":68,"y":60,"width":789,"height":11}},{"id":"6264bcd1-92b1-416e-860b-5c57b2d0bed8","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":166,"box":{"x":69,"y":75,"width":807,"height":11}},{"id":"11fe1386-7828-4187-92d5-65f03bd63e3b","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":166,"box":{"x":69,"y":90,"width":824,"height":11}},{"id":"cda47aff-075d-4bc2-a9e2-ed2bc03efb91","block_type":"box","text":"on exchanges, are valued at their last sale price or settle price as of the close of such exchanges. Swap agreements","page_number":166,"box":{"x":69,"y":105,"width":833,"height":11}},{"id":"837e5942-2ee1-4578-98a3-24e23f122be4","block_type":"box","text":"and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in","page_number":166,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"69b5eaa8-d13d-463b-9b18-9919003bb360","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":166,"box":{"x":69,"y":136,"width":301,"height":8}},{"id":"675a5736-c617-48cf-9531-42aa7e8295fc","block_type":"box","text":"Underlying Funds.","page_number":166,"box":{"x":102,"y":158,"width":128,"height":11}},{"id":"12b669f2-20f0-4f8a-87af-e669dcfbcd8f","block_type":"box","text":"Shares of underlying open-end funds that are not traded on an exchange (including money","page_number":166,"box":{"x":237,"y":158,"width":640,"height":11}},{"id":"63835dad-b9b9-41e9-8c25-89bb744d5b2d","block_type":"box","text":"market funds) are valued at NAV. Shares of underlying exchange-traded closed-end funds or other ETFs will be valued","page_number":166,"box":{"x":69,"y":173,"width":830,"height":11}},{"id":"632266d5-cce1-4deb-b6dd-2c259cc6ab36","block_type":"box","text":"at their most recent closing price.","page_number":166,"box":{"x":69,"y":188,"width":238,"height":12}},{"id":"5a14ba1f-8cfc-4529-abf4-3f4194e8337c","block_type":"box","text":"General Valuation Information.","page_number":166,"box":{"x":101,"y":211,"width":220,"height":9}},{"id":"9662721c-3d2b-48f9-885e-1033e937f9d9","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":166,"box":{"x":328,"y":211,"width":564,"height":11}},{"id":"47e9f239-49ad-459b-bd84-f0f28fa7bf87","block_type":"box","text":"market makers to value each Fund’s securities and other assets and liabilities are based on information available at","page_number":166,"box":{"x":69,"y":226,"width":831,"height":9}},{"id":"0b7cb16f-bcba-4411-8439-1c5cfaac6bd6","block_type":"box","text":"the time the Fund values its assets and liabilities. In the event that a pricing service quotation is revised or updated","page_number":166,"box":{"x":68,"y":241,"width":828,"height":11}},{"id":"43552a23-e8e7-4905-81fa-917c3602d6de","block_type":"box","text":"subsequent to the day on which the Fund valued such security, the revised pricing service quotation generally will be","page_number":166,"box":{"x":69,"y":257,"width":829,"height":11}},{"id":"2b222dad-2ffb-45a1-858d-94dfa2d56e19","block_type":"box","text":"applied prospectively. Such determination will be made considering per tinent facts and circumstances surrounding","page_number":166,"box":{"x":69,"y":271,"width":817,"height":12}},{"id":"7992ed1f-b8cb-44e9-b16a-0cb94977644a","block_type":"box","text":"the revision.","page_number":166,"box":{"x":68,"y":287,"width":87,"height":9}},{"id":"8a267a02-71dd-49dc-aa2f-10773d4518e5","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":166,"box":{"x":102,"y":309,"width":784,"height":11}},{"id":"dd994251-2cdd-43d7-878a-b89e58eeda94","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":166,"box":{"x":69,"y":325,"width":823,"height":11}},{"id":"0d428b2a-7c53-4e3b-b9b9-8b9186af4cb8","block_type":"box","text":"matrices, yield curves and other specified inputs and assumptions. This may result in the assets being valued at a","page_number":166,"box":{"x":69,"y":339,"width":818,"height":12}},{"id":"f24b3261-93cb-48d7-9b4a-ffc99458959a","block_type":"box","text":"price different from the price that would have been determined had the evaluated pricing method not been used. The","page_number":166,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"f7800bd9-9b36-46fe-bd79-581254c454c7","block_type":"box","text":"price the Fund could receive upon the sale of any par ticular por tfolio investment may differ from the Fund’s valuation","page_number":166,"box":{"x":70,"y":370,"width":832,"height":11}},{"id":"6db7974a-1af4-4eda-82c9-17c990b2b677","block_type":"box","text":"of the investment, par ticularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":166,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"90e432a0-1d8b-4865-a258-77a0613c316a","block_type":"box","text":"methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an","page_number":166,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"2bea128f-898f-44b2-aea0-3883dcd94d36","block_type":"box","text":"investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss","page_number":166,"box":{"x":70,"y":415,"width":833,"height":11}},{"id":"4ffd24ce-c86e-408a-90a4-1f8d79f4794a","block_type":"box","text":"or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its investment may also be","page_number":166,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"5e5870b3-bd29-478f-8aab-b044879f26ea","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":166,"box":{"x":70,"y":446,"width":741,"height":11}},{"id":"1c50ca21-2d9c-4a51-9648-a970c9a80e4d","block_type":"box","text":"In the event that application of the methods of valuation discussed above result in a price for a security which is","page_number":166,"box":{"x":102,"y":468,"width":800,"height":11}},{"id":"bc6597e6-0008-4a69-8c52-929ef37f5933","block_type":"box","text":"deemed not to be representative of the fair market value of such security, the security will be valued by, under the","page_number":166,"box":{"x":69,"y":483,"width":811,"height":11}},{"id":"d083f86f-85ac-4e14-98ad-6fc5e92dcef2","block_type":"box","text":"direction of or in accordance with a method approved by BlackRock, the Fund’s valuation designee, as reflecting fair","page_number":166,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"82948272-d4e9-4746-891d-739b1ee6d60b","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":166,"box":{"x":68,"y":513,"width":824,"height":12}},{"id":"7cee5e3e-9813-44cc-b84c-f6f83c526e8c","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":166,"box":{"x":69,"y":528,"width":817,"height":12}},{"id":"40a6a53a-3cd9-444a-8f18-5c7804235d5e","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":166,"box":{"x":69,"y":543,"width":802,"height":12}},{"id":"8d6eb302-551b-4e6f-9608-401508d19683","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":166,"box":{"x":69,"y":559,"width":685,"height":11}},{"id":"3396e6b6-7a94-4a62-9ea5-ff9c81ffed61","block_type":"box","text":"Cer tain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":166,"box":{"x":102,"y":581,"width":795,"height":12}},{"id":"37735264-0c5e-45f1-abd1-f097595bac5a","block_type":"box","text":"which a Fund’s NAV is not calculated. In such cases, the NAV of a Fund’s shares may be significantly affected on","page_number":166,"box":{"x":68,"y":596,"width":805,"height":12}},{"id":"64767670-1a97-40b4-9f5f-cab77da17607","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":166,"box":{"x":69,"y":612,"width":529,"height":11}},{"id":"852889fc-138d-450f-8784-0174d603a7e8","block_type":"box","text":"Fair Value.","page_number":166,"box":{"x":102,"y":634,"width":74,"height":9}},{"id":"82c4e5ba-9578-40db-b372-2255cf0078da","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":166,"box":{"x":183,"y":634,"width":693,"height":11}},{"id":"1c28dc51-df48-48d1-b15e-ff762d139be9","block_type":"box","text":"Fund’s investments are valued at fair value (“Fair Value Assets”). Fair Value Assets are valued by BlackRock in","page_number":166,"box":{"x":70,"y":649,"width":785,"height":12}},{"id":"f78b4c33-87ae-477e-8322-3fb35d677673","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":166,"box":{"x":69,"y":664,"width":816,"height":12}},{"id":"2288bf04-94dc-45be-9d8a-658fb82db752","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":166,"box":{"x":70,"y":680,"width":779,"height":11}},{"id":"a4942877-36ee-4b16-b7b2-e314ec744bb0","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":166,"box":{"x":70,"y":695,"width":773,"height":11}},{"id":"95f4a196-8829-4d09-b06d-1c08fed4a23d","block_type":"box","text":"unreliable if, among other things, a security or other asset or liability does not have a price source due to its","page_number":166,"box":{"x":69,"y":710,"width":772,"height":11}},{"id":"c40296f1-413a-4dc0-ac76-f044ed9c822f","block_type":"box","text":"complete lack of trading, if BlackRock believes a market quotation from a broker-dealer or other source is unreliable","page_number":166,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"2a68cc44-6073-41c0-8f7a-0b8fb57dd3e7","block_type":"box","text":"(","page_number":166,"box":{"x":69,"y":740,"width":3,"height":11}},{"id":"e572f135-5f54-49c9-8f05-4d6388f3e4e9","block_type":"box","text":"e.g.","page_number":166,"box":{"x":74,"y":742,"width":25,"height":9}},{"id":"16d0b682-ed1e-4465-9ec4-9f702f681503","block_type":"box","text":", where it varies significantly from a recent trade, or no longer reflects the fair value of the security or other asset","page_number":166,"box":{"x":101,"y":740,"width":806,"height":11}},{"id":"a2ed16b3-7db1-467a-a214-f68192c639c4","block_type":"box","text":"or liability subsequent to the most recent market quotation), or where the security or other asset or liability is only","page_number":166,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"b6cdf666-fb74-451e-9994-028330c3b6fb","block_type":"box","text":"thinly traded or due to the occurrence of a significant event subsequent to the most recent market quotation. For this","page_number":166,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"4e62f04a-d4b6-4a00-93d7-5afe05cff363","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":166,"box":{"x":70,"y":785,"width":838,"height":12}},{"id":"8335097c-2301-4028-969f-95846aa095c5","block_type":"box","text":"an event has occurred after the close of trading for an asset or liability but prior to or at the time of pricing a Fund’s","page_number":166,"box":{"x":69,"y":801,"width":824,"height":11}},{"id":"18eb52e6-47ac-4757-851f-7be6ed0da371","block_type":"box","text":"assets or liabilities, is likely to cause a material change to the last exchange closing price or closing market price of","page_number":166,"box":{"x":69,"y":816,"width":828,"height":11}},{"id":"2bcb8a41-fb54-4cba-95ee-0a2087947fd2","block_type":"box","text":"one or more assets held by, or liabilities of, the Fund. On any day the NYSE is open and a foreign market or the","page_number":166,"box":{"x":69,"y":831,"width":793,"height":11}},{"id":"a848b36d-a109-4a00-8f37-3949e1fc3c46","block_type":"box","text":"primary exchange on which a foreign asset or liability is traded is closed, such asset or liability will be valued using","page_number":166,"box":{"x":70,"y":846,"width":819,"height":11}},{"id":"56183470-a317-479c-b4a7-4798901922de","block_type":"box","text":"the prior day’s price, provided that BlackRock is not aware of any significant event or other information that would","page_number":166,"box":{"x":68,"y":861,"width":810,"height":11}},{"id":"d819a03a-5978-4599-9483-6ebf0e291cd5","block_type":"box","text":"cause such price to no longer reflect the fair value of the asset or liability, in which case such asset or liability would","page_number":166,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"b2c6c564-97fe-4c08-867b-3c76572a59e3","block_type":"box","text":"be treated as a Fair Value Asset. For cer tain foreign assets, a third-par ty vendor supplies evaluated, systematic fair","page_number":166,"box":{"x":69,"y":891,"width":822,"height":12}},{"id":"2c1d7678-6556-48c6-b67a-e18b49fa4ef2","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":166,"box":{"x":68,"y":906,"width":814,"height":12}},{"id":"517d43f0-0463-41cc-9bea-a3387ca952f8","block_type":"box","text":"II-123","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"951d781f-9b84-4c47-b9dd-9b787eab0648","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":166,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"310c4470-5f85-4ec4-9c52-ff370c645b68","block_type":"box","text":"closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign assets in one or","page_number":167,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"f6d92628-ea67-4f4e-9408-3836e895395e","block_type":"box","text":"more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of a Fund’s","page_number":167,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"8adb3f1d-e6df-48be-8de1-3b1db3e3c411","block_type":"box","text":"pricing time.","page_number":167,"box":{"x":70,"y":75,"width":85,"height":11}},{"id":"38bf0686-59a1-4684-9a71-cbc101885416","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":167,"box":{"x":102,"y":98,"width":794,"height":11}},{"id":"b48a2668-fb16-44ef-8e0a-f01b3087bfdc","block_type":"box","text":"and significant inputs used in the fair valuation of Fund assets or liabilities. In addition, the Funds’ accounting agent","page_number":167,"box":{"x":69,"y":113,"width":829,"height":11}},{"id":"4ba14328-f41d-482b-8c94-c0c7db9eef09","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":167,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"b59e3c39-b164-413c-a0d6-128f44810c9e","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":167,"box":{"x":70,"y":143,"width":808,"height":11}},{"id":"26e2b6c9-3e6f-451d-8cb5-7441309870d9","block_type":"box","text":"assets and liabilities of the Funds.","page_number":167,"box":{"x":69,"y":158,"width":245,"height":9}},{"id":"87293a89-d815-4b24-b912-01e38176faca","block_type":"box","text":"When determining the price for a Fair Value Asset, BlackRock will seek to determine the price that a Fund might","page_number":167,"box":{"x":101,"y":181,"width":795,"height":11}},{"id":"6e3cbc0f-a7d0-45e3-97d9-58492658da03","block_type":"box","text":"reasonably expect to receive from the current sale of that asset or liability in an arm’s-length transaction on the date","page_number":167,"box":{"x":69,"y":196,"width":832,"height":11}},{"id":"5e903bb3-e9c0-4dcf-963a-463a3eed1fbe","block_type":"box","text":"on which the asset or liability is being valued, and does not seek to determine the price a Fund might reasonably","page_number":167,"box":{"x":69,"y":211,"width":805,"height":11}},{"id":"0dba0451-4307-419f-84c7-6e6035bf8394","block_type":"box","text":"expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value","page_number":167,"box":{"x":69,"y":226,"width":834,"height":11}},{"id":"8fd0e8a5-5662-4835-bd62-0e0aa8a622cd","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":167,"box":{"x":69,"y":241,"width":744,"height":11}},{"id":"63bd9ea5-5a0d-4804-a81e-96cfd28beaca","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":167,"box":{"x":69,"y":257,"width":791,"height":11}},{"id":"009373d0-54fd-49b7-a9f4-2af1c5f9f717","block_type":"box","text":"valuation models.","page_number":167,"box":{"x":68,"y":272,"width":125,"height":8}},{"id":"08da8faa-a226-4c43-b18c-20453ed1f4eb","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. When determining the fair","page_number":167,"box":{"x":102,"y":294,"width":785,"height":11}},{"id":"9b6784a3-bf4c-446a-9124-8ec40238d24a","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on cer tain factors, including","page_number":167,"box":{"x":68,"y":309,"width":822,"height":11}},{"id":"5d91d919-d5e8-481e-b8e8-114f70d680db","block_type":"box","text":"the asset type). For example, the investment may be initially priced based on the original cost of the investment or,","page_number":167,"box":{"x":68,"y":324,"width":820,"height":12}},{"id":"7db5a796-c6b0-417c-bd46-befb6a101f46","block_type":"box","text":"alternatively, using proprietary or third-par ty models that may rely upon one or more unobservable inputs. Prices of","page_number":167,"box":{"x":69,"y":339,"width":818,"height":12}},{"id":"096671cf-47b5-4c5a-91c3-1aadd411fb22","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":167,"box":{"x":69,"y":355,"width":766,"height":11}},{"id":"28002656-9251-40e6-a86a-5d55e488516a","block_type":"box","text":"appropriate, an appraisal by a third-par ty experienced in the valuation of similar instruments, may also be used as a","page_number":167,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"328d8aa4-7227-40d8-8a5c-52ffb00c488c","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":167,"box":{"x":69,"y":385,"width":378,"height":11}},{"id":"ba05c7cc-6665-4767-845c-a3e0ca591e7e","block_type":"box","text":"The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those assets or","page_number":167,"box":{"x":101,"y":407,"width":784,"height":12}},{"id":"d56f9576-cccd-4183-9274-e9ecd269b137","block_type":"box","text":"liabilities could have been sold during the period in which the par ticular fair values were used in determining a Fund’s","page_number":167,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"36af33dc-cfaa-417f-8440-62e763d4208d","block_type":"box","text":"NAV. As a result, a Fund’s sale or redemption of its shares at NAV, at a time when a holding or holdings are valued at","page_number":167,"box":{"x":70,"y":438,"width":834,"height":11}},{"id":"2cd75cd0-827d-4182-90ed-995985b126d1","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":167,"box":{"x":68,"y":453,"width":728,"height":11}},{"id":"04ff7cb0-2501-43d7-be3d-6399c4c28177","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":167,"box":{"x":102,"y":475,"width":786,"height":12}},{"id":"a52e3592-9a67-4f85-b6ba-4d115dbe6ee6","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set for th in","page_number":167,"box":{"x":68,"y":491,"width":809,"height":11}},{"id":"152f6f65-fd42-4c08-a12d-add32d547d5a","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":167,"box":{"x":70,"y":506,"width":821,"height":11}},{"id":"d7cbf3ad-3e23-4c58-8d2c-93cc2b6e8b4f","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":167,"box":{"x":70,"y":521,"width":818,"height":11}},{"id":"42335b07-c279-45bd-b361-7c6b9667ac5d","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":167,"box":{"x":69,"y":536,"width":641,"height":11}},{"id":"a1659055-4362-46d6-bbdc-ff297ecf5854","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":167,"box":{"x":102,"y":559,"width":786,"height":11}},{"id":"081777de-47c1-41b9-9df7-5d99e3fef18a","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":167,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"1704a18e-b0c4-4392-89f2-498840147d5e","block_type":"box","text":"of the fair market value of assets or liabilities, to the extent such rules become more stringent, would tend to","page_number":167,"box":{"x":69,"y":589,"width":780,"height":11}},{"id":"6ff34127-5d65-4b10-9450-fc48e2318429","block_type":"box","text":"increase the cost and/or reduce the availability of third-par ty determinations of fair market value. This may in turn","page_number":167,"box":{"x":70,"y":604,"width":810,"height":11}},{"id":"6530a24f-109c-45d4-a561-98a1beddbf11","block_type":"box","text":"increase the costs associated with selling assets or affect their liquidity due to a Fund’s inability to obtain a third","page_number":167,"box":{"x":70,"y":619,"width":810,"height":11}},{"id":"ca841fe2-091a-4333-8a7a-f84c86654abb","block_type":"box","text":"par ty determination of fair market value.","page_number":167,"box":{"x":70,"y":634,"width":285,"height":11}},{"id":"0bb31e81-86c9-4157-af70-ca934f1bbb83","block_type":"box","text":"Computation of Offering Price Per Share","page_number":167,"box":{"x":69,"y":665,"width":292,"height":11}},{"id":"eb4a67bc-ae21-49a1-8100-3beaf0a47146","block_type":"box","text":"See “Computation of Offering Price Per Share” in Par t I of a Fund’s SAI for an illustration of the computation of","page_number":167,"box":{"x":102,"y":687,"width":791,"height":11}},{"id":"22be3ee9-6431-4de2-86c6-78d96568d064","block_type":"box","text":"the offering price for shares of your Fund.","page_number":167,"box":{"x":68,"y":702,"width":295,"height":12}},{"id":"c2e511bd-f6a4-4e03-971c-78c81d4281c9","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":167,"box":{"x":303,"y":732,"width":373,"height":10}},{"id":"4817f033-821c-4ada-8449-58e1f0c94aa2","block_type":"box","text":"Transactions in Portfolio Securities","page_number":167,"box":{"x":68,"y":762,"width":257,"height":9}},{"id":"cd88b3e9-119f-4be8-a257-990da5091055","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":167,"box":{"x":102,"y":785,"width":798,"height":11}},{"id":"7a075b81-db16-4e32-afb9-98545a477df1","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":167,"box":{"x":69,"y":800,"width":839,"height":11}},{"id":"cfae7403-607f-474d-8206-ca15a8ce4401","block_type":"box","text":"par ticular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account cer tain factors","page_number":167,"box":{"x":70,"y":815,"width":822,"height":11}},{"id":"77d4130b-bd9d-4b66-b44f-b28831a1f0d3","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":167,"box":{"x":69,"y":830,"width":820,"height":11}},{"id":"2c359990-50c3-42b2-a229-db733394dfc9","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":167,"box":{"x":68,"y":845,"width":798,"height":11}},{"id":"c1aa4713-d5d8-4ed3-a1b6-e649de7b0f9b","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":167,"box":{"x":69,"y":860,"width":765,"height":12}},{"id":"bfe13320-3919-461d-82b1-553cc6414dab","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":167,"box":{"x":69,"y":876,"width":768,"height":11}},{"id":"54188db9-46fa-46d8-9ec1-76bba98d39ef","block_type":"box","text":"BlackRock and its clients, including a Fund. In return for such services, BlackRock may cause a Fund to pay a higher","page_number":167,"box":{"x":70,"y":891,"width":830,"height":11}},{"id":"9f22167e-5d26-453b-adde-4eee4f650fa7","block_type":"box","text":"II-124","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2bc97708-40ce-45af-8289-fee16bbf6e71","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":167,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"44388460-11b2-4afd-a718-4f3c0378ad49","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":168,"box":{"x":69,"y":45,"width":760,"height":11}},{"id":"3f343730-92c1-43e1-96b7-a2238600cc5f","block_type":"box","text":"reasonable in relation to the services provided.","page_number":168,"box":{"x":69,"y":60,"width":336,"height":11}},{"id":"737597ea-efb0-440e-b203-2f5396a0f757","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":168,"box":{"x":102,"y":82,"width":794,"height":12}},{"id":"d9c752b0-c9d2-43d2-aeb3-295617a0d908","block_type":"box","text":"Master Por tfolio, it is expected that all transactions in por tfolio securities will be entered into by the Master Por tfolio.","page_number":168,"box":{"x":70,"y":98,"width":835,"height":11}},{"id":"16406872-71a9-47e9-ac71-5d39f98999f5","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":168,"box":{"x":102,"y":120,"width":784,"height":12}},{"id":"7e867243-b425-417b-aefa-c6fc03b13dfd","block_type":"box","text":"the best price and most favorable execution for a Fund, taking into account a variety of factors including: (i) the size,","page_number":168,"box":{"x":68,"y":135,"width":829,"height":12}},{"id":"04f62a7b-af6c-44cd-a4ee-f392be03ec20","block_type":"box","text":"nature and character of the security or instrument being traded and the markets in which it is purchased or sold;","page_number":168,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"a4158233-c156-4726-a4eb-d135bb709036","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":168,"box":{"x":69,"y":166,"width":826,"height":11}},{"id":"b0738640-7217-4635-be9a-9b3d3dce678a","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":168,"box":{"x":69,"y":181,"width":789,"height":11}},{"id":"2ab939d7-59a0-41d6-b0a7-7731ccc9fd3c","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":168,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"771e6fff-f173-4eb6-ab3f-d41241937590","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":168,"box":{"x":69,"y":211,"width":769,"height":11}},{"id":"bb7e7593-86d1-4480-aef6-c822703f27b9","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":168,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"1b93dc3f-05b1-4ad8-8c25-cf99ad89bab8","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":168,"box":{"x":69,"y":241,"width":391,"height":11}},{"id":"048381cd-0425-4968-b475-85436fdcd490","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":168,"box":{"x":102,"y":264,"width":801,"height":11}},{"id":"34599d87-6fa2-42a7-b7be-67d2d33a5ce3","block_type":"box","text":"to cause an account to pay a broker or dealer a commission for effecting a transaction that exceeds the amount","page_number":168,"box":{"x":68,"y":279,"width":802,"height":11}},{"id":"194d6d64-399f-4dff-9f71-7a469d15f7e5","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":168,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"7abbb9e5-5fee-4eb4-9801-8a0b8e99402e","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":168,"box":{"x":69,"y":309,"width":790,"height":11}},{"id":"b0539f73-50ce-4909-a52c-b3d199520bae","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":168,"box":{"x":70,"y":324,"width":827,"height":12}},{"id":"39912a6e-77c2-46ff-b6c8-2dcd80086d16","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":168,"box":{"x":68,"y":339,"width":753,"height":12}},{"id":"8a802aaf-dbf8-46cb-8857-6cf6d5af96bb","block_type":"box","text":"per formance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":168,"box":{"x":70,"y":355,"width":818,"height":11}},{"id":"15be9703-67c7-41cd-a0f0-e831b7d18e6d","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":168,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"459daca7-d7da-48aa-abe8-14c6834b4403","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":168,"box":{"x":70,"y":385,"width":775,"height":11}},{"id":"6b122494-227d-45d4-97ab-fe129f90e463","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":168,"box":{"x":69,"y":400,"width":764,"height":11}},{"id":"04fddab5-fba1-46b2-86af-a1b88b30d465","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":168,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"7128a89a-7a3e-4ad3-ab23-bb764899b19e","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":168,"box":{"x":69,"y":430,"width":599,"height":11}},{"id":"634663fe-b631-4336-804c-1c12490e37a0","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":168,"box":{"x":102,"y":453,"width":796,"height":11}},{"id":"f80f15f1-dd34-478f-8bd1-50a7e2f9b1cf","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a por tion of","page_number":168,"box":{"x":70,"y":468,"width":829,"height":11}},{"id":"33105d61-5b82-412b-b349-ef9b3e93d954","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":168,"box":{"x":68,"y":483,"width":839,"height":11}},{"id":"476362b9-36ea-476d-ad39-ce11b3263d70","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":168,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"b8ad3dee-e642-4909-b4ea-d6cd78c6d6fc","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":168,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"7ee24863-45b0-4ee0-9b6c-0d5076c5dd2e","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Cer tain Funds","page_number":168,"box":{"x":69,"y":528,"width":808,"height":12}},{"id":"c5aa33c5-7cbe-4969-bbcf-e64666449dbe","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":168,"box":{"x":69,"y":544,"width":818,"height":11}},{"id":"209cfee7-76e4-4465-82e5-9feb4eae054b","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":168,"box":{"x":70,"y":559,"width":813,"height":11}},{"id":"2d648280-7ac0-438f-a97d-96c1f2cd2c8a","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":168,"box":{"x":70,"y":574,"width":801,"height":11}},{"id":"61e3331f-7de1-4105-84e7-1e45e4494c72","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":168,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"4a99ee73-7ad7-47e8-8156-60b66b546335","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":168,"box":{"x":69,"y":604,"width":790,"height":11}},{"id":"fceaf121-2405-4bfe-a285-26383312fe06","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":168,"box":{"x":70,"y":619,"width":361,"height":11}},{"id":"94ab7db7-ab3f-44fa-8e9c-a022f4e3f3ae","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":168,"box":{"x":102,"y":642,"width":791,"height":11}},{"id":"9e7fadeb-a4c9-4ca5-bdce-3bd2b215d8cf","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-par ty and provided to BlackRock by the broker-dealer)","page_number":168,"box":{"x":69,"y":657,"width":819,"height":11}},{"id":"8fb9194d-7f24-4185-92ad-faa67e408098","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":168,"box":{"x":69,"y":672,"width":772,"height":11}},{"id":"63cdaecc-8516-4b94-b2bd-b61e80c36ac9","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":168,"box":{"x":70,"y":687,"width":785,"height":11}},{"id":"c5d83d73-092e-490d-95c3-ef60bdcfdf02","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":168,"box":{"x":70,"y":702,"width":806,"height":12}},{"id":"ecdb0c3d-9915-4e64-a06a-e63417b8bf8e","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":168,"box":{"x":68,"y":718,"width":772,"height":11}},{"id":"6d0718fc-d8d3-427f-bf61-11708744c3c9","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":168,"box":{"x":69,"y":732,"width":838,"height":12}},{"id":"d7e5d8ad-fe89-42ab-9541-4e69c82d2385","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":168,"box":{"x":68,"y":748,"width":769,"height":11}},{"id":"68388269-db20-4764-8c4a-da2fd1f1a122","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":168,"box":{"x":69,"y":763,"width":801,"height":11}},{"id":"41c645fe-ab7d-4943-b1a7-77ab9ceeabb2","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":168,"box":{"x":69,"y":778,"width":778,"height":11}},{"id":"d90ba27a-6c97-4103-ab15-a5adfc93312a","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":168,"box":{"x":69,"y":793,"width":363,"height":11}},{"id":"d46080e2-1fec-4a12-bda7-953aa970583e","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":168,"box":{"x":102,"y":816,"width":749,"height":11}},{"id":"9e0795cc-4d53-41c7-b18d-a8e8314fcaf2","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":168,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"dc439feb-e5f5-49bc-8407-1efbf0ee744f","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":168,"box":{"x":70,"y":846,"width":752,"height":11}},{"id":"aa0a6833-26a2-4a2e-a666-fe7bb52bec9e","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":168,"box":{"x":70,"y":861,"width":823,"height":11}},{"id":"95bf901b-8916-451f-b0a6-6e707c7ac894","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":168,"box":{"x":70,"y":876,"width":822,"height":11}},{"id":"f11fa2d0-9d65-46b0-a380-16fec10fb273","block_type":"box","text":"used in servicing some or all client accounts and not all services may be used in connection with the Fund or account","page_number":168,"box":{"x":69,"y":891,"width":840,"height":12}},{"id":"4ca08816-27e6-403c-a00b-80820ff4b313","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":168,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"3ce3817e-07e7-45f8-8f03-7b17df9a0b5e","block_type":"box","text":"II-125","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"38416f57-99bb-4c1f-b0b0-a7a72e2c3587","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":168,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"56cbb9e1-39bf-48cf-b50d-54ad54677b39","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":169,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"cc3c11b5-ee9c-4dd1-94fa-2890661244e6","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":169,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"1e4d9dea-90f7-4883-b458-244de3fab909","block_type":"box","text":"paid by a Fund to BlackRock are not reduced as a result of BlackRock’s receipt of research services. In some cases,","page_number":169,"box":{"x":70,"y":75,"width":832,"height":11}},{"id":"cd521b3b-92df-479c-99ac-333b05085a8e","block_type":"box","text":"BlackRock may receive a service from a broker that has both a “research” and a “non-research” use. When this","page_number":169,"box":{"x":70,"y":90,"width":798,"height":11}},{"id":"1cfc75e6-0b2d-46ff-a2c1-d5f188c672ba","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":169,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"381b1cfd-65d2-40e3-afbf-ff03fe8d40cd","block_type":"box","text":"research uses of the service. The percentage of the service that is used for research purposes may be paid for with","page_number":169,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"c9f3ae3f-c268-4caf-8aca-e7be6c38eae2","block_type":"box","text":"client commissions, while BlackRock will use its own funds to pay for the percentage of the service that is used for","page_number":169,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"6c6768ec-e3f3-486f-870a-155d43619cc7","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":169,"box":{"x":69,"y":150,"width":797,"height":12}},{"id":"ab06644c-f447-4812-9533-06dfd46817ec","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":169,"box":{"x":70,"y":166,"width":815,"height":11}},{"id":"46e1d578-50bc-410e-802c-1501d9d6f3c3","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":169,"box":{"x":68,"y":181,"width":555,"height":11}},{"id":"3c6dfb6c-89d2-452c-b503-7dc2e1224850","block_type":"box","text":"Under MiFID II, investment managers in the EU, including BIL, are not able to use soft dollars to pay for research","page_number":169,"box":{"x":102,"y":203,"width":802,"height":12}},{"id":"b8e6e83b-6722-400f-ae8c-62dd10c8024a","block_type":"box","text":"from brokers. Investment managers in the EU are required to either pay for research out of their own profit and loss","page_number":169,"box":{"x":68,"y":218,"width":825,"height":12}},{"id":"0bab392a-3f81-4c07-a3c0-2a94361d6181","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":169,"box":{"x":69,"y":234,"width":798,"height":11}},{"id":"519f1ebf-4838-45a8-9b05-9209960e0325","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":169,"box":{"x":68,"y":249,"width":824,"height":11}},{"id":"1f3d9e3c-c998-484b-9f41-1ac59504d4fc","block_type":"box","text":"payments for research are unbundled from the payments for execution. BIL will pay for any research out of its own","page_number":169,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"5ca77f6b-f834-45ed-8260-e0d216ecdf1c","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":169,"box":{"x":69,"y":279,"width":547,"height":11}},{"id":"85982f77-6e2d-4643-b4c0-46133663c923","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Por tfolio with respect","page_number":169,"box":{"x":102,"y":302,"width":804,"height":11}},{"id":"2154f38a-17c3-4d5b-bd1d-5a4dc26f1099","block_type":"box","text":"to the Feeder Fund (or affiliated persons of such persons), will be made in accordance with Rule 17e-1 under the","page_number":169,"box":{"x":68,"y":317,"width":806,"height":11}},{"id":"6425c557-2a08-4703-9809-10a1fb7b3198","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":169,"box":{"x":70,"y":332,"width":836,"height":11}},{"id":"80da3e62-e911-4de3-b745-dc323ddd3366","block_type":"box","text":"is primarily responsible for the execution of the Master Por tfolio’s por tfolio transactions and the allocation of","page_number":169,"box":{"x":70,"y":347,"width":777,"height":11}},{"id":"7113026e-c4d0-4591-894e-b34b38ad1006","block_type":"box","text":"brokerage.","page_number":169,"box":{"x":69,"y":362,"width":74,"height":11}},{"id":"63992934-14db-47d4-8b53-e67b4598037f","block_type":"box","text":"From time to time, a Fund may purchase new issues of securities in a fixed price offering. In these situations,","page_number":169,"box":{"x":102,"y":385,"width":781,"height":11}},{"id":"0efb5163-77c2-4429-8833-b2a65b293607","block_type":"box","text":"the broker may be a member of the selling group that will, in addition to selling securities, provide BlackRock with","page_number":169,"box":{"x":68,"y":400,"width":810,"height":11}},{"id":"77d1d7ab-a2e8-418e-b91e-84606e5ea071","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":169,"box":{"x":69,"y":415,"width":771,"height":11}},{"id":"4d31093d-a5a9-48ad-88e0-5790224b9968","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":169,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"ad5bd94d-813c-4dba-9807-64beaed0853d","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":169,"box":{"x":68,"y":445,"width":821,"height":12}},{"id":"36218c70-de0e-4c52-8e0d-d48834f35c27","block_type":"box","text":"Section 28(e).","page_number":169,"box":{"x":69,"y":460,"width":99,"height":11}},{"id":"6796b201-3f62-477c-9237-2acdd846c0f8","block_type":"box","text":"BlackRock does not consider sales of shares of the mutual funds it advises as a factor in the selection of","page_number":169,"box":{"x":102,"y":483,"width":755,"height":9}},{"id":"50543195-a215-4ab1-b7d5-34e5a911fc95","block_type":"box","text":"brokers or dealers to execute por tfolio transactions for a Fund; however, whether or not a par ticular broker or dealer","page_number":169,"box":{"x":69,"y":498,"width":828,"height":11}},{"id":"d8c67788-f097-4c1d-8cdc-08a04c11b500","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":169,"box":{"x":69,"y":513,"width":799,"height":11}},{"id":"68e4a38c-f492-405d-8615-9150a5331851","block_type":"box","text":"execute transactions for those mutual funds.","page_number":169,"box":{"x":69,"y":528,"width":319,"height":9}},{"id":"f5ba9bdb-bf28-4b46-b2df-3a0bcd95487d","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":169,"box":{"x":102,"y":551,"width":770,"height":11}},{"id":"10747734-4682-4a29-a9b8-840ee977cb57","block_type":"box","text":"primarily on the principal stock exchanges of the applicable country. Foreign equity securities may be held by a Fund","page_number":169,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"a2e2259d-e285-4bcd-a0f2-5f582cc82a4a","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":169,"box":{"x":70,"y":581,"width":816,"height":12}},{"id":"0647fee2-21be-414a-a464-debbf1673098","block_type":"box","text":"may be listed on stock exchanges, or traded in OTC markets in the United States or Europe, as the case may be.","page_number":169,"box":{"x":69,"y":597,"width":805,"height":11}},{"id":"7520ba4b-2bb7-4e80-839b-99eb6c6c5584","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":169,"box":{"x":68,"y":612,"width":773,"height":11}},{"id":"1bc2c977-5803-4f79-8d94-05a69fa7b8a8","block_type":"box","text":"commission rates. Because the shares of each Fund are redeemable on a daily basis in U.S. dollars, each Fund","page_number":169,"box":{"x":69,"y":627,"width":798,"height":11}},{"id":"227219ae-5333-493d-a30d-818b42a33dc2","block_type":"box","text":"intends to manage its por tfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the","page_number":169,"box":{"x":70,"y":642,"width":812,"height":11}},{"id":"9fc91c9a-5709-427d-a51c-9af399bc5e5c","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":169,"box":{"x":69,"y":657,"width":754,"height":11}},{"id":"bc26cf78-bae5-4ecb-84d1-9f6aadec297a","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":169,"box":{"x":69,"y":672,"width":540,"height":11}},{"id":"0615955f-969b-4d32-bace-b4ea9621ecb2","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":169,"box":{"x":102,"y":695,"width":798,"height":11}},{"id":"61c41e3c-0be8-43a3-8d7e-7ea5951ef73e","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":169,"box":{"x":68,"y":710,"width":597,"height":11}},{"id":"6e3bc34f-6f64-4499-a3e1-efb1ee070892","block_type":"box","text":"Each Fund may invest in cer tain securities traded in the OTC market and intends to deal directly with the dealers","page_number":169,"box":{"x":102,"y":733,"width":802,"height":11}},{"id":"6a3fbca5-6b4d-4520-9777-298e7d9bab89","block_type":"box","text":"who make a market in the par ticular securities, except in those circumstances in which better prices and execution","page_number":169,"box":{"x":68,"y":748,"width":822,"height":11}},{"id":"da84d639-7f65-4d28-8b78-296c6e94265e","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":169,"box":{"x":69,"y":763,"width":804,"height":11}},{"id":"daa421c8-4ad4-43c8-9d39-011d2f21c757","block_type":"box","text":"affiliated with such affiliated persons are prohibited from dealing with the Fund as principal in the purchase and sale","page_number":169,"box":{"x":69,"y":778,"width":832,"height":11}},{"id":"ed3caafd-61ee-4cc6-8be8-afe4513dbfa0","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":169,"box":{"x":69,"y":793,"width":762,"height":11}},{"id":"f1245532-bd7e-4e33-af75-92488c19d737","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":169,"box":{"x":68,"y":808,"width":770,"height":11}},{"id":"f20c2d74-acb8-4a48-806c-e50c6d7ffe3e","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":169,"box":{"x":69,"y":823,"width":828,"height":11}},{"id":"863adee5-9b4a-4f8d-8194-66c3c6cb311b","block_type":"box","text":"person of a Fund may serve as its broker in OTC transactions conducted on an agency basis provided that, among","page_number":169,"box":{"x":70,"y":838,"width":814,"height":12}},{"id":"0a14e2af-9ff0-49ec-b735-208a5d63bca7","block_type":"box","text":"other things, the fee or commission received by such affiliated broker is reasonable and fair compared to the fee or","page_number":169,"box":{"x":69,"y":853,"width":825,"height":12}},{"id":"ae744c08-7d3c-42af-8db7-5f3a18783e25","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":169,"box":{"x":69,"y":869,"width":645,"height":11}},{"id":"eabd3752-9f7f-4e44-bce8-f612568e4d49","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":169,"box":{"x":102,"y":891,"width":797,"height":12}},{"id":"0e35b239-0fe0-446e-b684-fa1798d59dae","block_type":"box","text":"normally traded on a “net” basis without a stated commission, through dealers acting for their own account and not","page_number":169,"box":{"x":69,"y":906,"width":826,"height":12}},{"id":"52ea9e94-1f2f-443b-a684-189376ce53d7","block_type":"box","text":"II-126","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"45e3a59f-794d-4409-a0c2-8aef5aaf11fe","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":169,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"96fdb09b-b8b9-4ff8-8568-e58be80a4ab6","block_type":"box","text":"as brokers. The Funds will primarily engage in transactions with these dealers or deal directly with the issuer unless a","page_number":170,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"9637e645-955d-42c8-b7f8-2ece0a421c7c","block_type":"box","text":"better price or execution could be obtained by using a broker. Prices paid to a dealer with respect to both foreign and","page_number":170,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"bf34da7a-fc8d-45e8-97ea-9e035782b62c","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":170,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"8846a48a-f7f5-4228-9c65-962570b43a9a","block_type":"box","text":"is willing to purchase and sell the specific security at the time, and includes the dealer’s normal profit.","page_number":170,"box":{"x":70,"y":90,"width":730,"height":11}},{"id":"abd819f7-6fcc-4848-9cf1-dedefc699755","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":170,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"e11c096f-a233-4693-aa24-7a1a39c6a29d","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":170,"box":{"x":69,"y":128,"width":807,"height":11}},{"id":"57fd2cfd-a183-4ff4-a016-938db626d29b","block_type":"box","text":"instruments are generally traded on a “net” basis with dealers acting as principal for their own accounts without a","page_number":170,"box":{"x":70,"y":143,"width":812,"height":11}},{"id":"83f436ff-21f9-490c-91ce-559e7fbdbe5c","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":170,"box":{"x":69,"y":158,"width":807,"height":11}},{"id":"2bc14cf1-a102-49e7-82fa-5379029e24ab","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":170,"box":{"x":68,"y":173,"width":827,"height":11}},{"id":"167696ec-241a-498c-af77-1c2227f0d129","block_type":"box","text":"with the rules of the Commission. As a result, the por tfolio turnover rates of a money market fund will be relatively","page_number":170,"box":{"x":68,"y":188,"width":817,"height":11}},{"id":"31fb71fa-9eba-4c47-8a37-1a264ff7b13b","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":170,"box":{"x":69,"y":204,"width":802,"height":11}},{"id":"1f6a640d-65f3-4423-834a-1e0f59d5d157","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":170,"box":{"x":69,"y":218,"width":700,"height":12}},{"id":"3db5ed03-a517-47c1-9985-871061fd0e26","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":170,"box":{"x":102,"y":241,"width":756,"height":11}},{"id":"bde2d420-c973-4a6e-afde-30151e75aa83","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":170,"box":{"x":68,"y":256,"width":804,"height":12}},{"id":"8ab54619-8dfb-4094-a63a-c4d9ebba3961","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":170,"box":{"x":69,"y":271,"width":766,"height":12}},{"id":"1f918e55-30f3-444c-917e-625ac2079064","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an under taking from issuers of commercial paper or dealers","page_number":170,"box":{"x":101,"y":294,"width":780,"height":11}},{"id":"575e79e7-a41d-4be3-97ce-6602a465bb47","block_type":"box","text":"selling commercial paper to consider the repurchase of such securities from a Fund prior to maturity at their original","page_number":170,"box":{"x":69,"y":309,"width":826,"height":11}},{"id":"d17028bd-2536-4503-99fc-0a4fe7d6b8ff","block_type":"box","text":"cost plus interest (sometimes adjusted to reflect the actual maturity of the securities), if it believes that a Fund’s","page_number":170,"box":{"x":69,"y":324,"width":806,"height":11}},{"id":"f950d49c-de90-49b3-8ce0-15196064b5e5","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":170,"box":{"x":69,"y":339,"width":776,"height":12}},{"id":"7738d384-8233-4c06-9d4e-87ce1dec996b","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":170,"box":{"x":70,"y":355,"width":800,"height":11}},{"id":"0489d843-39ff-4751-bba3-bc71dd64a4ae","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":170,"box":{"x":69,"y":370,"width":352,"height":11}},{"id":"1a15f02d-3d3c-48e3-b168-b5e0403a18b6","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":170,"box":{"x":102,"y":392,"width":800,"height":12}},{"id":"f6ba46d2-6b9e-4388-b738-0032b9c6b422","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":170,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"10c375f3-8218-469c-9aec-0375cde7e903","block_type":"box","text":"accounts in a fair and equitable manner over time. A variety of factors will be considered in making such allocations.","page_number":170,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"c59f7c32-69b8-4047-a6f1-ed88545e3e1e","block_type":"box","text":"These factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry,","page_number":170,"box":{"x":68,"y":438,"width":788,"height":11}},{"id":"8cf2a772-3e6c-4d06-bbfc-cfbd8f85db20","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":170,"box":{"x":69,"y":453,"width":759,"height":11}},{"id":"c1cb2159-31cd-495f-977e-98008c5d08d4","block_type":"box","text":"concentration parameters for an account, (iv) supply or demand for a security at a given price level, (v) size of","page_number":170,"box":{"x":69,"y":468,"width":780,"height":11}},{"id":"c0cc628e-71cd-425a-9369-c66a59fc7fd6","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":170,"box":{"x":69,"y":483,"width":777,"height":11}},{"id":"a011b70e-4c02-4b12-a596-f5e1fdd7e6c1","block_type":"box","text":"(viii) minimum investment size of an account, (ix) relative size of account, and (x) such other factors as may be","page_number":170,"box":{"x":69,"y":498,"width":788,"height":11}},{"id":"4a1f6143-c106-44f2-89c1-e64ad45b7553","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":170,"box":{"x":69,"y":514,"width":811,"height":11}},{"id":"9d3ac81a-44f8-4d82-b01f-b3a0c66e26d4","block_type":"box","text":"another based on any of the following considerations: (i) to favor one client account at the expense of another, (ii) to","page_number":170,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"4e86f062-3efd-4b42-96a1-111df67f1836","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater per formance compensation to","page_number":170,"box":{"x":68,"y":543,"width":808,"height":12}},{"id":"a24dc26e-fb59-418f-a4b3-e6297f41cc91","block_type":"box","text":"BlackRock, (iii) to develop or enhance a relationship with a client or prospective client, (iv) to compensate a client for","page_number":170,"box":{"x":70,"y":559,"width":832,"height":11}},{"id":"4c18d1be-c4e3-4c5f-a1d2-5e744eb17846","block_type":"box","text":"past services or benefits rendered to BlackRock or to induce future services or benefits to be rendered to BlackRock,","page_number":170,"box":{"x":70,"y":574,"width":836,"height":11}},{"id":"5c92b607-310d-4a56-bf0b-224d05265f9d","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":170,"box":{"x":69,"y":589,"width":613,"height":11}},{"id":"9df93b6d-536e-4e64-aa44-4c095f0ff266","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":170,"box":{"x":102,"y":612,"width":802,"height":11}},{"id":"46a35511-34ed-42bb-8936-dd08a6c87a65","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":170,"box":{"x":69,"y":627,"width":800,"height":11}},{"id":"4707177d-9e7b-4117-afb8-7a889bae3514","block_type":"box","text":"accounts and compliance constraints.","page_number":170,"box":{"x":69,"y":642,"width":269,"height":11}},{"id":"751096b1-c5c0-470e-bc80-b1e79e16f73d","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":170,"box":{"x":102,"y":664,"width":736,"height":12}},{"id":"a8af6ffb-e194-4b13-8d80-f090b085e271","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":170,"box":{"x":69,"y":680,"width":808,"height":11}},{"id":"052c147a-44a2-4364-81c0-3d98516e43ea","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":170,"box":{"x":69,"y":695,"width":821,"height":11}},{"id":"e84a3d78-52c6-4481-a5a6-61a508f90d97","block_type":"box","text":"among client accounts over time, each por tfolio manager or a member of his or her respective investment team will","page_number":170,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"3d3ebcc8-a215-4ac5-9b39-bfd4866a638b","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a par ticular offering with respect to eligible client","page_number":170,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"582739af-e23a-4e8c-bd7d-ef601e7a79ab","block_type":"box","text":"accounts for which that team is responsible. Initial public offerings of U.S. equity securities will be identified as","page_number":170,"box":{"x":69,"y":740,"width":793,"height":11}},{"id":"3d43bc32-363f-4dc3-a03e-45f019ab2ee7","block_type":"box","text":"eligible for par ticular client accounts that are managed by por tfolio teams who have indicated interest in the offering","page_number":170,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"eaf1fc57-c0e4-4bd3-a266-46bf50328985","block_type":"box","text":"based on market capitalization of the issuer of the security and the investment mandate of the client account and in","page_number":170,"box":{"x":69,"y":770,"width":828,"height":11}},{"id":"dd9a0950-ae9a-40dc-a7a6-6aedf6d5bbdd","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":170,"box":{"x":68,"y":785,"width":839,"height":12}},{"id":"190d31ab-12ac-4c00-8dbc-48a769d9af7f","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":170,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"65fac06d-227b-431e-a47d-0cc1f9c023a6","block_type":"box","text":"client accounts within each investment mandate on a pro rata basis. In situations where supply is too limited to be","page_number":170,"box":{"x":69,"y":816,"width":819,"height":11}},{"id":"57ecf720-76bb-455a-aa8f-fa628076484c","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":170,"box":{"x":69,"y":831,"width":808,"height":11}},{"id":"16154d55-ed77-421a-acfe-3498505b6bb5","block_type":"box","text":"oppor tunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":170,"box":{"x":69,"y":846,"width":791,"height":11}},{"id":"9f75c496-f60c-46e1-85a4-12db08af9725","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":170,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"bf2e36af-73ad-43a7-a242-5af0dd52efac","block_type":"box","text":"clients may be used as well.","page_number":170,"box":{"x":69,"y":876,"width":200,"height":11}},{"id":"e03c394e-7f2d-4db7-a2fe-5605a2cb218f","block_type":"box","text":"II-127","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"91a99174-193b-49ec-b498-9ea2e51c5693","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":170,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"97c25199-4ba4-4141-a0be-b4fabbd9c83b","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":171,"box":{"x":102,"y":45,"width":789,"height":11}},{"id":"c3bc86d3-b255-4121-b595-0af2d62c98c7","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":171,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"74d5402e-84a0-4d7d-bdaf-cb41a990dc01","block_type":"box","text":"and strategies of those accounts. For example, BlackRock may decide that it may be entirely appropriate for a growth","page_number":171,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"8cc83369-6b53-4448-b21f-e064f8a460fd","block_type":"box","text":"fund to sell a security at the same time a value fund is buying that security. To the extent that transactions on behalf","page_number":171,"box":{"x":68,"y":90,"width":833,"height":11}},{"id":"d85d7a61-959e-4ef0-8bde-4fd0e75e4843","block_type":"box","text":"of more than one client of BlackRock or its affiliates during the same period may increase the demand for securities","page_number":171,"box":{"x":69,"y":105,"width":829,"height":11}},{"id":"03ed39b0-4b82-4709-97e1-19e14b287847","block_type":"box","text":"being purchased or the supply of securities being sold, there may be an adverse effect on price. For example, sales","page_number":171,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"875b81f2-1986-4952-a5c9-446c722a0d07","block_type":"box","text":"of a security by BlackRock on behalf of one or more of its clients may decrease the market price of such security,","page_number":171,"box":{"x":69,"y":135,"width":806,"height":11}},{"id":"8429b9a1-edd5-40d2-a143-94758f84ca50","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":171,"box":{"x":69,"y":150,"width":814,"height":12}},{"id":"a2da3536-3689-46c4-8f89-4b8cc41630ea","block_type":"box","text":"consideration at or about the same time that would involve a Fund or other clients or funds for which BlackRock or an","page_number":171,"box":{"x":69,"y":166,"width":836,"height":9}},{"id":"fdd98ef0-ac38-4564-8ad2-41f910fb6aec","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":171,"box":{"x":69,"y":181,"width":773,"height":11}},{"id":"c8dfe3fe-26f1-4cf3-a7b5-3516cdc7f824","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":171,"box":{"x":69,"y":196,"width":467,"height":11}},{"id":"1f868c73-bb1c-4d02-bfb6-29c33fd0acf2","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":171,"box":{"x":102,"y":218,"width":741,"height":12}},{"id":"85c6611c-0178-44c4-afa2-d6218112c11e","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":171,"box":{"x":69,"y":234,"width":721,"height":11}},{"id":"347569ed-a0b9-4947-acc9-0a840a6ff0e1","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":171,"box":{"x":69,"y":249,"width":824,"height":11}},{"id":"1ff27c41-6c5e-4927-ae3a-dd9768151b5b","block_type":"box","text":"will be aggregated in a single order if the trader believes the aggregated trade would provide each client with an","page_number":171,"box":{"x":68,"y":264,"width":795,"height":11}},{"id":"d8b2a15b-9a60-4cb0-b212-bb7f39f3a3de","block_type":"box","text":"oppor tunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":171,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"b870d876-3b92-4eb8-9ac9-225b557e4766","block_type":"box","text":"aggregated order will be shared pro rata among the clients in the aggregated order. Generally, if an order for a","page_number":171,"box":{"x":69,"y":294,"width":783,"height":11}},{"id":"f4644a2d-e92b-4ee0-85ff-8114a8262011","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":171,"box":{"x":70,"y":309,"width":796,"height":11}},{"id":"dc631092-3132-4e0e-8565-81af3464e8e6","block_type":"box","text":"accounts par ticipating in the order will receive the average price except in the case of cer tain international markets","page_number":171,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"fe356e2b-26fd-4283-a109-d3d581955096","block_type":"box","text":"where average pricing is not permitted. While in some cases this practice could have a detrimental effect upon the","page_number":171,"box":{"x":68,"y":339,"width":819,"height":12}},{"id":"d88a1604-3700-406c-94e9-e74370a76773","block_type":"box","text":"price or value of the security as far as a Fund is concerned, in other cases it could be beneficial to the Fund.","page_number":171,"box":{"x":70,"y":355,"width":771,"height":11}},{"id":"47ba5286-af5a-4726-b54e-ba4ff2fad0ff","block_type":"box","text":"Transactions effected by BlackRock on behalf of more than one of its clients during the same period may increase","page_number":171,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"ee2cdcd0-9a65-4ca5-b00e-a27d3b189a33","block_type":"box","text":"the demand for securities being purchased or the supply of securities being sold, causing an adverse effect on price.","page_number":171,"box":{"x":68,"y":385,"width":835,"height":11}},{"id":"85d5da21-5693-48b2-a755-a06e090e4e7d","block_type":"box","text":"The trader will give the aggregated order to the broker-dealer that the trader has identified as being able to provide","page_number":171,"box":{"x":68,"y":400,"width":817,"height":11}},{"id":"ef789564-76a3-4eef-b687-144fb07e2f63","block_type":"box","text":"the best execution of the order. Orders for purchase or sale of securities will be placed within a reasonable amount","page_number":171,"box":{"x":68,"y":415,"width":823,"height":11}},{"id":"f173c694-41e8-409c-8b34-12f58a817d71","block_type":"box","text":"of time of the order receipt and aggregated orders will be kept aggregated only long enough to execute the order.","page_number":171,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"6f2f55f3-13e0-4201-ba71-3dc49e243232","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":171,"box":{"x":101,"y":453,"width":767,"height":11}},{"id":"56955eb1-87d3-4fbc-b2b5-5d0d6293cdef","block_type":"box","text":"securities of which BlackRock, BRIL or any affiliated person (as defined in the Investment Company Act) thereof is a","page_number":171,"box":{"x":69,"y":468,"width":826,"height":11}},{"id":"e55cccff-dfe7-4db7-9d20-82ee2d64cf16","block_type":"box","text":"member except pursuant to procedures adopted by the Board of Directors in accordance with Rule 10f-3 under the","page_number":171,"box":{"x":69,"y":483,"width":816,"height":11}},{"id":"5febd94e-787e-4040-82c9-f73795aa7205","block_type":"box","text":"Investment Company Act. In no instance will por tfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":171,"box":{"x":70,"y":498,"width":833,"height":11}},{"id":"81d1510a-56ed-4bfa-a54e-8091b4fa31d9","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":171,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"de5654ec-87fc-46f5-9c97-6cff203864ed","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":171,"box":{"x":101,"y":536,"width":786,"height":11}},{"id":"4e5afcfc-96df-4713-863f-a3468638de94","block_type":"box","text":"clients or accounts that BlackRock manages or advises. If purchases or sales of por tfolio securities of a Fund and","page_number":171,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"164c4fe9-7887-4bc0-86a2-8522872820b4","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":171,"box":{"x":69,"y":566,"width":751,"height":11}},{"id":"e23f4df8-f920-41a1-a00e-3cb8c1f8f5a9","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":171,"box":{"x":68,"y":582,"width":829,"height":11}},{"id":"449fb64e-5309-44b0-a8c4-894f52bb7459","block_type":"box","text":"to all by BlackRock. In some cases, this procedure could have a detrimental effect on the price or volume of the","page_number":171,"box":{"x":68,"y":596,"width":799,"height":12}},{"id":"e902b230-d814-43e7-8ae9-a8bed358cc47","block_type":"box","text":"security as far as a Fund is concerned. However, in other cases, it is possible that the ability to par ticipate in volume","page_number":171,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"0f28032e-b92a-4f8d-aa59-4d4e526b2728","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":171,"box":{"x":68,"y":627,"width":820,"height":11}},{"id":"26f35996-cfce-4fce-acf6-ca91aabc87cd","block_type":"box","text":"invest for its own account in the types of securities in which a Fund may invest. BlackRock may, from time to time,","page_number":171,"box":{"x":70,"y":642,"width":812,"height":11}},{"id":"9eb4f6b5-f82c-4aa6-8cdd-a5061967a234","block_type":"box","text":"effect trades on behalf of and for the account of a Fund with brokers or dealers that are affiliated with BFA, in","page_number":171,"box":{"x":69,"y":657,"width":781,"height":10}},{"id":"3e94ec14-22f8-4c81-985e-031e4644992e","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":171,"box":{"x":69,"y":672,"width":805,"height":11}},{"id":"eb440d38-1a6d-43ec-bfdd-1a86c9703d5a","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":171,"box":{"x":69,"y":687,"width":840,"height":11}},{"id":"d9d9b1e4-3e2d-4fec-b9fa-92a20fc88984","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":171,"box":{"x":69,"y":702,"width":815,"height":11}},{"id":"62b95968-fd17-4259-a7c0-a66a76862ca7","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":171,"box":{"x":69,"y":718,"width":713,"height":11}},{"id":"2f863d71-7916-487e-a8c3-15373ecb29c2","block_type":"box","text":"Portfolio Turnover","page_number":171,"box":{"x":69,"y":748,"width":129,"height":9}},{"id":"6a83d09c-2f8b-46ab-bbb9-c5751a994a5c","block_type":"box","text":"The por tfolio turnover rate is calculated by dividing the lesser of a Fund’s annual sales or purchases of por tfolio","page_number":171,"box":{"x":101,"y":770,"width":798,"height":12}},{"id":"88b258d3-8504-45ba-9103-b4775cc2bc06","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":171,"box":{"x":69,"y":785,"width":839,"height":11}},{"id":"26403176-c2e2-41fe-8622-ded32252a6cf","block_type":"box","text":"the time of acquisition were one year or less) by the monthly average value of the securities in the por tfolio during","page_number":171,"box":{"x":68,"y":801,"width":814,"height":11}},{"id":"e74af735-41c6-4481-a6d8-24bbe347a83b","block_type":"box","text":"the year. A high rate of por tfolio turnover results in cer tain tax consequences, such as increased capital gain","page_number":171,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"4c1ca04d-49e3-443b-84e4-23f54e2e4c10","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":171,"box":{"x":69,"y":831,"width":818,"height":11}},{"id":"81684f46-9c1e-4cb9-b281-fdf0c261bbff","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":171,"box":{"x":69,"y":846,"width":519,"height":11}},{"id":"2e663ca2-8a0d-4bc5-b9c4-432b158ff189","block_type":"box","text":"II-128","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1d83a690-a39f-4378-b392-83cdc05eb91c","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":171,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f93eea6c-37db-4834-8d27-5431277ed40a","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":172,"box":{"x":396,"y":45,"width":186,"height":10}},{"id":"88800f60-fedb-4aba-8c89-1c7c66b2292f","block_type":"box","text":"Dividends","page_number":172,"box":{"x":69,"y":76,"width":69,"height":8}},{"id":"e395a7a7-01de-48de-87f8-dd2ee4a7e3ca","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":172,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"75ac4f0f-e202-494c-8d2a-204aebc5bf12","block_type":"box","text":"investment income are paid as set for th in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":172,"box":{"x":70,"y":113,"width":795,"height":11}},{"id":"3b28b96d-bf5d-4e31-bff3-57a5b4d25758","block_type":"box","text":"realized capital gains, if any, as set for th in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":172,"box":{"x":69,"y":128,"width":837,"height":12}},{"id":"5a48f131-47ba-4f97-9a92-bb7f4d3e6685","block_type":"box","text":"distribution at or about the end of the calendar year in order to comply with U.S. federal tax requirements that cer tain","page_number":172,"box":{"x":69,"y":143,"width":836,"height":12}},{"id":"8e1589a8-6491-4cd8-80a0-f06f49f41449","block_type":"box","text":"percentages of its ordinary income and capital gains be distributed during the year. If, in any fiscal year, a Fund has","page_number":172,"box":{"x":70,"y":159,"width":822,"height":11}},{"id":"7a6a282a-e7b7-462c-98da-78d7eff33f52","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":172,"box":{"x":69,"y":174,"width":739,"height":11}},{"id":"ec1c5d6d-2b4f-4c4d-9388-912971c5ce26","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":172,"box":{"x":102,"y":196,"width":773,"height":12}},{"id":"585ef407-a829-4209-a8f1-e9ec53362dc1","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":172,"box":{"x":70,"y":212,"width":819,"height":11}},{"id":"ee407618-b80a-442d-b7aa-c85fc853932c","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":172,"box":{"x":69,"y":227,"width":807,"height":11}},{"id":"192bcd22-a206-4d90-9d68-9e7f736f3614","block_type":"box","text":"whether they are reinvested in shares of the Fund or received in cash. The per share dividends on front-end load","page_number":172,"box":{"x":68,"y":242,"width":800,"height":11}},{"id":"5e131d06-dec3-443f-9121-8b61f220489a","block_type":"box","text":"shares, CDSC shares and Service Shares will be lower than the per share dividends on Institutional Shares as a","page_number":172,"box":{"x":69,"y":257,"width":801,"height":11}},{"id":"0a8a467d-21f8-45c3-9db7-7e84431fc811","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":172,"box":{"x":69,"y":272,"width":783,"height":11}},{"id":"6260fe5f-38bf-48c7-966c-5e4012c935be","block_type":"box","text":"applicable to front-end load shares and Service Shares, and the service and distribution fees applicable to Class R","page_number":172,"box":{"x":69,"y":287,"width":820,"height":11}},{"id":"3966ac3c-d828-455a-91fe-8c9c821d71b7","block_type":"box","text":"Shares. Similarly, the per share dividends on CDSC shares and Class R Shares will be lower than the per share","page_number":172,"box":{"x":69,"y":302,"width":794,"height":11}},{"id":"d348966a-f613-4075-8592-9a30a5f8d531","block_type":"box","text":"dividends on front-end load shares and Service Shares as a result of the distribution fees and higher transfer agency","page_number":172,"box":{"x":69,"y":317,"width":834,"height":12}},{"id":"75d4e72b-0c41-47e9-bfb8-d7ba4052f7ab","block_type":"box","text":"fees applicable to CDSC shares and the distribution fees applicable to Class R Shares, and the per share dividends","page_number":172,"box":{"x":68,"y":332,"width":826,"height":11}},{"id":"a46c9701-0a64-4fe5-82b0-7deda1e042c4","block_type":"box","text":"on CDSC shares will be lower than the per share dividends on Class R Shares as a result of the higher distribution","page_number":172,"box":{"x":69,"y":348,"width":816,"height":11}},{"id":"d9444736-f139-4c7b-beaf-db2acbf72521","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":172,"box":{"x":68,"y":363,"width":461,"height":11}},{"id":"fc7de8f6-d31e-4217-85eb-943c665b2dd7","block_type":"box","text":"Taxes","page_number":172,"box":{"x":68,"y":393,"width":42,"height":9}},{"id":"e8dee144-95d4-4e9d-b365-494b4ed9d4a4","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":172,"box":{"x":102,"y":416,"width":732,"height":11}},{"id":"61b6e576-8222-4e7b-81be-8c1590d2a630","block_type":"box","text":"companies under the Code. As long as a Fund so qualifies, the Fund (but not its shareholders) will not be subject to","page_number":172,"box":{"x":69,"y":431,"width":825,"height":11}},{"id":"3ef0507d-21c9-4bad-9e12-7a48dfaf5d04","block_type":"box","text":"U.S. federal income tax on the par t of its investment company taxable income and net realized capital gains that it","page_number":172,"box":{"x":70,"y":446,"width":817,"height":11}},{"id":"d0c8d222-d711-45ee-8362-8de5f429b5e7","block_type":"box","text":"distributes to its shareholders in years in which it distributes at least 90% of its investment company taxable income","page_number":172,"box":{"x":69,"y":461,"width":832,"height":11}},{"id":"881190f3-64a6-47fb-93d3-1d81202b9857","block_type":"box","text":"and at least 90% of its net tax-exempt interest income, if any, for the year. To qualify as a regulated investment","page_number":172,"box":{"x":69,"y":476,"width":791,"height":11}},{"id":"ff7a208c-637e-4aff-90d8-32d2cf913d67","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":172,"box":{"x":69,"y":491,"width":786,"height":12}},{"id":"dec0a8e9-678b-4898-8592-9f6b807b8355","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":172,"box":{"x":69,"y":506,"width":831,"height":11}},{"id":"414acafe-902f-4d44-9d70-55cdedeffd29","block_type":"box","text":"for a discussion of the asset diversification requirements. In the case of a Feeder Fund, such Fund may look to the","page_number":172,"box":{"x":68,"y":521,"width":819,"height":12}},{"id":"aa08b45c-2d6e-4b21-aea7-fb15b9705852","block_type":"box","text":"underlying assets of the Master Por tfolio in which it has invested for purposes of satisfying the asset diversification","page_number":172,"box":{"x":69,"y":537,"width":824,"height":11}},{"id":"eb7ec3fa-f88c-4011-9874-018610a2dd44","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":172,"box":{"x":69,"y":552,"width":739,"height":11}},{"id":"daa4119f-dd30-4986-9104-4ad613f73c07","block_type":"box","text":"A Fund may be able to cure a failure to derive at least 90% of its income from the sources specified above or a","page_number":172,"box":{"x":101,"y":574,"width":792,"height":12}},{"id":"44859d6b-719f-41ff-a5f1-1a649ce56bc3","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of cer tain assets, or by","page_number":172,"box":{"x":68,"y":589,"width":819,"height":12}},{"id":"1fa047f3-e6fc-41ed-a56a-4968ddef377b","block_type":"box","text":"paying a tax and disposing of assets. If, in any taxable year, a Fund fails one of these tests and does not timely cure","page_number":172,"box":{"x":70,"y":605,"width":830,"height":11}},{"id":"d7047335-9585-4558-b5d3-36afd7d9d28a","block_type":"box","text":"the failure, the Fund will be taxed in the same manner as an ordinary corporation and distributions to its","page_number":172,"box":{"x":68,"y":620,"width":744,"height":11}},{"id":"31fdb1e0-9c0f-4246-a79a-eb35ebe2b2f6","block_type":"box","text":"shareholders will not be deductible by the Fund in computing its taxable income. Although in general the passive loss","page_number":172,"box":{"x":69,"y":635,"width":835,"height":11}},{"id":"aa09114a-6988-4104-bcf4-27852c99e434","block_type":"box","text":"rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment","page_number":172,"box":{"x":69,"y":650,"width":808,"height":11}},{"id":"aeae1e48-64ce-4612-9f54-f25b3cd0e99e","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded par tnership. A Fund’s","page_number":172,"box":{"x":69,"y":665,"width":767,"height":11}},{"id":"2e971181-e7d8-4d44-9669-4e4f5287ac70","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":172,"box":{"x":70,"y":680,"width":826,"height":12}},{"id":"853cc0aa-cb88-4f2a-9d4d-2dc8d5fa5a22","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":172,"box":{"x":68,"y":695,"width":521,"height":12}},{"id":"63ac7717-cb19-4005-9b66-cbaaee8ebdd1","block_type":"box","text":"Each Fund intends to distribute substantially all of such income and gains. If, in any taxable year, a Fund fails to","page_number":172,"box":{"x":102,"y":718,"width":798,"height":11}},{"id":"34580ce2-583d-4619-8485-79290ef95d9f","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":172,"box":{"x":69,"y":733,"width":762,"height":11}},{"id":"f502547e-dd17-448e-aeb3-ff1ec04c48b1","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":172,"box":{"x":70,"y":748,"width":789,"height":11}},{"id":"72f7eff9-ebe5-469c-a8a3-ce31a8ea2c60","block_type":"box","text":"earnings and profits (as determined under U.S. federal income tax principles) to its shareholders would be taxable as","page_number":172,"box":{"x":69,"y":763,"width":837,"height":12}},{"id":"321700f9-164e-4b89-80fe-fa8dddb71edd","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":172,"box":{"x":69,"y":778,"width":831,"height":12}},{"id":"23c5ae08-f17a-485f-99cb-48c58a95d2cd","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":172,"box":{"x":69,"y":794,"width":837,"height":11}},{"id":"3a11253f-bce6-4e29-af7e-cea3ffdac78b","block_type":"box","text":"exempt obligations, as defined herein, would no longer qualify for treatment as exempt interest. Each Fund that is a","page_number":172,"box":{"x":69,"y":809,"width":825,"height":11}},{"id":"23875733-6949-45b1-8fdc-b154c6937358","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":172,"box":{"x":69,"y":824,"width":811,"height":11}},{"id":"29f321cc-518e-43c3-846d-ebe2eee1eea2","block_type":"box","text":"U.S. federal income tax purposes, and therefore is considered to be a separate entity in determining its treatment","page_number":172,"box":{"x":70,"y":839,"width":813,"height":11}},{"id":"6b89e778-80f4-48e7-8ab5-83d75886a1e1","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":172,"box":{"x":69,"y":854,"width":834,"height":11}},{"id":"f5cce772-5a45-4f0d-a67a-1c555fa66380","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":172,"box":{"x":69,"y":869,"width":790,"height":11}},{"id":"bfc8adc7-f568-4514-9ee3-ae3da3338562","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":172,"box":{"x":69,"y":884,"width":771,"height":12}},{"id":"d3b0c249-53cd-40d0-b6f1-ea34ababb039","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":172,"box":{"x":69,"y":899,"width":512,"height":11}},{"id":"b9e0ce8c-8c76-414b-a0ed-00dd65efc3ef","block_type":"box","text":"II-129","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7f117ce5-dbe6-4aa2-8e0d-542328007121","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":172,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"eacb536d-ad22-4e74-8ff7-a73da302f94b","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":173,"box":{"x":101,"y":45,"width":759,"height":11}},{"id":"134d7eef-73b6-4cfd-828b-75f71d19b71a","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":173,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"092518cd-e5f7-4b87-9272-071b929091e0","block_type":"box","text":"determined on a calendar year basis, and at least 98.2% of its capital gain net income, determined, in general, as if","page_number":173,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"bd451830-33c3-4f57-bf44-b65df43876b3","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":173,"box":{"x":68,"y":90,"width":832,"height":11}},{"id":"fa2eba99-708c-44d0-b621-c5bddaf2afda","block_type":"box","text":"previous years. While each Fund intends to distribute its income and capital gains in the manner necessary to avoid","page_number":173,"box":{"x":70,"y":105,"width":825,"height":11}},{"id":"a17b30fd-7372-42e4-9e27-b0f0a17f99b5","block_type":"box","text":"imposition of the 4% excise tax, there can be no assurance that a sufficient amount of the Fund’s taxable income","page_number":173,"box":{"x":70,"y":120,"width":810,"height":11}},{"id":"14e5cbf3-057e-4b97-af20-ceabb2bdc19d","block_type":"box","text":"and capital gains will be distributed to avoid entirely the imposition of the tax. In such event, a Fund will be liable for","page_number":173,"box":{"x":69,"y":135,"width":828,"height":12}},{"id":"1a3b3f4d-4e58-47ee-b64c-dd8db1f34c9c","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":173,"box":{"x":68,"y":150,"width":666,"height":12}},{"id":"64dc94bb-9089-4d74-b869-976db1b3dab2","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":173,"box":{"x":102,"y":173,"width":790,"height":11}},{"id":"c9ccdaf7-6b7c-4dc8-9906-7aee722056da","block_type":"box","text":"have been reduced to zero. In the event that the Fund were to experience an ownership change as defined under the","page_number":173,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"8af86b27-76e9-4943-bd73-25746935df0f","block_type":"box","text":"Code, the Fund’s loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to","page_number":173,"box":{"x":69,"y":203,"width":770,"height":12}},{"id":"f7fc3df8-c2f4-4bfc-96ce-12a10d88b8cc","block_type":"box","text":"limitation.","page_number":173,"box":{"x":70,"y":219,"width":68,"height":8}},{"id":"61d7c648-e1b9-42cf-8334-1968f002de09","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net shor t-term capital gain over net long","page_number":173,"box":{"x":102,"y":241,"width":803,"height":11}},{"id":"65fe70f2-0829-4f67-a0a1-255f47f3c684","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":173,"box":{"x":68,"y":256,"width":790,"height":12}},{"id":"b9223ce6-f34f-43c1-92bd-6678c7c01de4","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net shor t-term capital loss (including","page_number":173,"box":{"x":70,"y":271,"width":815,"height":12}},{"id":"25001cea-6bc8-43e8-a055-faaa71598add","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":173,"box":{"x":68,"y":286,"width":748,"height":12}},{"id":"5c57c2e3-e525-47a6-90b2-3a373aa96447","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":173,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"132199c4-e286-440b-95b9-5ff00854952e","block_type":"box","text":"Distributions paid by a Fund that are repor ted as exempt-interest dividends will not be subject to regular U.S. federal","page_number":173,"box":{"x":70,"y":317,"width":829,"height":11}},{"id":"21d26b0a-1d24-4bba-9cd1-52bbb0096433","block_type":"box","text":"income tax. Cer tain dividend income and long-term capital gains are eligible for taxation at a reduced rate that","page_number":173,"box":{"x":70,"y":332,"width":785,"height":11}},{"id":"5326c73f-d6d6-4794-b836-266fc643846e","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":173,"box":{"x":69,"y":347,"width":795,"height":11}},{"id":"dbb49563-6884-4e4c-a83f-6d6cdbd3c902","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":173,"box":{"x":70,"y":362,"width":809,"height":11}},{"id":"cd8fb88d-6542-4605-8892-af272d9a55e5","block_type":"box","text":"taxable to such shareholder at long-term capital gain rates provided the shareholder has held the shares on which","page_number":173,"box":{"x":68,"y":377,"width":814,"height":12}},{"id":"6aaaa0ef-a451-4d49-bc91-d947ae9cf1c5","block_type":"box","text":"the dividend was paid for at least 61 days during the 121-day period that begins on the date that is 60 days before","page_number":173,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"a37783ad-8099-420d-b148-c9afb1947172","block_type":"box","text":"the date on which the shares become ex-dividend with respect to such dividend (or, in the case of cer tain","page_number":173,"box":{"x":68,"y":407,"width":751,"height":11}},{"id":"0b54a4c3-6d4f-49d5-a462-2bc48c94b2ce","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":173,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"5864e832-056a-4355-a4be-0b3475b3ce70","block_type":"box","text":"was paid for at least 91 days during the 181-day period that begins on the date that is 90 days before the date on","page_number":173,"box":{"x":68,"y":438,"width":817,"height":11}},{"id":"7dabbaff-7a6d-4071-92d7-8895abebb790","block_type":"box","text":"which the shares become ex-dividend with respect to such dividend). However, to the extent a Fund’s distributions","page_number":173,"box":{"x":68,"y":453,"width":813,"height":11}},{"id":"b9927070-63f1-4632-ab82-30944328bd03","block_type":"box","text":"are derived from income on debt securities, cer tain types of preferred stock treated as debt for U.S. federal income","page_number":173,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"7d6d137c-3fb7-4c01-bcef-1fbc2e13fa1a","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":173,"box":{"x":68,"y":483,"width":789,"height":11}},{"id":"d4336750-677b-41a5-8bf1-ef2ce7fdd8da","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":173,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"16ce7f59-41eb-414c-ba40-e14a784744fe","block_type":"box","text":"constitute “qualified dividend income.”","page_number":173,"box":{"x":69,"y":513,"width":275,"height":11}},{"id":"5e38fe74-4f13-48ec-b4c7-124a6bc8aa5c","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":173,"box":{"x":101,"y":536,"width":806,"height":11}},{"id":"f878394a-5626-4936-a0f2-7200db9634c5","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":173,"box":{"x":70,"y":551,"width":368,"height":11}},{"id":"034970f6-cef7-4e82-aea1-fa8a44f00a7f","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net shor t-term capital losses) is not","page_number":173,"box":{"x":101,"y":574,"width":772,"height":11}},{"id":"8e75536a-e7eb-49da-aab3-5dc394efc74f","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":173,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"eebf44d9-1f54-4ae6-908e-a6d2b638dc35","block_type":"box","text":"Fund retains net capital gain, it is subject to tax on that gain, and may designate the retained amount as","page_number":173,"box":{"x":70,"y":604,"width":745,"height":11}},{"id":"844bf19d-c54b-47fb-b210-653968f01d02","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":173,"box":{"x":69,"y":619,"width":795,"height":11}},{"id":"4c20f3bc-936b-414f-ad4a-6b82060d91ff","block_type":"box","text":"income, as long-term capital gain, their propor tionate shares of such undistributed net capital gain, will be deemed to","page_number":173,"box":{"x":70,"y":634,"width":838,"height":12}},{"id":"22a5ad6d-8c16-4405-99e0-91b69c798dbe","block_type":"box","text":"have paid and may claim as a credit against their U.S. federal income tax liability (and as a refund to the extent it","page_number":173,"box":{"x":69,"y":649,"width":809,"height":12}},{"id":"190bd78b-c312-491d-950e-413ab7a74f6e","block_type":"box","text":"exceeds that liability) their propor tionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":173,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"a224aeb3-519e-4c32-b103-ebb42615016d","block_type":"box","text":"basis of their shares in the Fund by the excess of the amount included in income over the amount allowed as a credit","page_number":173,"box":{"x":69,"y":680,"width":838,"height":11}},{"id":"47d9d119-3a7c-4f95-94b4-1efff83475c3","block_type":"box","text":"against their taxes.","page_number":173,"box":{"x":69,"y":695,"width":135,"height":11}},{"id":"e3734295-d25b-4379-adc3-de5f4005e57d","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":173,"box":{"x":102,"y":717,"width":783,"height":12}},{"id":"4a844f8d-9c14-449d-8ebe-2a36419995e0","block_type":"box","text":"tax basis of a holder’s shares and after such adjusted tax basis is reduced to zero, will constitute capital gains to","page_number":173,"box":{"x":68,"y":732,"width":812,"height":12}},{"id":"4f1ed3ff-d671-4cf8-bf90-43811ec40e3f","block_type":"box","text":"such holder (assuming the shares are held as a capital asset). Distributions in excess of a Fund’s minimum","page_number":173,"box":{"x":69,"y":748,"width":769,"height":11}},{"id":"53d2c44a-3830-4b0d-8cff-810bef0894ec","block_type":"box","text":"distribution requirements (or taxable income) but not in excess of a Fund’s earnings and profits will be taxable to","page_number":173,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"961ec437-4bf0-40a8-932b-bf2750a9af8c","block_type":"box","text":"shareholders and will not constitute nontaxable returns of capital. In the case of a Fund with a non-calendar taxable","page_number":173,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"1cd50f66-cd78-4456-a1bc-464e39a240ef","block_type":"box","text":"year, a Fund’s earnings and profits are allocated first to distributions made on or before December 31 of the taxable","page_number":173,"box":{"x":68,"y":793,"width":831,"height":11}},{"id":"79256a6b-e157-4dcb-9ad5-2d145af3226a","block_type":"box","text":"year, and then to distributions made after December 31 of the taxable year. Any loss upon the sale or exchange of","page_number":173,"box":{"x":68,"y":808,"width":817,"height":11}},{"id":"a47cb339-9d7b-4ae6-9d94-736b5962b52e","block_type":"box","text":"Fund shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain","page_number":173,"box":{"x":70,"y":823,"width":797,"height":12}},{"id":"1ed4c39e-a2a9-4713-a949-2d1486cd0b17","block_type":"box","text":"dividends received by the shareholder.","page_number":173,"box":{"x":69,"y":839,"width":272,"height":10}},{"id":"0ae2223d-9d40-42b0-89db-3861fe0958d0","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":173,"box":{"x":102,"y":861,"width":792,"height":11}},{"id":"b19946fd-98d1-41f3-9b06-4e710ed43a09","block_type":"box","text":"shares of a Fund. Distributions by a Fund, whether from ordinary income or capital gains, generally will not be eligible","page_number":173,"box":{"x":69,"y":876,"width":835,"height":11}},{"id":"3ffe55ca-76da-4280-8359-cfdbd61811f1","block_type":"box","text":"for the dividends received deduction allowed to corporations under the Code. If a Fund pays a dividend in January","page_number":173,"box":{"x":68,"y":891,"width":809,"height":11}},{"id":"d784f290-1557-4ed6-b473-e6cb7dbe9f2c","block_type":"box","text":"that was declared in the previous October, November or December to shareholders of record on a specified date in","page_number":173,"box":{"x":68,"y":906,"width":819,"height":11}},{"id":"74d7cab0-a72b-4143-a8ed-ff28a51d63f4","block_type":"box","text":"II-130","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7e858cf6-7a67-4317-bdc0-8935dfa417eb","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":173,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"5bfa9a8c-c81d-4bb4-8f6f-166a2ed7a89b","block_type":"box","text":"one of such months, then such dividend will be treated for tax purposes as being paid by the Fund and received by its","page_number":174,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"96cde40e-3b7f-4714-b98e-81cd925f1cce","block_type":"box","text":"shareholders on December 31 of the year in which the dividend was declared. In the case of a Fund with a non","page_number":174,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"86ffdd16-56e4-4700-8b03-7c0ab9660a4c","block_type":"box","text":"calendar taxable year, if the Fund repor ts more capital gain dividends than it earns in such taxable year, then the","page_number":174,"box":{"x":69,"y":75,"width":804,"height":11}},{"id":"3730eb7b-a7f5-4b1b-8911-0fb032fe21f2","block_type":"box","text":"Fund will reduce the amounts repor ted as capital gains. Where possible, such reduction will first be allocated to","page_number":174,"box":{"x":70,"y":90,"width":797,"height":11}},{"id":"18609c94-8aa7-4ecb-8450-bde0cff1db98","block_type":"box","text":"dividends made after December 31 of such taxable year. A Fund may elect to defer recognizing, until the following","page_number":174,"box":{"x":69,"y":105,"width":810,"height":11}},{"id":"cf37564e-96e3-47ef-a4d3-6c34333ccd3b","block_type":"box","text":"taxable year, cer tain net capital losses arising after October 31 of the current taxable year, and cer tain net ordinary","page_number":174,"box":{"x":68,"y":120,"width":826,"height":12}},{"id":"d1ffeaba-3612-4cd4-9a59-19d499cfefed","block_type":"box","text":"losses arising after October 31 and/or December 31 of the current taxable year. This may have the effect of","page_number":174,"box":{"x":70,"y":135,"width":772,"height":12}},{"id":"c50ee09e-f084-4c31-8b8e-edfbb62c7bf1","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":174,"box":{"x":70,"y":150,"width":795,"height":12}},{"id":"8bfe42b3-dabf-4b6f-943d-05aae4962e51","block_type":"box","text":"taxable year.","page_number":174,"box":{"x":68,"y":166,"width":89,"height":11}},{"id":"750e431f-ffe3-43f4-ad54-03b61ec560d7","block_type":"box","text":"No gain or loss will be recognized by Investor C shareholders on the conversion to Investor A Shares. A","page_number":174,"box":{"x":102,"y":188,"width":733,"height":12}},{"id":"ab60d7c3-9379-4330-8f50-59599cc8af2c","block_type":"box","text":"shareholder’s tax basis in the Investor A Shares acquired upon conversion will be the same as the shareholder’s tax","page_number":174,"box":{"x":69,"y":203,"width":832,"height":11}},{"id":"ccfda6d4-cb33-419c-bb90-68742078b368","block_type":"box","text":"basis in the conver ted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":174,"box":{"x":69,"y":218,"width":809,"height":12}},{"id":"0cdb55c6-b27b-43e5-8ac8-e6293b0a5b4f","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":174,"box":{"x":69,"y":234,"width":362,"height":11}},{"id":"12dd380d-077e-4d60-8f6e-dc382edafdfd","block_type":"box","text":"If a shareholder of a Fund exercises an exchange privilege within 90 days of acquiring the shares of a Fund, but","page_number":174,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"321b1374-5636-4c0e-ac06-c9ad02896c10","block_type":"box","text":"on or before January 31 of the following year, then the loss that the shareholder recognizes on the exchange will be","page_number":174,"box":{"x":69,"y":271,"width":824,"height":12}},{"id":"70124a64-ff2e-4efd-882a-c26b1847e8f1","block_type":"box","text":"reduced (or the gain increased) to the extent any sales charge paid on the exchanged shares reduces any sales","page_number":174,"box":{"x":69,"y":287,"width":797,"height":11}},{"id":"2ffa5e5c-6d7e-4551-906d-7a7b18ac3875","block_type":"box","text":"charge the shareholder would have owed upon the purchase of the new shares in the absence of the exchange","page_number":174,"box":{"x":69,"y":302,"width":791,"height":11}},{"id":"9acb7e38-fc99-4ad6-9f70-3541900e51d6","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":174,"box":{"x":70,"y":317,"width":646,"height":11}},{"id":"a2131dbb-6982-47df-9104-6ada5affaece","block_type":"box","text":"A sale, redemption, or exchange of Fund shares may give rise to a gain or loss. In general, any gain or loss","page_number":174,"box":{"x":101,"y":339,"width":762,"height":12}},{"id":"9e9c745d-d653-4b56-a760-9a92c0950f7c","block_type":"box","text":"realized upon a taxable disposition of shares of a Fund will be treated as long-term capital gain or loss if such shares","page_number":174,"box":{"x":69,"y":355,"width":836,"height":11}},{"id":"45aa810d-a153-4634-a1fb-6fb84810cb8c","block_type":"box","text":"have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Fund shares will","page_number":174,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"4a2a72e3-035b-43f4-b98d-2cfe4efde683","block_type":"box","text":"generally be treated as shor t-term capital gain or loss. Any loss realized upon a taxable disposition of shares held for","page_number":174,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"35c72e0a-4b9e-46b0-a7ef-ae8ec677ba37","block_type":"box","text":"six months or less will be treated as long-term capital loss, rather than shor t-term capital loss, to the extent of any","page_number":174,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"b68448a6-159d-4bc8-b652-bd825a7b1b9e","block_type":"box","text":"amounts treated as distributions to the shareholder of long-term capital gain (including any amounts credited to the","page_number":174,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"4d34768f-e747-4067-9f66-50e8e2b6f9de","block_type":"box","text":"shareholder as undistributed capital gains). Shareholders that hold shares of a Fund through a qualified tax-exempt","page_number":174,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"9a45e7e7-ddb5-4bba-bb6c-ee6ff6a68558","block_type":"box","text":"plan described in section 401(a) of the Internal Revenue Code should see the Fund’s Prospectus for a discussion of","page_number":174,"box":{"x":70,"y":445,"width":829,"height":11}},{"id":"db6c4317-bf24-4b34-88b9-8287381a3fff","block_type":"box","text":"special tax rules that apply to their investments.","page_number":174,"box":{"x":69,"y":461,"width":343,"height":11}},{"id":"ef4217cc-b2aa-4bc5-9e57-90b2ccb15908","block_type":"box","text":"A loss realized on a sale or exchange of shares of a Fund will be disallowed if other substantially identical shares","page_number":174,"box":{"x":101,"y":483,"width":807,"height":11}},{"id":"2912df1b-ed26-4dc1-837d-60d4194409b8","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":174,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"1413dc70-8aa2-4636-a924-79995fcc7a4b","block_type":"box","text":"30 days before and ending 30 days after the date on which the shares are sold or exchanged. In such case, the","page_number":174,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"7dcce631-2ebe-438b-8f0c-b2cc03468291","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":174,"box":{"x":69,"y":528,"width":534,"height":12}},{"id":"f9ba2f08-ec3b-442c-879c-881ef5934d78","block_type":"box","text":"A Fund is also generally required by law to repor t to each shareholder and to the IRS cost basis information for","page_number":174,"box":{"x":101,"y":551,"width":792,"height":11}},{"id":"f25efb69-b869-48ec-b4b3-903331e09961","block_type":"box","text":"shares of the Fund acquired on or after January 1, 2012, and sold or redeemed after that date. This information","page_number":174,"box":{"x":69,"y":566,"width":800,"height":11}},{"id":"78e6f045-c907-40ac-b4bb-63c830a7c59b","block_type":"box","text":"includes the adjusted cost basis of the shares, the gross proceeds from disposition, and whether the gain or loss is","page_number":174,"box":{"x":70,"y":581,"width":828,"height":12}},{"id":"5964f2ad-4376-48be-94a1-b78439f41038","block_type":"box","text":"long-term or shor t-term. The adjusted cost basis of shares will be based on the default cost basis repor ting method","page_number":174,"box":{"x":70,"y":596,"width":824,"height":12}},{"id":"de949fce-19ff-4f06-961e-b9635623e326","block_type":"box","text":"selected by the Fund, unless a shareholder, before the sale or redemption, informs the Fund that it has selected a","page_number":174,"box":{"x":69,"y":612,"width":816,"height":11}},{"id":"0a0f5555-b16e-4164-a608-81659998f428","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":174,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"d87a226f-4e00-4d7a-be5e-ecf9e9f9b4ba","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":174,"box":{"x":68,"y":642,"width":840,"height":11}},{"id":"27b313b4-ca82-4107-b9ec-0cd3b1ac7a10","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these cost basis repor ting","page_number":174,"box":{"x":69,"y":657,"width":788,"height":11}},{"id":"f454d2f3-4ab1-4afb-9793-3d49d5120389","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these requirements will not","page_number":174,"box":{"x":69,"y":672,"width":797,"height":11}},{"id":"9ca205f3-386a-413b-b5ec-6e400a61d13c","block_type":"box","text":"apply, but the Fund will continue to repor t to the IRS the gross proceeds received by a shareholder from the sale or","page_number":174,"box":{"x":69,"y":687,"width":821,"height":11}},{"id":"949f2fef-5d83-43d2-bb11-ae2f4b12aa21","block_type":"box","text":"redemption of such shares.","page_number":174,"box":{"x":69,"y":702,"width":195,"height":11}},{"id":"54f56aca-b349-477b-a43c-c2a7c4f8c418","block_type":"box","text":"The Manager may determine it is in the best interest of a Fund to distribute por tfolio securities in kind for the","page_number":174,"box":{"x":101,"y":725,"width":780,"height":11}},{"id":"1407f1d8-b65f-45c0-91bf-b943ccfbc8f0","block_type":"box","text":"purposes of por tfolio management when meeting redemption requests. When the Manager determines to do so, a","page_number":174,"box":{"x":70,"y":740,"width":814,"height":11}},{"id":"879ce6ce-3395-4a14-8d8b-a0d64a956ca1","block_type":"box","text":"Fund generally will not recognize taxable gains in respect of the por tfolio securities it distributes to the redeeming","page_number":174,"box":{"x":70,"y":755,"width":810,"height":11}},{"id":"c831401d-5787-44ec-a8dd-75d678a069bf","block_type":"box","text":"shareholder, which may reduce the amount of taxable gains the Fund would otherwise be required to distribute.","page_number":174,"box":{"x":69,"y":770,"width":793,"height":12}},{"id":"2925608c-32ee-4c3d-9664-8c8d329eb552","block_type":"box","text":"While a Fund may engage in redemptions in kind that have the effect of reducing or eliminating distributable","page_number":174,"box":{"x":101,"y":793,"width":770,"height":11}},{"id":"649f2f92-1437-4713-98ff-ca2c615c0c5e","block_type":"box","text":"capital gains as described above, the Funds do not employ a systematic approach to tax management. There is no","page_number":174,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"eec3df6b-3624-4872-963e-f84651f8967b","block_type":"box","text":"assurance that a Fund can or will be successful in effecting any redemptions in kind and shareholders should expect","page_number":174,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"bea7bdbf-c51b-4768-97e0-90394ac0f784","block_type":"box","text":"that each Fund will distribute capital gains.","page_number":174,"box":{"x":68,"y":839,"width":305,"height":11}},{"id":"26811e6c-183a-444d-b8e7-ee0fb158d0b1","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":174,"box":{"x":102,"y":861,"width":799,"height":11}},{"id":"7ecc589c-4ea3-447e-b75f-2f3d33c4168d","block_type":"box","text":"agreements. The U.S. federal income tax treatment of a derivative contract may not be as favorable as a direct","page_number":174,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"c04e1587-ab29-4cf1-b646-f91f78d36c2e","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":174,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"c9ca72f9-dc1a-4f37-9158-f3337e525d61","block_type":"box","text":"realizes from its investments. As a result, a larger por tion of the Fund’s distributions may be treated as ordinary","page_number":174,"box":{"x":69,"y":906,"width":803,"height":12}},{"id":"224c6c0c-f50e-463b-a021-8a5eed762d5a","block_type":"box","text":"II-131","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3021af5e-27c9-4624-8a61-6f3e7b78e9c9","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":174,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8247c194-9e24-457a-96f0-95a8915a4ab0","block_type":"box","text":"income rather than capital gains. In addition, section 1256 contracts held by a Fund at the end of each taxable year","page_number":175,"box":{"x":70,"y":45,"width":825,"height":11}},{"id":"fd4353a8-6c6d-4b39-ba61-a8cd260df05c","block_type":"box","text":"(and, for purposes of the 4% excise tax, cer tain other dates as prescribed under the Code) are generally “marked-to","page_number":175,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"53fed46e-dfe4-48d4-80dc-35f1b0aaf16e","block_type":"box","text":"market,” such that unrealized gains or losses are treated as though they were realized (with such gain or loss being","page_number":175,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"d224fbff-9d68-42f7-a1e7-5d3d655aa32c","block_type":"box","text":"considered 60% long-term and 40% shor t-term capital gain or loss), which may increase the amount that must be","page_number":175,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"363a7ca3-97bd-4c0c-a2b6-45842a1b4ed8","block_type":"box","text":"distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of cer tain","page_number":175,"box":{"x":69,"y":105,"width":787,"height":11}},{"id":"a83b405e-d40d-474a-b446-377884a3da85","block_type":"box","text":"derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation, regulation or","page_number":175,"box":{"x":69,"y":120,"width":816,"height":12}},{"id":"7d51da70-e4fa-4e48-a713-b7db105dfb21","block_type":"box","text":"administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to use derivatives,","page_number":175,"box":{"x":69,"y":135,"width":832,"height":12}},{"id":"7b7914e4-41ac-4496-9be6-6b21f0e90ccc","block_type":"box","text":"the Fund may have to find other ways of achieving its investment objectives.","page_number":175,"box":{"x":68,"y":150,"width":542,"height":12}},{"id":"59dadd63-892e-4134-afbc-2d4b5dd2b3c6","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":175,"box":{"x":102,"y":173,"width":744,"height":11}},{"id":"d36c7ddb-8b70-461c-ac04-98d2aaa78e99","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":175,"box":{"x":69,"y":188,"width":751,"height":11}},{"id":"eb4fa1b9-217f-4406-a06f-f3fd5f1aa2be","block_type":"box","text":"agreements since all the income on a notional principal contract may be ordinary income, whereas 40% of the gain","page_number":175,"box":{"x":69,"y":203,"width":819,"height":12}},{"id":"c1b87e58-4f5e-4ea9-a4a1-eaa4c91fc0ba","block_type":"box","text":"on a section 1256 contract is treated as shor t-term capital gain taxed at ordinary rates and 60% is treated as long","page_number":175,"box":{"x":69,"y":219,"width":823,"height":11}},{"id":"d788216a-d45f-4120-bf46-93730975300e","block_type":"box","text":"term capital gain taxed at more favorable rates when distributed to shareholders. The rest is long-term capital gain,","page_number":175,"box":{"x":68,"y":234,"width":823,"height":11}},{"id":"48b2fb8c-84f1-4eab-929d-bf05955cf99d","block_type":"box","text":"which may be taxable at more favorable rates than ordinary income. Proposed regulations interpret what types of","page_number":175,"box":{"x":68,"y":249,"width":807,"height":11}},{"id":"e7198b57-0e08-4666-8c6c-eff1dc6ab25c","block_type":"box","text":"swap agreements are to be treated as notional principal contracts rather than as section 1256 contracts. When","page_number":175,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"ae1f93cc-45ae-4a43-bd11-a034edc854b4","block_type":"box","text":"finalized, these regulations could result in the Fund having to treat more of its income on swap agreements and more","page_number":175,"box":{"x":68,"y":279,"width":838,"height":11}},{"id":"c1362216-e41c-4b6e-b00e-1da5d9940a79","block_type":"box","text":"of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":175,"box":{"x":69,"y":294,"width":695,"height":11}},{"id":"cba26189-3e10-4a46-a00f-01bda1be03dd","block_type":"box","text":"Cer tain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":175,"box":{"x":102,"y":317,"width":768,"height":11}},{"id":"1dfe79aa-68e8-48b2-be86-448a088763be","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":175,"box":{"x":69,"y":332,"width":769,"height":11}},{"id":"91bf1f93-a969-4899-b40d-7e426169376d","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a por tion of the excess of the stated redemption","page_number":175,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"27cba53b-32b9-4ca4-81f2-29a7e1bcc3b1","block_type":"box","text":"price of the securities over their issue price (“original issue discount”) each year that the securities are held. Since","page_number":175,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"557dad8a-46b8-4ced-bc0f-b7067cf61590","block_type":"box","text":"the original issue discount income earned by a Fund in a taxable year may not be represented by cash income, the","page_number":175,"box":{"x":68,"y":377,"width":818,"height":12}},{"id":"b2f8b4ac-d346-42c3-894b-4b8b5a9959de","block_type":"box","text":"Fund may have to dispose of securities, which it might otherwise have continued to hold, or borrow to generate cash","page_number":175,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"cda89c5e-d0b5-4422-95a8-6e5b0e52a7ba","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":175,"box":{"x":70,"y":407,"width":792,"height":12}},{"id":"243b3f0c-f1ec-4487-acaf-2c46f910e122","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":175,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"aa3f51de-4936-471d-8887-79dcc8187f25","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":175,"box":{"x":70,"y":438,"width":812,"height":11}},{"id":"5dc55e30-80b9-4555-8eae-534e426d6466","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments. Any transaction by the Fund in","page_number":175,"box":{"x":69,"y":453,"width":789,"height":11}},{"id":"4561aa90-cd40-48e1-98b7-e2d76b3914a1","block_type":"box","text":"foreign currencies, foreign currency-denominated debt obligations or cer tain foreign currency options, futures","page_number":175,"box":{"x":68,"y":468,"width":777,"height":11}},{"id":"305d43be-345f-4a88-a56a-d474b2d7e7af","block_type":"box","text":"contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such","page_number":175,"box":{"x":69,"y":483,"width":810,"height":11}},{"id":"8490a477-2211-4cc5-a242-78547ff8ccc9","block_type":"box","text":"income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could","page_number":175,"box":{"x":70,"y":498,"width":801,"height":11}},{"id":"8ce135a8-9d88-4478-a55c-1d931e6ec6c3","block_type":"box","text":"require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and","page_number":175,"box":{"x":69,"y":513,"width":762,"height":12}},{"id":"dbf975ff-63c0-4295-b359-7efd02f0047f","block_type":"box","text":"potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may","page_number":175,"box":{"x":70,"y":528,"width":827,"height":12}},{"id":"3c06f2e2-1c79-4372-b47d-d45a7907825f","block_type":"box","text":"accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary","page_number":175,"box":{"x":69,"y":544,"width":787,"height":11}},{"id":"d52a2e31-aaaf-4ec7-adae-4361752476e2","block_type":"box","text":"income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned","page_number":175,"box":{"x":70,"y":559,"width":822,"height":11}},{"id":"6c145e05-374f-4ae7-a48b-e6fac60643d3","block_type":"box","text":"in subsequent taxable years.","page_number":175,"box":{"x":70,"y":574,"width":203,"height":11}},{"id":"1c5624bc-1b70-4de2-9f90-f5a53149156c","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":175,"box":{"x":102,"y":596,"width":795,"height":12}},{"id":"ee456ea5-ed9d-4643-a7a1-50f3dfea6ba5","block_type":"box","text":"through entities to the extent owned by U.S. persons) generally will be subject to a 30% U.S. withholding tax under","page_number":175,"box":{"x":68,"y":612,"width":816,"height":11}},{"id":"70789985-6fef-4089-bb67-b7170c6f77b7","block_type":"box","text":"existing provisions of the Code applicable to foreign individuals and entities unless a reduced rate of withholding or a","page_number":175,"box":{"x":69,"y":627,"width":835,"height":11}},{"id":"5323a92f-ffe2-4119-977e-4b580f402d68","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":175,"box":{"x":68,"y":642,"width":815,"height":11}},{"id":"e294fe58-2078-459e-b3c4-47760c7ba55d","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly repor ted as capital gain dividends, generally will","page_number":175,"box":{"x":69,"y":657,"width":816,"height":11}},{"id":"a0982ce8-710a-43ff-9f93-661387765dc0","block_type":"box","text":"not be subject to a 30% withholding tax, unless cer tain exceptions apply. Dividends derived by a regulated investment","page_number":175,"box":{"x":69,"y":672,"width":840,"height":11}},{"id":"b1c3f6a9-6204-4a88-a96f-2eeb2d74699e","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":175,"box":{"x":69,"y":687,"width":781,"height":11}},{"id":"bb13fb51-0a91-419b-b177-7719b24c636b","block_type":"box","text":"discount and market discount) and paid to shareholders who are nonresident aliens or foreign entities, if and to the","page_number":175,"box":{"x":69,"y":702,"width":824,"height":12}},{"id":"8e0daeca-d435-43cd-a9ff-a377cd1d74ea","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":175,"box":{"x":69,"y":718,"width":832,"height":11}},{"id":"8b524498-d068-41e3-8aaa-3d96d860b668","block_type":"box","text":"will not be subject to U.S. withholding tax. Where possible, the Funds intend to repor t such dividends as interest","page_number":175,"box":{"x":68,"y":733,"width":808,"height":11}},{"id":"9f46a0d1-24af-408c-82bd-a098a8588b7e","block_type":"box","text":"related dividends or shor t-term capital gain dividends. However, depending on its circumstances, a Fund may repor t","page_number":175,"box":{"x":69,"y":748,"width":826,"height":11}},{"id":"49937835-f402-4f29-aa6e-9ed7cad0c194","block_type":"box","text":"all, some or none of its potentially eligible dividends as interest-related or as shor t-term capital gain dividends, and/","page_number":175,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"ab1a7af6-5b75-4b72-b4df-f8b3f7bd2bda","block_type":"box","text":"or treat such dividends, in whole or in par t, as ineligible for this exemption from withholding. In order to qualify for","page_number":175,"box":{"x":69,"y":778,"width":811,"height":11}},{"id":"bf9c9e1b-2de0-4d63-a4b0-b254406e2fc4","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":175,"box":{"x":68,"y":793,"width":784,"height":11}},{"id":"5099733c-cc68-41fe-9700-072d5ae63b6f","block_type":"box","text":"relating to its foreign status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E or substitute","page_number":175,"box":{"x":69,"y":808,"width":828,"height":11}},{"id":"817bc1b8-9dfa-40fd-8727-8e55682a0627","block_type":"box","text":"Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund repor ts the","page_number":175,"box":{"x":70,"y":823,"width":839,"height":12}},{"id":"9705f78a-e833-41bd-bbd7-5e039ec39b4f","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":175,"box":{"x":70,"y":839,"width":772,"height":11}},{"id":"cfcb2164-eccf-430d-a1a2-bfd02603b2f8","block_type":"box","text":"intermediaries with respect to the application of these rules to their accounts. It is not possible to predict what","page_number":175,"box":{"x":70,"y":853,"width":791,"height":11}},{"id":"57f7bf03-a266-4534-83ca-d538e1937603","block_type":"box","text":"por tion, if any, of a Fund’s distributions will be repor ted as interest-related dividends or shor t-term capital gain","page_number":175,"box":{"x":70,"y":869,"width":787,"height":11}},{"id":"c1b85d6d-6da8-4788-815c-f790195c7747","block_type":"box","text":"dividends under these rules.","page_number":175,"box":{"x":69,"y":884,"width":201,"height":9}},{"id":"6e96f1e5-c896-4940-92f6-7e98de67ccb2","block_type":"box","text":"II-132","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1aa4efe5-fabe-4eb8-be23-9dbad9568395","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":175,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"1a376228-d7ca-408f-a541-92fb3c695075","block_type":"box","text":"Distributions to cer tain foreign shareholders by a Fund at least 50% of the assets of which are “U.S. real","page_number":176,"box":{"x":102,"y":45,"width":747,"height":11}},{"id":"b50c860c-f3b6-4a4d-9df7-e2644e8c0ea0","block_type":"box","text":"proper ty interests” (as defined in the Code and Treasury regulations) at any time during the five-year period ending on","page_number":176,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"e3c0cee2-dd5b-42e6-afaf-c5a7782ac8b6","block_type":"box","text":"the date of the distributions, to the extent the distributions are attributable to gains from sales or exchanges of U.S.","page_number":176,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"439951df-ebca-403e-8120-4fa07cf0b9d1","block_type":"box","text":"real proper ty interests (including shares in cer tain “U.S. real proper ty holding corporations” such as cer tain REITs,","page_number":176,"box":{"x":69,"y":90,"width":817,"height":11}},{"id":"9cb1e5d4-71b0-4a53-b89a-164f8af852bd","block_type":"box","text":"although exceptions may apply if any class of stock of such a corporation is regularly traded on an established","page_number":176,"box":{"x":69,"y":105,"width":786,"height":11}},{"id":"317cbf19-cef8-4382-aa55-38750f448d26","block_type":"box","text":"securities market and the Fund has held no more than 5% of such class of stock at all times during the five-year","page_number":176,"box":{"x":69,"y":120,"width":800,"height":12}},{"id":"2bfb0e21-251c-493c-802c-f43009852eff","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":176,"box":{"x":70,"y":135,"width":807,"height":12}},{"id":"4445da52-fc00-4e44-9a6d-e01bfa6d1fa4","block_type":"box","text":"effectively connected to a trade or business within the United States, which is generally subject to tax at the","page_number":176,"box":{"x":69,"y":150,"width":772,"height":12}},{"id":"dfc91be6-1e6a-413c-a961-5f03b29e508a","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":176,"box":{"x":68,"y":166,"width":818,"height":11}},{"id":"475a4e98-3e8f-41f2-bbc3-e3deae3ee62d","block_type":"box","text":"than 5% of any class of stock of the Fund at all times during the previous one-year period ending on the date of the","page_number":176,"box":{"x":68,"y":181,"width":820,"height":11}},{"id":"7cedace2-fbaf-4f55-aed6-d0ef3325d9ec","block_type":"box","text":"distributions. Such distributions will be subject to U.S. income and withholding tax and generally will require a foreign","page_number":176,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"d56b2477-612b-4306-b2fc-69f88e2a1771","block_type":"box","text":"shareholder to file a U.S. federal income tax return. If the foreign shareholder held no more than 5% of any class of","page_number":176,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"1ebce03c-879d-4586-b336-3eb09dcdb3c8","block_type":"box","text":"stock of the Fund at all times during the previous one-year period ending on the date of the distributions, the","page_number":176,"box":{"x":69,"y":226,"width":774,"height":11}},{"id":"c586a310-fe65-43d6-a134-fc8e29f2fc34","block_type":"box","text":"distributions will be taxable as ordinary dividends and subject to withholding at a 30% or lower treaty rate. In addition,","page_number":176,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"e1965d88-6bc7-41f6-9ef9-8e7bb73272dc","block_type":"box","text":"sales or redemptions of shares held by cer tain foreign shareholders in such a Fund generally will be subject to U.S.","page_number":176,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"f8ad74a3-8c93-43fc-9754-0ab7aac0ff4b","block_type":"box","text":"income and withholding tax and generally will require the foreign shareholder to file a U.S. federal income tax return,","page_number":176,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"2daddf67-69dc-46d0-88ac-eaa2d07df251","block_type":"box","text":"although exceptions may apply if more than 50% of the value of the Fund’s shares are held by U.S. shareholders or","page_number":176,"box":{"x":69,"y":286,"width":823,"height":12}},{"id":"95357cf3-1940-4a26-b5e3-2433cdf91177","block_type":"box","text":"the foreign shareholder selling or redeeming the shares has held no more than 5% of any class of stock of the Fund","page_number":176,"box":{"x":68,"y":302,"width":827,"height":11}},{"id":"e6a1c26d-0dc7-4ddc-8a6f-d7d868b4fcb6","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":176,"box":{"x":69,"y":317,"width":596,"height":11}},{"id":"ff915a05-5c17-4cac-950a-e8353d69b96a","block_type":"box","text":"Provided that more than 50% of the value of a Fund’s stock is held by U.S. shareholders, redemptions and other","page_number":176,"box":{"x":102,"y":339,"width":802,"height":12}},{"id":"d7f31a33-e13b-47b6-9539-0ecbff071efa","block_type":"box","text":"distributions made in the form of U.S. real proper ty interests (including shares in cer tain “U.S. real proper ty holding","page_number":176,"box":{"x":69,"y":355,"width":827,"height":11}},{"id":"bb457cbd-062a-4b92-8146-9206cde038e9","block_type":"box","text":"corporations”, although exceptions may apply if any class of stock of such a corporation is regularly traded on an","page_number":176,"box":{"x":69,"y":370,"width":804,"height":11}},{"id":"f0901d6b-e3ef-4d72-8155-a3eee09c143b","block_type":"box","text":"established securities market and the Fund has held no more than 5% of such class of stock at all times during the","page_number":176,"box":{"x":69,"y":385,"width":824,"height":11}},{"id":"307120e6-2faa-4e02-9823-faeda4c0b4fc","block_type":"box","text":"five-year period ending on the date of the distribution) generally will cause the Fund to recognize a por tion of any","page_number":176,"box":{"x":68,"y":400,"width":801,"height":11}},{"id":"26597602-0c72-4e14-ac88-1acc28b0986c","block_type":"box","text":"unrecognized gain in the U.S. real proper ty interests equal to the product of (i) the excess of fair market value of","page_number":176,"box":{"x":69,"y":415,"width":803,"height":11}},{"id":"7461c282-2c6f-4bd9-97ac-24c591b8599b","block_type":"box","text":"such U.S. real proper ty interests over the Fund’s adjusted bases in such interests and (ii) the greatest foreign","page_number":176,"box":{"x":69,"y":430,"width":785,"height":11}},{"id":"153d3863-d563-4497-bf5f-e891bed61a97","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":176,"box":{"x":69,"y":445,"width":676,"height":12}},{"id":"a3bc8a44-5988-4035-b683-1ef634ef9862","block_type":"box","text":"A foreign shareholder may also be subject to cer tain “wash sale” rules to prevent the avoidance of the tax filing","page_number":176,"box":{"x":101,"y":468,"width":798,"height":11}},{"id":"c522e3b2-6202-4a17-ae85-bba6661c5818","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":176,"box":{"x":69,"y":483,"width":651,"height":11}},{"id":"88cf7dd0-22cc-4585-a2df-3b520c488125","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":176,"box":{"x":102,"y":506,"width":731,"height":11}},{"id":"9d61e14e-dd43-4495-b868-6b08892d9c69","block_type":"box","text":"concerning the par ticular tax consequences to them of an investment in a Fund.","page_number":176,"box":{"x":69,"y":521,"width":570,"height":11}},{"id":"35d6aae2-52e3-4b3a-bb73-e018d9907ad2","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":176,"box":{"x":102,"y":544,"width":763,"height":11}},{"id":"a3a6199d-2f6b-4dd9-8119-c046e853c7bf","block_type":"box","text":"items paid to (i) cer tain foreign financial institutions and investment funds, and (ii) cer tain other foreign entities. To","page_number":176,"box":{"x":70,"y":559,"width":820,"height":11}},{"id":"f7769524-56bb-488a-a14c-b7215c4fda83","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":176,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"41576998-27e7-4ff7-9f1a-f51d570063a5","block_type":"box","text":"repor t to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":176,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"c59845e8-39cd-4f73-87bc-50096224bfac","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":176,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"dc7c7b68-3112-47ad-ac0d-cfe291eb2085","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":176,"box":{"x":68,"y":619,"width":791,"height":11}},{"id":"f77bb243-7970-4137-9c8c-94058776cba1","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":176,"box":{"x":70,"y":634,"width":822,"height":12}},{"id":"9fc51945-f8ba-45ae-a1e0-a6c5708acd06","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":176,"box":{"x":70,"y":649,"width":739,"height":12}},{"id":"a2925235-1f8a-414f-966e-f9d0c5020056","block_type":"box","text":"Under cer tain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":176,"box":{"x":102,"y":672,"width":786,"height":11}},{"id":"7402ecbf-7dff-4853-962e-d05648392d1a","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":176,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"55946351-f013-4b0f-8f72-cc779f16907c","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":176,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"70d9cda3-92c6-4906-b44e-cdeeab3757bd","block_type":"box","text":"is on file with the Fund or who, to the Fund’s knowledge, have furnished an incorrect number. When establishing an","page_number":176,"box":{"x":70,"y":717,"width":821,"height":12}},{"id":"3973ee78-6746-4299-8ea5-8eab5522e02b","block_type":"box","text":"account, an investor must cer tify under penalty of perjury that such number is correct and that such investor is not","page_number":176,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"f2cb73f2-622f-4be3-b8e2-58feecd442cc","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":176,"box":{"x":69,"y":748,"width":826,"height":11}},{"id":"3ec073e6-374e-4c61-98eb-5c5585948c0f","block_type":"box","text":"may be allowed as a refund or a credit against a shareholder’s U.S. federal income tax liability, provided that the","page_number":176,"box":{"x":69,"y":763,"width":802,"height":11}},{"id":"d1a4a99f-6225-4e68-abfd-ed7bd317b33d","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":176,"box":{"x":69,"y":778,"width":364,"height":11}},{"id":"9b676196-7750-4d17-92e0-ed02b9c30da4","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of at least $2 million in any single taxable","page_number":176,"box":{"x":102,"y":800,"width":774,"height":12}},{"id":"e9184b5b-47f2-461f-b4d1-fbe761d40c6a","block_type":"box","text":"year or $4 million in any combination of taxable years for an individual shareholder or $10 million in any single","page_number":176,"box":{"x":68,"y":815,"width":787,"height":12}},{"id":"71c9d96b-5b02-4979-b8e2-ea6879f0e697","block_type":"box","text":"taxable year or $20 million in any combination of taxable years for a corporate shareholder in any single taxable year,","page_number":176,"box":{"x":68,"y":830,"width":835,"height":12}},{"id":"302f046d-b084-4afb-b24d-be0e227df1db","block_type":"box","text":"the shareholder must file a disclosure statement on IRS Form 8886 with the IRS. Direct shareholders of por tfolio","page_number":176,"box":{"x":68,"y":846,"width":809,"height":11}},{"id":"da86a9fb-2904-462e-877c-6cf961524a8a","block_type":"box","text":"securities are in many cases exempted. That a loss is repor table under these regulations does not affect the legal","page_number":176,"box":{"x":69,"y":861,"width":817,"height":11}},{"id":"2426519c-cc99-467a-89bb-28075f743201","block_type":"box","text":"determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax","page_number":176,"box":{"x":69,"y":876,"width":783,"height":11}},{"id":"98bcc921-656d-49e8-b480-b2d4ed84599b","block_type":"box","text":"advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":176,"box":{"x":69,"y":891,"width":710,"height":12}},{"id":"86556b89-c477-470f-92fd-8eae38750b38","block_type":"box","text":"II-133","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e0317965-a9f7-44f9-9ad5-f043fa5c7344","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":176,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"0f14056d-1553-42b9-a255-d5ce985df03b","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":177,"box":{"x":102,"y":45,"width":758,"height":11}},{"id":"4fcceb9b-a134-411d-9bae-e1ddeb7bd6ff","block_type":"box","text":"mor tgage pools or other investments may cause the Fund to repor t some or all of its distributions as “excess","page_number":177,"box":{"x":69,"y":60,"width":782,"height":11}},{"id":"1a43d2fd-006d-4c64-97ce-501b61f65b56","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":177,"box":{"x":70,"y":75,"width":783,"height":11}},{"id":"9bceb304-3944-40a0-bed9-f1eb4d69ae80","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":177,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"b120f8ca-1d19-4371-9738-a2ffe4fc2e89","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":177,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"2e59fdfd-3057-4efa-b714-e1091c024254","block_type":"box","text":"be offset by otherwise allowable deductions for tax purposes; (iii) not be eligible for reduced U.S. withholding for non","page_number":177,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"9763b6ae-c63e-4fcc-a0d0-7eaa317796c3","block_type":"box","text":"U.S. shareholders even from tax treaty countries; and (iv) cause the Fund to be subject to tax if cer tain “disqualified","page_number":177,"box":{"x":70,"y":135,"width":826,"height":11}},{"id":"bfcbcb98-bb35-41bf-91c1-e5b697039984","block_type":"box","text":"organizations,” as defined by the Code, are Fund shareholders. The Fund tries to avoid investing in REITs that are","page_number":177,"box":{"x":69,"y":150,"width":808,"height":12}},{"id":"4e5ee375-26a4-4c9b-ac14-5101734eb00b","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":177,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"0a236f3a-7eef-4e01-89b5-5861a61a5795","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":177,"box":{"x":70,"y":181,"width":770,"height":11}},{"id":"395d5488-0a63-44d0-8e89-86094399124e","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":177,"box":{"x":70,"y":196,"width":816,"height":11}},{"id":"b947a0cc-326f-4970-b302-0773223a139e","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":177,"box":{"x":70,"y":211,"width":796,"height":11}},{"id":"5f596d2c-7ab6-4521-8476-1f6833610f4a","block_type":"box","text":"investment oppor tunities.","page_number":177,"box":{"x":70,"y":226,"width":180,"height":11}},{"id":"cdb7c86d-9e77-4d53-bb9a-d42393798280","block_type":"box","text":"Dividends and interest received and capital gains realized by a Fund may give rise to withholding and other taxes","page_number":177,"box":{"x":102,"y":249,"width":801,"height":11}},{"id":"03e344bf-e499-40e2-81fc-21025e7e293e","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":177,"box":{"x":70,"y":264,"width":839,"height":11}},{"id":"26a70ae0-995c-43a1-8ab1-b54e848b9159","block_type":"box","text":"eliminate such taxes. Shareholders of a Fund more than 50% by value of the assets of which at the close of a taxable","page_number":177,"box":{"x":69,"y":279,"width":840,"height":11}},{"id":"c8656da5-889c-44b4-8de0-7b0c3ff18112","block_type":"box","text":"year are foreign securities may be able to claim U.S. foreign tax credits with respect to such foreign taxes paid by the","page_number":177,"box":{"x":68,"y":294,"width":837,"height":11}},{"id":"ff3f82ef-7129-4256-8232-37d0e47b1906","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":177,"box":{"x":70,"y":309,"width":774,"height":11}},{"id":"333aa321-4822-48dc-a9e1-971e79c2bb77","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":177,"box":{"x":69,"y":324,"width":820,"height":12}},{"id":"a182c00f-6f7d-49c1-99ae-fac414dd48fc","block_type":"box","text":"held in a Fund. In addition, a foreign tax credit may be claimed with respect to withholding tax on payments with","page_number":177,"box":{"x":69,"y":339,"width":795,"height":12}},{"id":"65a42862-827a-4f55-9cbb-c50521d6e5ec","block_type":"box","text":"respect to a security only if the holder of the security meets cer tain holding period requirements. Both the","page_number":177,"box":{"x":69,"y":355,"width":755,"height":11}},{"id":"4cb9eeb0-ee13-4078-9b39-f40316e88022","block_type":"box","text":"shareholder and the Fund must meet these holding period requirements, and if a Fund fails to do so, it will not be","page_number":177,"box":{"x":69,"y":370,"width":811,"height":11}},{"id":"843076a4-06f7-4a39-bee1-df2a9d4a083f","block_type":"box","text":"able to “pass through” to shareholders the ability to claim a credit or a deduction for the related foreign taxes paid by","page_number":177,"box":{"x":69,"y":385,"width":839,"height":11}},{"id":"a22ca072-02aa-40cc-8f54-8972f9151a53","block_type":"box","text":"the Fund. Fur ther, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":177,"box":{"x":68,"y":400,"width":812,"height":11}},{"id":"a7070685-9b3c-4359-9e83-d0808534ce99","block_type":"box","text":"subject to foreign taxes, it may not be able to pass through to its shareholders the ability to take a foreign tax credit","page_number":177,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"d98977fe-c645-4359-947f-f219bc1ebfd8","block_type":"box","text":"for those taxes. If a Fund satisfies the applicable requirements, such Fund will be eligible to file an election with the","page_number":177,"box":{"x":68,"y":430,"width":827,"height":11}},{"id":"cf6e1f21-1854-4ee3-8bca-770e7afc8e4e","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their propor tionate shares of such foreign","page_number":177,"box":{"x":70,"y":445,"width":829,"height":12}},{"id":"df2170de-7a36-41bb-b0c9-9ffdbf628517","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such propor tionate shares as taxes paid by them, and","page_number":177,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"ad2fa6e0-23e8-45ed-8e6d-3a5f58d23762","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":177,"box":{"x":69,"y":475,"width":788,"height":12}},{"id":"6705b485-1f2e-4e2b-a81c-a92e329be9fc","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":177,"box":{"x":69,"y":491,"width":818,"height":11}},{"id":"d7bcdf24-2dd8-4801-b196-c9473e4cf9a0","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":177,"box":{"x":69,"y":506,"width":773,"height":11}},{"id":"2ccfe7d1-5dff-42b0-8095-4c90130dbe27","block_type":"box","text":"corporation may be subject to U.S. withholding tax on the income resulting from a Fund’s election described in this","page_number":177,"box":{"x":69,"y":521,"width":817,"height":11}},{"id":"1bf86881-ed1b-4308-826a-2b9b6cdf9508","block_type":"box","text":"paragraph but may not be able to claim a credit or deduction against such U.S. tax for the foreign taxes treated as","page_number":177,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"c26acc2f-d6fc-4863-94f9-2a83891d5d34","block_type":"box","text":"having been paid by such shareholder. A Fund will repor t annually to its shareholders the amount per share of such","page_number":177,"box":{"x":69,"y":551,"width":821,"height":11}},{"id":"c9ae4e0d-bcaa-45df-88bb-c2984408bd5e","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":177,"box":{"x":68,"y":566,"width":527,"height":11}},{"id":"3cb51727-91f8-4a51-8328-5de8d627514b","block_type":"box","text":"Cer tain transactions entered into by the Funds are subject to special tax rules of the Code that may, among","page_number":177,"box":{"x":102,"y":589,"width":768,"height":11}},{"id":"e6854490-f9df-4f1e-ae10-acb89f7ce682","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":177,"box":{"x":69,"y":604,"width":780,"height":11}},{"id":"221592b2-df66-436e-86ae-4f480347b79d","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":177,"box":{"x":69,"y":619,"width":797,"height":11}},{"id":"dc5ef30a-a975-4748-a4ae-d0234a296656","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":177,"box":{"x":69,"y":634,"width":802,"height":11}},{"id":"55400ded-5e2d-459e-9880-c6df72d3b857","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":177,"box":{"x":69,"y":649,"width":831,"height":12}},{"id":"d09b75c4-f6eb-4ee3-a483-477115af76ca","block_type":"box","text":"of distributions to shareholders. Special tax rules also may require a Fund to mark-to-market cer tain types of","page_number":177,"box":{"x":69,"y":664,"width":776,"height":12}},{"id":"dc882d3e-c327-471c-8e8f-44f41e7dfb11","block_type":"box","text":"positions in its por tfolio (","page_number":177,"box":{"x":70,"y":680,"width":177,"height":11}},{"id":"a3e879f7-7c55-4631-b91d-f6d103b6462c","block_type":"box","text":"i.e.","page_number":177,"box":{"x":249,"y":680,"width":20,"height":9}},{"id":"01b7604c-cda2-43f1-8b1a-e82f6024d18b","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":177,"box":{"x":272,"y":680,"width":636,"height":11}},{"id":"da87432d-2fdf-4fd7-a8dc-e58d5a76b6b4","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":177,"box":{"x":69,"y":695,"width":795,"height":11}},{"id":"f46bbd37-eeba-4489-bb4c-29f1f7227708","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":177,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"09dd479e-8c20-46e2-86a5-a5f8478f0ef8","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":177,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"e918593c-321f-4249-aee7-fc2d751d1574","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":177,"box":{"x":69,"y":740,"width":415,"height":11}},{"id":"63d58695-b04d-4701-ba0e-22d8459301a2","block_type":"box","text":"Cer tain of a Fund’s investments in derivative instruments and foreign currency-denominated instruments, and","page_number":177,"box":{"x":102,"y":763,"width":781,"height":11}},{"id":"6c38a5e0-a0f3-47a3-bfef-65fa73a04dd6","block_type":"box","text":"any of the Fund’s transactions in foreign currencies and hedging activities, are likely to produce a difference between","page_number":177,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"e5f61403-3019-4447-a17c-c588f33b503d","block_type":"box","text":"its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises,","page_number":177,"box":{"x":70,"y":793,"width":811,"height":11}},{"id":"3091d61e-d5e9-48fa-9588-587d667227b7","block_type":"box","text":"and the Fund’s book income is less than the sum of its taxable income and net tax-exempt income, the Fund could","page_number":177,"box":{"x":69,"y":808,"width":818,"height":11}},{"id":"a56b37c4-f692-4f50-8a04-6737055c6bcb","block_type":"box","text":"be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment","page_number":177,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"9b6dabcb-e4b0-42a5-890a-2b69a5637376","block_type":"box","text":"and to avoid an entity-level tax. In the alternative, if the Fund makes any distribution based on book income and such","page_number":177,"box":{"x":69,"y":838,"width":834,"height":11}},{"id":"a7456f1a-a5dd-4907-97ba-847bdc70cd9a","block_type":"box","text":"book income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income, the","page_number":177,"box":{"x":69,"y":853,"width":833,"height":12}},{"id":"d4091034-0ba5-4f71-a680-b8b30a04e2b8","block_type":"box","text":"distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund’s remaining","page_number":177,"box":{"x":69,"y":869,"width":805,"height":11}},{"id":"ca934166-1297-40d7-a779-7171f2499604","block_type":"box","text":"II-134","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1176e1fb-ca23-48e0-9b99-4f9d5be3dbf3","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":177,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"28c705bb-cfbf-4790-b019-cbc17c2facc6","block_type":"box","text":"earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of","page_number":178,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"df7e2450-d9df-400a-af95-b41bcc5cca69","block_type":"box","text":"capital to the extent of the recipient’s basis in its shares, and (iii) thereafter as gain from the sale or exchange of a","page_number":178,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"a0f0e226-8e2f-40b8-b600-8fec9cec709e","block_type":"box","text":"capital asset.","page_number":178,"box":{"x":69,"y":75,"width":95,"height":11}},{"id":"47e6f4fa-6bc5-4ec7-aa42-d379b28267ed","block_type":"box","text":"If a Fund invests in underlying funds, the Fund’s realized losses on sales of shares of underlying funds may be","page_number":178,"box":{"x":102,"y":98,"width":787,"height":11}},{"id":"ccad4375-3ad8-4f9c-83ae-6556ccfb87ef","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":178,"box":{"x":70,"y":113,"width":836,"height":11}},{"id":"ea045944-8a94-49cf-a8a3-6096828e4406","block_type":"box","text":"be recognized as ordinary income by the Fund and would not be offset by the Fund’s capital loss carryforwards, if","page_number":178,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"33524419-6e58-48b3-8e47-8b8096efb38a","block_type":"box","text":"any. Capital loss carryforwards of underlying funds, if any, would not offset net capital gains of the Fund. Each of","page_number":178,"box":{"x":69,"y":143,"width":805,"height":11}},{"id":"7fa088b5-bbdb-47b6-9f5b-d6931513a59e","block_type":"box","text":"these effects is caused by the Fund’s expected investment in the underlying funds and may result in distributions to","page_number":178,"box":{"x":68,"y":158,"width":829,"height":11}},{"id":"85a83569-bc8f-4c80-a31a-29088e8950d6","block_type":"box","text":"Fund shareholders being of higher magnitudes and less likely to qualify for lower capital gain tax rates than if the","page_number":178,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"bf1a9fa0-86f5-424d-806d-e756b9d2cbe7","block_type":"box","text":"Fund were to invest otherwise.","page_number":178,"box":{"x":70,"y":188,"width":216,"height":9}},{"id":"69211b8b-976f-4c1e-abac-8275314db2a0","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":178,"box":{"x":101,"y":211,"width":721,"height":11}},{"id":"d2bb40bc-ddb0-467c-8ef1-ea57ad7bf224","block_type":"box","text":"“Subsidiary”). It is expected that the Subsidiary will be a “controlled foreign corporation” and that all of its net","page_number":178,"box":{"x":70,"y":226,"width":787,"height":11}},{"id":"caff1941-191e-45f2-8f0e-1a1dd828583e","block_type":"box","text":"income will be “subpar t F income” for U.S. federal income tax purposes. If that is the case, the Fund will be required","page_number":178,"box":{"x":70,"y":241,"width":831,"height":11}},{"id":"bb2f6c98-a6b3-4beb-9667-326828c02485","block_type":"box","text":"to repor t all of the Subsidiary’s net income as ordinary income regardless of whether that income would be treated","page_number":178,"box":{"x":68,"y":256,"width":823,"height":12}},{"id":"dcdfb8c2-34ca-4ba2-82a5-a8125608ec10","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":178,"box":{"x":69,"y":271,"width":825,"height":12}},{"id":"331a7480-285a-4294-8f04-8c84f37284f2","block_type":"box","text":"to the Fund. (Previously taxed income will not, however, be taxable again when distributed.) If a net loss is realized by","page_number":178,"box":{"x":68,"y":286,"width":838,"height":12}},{"id":"ebfac9c0-f2e6-4e53-b73c-2af59b61f82b","block_type":"box","text":"the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s other income. It is not","page_number":178,"box":{"x":68,"y":302,"width":830,"height":11}},{"id":"cebe07b6-4349-4498-883e-780c969efc40","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":178,"box":{"x":69,"y":317,"width":515,"height":11}},{"id":"a84d56a8-1965-474b-906a-39a969d52588","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":178,"box":{"x":102,"y":339,"width":798,"height":12}},{"id":"7ee7a74b-2f26-4b0f-8d50-104947efdf57","block_type":"box","text":"the Fund will generally be treated as owning shares in a passive foreign investment company (“PFIC”) for U.S. federal","page_number":178,"box":{"x":68,"y":355,"width":835,"height":11}},{"id":"79cc232e-6e72-4bf9-9382-4ce9be94dc77","block_type":"box","text":"income tax purposes. A Fund may be subject to U.S. federal income tax, and interest charges (at the rate applicable","page_number":178,"box":{"x":70,"y":370,"width":827,"height":11}},{"id":"bf8c4c76-5a60-419a-a417-56f44cd69d21","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to cer tain distributions from such","page_number":178,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"1cbb6cef-a93a-44b4-890d-77028e14a6a5","block_type":"box","text":"a company and on gain from the disposition of the shares of such a company (collectively referred to as “excess","page_number":178,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"c4407812-fd61-4847-a9be-7ce697810958","block_type":"box","text":"distributions”), even if such excess distributions are paid by the Fund as a dividend to its shareholders. However, a","page_number":178,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"8ea3b78c-1d39-47a5-962f-0ccf67b4ab39","block_type":"box","text":"Fund may elect to “mark-to-market” at the end of each taxable year shares that it holds in PFICs. The election is","page_number":178,"box":{"x":70,"y":430,"width":797,"height":11}},{"id":"2161ef19-469a-435e-ac3b-740ad08a2a6f","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":178,"box":{"x":69,"y":445,"width":801,"height":11}},{"id":"8f381528-c8f7-4dbd-b189-7aef380e60ca","block_type":"box","text":"revoked with consent from the IRS. Under this election, a Fund would recognize as ordinary income any increase in","page_number":178,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"656e09e7-0057-4ec1-ade8-357f133325e6","block_type":"box","text":"the value of its shares as of the close of the taxable year over their adjusted tax basis and as ordinary loss any","page_number":178,"box":{"x":68,"y":475,"width":797,"height":12}},{"id":"6eba1807-7bc6-4f18-a340-3d43889853e8","block_type":"box","text":"decrease in such value, but only to the extent of previously recognized “mark-to-market” gains. By making the mark","page_number":178,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"1be22916-89b9-401d-b4dd-d3c91bdefa1c","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":178,"box":{"x":68,"y":506,"width":804,"height":11}},{"id":"16e67d32-8344-43ca-9152-a4916e67dcd7","block_type":"box","text":"PFICs, but in any par ticular year might be required to recognize income in excess of the distributions it received from","page_number":178,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"8e4119e3-f4b5-4e8d-9a13-52cda452bfe2","block_type":"box","text":"PFICs.","page_number":178,"box":{"x":69,"y":536,"width":42,"height":9}},{"id":"c9adae55-f990-42e3-8b08-e8b11f67cbd2","block_type":"box","text":"If a Fund were to invest in a PFIC and elect to treat the PFIC as a “qualified electing fund” under the Code, in lieu","page_number":178,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"0fffe400-4061-4195-8acb-ed9cf052d95e","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a por tion of the ordinary","page_number":178,"box":{"x":69,"y":574,"width":816,"height":11}},{"id":"c6e13666-6221-4152-942a-a4e27009b375","block_type":"box","text":"earnings and net capital gains of the qualified electing fund, even if not distributed to the Fund, and such amounts","page_number":178,"box":{"x":69,"y":589,"width":816,"height":11}},{"id":"6c51e8c6-1ee8-4769-b332-ee2b4e9f514d","block_type":"box","text":"would be subject to the 90% and excise tax distribution requirements described above. In order to make this election,","page_number":178,"box":{"x":68,"y":604,"width":840,"height":11}},{"id":"61d1de20-3764-4d4c-87c9-40045a041f89","block_type":"box","text":"the Fund would be required to obtain cer tain annual information from the PFICs in which it invests, which may be","page_number":178,"box":{"x":68,"y":619,"width":804,"height":11}},{"id":"e5023c34-6213-4890-a77f-731fa6ee311c","block_type":"box","text":"difficult or impossible to obtain.","page_number":178,"box":{"x":69,"y":634,"width":225,"height":11}},{"id":"eb3c6725-ec2d-4d0e-96a6-734b9bbf712d","block_type":"box","text":"In cer tain situations, a Fund may, for a taxable year, defer all or a por tion of its net capital loss (or if there is no","page_number":178,"box":{"x":102,"y":657,"width":796,"height":11}},{"id":"f301dc98-728b-4f7c-89cc-a84c8b23c8d7","block_type":"box","text":"net capital loss, any net long-term or shor t-term capital loss) realized after October and its late-year ordinary loss","page_number":178,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"633e01aa-d2f9-46db-a144-89b57be2298e","block_type":"box","text":"(defined as the sum of the excess of post-October foreign currency and PFIC losses over post-October foreign","page_number":178,"box":{"x":69,"y":687,"width":778,"height":11}},{"id":"c357cf39-0bea-439d-8855-e146c6f9b4e6","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":178,"box":{"x":69,"y":702,"width":838,"height":12}},{"id":"45d2f137-fb21-4676-be6d-9080aae36136","block_type":"box","text":"the next taxable year in computing its investment company taxable income and net capital gain, which will defer the","page_number":178,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"c901e58b-ff46-4992-85ff-1a151d6b1459","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":178,"box":{"x":69,"y":732,"width":830,"height":12}},{"id":"c553fae0-93ab-4270-985e-b60cdf5f0d67","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":178,"box":{"x":69,"y":748,"width":511,"height":11}},{"id":"58bf3fa6-93b3-4f49-a81f-b440448e5f00","block_type":"box","text":"Municipal Funds","page_number":178,"box":{"x":102,"y":771,"width":115,"height":10}},{"id":"ed2e79e2-5487-4764-8530-49c220c38f74","block_type":"box","text":"Each Municipal Fund intends to qualify to pay “exempt-interest dividends” as defined in Section 852(b)(5) of the","page_number":178,"box":{"x":102,"y":793,"width":798,"height":11}},{"id":"c54df517-6938-4582-80de-0234d0e4fea4","block_type":"box","text":"Code. Under such section if, at the close of each quar ter of a Fund’s taxable year, at least 50% of the value of the","page_number":178,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"87f5c982-0d20-4d4a-8916-7fc0d6dd0932","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":178,"box":{"x":70,"y":823,"width":803,"height":12}},{"id":"54283206-beb7-417b-b97b-1ef8b520ac7b","block_type":"box","text":"Section 103(a) of the Code (relating generally to obligations of a state or local governmental unit), the Fund shall be","page_number":178,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"6a3cdb2a-ec3b-4c99-9c2f-b2ba8da88263","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":178,"box":{"x":69,"y":853,"width":752,"height":12}},{"id":"94d3b05a-7443-4aa2-aeca-1c0e40d923ac","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any par t thereof paid by a Fund that are attributable to","page_number":178,"box":{"x":70,"y":869,"width":817,"height":11}},{"id":"242a6387-c624-41a1-be2c-56e898c66853","block_type":"box","text":"interest on tax-exempt obligations and repor ted by the Fund as exempt-interest dividends. A Fund will allocate","page_number":178,"box":{"x":70,"y":884,"width":780,"height":11}},{"id":"3706c5da-1264-4b0d-ac26-9037f1276665","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":178,"box":{"x":70,"y":899,"width":815,"height":11}},{"id":"e81a1987-c095-43b0-aad9-8d12c25219d7","block_type":"box","text":"II-135","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8cf214ba-0358-4c94-a487-cd84bf288478","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":178,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"1bbbf5b5-2066-4303-ac60-94049cbb7737","block_type":"box","text":"below) among the Fund’s shareholders according to a method (that it believes is consistent with the Commission rule","page_number":179,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"ff1c3365-5550-402f-8d26-64b7f973e9c3","block_type":"box","text":"permitting the issuance and sale of multiple classes of shares) that is based upon the gross income that is allocable","page_number":179,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"f093e5ea-b691-41e9-bc88-4cf2f8f1e92d","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":179,"box":{"x":68,"y":75,"width":730,"height":11}},{"id":"21d67951-2c53-4e2b-8480-ef97797bdfdf","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":179,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"d9fbe52f-873d-4ed0-b36a-91554f5fba54","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the por tion, if any, of a person’s social","page_number":179,"box":{"x":70,"y":113,"width":809,"height":11}},{"id":"de2132a2-6da2-4d88-b7a9-9151b77e274d","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":179,"box":{"x":69,"y":128,"width":821,"height":11}},{"id":"6e7456a1-c6d8-4446-9541-7f19cad642d7","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":179,"box":{"x":69,"y":143,"width":831,"height":11}},{"id":"412ede61-1c58-4ad8-b719-96cc91192af6","block_type":"box","text":"the Fund, will not be deductible by the investor for U.S. federal income tax purposes to the extent attributable to","page_number":179,"box":{"x":68,"y":158,"width":800,"height":11}},{"id":"b22569c5-8d55-4b0d-bc54-f851bc05997d","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":179,"box":{"x":69,"y":173,"width":810,"height":11}},{"id":"2eec417b-c7d1-49fe-a496-1d74299a298d","block_type":"box","text":"interest dividends retain the exclusion under Code Section 103(a) if a shareholder would be treated as a “substantial","page_number":179,"box":{"x":70,"y":188,"width":836,"height":11}},{"id":"dc78e392-0bca-424d-afb9-c98aced3d6e6","block_type":"box","text":"user” or “related person” under Code Section 147(a) with respect to proper ty financed with the proceeds of an issue","page_number":179,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"381e7a1a-1b28-4279-a4e0-36280846af03","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":179,"box":{"x":69,"y":218,"width":217,"height":12}},{"id":"a1dbeeba-cbc0-4492-841d-4b97b6d69049","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":179,"box":{"x":102,"y":241,"width":788,"height":11}},{"id":"b8d5dabc-f4e5-448b-b9d8-6ead59a86b81","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":179,"box":{"x":70,"y":256,"width":790,"height":11}},{"id":"1b600b58-b6ac-4855-bc23-5a3b417df82e","block_type":"box","text":"constitute exempt-interest dividends.","page_number":179,"box":{"x":69,"y":272,"width":261,"height":10}},{"id":"1c240d12-914f-4718-bdc3-839f659cb97c","block_type":"box","text":"Distributions in excess of a Fund’s earnings and profits will first reduce the adjusted tax basis of a holder’s","page_number":179,"box":{"x":102,"y":294,"width":765,"height":11}},{"id":"445ec8df-719d-44bf-bdf8-3e71773b0629","block_type":"box","text":"shares and, after such adjusted tax basis is reduced to zero, will constitute capital gains to such holder (assuming","page_number":179,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"9e0402f1-f2dc-4be3-9d89-507669b99264","block_type":"box","text":"the shares are held as a capital asset). Any loss upon the sale or exchange of Fund shares held for six months or","page_number":179,"box":{"x":68,"y":324,"width":813,"height":12}},{"id":"3ec33683-8112-4ca4-bca5-9830e15c4a90","block_type":"box","text":"less will be disallowed to the extent of any exempt-interest dividends received by the shareholder. In addition, any","page_number":179,"box":{"x":70,"y":339,"width":809,"height":12}},{"id":"2aace574-1536-43a4-b5c6-1b44d277c7ca","block_type":"box","text":"such loss that is not disallowed under the rule stated above will be treated as long-term capital loss to the extent of","page_number":179,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"4aba3271-5d73-42ad-a69f-925808ecff50","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":179,"box":{"x":69,"y":370,"width":388,"height":11}},{"id":"a7e35add-74ca-40e3-b7b7-d6c928eb334a","block_type":"box","text":"All or a por tion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a market","page_number":179,"box":{"x":101,"y":392,"width":787,"height":12}},{"id":"6504f034-b5ff-493e-a91c-9404db342c68","block_type":"box","text":"discount will be treated as ordinary income rather than capital gain. This rule may increase the amount of ordinary","page_number":179,"box":{"x":69,"y":407,"width":817,"height":12}},{"id":"f6b4053e-fe9c-4d05-a460-af1cb547f11f","block_type":"box","text":"income dividends received by shareholders.","page_number":179,"box":{"x":70,"y":423,"width":309,"height":11}},{"id":"02bb1912-afe0-467c-9634-3fbcb4607886","block_type":"box","text":"Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond","page_number":179,"box":{"x":101,"y":446,"width":766,"height":11}},{"id":"3331b73d-136a-4a00-80fa-9b44ac471129","block_type":"box","text":"acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original","page_number":179,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"fc9a8878-3c7d-4833-9ef9-527fc0e55504","block_type":"box","text":"issue discount. Absent an election by the Fund to include the market discount in income as it accrues, gain on the","page_number":179,"box":{"x":70,"y":476,"width":815,"height":11}},{"id":"23126082-381f-46bc-9087-f2e13e17da75","block_type":"box","text":"Fund’s disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of","page_number":179,"box":{"x":70,"y":491,"width":815,"height":11}},{"id":"ce580296-18a1-46f3-a712-ee05990f2712","block_type":"box","text":"the accrued market discount.","page_number":179,"box":{"x":68,"y":506,"width":208,"height":9}},{"id":"4037d024-ec5c-4e14-8c9e-0c50132a0981","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":179,"box":{"x":101,"y":528,"width":801,"height":12}},{"id":"d4122212-0dcf-49c4-b9cf-b33eca521cc3","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on cer tain “PABs” issued after August 7, 1986. PABs","page_number":179,"box":{"x":68,"y":543,"width":818,"height":12}},{"id":"5fbe29c8-d2d2-4b5d-be55-80a66fea26a5","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":179,"box":{"x":69,"y":559,"width":816,"height":11}},{"id":"02ffb0fd-83e7-40a5-b75c-ead5a368d428","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":179,"box":{"x":69,"y":574,"width":351,"height":11}},{"id":"56559132-04bb-4386-8bd9-a27a0c36a9d1","block_type":"box","text":"e.g.","page_number":179,"box":{"x":422,"y":575,"width":24,"height":10}},{"id":"4f3cbbc2-e2ec-4954-a758-6ddf9cc22c4d","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":179,"box":{"x":449,"y":574,"width":441,"height":11}},{"id":"05f467e6-6030-450d-8310-b19e4492e981","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject cer tain investors in","page_number":179,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"49e12b65-4938-4c02-9840-ff318c3a0725","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":179,"box":{"x":69,"y":604,"width":786,"height":11}},{"id":"c8ea7ac6-1f81-4e3a-a929-9b242e64668f","block_type":"box","text":"“PABs” and will repor t to shareholders after the close of the calendar year the por tion of the Fund’s dividends","page_number":179,"box":{"x":70,"y":619,"width":782,"height":11}},{"id":"d4465cd0-67b5-4c1a-9e3a-1f78c8af5e38","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":179,"box":{"x":69,"y":634,"width":740,"height":12}},{"id":"3e429a29-06be-4924-9f45-754524050b6f","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":179,"box":{"x":102,"y":657,"width":802,"height":11}},{"id":"a04cf769-e84c-48db-a289-6a34513c40f6","block_type":"box","text":"the taxation of interest rate swaps are not entirely clear and may require a Fund to treat payments received under","page_number":179,"box":{"x":68,"y":672,"width":812,"height":11}},{"id":"adf5b23e-7d9b-46d2-8d8d-82a656d6c5b1","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":179,"box":{"x":69,"y":687,"width":794,"height":11}},{"id":"d6be7333-c879-4923-9d15-90f6360c6ded","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":179,"box":{"x":70,"y":703,"width":776,"height":10}},{"id":"c6d8c332-8f3e-4c29-b8bc-1705a5c56bc8","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax-exempt gross income propor tionately, they","page_number":179,"box":{"x":69,"y":717,"width":826,"height":12}},{"id":"6ec3462a-c801-425e-a4ad-de1e070006a3","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":179,"box":{"x":69,"y":733,"width":436,"height":11}},{"id":"01ad73b1-f397-43aa-abe4-53fe5f894f82","block_type":"box","text":"Please see Par t I of your Fund’s SAI for cer tain state tax information relevant to an investment in BlackRock","page_number":179,"box":{"x":102,"y":755,"width":771,"height":11}},{"id":"d6d48a84-1cf8-4b71-b2e4-09126b6695b1","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":179,"box":{"x":69,"y":770,"width":828,"height":11}},{"id":"398b7e87-1ca8-4fe2-af11-32249071639b","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":179,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"fba61204-a91a-488e-a996-0121c10dd7a2","block_type":"box","text":"within each applicable state.","page_number":179,"box":{"x":68,"y":801,"width":203,"height":11}},{"id":"b8919534-c0b0-4dc4-a418-c60733c6ad3d","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master Por tfolio in","page_number":179,"box":{"x":102,"y":823,"width":774,"height":12}},{"id":"3cc76ca9-d0cb-4f6b-a466-dabcc5d26c88","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":179,"box":{"x":68,"y":838,"width":837,"height":12}},{"id":"8e66ce82-3c67-4959-8c0e-d567e3f85f02","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":179,"box":{"x":70,"y":853,"width":816,"height":12}},{"id":"2da83973-e547-4271-86fc-38686d6a8265","block_type":"box","text":"(depending on the par ticular Master Por tfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":179,"box":{"x":69,"y":869,"width":830,"height":11}},{"id":"3c406dec-042e-4741-826a-fec2202266a8","block_type":"box","text":"to change the classification of a Master Por tfolio, then the Board of Directors of a Feeder Fund would determine, in","page_number":179,"box":{"x":68,"y":884,"width":822,"height":11}},{"id":"848a794a-7adc-4234-8a3b-66f4b3306775","block_type":"box","text":"its discretion, the appropriate course of action for the Feeder Fund. One possible course of action would be to","page_number":179,"box":{"x":70,"y":899,"width":783,"height":11}},{"id":"df26636e-501f-411e-832c-7fa642a28eec","block_type":"box","text":"II-136","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"fccc1932-294b-4489-b071-aa159d34ca8f","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":179,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"0b5ac048-78ec-4459-ae69-5404f0f36775","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Por tfolio and to retain an investment manager to manage","page_number":180,"box":{"x":68,"y":45,"width":822,"height":11}},{"id":"4a7aa6e9-94e9-4dd3-86a2-6932db5c963d","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":180,"box":{"x":68,"y":60,"width":710,"height":11}},{"id":"5ecba259-88fc-475e-9af7-8951c3867e95","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Cer tain states exempt","page_number":180,"box":{"x":102,"y":83,"width":796,"height":11}},{"id":"31881703-a737-4750-8e0c-357c82ec67d5","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":180,"box":{"x":68,"y":98,"width":828,"height":11}},{"id":"f23989d1-0dfa-44eb-bb48-e818b53a823c","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":180,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"a6006fa4-9367-430d-bab1-37200c362ed3","block_type":"box","text":"exempt from state income tax.","page_number":180,"box":{"x":69,"y":128,"width":216,"height":11}},{"id":"097ab9f4-1e9c-47cb-8c29-d9ea4281f7c5","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":180,"box":{"x":102,"y":150,"width":771,"height":12}},{"id":"b721faaf-6bff-497f-8943-e6ff64ed9422","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":180,"box":{"x":68,"y":166,"width":823,"height":11}},{"id":"603ff3ca-92b1-468f-b209-a80d3983abcd","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":180,"box":{"x":68,"y":181,"width":309,"height":9}},{"id":"7a6d3165-9c5b-47f5-964c-3eb4b047b7d8","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":180,"box":{"x":101,"y":203,"width":749,"height":12}},{"id":"b6b3b5d7-3814-477c-b797-120483740cc3","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":180,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"62aefd5f-89c7-4638-bd9c-545e44eb612e","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":180,"box":{"x":69,"y":234,"width":801,"height":11}},{"id":"5e0911fc-1a3e-43ec-b1c5-45bb280fcbb2","block_type":"box","text":"decisions may have a retroactive effect.","page_number":180,"box":{"x":69,"y":249,"width":283,"height":11}},{"id":"adf78372-e8f0-4ef5-9e55-c6a54ed3dbda","block_type":"box","text":"PERFORMANCE DATA","page_number":180,"box":{"x":403,"y":278,"width":173,"height":10}},{"id":"effbb954-1113-48ad-b091-b9c97180febf","block_type":"box","text":"From time to time a Fund may include its average annual total return and other total return data, and, if","page_number":180,"box":{"x":102,"y":301,"width":738,"height":11}},{"id":"3502e1aa-cbe9-4a13-b607-c5f8a4477186","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":180,"box":{"x":69,"y":316,"width":779,"height":11}},{"id":"f90fcd13-3951-45de-9e04-7cacab803014","block_type":"box","text":"shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s historical per formance and is not","page_number":180,"box":{"x":69,"y":331,"width":833,"height":11}},{"id":"ae06715a-f938-451a-a669-7836f491f9d0","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":180,"box":{"x":70,"y":346,"width":792,"height":12}},{"id":"ab9427f7-6bd6-4216-9bfe-ad83dd2c294b","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":180,"box":{"x":69,"y":361,"width":473,"height":12}},{"id":"a6333823-b9ed-45b5-b67a-51a717ea1976","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":180,"box":{"x":102,"y":384,"width":761,"height":11}},{"id":"1e59fb46-cb22-45c7-b37e-cb809ef2595f","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":180,"box":{"x":69,"y":399,"width":836,"height":12}},{"id":"7d69a807-7ffa-43af-9870-e8dd3979a88d","block_type":"box","text":"gains or losses on por tfolio investments over such periods) that would equate the initial amount invested to the","page_number":180,"box":{"x":68,"y":414,"width":798,"height":12}},{"id":"9637ecb9-f706-4624-b650-83761fd9b75b","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":180,"box":{"x":69,"y":429,"width":765,"height":12}},{"id":"1881e592-abb6-4b80-a506-390100bbec55","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":180,"box":{"x":69,"y":445,"width":808,"height":11}},{"id":"cdd73954-48d9-4597-a889-28853955fb30","block_type":"box","text":"expenses, including the maximum sales charge, in the case of front-end load shares, and the CDSC that would be","page_number":180,"box":{"x":69,"y":460,"width":813,"height":11}},{"id":"007e4b12-1126-4c8f-81cb-d22e7c2e1bd0","block_type":"box","text":"applicable to a complete redemption of the investment at the end of the specified period in the case of CDSC shares,","page_number":180,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"17733e58-961f-44ba-872a-e304a11c8c1c","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":180,"box":{"x":69,"y":490,"width":546,"height":11}},{"id":"64495f7d-590a-43dc-a8cf-4cd1fa368c25","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":180,"box":{"x":102,"y":513,"width":781,"height":11}},{"id":"4627efeb-c776-4304-adf7-47f7e34ece1d","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":180,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"8d56491f-e919-4b72-b003-39eff64cf38c","block_type":"box","text":"value of such investment at the end of each period assuming payment of taxes on dividends received during such","page_number":180,"box":{"x":68,"y":543,"width":810,"height":11}},{"id":"bd40acdd-494b-4ca0-b45a-246bf9c57289","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":180,"box":{"x":70,"y":558,"width":823,"height":11}},{"id":"0d2b0106-7bc3-4ed4-97e3-53bdc96526df","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":180,"box":{"x":69,"y":573,"width":780,"height":11}},{"id":"cbdca045-1e45-4d55-a6b1-302ff4ee532c","block_type":"box","text":"including the maximum sales charge, in the case of front-end load shares and the CDSC that would be applicable to","page_number":180,"box":{"x":70,"y":588,"width":825,"height":12}},{"id":"1f406e3d-fa90-4102-a937-85a826669ece","block_type":"box","text":"a complete redemption of the investment at the end of the specified period in the case of CDSC shares. The taxes","page_number":180,"box":{"x":69,"y":603,"width":817,"height":11}},{"id":"a4f1cc7e-05fa-403e-a55b-40630c0cc2d1","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":180,"box":{"x":69,"y":618,"width":820,"height":12}},{"id":"c3984519-8456-4978-96a5-fc789f5b9253","block_type":"box","text":"income tax rates in effect on the reinvestment date for that dividend. The rates used correspond to the tax character","page_number":180,"box":{"x":70,"y":634,"width":833,"height":11}},{"id":"914b5ef3-758d-4bfe-9f90-d1d2cf44dc03","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":180,"box":{"x":69,"y":649,"width":797,"height":11}},{"id":"ea351459-67bd-465e-8c5d-5771b2e0dc47","block_type":"box","text":"taxable amount and tax character of each dividend are specified by each Fund on the dividend declaration date, but","page_number":180,"box":{"x":68,"y":664,"width":824,"height":11}},{"id":"eaead8cf-64b8-4cfc-821c-c010f58764a8","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":180,"box":{"x":69,"y":679,"width":837,"height":11}},{"id":"dc1ce578-20a9-4155-99b0-51677d06021e","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":180,"box":{"x":69,"y":694,"width":814,"height":11}},{"id":"ead46cf3-4bd8-4982-94a4-b599134beb3e","block_type":"box","text":"credits, are taken into account according to U.S. federal tax law. The ending value is determined assuming complete","page_number":180,"box":{"x":69,"y":709,"width":830,"height":11}},{"id":"aef88511-a6c8-4f08-9fa3-98b4ccf1d02d","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":180,"box":{"x":69,"y":724,"width":774,"height":11}},{"id":"c1023d71-9bb8-4e7a-b5ed-63252a54163e","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":180,"box":{"x":102,"y":747,"width":752,"height":11}},{"id":"abcac61f-ef19-4eff-937c-99f8be47e4c9","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":180,"box":{"x":70,"y":762,"width":835,"height":11}},{"id":"16341945-f771-42c9-a7fb-32997906cd76","block_type":"box","text":"invested to the ending value of such investment at the end of each period assuming payment of taxes on dividends","page_number":180,"box":{"x":70,"y":777,"width":820,"height":12}},{"id":"7c48d15f-8075-4496-9ff3-12bdde8f9a8d","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":180,"box":{"x":69,"y":792,"width":756,"height":12}},{"id":"76a96b05-208b-436c-8bae-24a860a1fe9d","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":180,"box":{"x":69,"y":808,"width":772,"height":11}},{"id":"4a9de371-8602-4825-92dc-7039f5016be1","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":180,"box":{"x":69,"y":823,"width":827,"height":11}},{"id":"576622f6-1240-4bd3-83a0-bd6dc5cb9292","block_type":"box","text":"charge in the case of front-end load shares and the CDSC that would be applicable to a complete redemption of the","page_number":180,"box":{"x":69,"y":838,"width":825,"height":11}},{"id":"22bc4e32-9cae-43a0-91b4-60ec08f855e7","block_type":"box","text":"investment at the end of the specified period in the case of CDSC shares and assuming, for all classes of shares,","page_number":180,"box":{"x":70,"y":853,"width":812,"height":11}},{"id":"3a93b111-ab4c-4fc1-b16f-2e9fef5c1de7","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":180,"box":{"x":69,"y":868,"width":795,"height":11}},{"id":"0446a428-4c42-4266-b5ad-59d404994561","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":180,"box":{"x":69,"y":883,"width":768,"height":11}},{"id":"047735f5-c49e-49fc-b039-79057194f37a","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":180,"box":{"x":69,"y":898,"width":810,"height":11}},{"id":"2ee94881-9723-4787-95a6-b593e2b5336a","block_type":"box","text":"II-137","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b052d3e1-94fa-4c6b-835b-e433f7d5a64c","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":180,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f80708aa-7b5f-4593-8ca7-1796d5c15d33","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":181,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"4122adbc-8b5e-4ff7-92ac-11813f2d158d","block_type":"box","text":"individual income tax rates in effect on the reinvestment and/or the redemption date. The rates used correspond to","page_number":181,"box":{"x":70,"y":60,"width":825,"height":11}},{"id":"ac9ae042-9beb-4f47-90ad-7bb386b03381","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":181,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"4556ebb8-80df-4dcf-9aaf-5ab40f24b76a","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":181,"box":{"x":69,"y":90,"width":743,"height":11}},{"id":"4d108e4f-67a5-4bde-b8c3-7aff384f1f44","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":181,"box":{"x":69,"y":105,"width":814,"height":11}},{"id":"e346d2ef-e4fb-4adc-9b97-97c03d3941df","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":181,"box":{"x":68,"y":120,"width":422,"height":12}},{"id":"d661989a-1362-4ed5-a9bf-a87d3dc087bb","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":181,"box":{"x":101,"y":143,"width":720,"height":11}},{"id":"8e7b466b-eb4b-46c3-8557-28f8bc5a7531","block_type":"box","text":"per formance data, both as a percentage and as a dollar amount based on a hypothetical investment of $1,000 or","page_number":181,"box":{"x":70,"y":157,"width":813,"height":12}},{"id":"3995cdbc-502e-40ea-b9c6-ea429fc674ae","block_type":"box","text":"some other amount, for various periods other than those noted in Par t I of each Fund’s SAI. Such data will be","page_number":181,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"fcb6124e-d8ee-4286-8a8f-83cc1c343272","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":181,"box":{"x":69,"y":188,"width":837,"height":11}},{"id":"19c47103-29b6-4854-9305-f4be21ab1818","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":181,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"40a86fbe-59b8-42ff-bd9b-52df513b4552","block_type":"box","text":"will not be included with respect to annual or annualized rates of return calculations. Aside from the impact on the","page_number":181,"box":{"x":68,"y":218,"width":815,"height":11}},{"id":"dc376018-0fc6-4ce7-8059-0c832b694627","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":181,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"7110137d-5e69-4f1e-ab28-6363042fe373","block_type":"box","text":"annualized total return data generally will be lower than average annual total return data since the average rates of","page_number":181,"box":{"x":69,"y":249,"width":819,"height":11}},{"id":"0f021b1d-5faf-4b5c-9931-8dc9177c29a6","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":181,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"82b687e8-52f1-4b08-b959-a29d2b1222c2","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":181,"box":{"x":69,"y":279,"width":686,"height":11}},{"id":"a34774eb-a46a-453d-877c-e4f63a4d6300","block_type":"box","text":"Yield quotations will be computed based on a 30-day period by dividing (a) the net income based on the yield of","page_number":181,"box":{"x":101,"y":302,"width":796,"height":11}},{"id":"66ddf111-75cf-4bed-bf7c-2257b99d2035","block_type":"box","text":"each security earned during the period by (b) the average daily number of shares outstanding during the period that","page_number":181,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"9ca5cc11-f6b8-4b05-bef7-098e9c692fe2","block_type":"box","text":"were entitled to receive dividends multiplied by the maximum offering price per share on the last day of the period.","page_number":181,"box":{"x":68,"y":332,"width":817,"height":11}},{"id":"69e475e6-cd06-4ff2-991c-3e109449bc2a","block_type":"box","text":"Tax equivalent yield quotations will be computed by dividing (a) the par t of a Fund’s yield that is tax-exempt by (b) one","page_number":181,"box":{"x":68,"y":347,"width":837,"height":11}},{"id":"defa710f-2922-4c1b-b91f-002672b056a9","block_type":"box","text":"minus a stated tax rate and adding the result to that par t, if any, of the Fund’s yield that is not tax-exempt.","page_number":181,"box":{"x":69,"y":362,"width":759,"height":11}},{"id":"b385808c-cdf3-410a-ba08-b99c3d498e4e","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s por tfolio, a","page_number":181,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"a48b92da-2cf1-4304-a606-f1361e3fa433","block_type":"box","text":"Fund’s operating expenses and the amount of realized and unrealized net capital gains or losses during the period.","page_number":181,"box":{"x":70,"y":400,"width":819,"height":11}},{"id":"d872a1a1-3920-4b74-9153-05f65dd0ebb9","block_type":"box","text":"The value of an investment in a Fund will fluctuate and an investor’s shares, when redeemed, may be wor th more or","page_number":181,"box":{"x":68,"y":415,"width":830,"height":11}},{"id":"e4645397-7ae7-44b4-a6e9-95232437a404","block_type":"box","text":"less than their original cost.","page_number":181,"box":{"x":70,"y":430,"width":196,"height":11}},{"id":"c12f0d23-b2c6-4321-9c7d-498c8216e259","block_type":"box","text":"In order to reflect the reduced sales charges in the case of front-end load shares or the waiver of the CDSC in","page_number":181,"box":{"x":102,"y":453,"width":782,"height":11}},{"id":"095add92-4d6b-4a88-8572-66fce31be366","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":181,"box":{"x":68,"y":468,"width":836,"height":11}},{"id":"ff72bba8-ef56-43fc-930d-507646f4220b","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in adver tisements directed to such investors may","page_number":181,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"eab56144-aea0-427d-aab0-1325ab784120","block_type":"box","text":"take into account the reduced, and not the maximum, sales charge or may take into account the CDSC waiver and,","page_number":181,"box":{"x":68,"y":498,"width":820,"height":11}},{"id":"6eba9f27-d817-497b-8c21-5788c2fe6a51","block_type":"box","text":"therefore, may reflect greater total return since, due to the reduced sales charges or the waiver of sales charges, a","page_number":181,"box":{"x":68,"y":513,"width":824,"height":12}},{"id":"e6cce5c0-e0cd-4490-8f75-72a8689aa975","block_type":"box","text":"lower amount of expenses is deducted.","page_number":181,"box":{"x":70,"y":528,"width":278,"height":11}},{"id":"32d84345-5f40-4d30-8aee-2fb272e77144","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":181,"box":{"x":102,"y":551,"width":741,"height":11}},{"id":"a7787af2-5fbc-4d42-81c8-1cc438e12905","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":181,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"984ad3d9-1371-4559-8d99-47582684da6c","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":181,"box":{"x":70,"y":581,"width":646,"height":12}},{"id":"7f89ee3a-4ea3-4463-8615-cb06735a06c7","block_type":"box","text":"Money Magazine, U.S.","page_number":181,"box":{"x":724,"y":581,"width":156,"height":12}},{"id":"5806b5a5-a60c-4577-9366-590f3a965b81","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":181,"box":{"x":70,"y":597,"width":533,"height":11}},{"id":"bceb134d-21d6-4059-8a92-842213707282","block_type":"box","text":"or other industry publications. When","page_number":181,"box":{"x":608,"y":597,"width":257,"height":11}},{"id":"c95ed154-33a9-40b8-bb0b-b10c284c413c","block_type":"box","text":"comparing its per formance to a market index, a Fund may refer to various statistical measures derived from the","page_number":181,"box":{"x":69,"y":612,"width":797,"height":11}},{"id":"f449a35c-40cf-4251-bf07-3ed4671b7865","block_type":"box","text":"historical per formance of a Fund and the index, such as standard deviation and beta. As with other per formance","page_number":181,"box":{"x":69,"y":627,"width":803,"height":11}},{"id":"0da3e654-b104-4319-aab4-b7041a786608","block_type":"box","text":"data, per formance comparisons should not be considered indicative of a Fund’s relative per formance for any future","page_number":181,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"6e96e626-3dca-4dd0-81c2-98b25ed283b6","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted per formance ratings","page_number":181,"box":{"x":70,"y":657,"width":818,"height":11}},{"id":"9d09e8f1-4ec8-4834-8ddc-41a248c6f95f","block_type":"box","text":"assigned by Morningstar in adver tising or supplemental sales literature. From time to time a Fund may quote in","page_number":181,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"0bc5cccb-d0d5-4753-bd4e-d1bfddd77438","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":181,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"aaefb05b-b2c9-418b-875b-0795bcc17942","block_type":"box","text":"awards that may be given to the Manager. Cer tain Funds may also compare their per formance to composite indices","page_number":181,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"c0ef1686-9555-4485-85b6-0400f3f4589d","block_type":"box","text":"developed by Fund management.","page_number":181,"box":{"x":69,"y":718,"width":233,"height":11}},{"id":"ea3a7964-13a6-407c-866b-83c6cdefc3dd","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":181,"box":{"x":101,"y":740,"width":780,"height":11}},{"id":"c29c969d-a436-49af-a1df-11d1be9e821d","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":181,"box":{"x":70,"y":755,"width":810,"height":11}},{"id":"ad3636ce-0d89-4a7c-8864-9825831ce950","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":181,"box":{"x":69,"y":770,"width":810,"height":12}},{"id":"7526be21-c0e9-4b9f-93cb-29e55f783490","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":181,"box":{"x":69,"y":785,"width":792,"height":12}},{"id":"15016b97-661b-4e49-8771-fc788c2721f2","block_type":"box","text":"techniques, comparisons of the Fund’s per formance or por tfolio composition to that of other funds or types of","page_number":181,"box":{"x":68,"y":801,"width":788,"height":11}},{"id":"56981212-07e2-443f-b9cc-b9c67781c34f","block_type":"box","text":"investments, indices relevant to the comparison being made, or to a hypothetical or model por tfolio. A Fund may also","page_number":181,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"f456f5eb-5301-4883-be77-99b8f112691b","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":181,"box":{"x":69,"y":831,"width":830,"height":11}},{"id":"f942fd31-0bee-4ecc-8ff7-a34ae95f51a4","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":181,"box":{"x":68,"y":846,"width":461,"height":11}},{"id":"53002e1b-b101-4f33-b619-0356f067f542","block_type":"box","text":"II-138","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bc4e9419-f0d7-47ae-b56b-bebdb809164f","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":181,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e5251e1a-7979-4beb-ac5a-3c6c8d44cfc3","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":182,"box":{"x":308,"y":45,"width":362,"height":10}},{"id":"08ec3da8-ea4d-4311-a645-fa4444e1d96f","block_type":"box","text":"The Board of Directors of the Funds has delegated the voting of proxies for the Funds’ securities to the Manager","page_number":182,"box":{"x":101,"y":68,"width":802,"height":11}},{"id":"62629acd-04d8-4103-82e5-76c76becc176","block_type":"box","text":"pursuant to (i) the Open-End Active and Fixed Income Index Fund Proxy Voting Policy (the “Active Fund Proxy Voting","page_number":182,"box":{"x":70,"y":83,"width":809,"height":11}},{"id":"e2aba351-8054-4cc4-ae08-b7cda7e58860","block_type":"box","text":"Policy”), with respect to cer tain Funds, and (ii) the Index Equity Fund Proxy Voting Policy, with respect to cer tain other","page_number":182,"box":{"x":69,"y":98,"width":833,"height":11}},{"id":"9e443f14-7358-47cb-bb72-c1b0cae84724","block_type":"box","text":"Funds, as applicable. Please refer to Par t I of this SAI, which discloses the policy applicable to each Fund.","page_number":182,"box":{"x":70,"y":113,"width":755,"height":11}},{"id":"ca9a3778-650f-4923-bfde-fe84d8b18169","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":182,"box":{"x":101,"y":136,"width":785,"height":11}},{"id":"a2c6f4c6-a9a1-4a0d-a22e-ba200f762549","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":182,"box":{"x":68,"y":151,"width":822,"height":11}},{"id":"3a1fb572-b676-4add-8a2c-01e6d976da99","block_type":"box","text":"Funds, as listed within the Active Fund Proxy Voting Policy and as disclosed in Par t I of this SAI, follow supplemental","page_number":182,"box":{"x":70,"y":166,"width":824,"height":11}},{"id":"306ed91d-ac4d-4758-b356-b4f632f9791e","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":182,"box":{"x":68,"y":181,"width":812,"height":12}},{"id":"ef33728d-e48f-4852-b81f-393311124235","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":182,"box":{"x":69,"y":197,"width":392,"height":10}},{"id":"354d2893-f20d-40c6-8136-104745e87fb9","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":182,"box":{"x":101,"y":219,"width":749,"height":11}},{"id":"eb3997d1-d371-4aa0-aa00-d0a366e89a54","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":182,"box":{"x":70,"y":234,"width":759,"height":11}},{"id":"57a0663d-ce45-47f6-887a-575d76036519","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":182,"box":{"x":70,"y":250,"width":830,"height":11}},{"id":"2911d300-6020-4e90-a8a8-9a4a1f930de2","block_type":"box","text":"addition, cer tain of such Funds, as listed within the Index Equity Fund Proxy Voting Policy and as disclosed in Par t I of","page_number":182,"box":{"x":69,"y":264,"width":838,"height":12}},{"id":"7ce988c3-9681-4572-84a8-fcfbbcecfbb8","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":182,"box":{"x":68,"y":280,"width":822,"height":11}},{"id":"a2424549-08b8-44f4-8867-3aa121bbc584","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":182,"box":{"x":69,"y":295,"width":392,"height":11}},{"id":"d01cf481-2c01-4358-9142-330c002a96ac","block_type":"box","text":"If a Fund invests in an underlying fund managed by BlackRock, the Fund will use its proxy voting policy when","page_number":182,"box":{"x":102,"y":317,"width":767,"height":12}},{"id":"ceb89016-bfcb-4c64-aa99-87dce4be2176","block_type":"box","text":"voting on proxies for the underlying fund while the underlying fund will use its proxy voting policy when voting proxies","page_number":182,"box":{"x":68,"y":332,"width":827,"height":12}},{"id":"b8452ed0-d0d6-4264-a37d-6831e7cf651e","block_type":"box","text":"on investments the underlying fund holds. Therefore, the Fund may use the Active Fund Proxy Voting Policy while an","page_number":182,"box":{"x":69,"y":348,"width":819,"height":11}},{"id":"ece8ba63-a13a-434d-8ad2-9c38389d521e","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":182,"box":{"x":69,"y":363,"width":684,"height":11}},{"id":"2fbcc692-595f-4b86-9389-e6e624de7d7e","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":182,"box":{"x":102,"y":385,"width":766,"height":12}},{"id":"660eb330-5bad-4aa3-af4d-887311c366ef","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":182,"box":{"x":69,"y":401,"width":784,"height":11}},{"id":"a5f74280-c9f9-4053-b006-05c1d42c817a","block_type":"box","text":"attached as Appendix B to this SAI. Only those guidelines that are applicable to a par ticular Fund pursuant to the","page_number":182,"box":{"x":69,"y":416,"width":805,"height":11}},{"id":"d57ed7da-b553-405d-9fa3-2236cb20b996","block_type":"box","text":"Active Fund Proxy Voting Policy or the Index Equity Fund Proxy Voting Policy are considered to form a par t of the","page_number":182,"box":{"x":68,"y":431,"width":790,"height":11}},{"id":"5d81650a-0c0a-4485-8352-da7042325324","block_type":"box","text":"Fund’s SAI. Information on how each Fund voted proxies relating to por tfolio securities during the most recent 12-","page_number":182,"box":{"x":70,"y":446,"width":810,"height":11}},{"id":"eabc3e52-ecc0-4d1a-862b-895d7d688503","block_type":"box","text":"month period ended June 30 is available without charge, (i) at www.blackrock.com/proxyrecords and (ii) on the","page_number":182,"box":{"x":69,"y":461,"width":788,"height":11}},{"id":"622c6dc9-3024-4065-9901-34553afd57c4","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":182,"box":{"x":69,"y":476,"width":327,"height":11}},{"id":"79119159-9e49-4944-b6bb-e240be0d3329","block_type":"box","text":"GENERAL INFORMATION","page_number":182,"box":{"x":391,"y":506,"width":195,"height":9}},{"id":"9f744288-e558-4ba2-9389-3689d4db09bd","block_type":"box","text":"Description of Shares","page_number":182,"box":{"x":69,"y":536,"width":156,"height":11}},{"id":"e35f2eef-a106-483b-b228-3fc7854a5a35","block_type":"box","text":"Shareholders of a Fund are entitled to one vote for each full share held and fractional votes for fractional shares","page_number":182,"box":{"x":102,"y":559,"width":800,"height":9}},{"id":"cda3c049-0ace-4003-9de6-6d06533fbc85","block_type":"box","text":"held in the election of Directors and generally on other matters submitted to the vote of shareholders of the Fund.","page_number":182,"box":{"x":69,"y":574,"width":811,"height":11}},{"id":"146e0ea7-f24a-45d4-84f6-f4c8496d3d4a","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":182,"box":{"x":69,"y":589,"width":825,"height":11}},{"id":"39a85774-ceb4-4ea7-b7c3-d2eed2251f67","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":182,"box":{"x":69,"y":604,"width":838,"height":11}},{"id":"a5b866d2-5a01-45b3-9315-7e7115d457d7","block_type":"box","text":"more than 50% of the shares voting in the election of Directors can, if they choose to do so, elect all the Directors of","page_number":182,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"58f1a7b7-74bc-4d2e-b231-1d639d687d75","block_type":"box","text":"a Fund, in which event the holders of the remaining shares would be unable to elect any person as a Director.","page_number":182,"box":{"x":69,"y":634,"width":781,"height":12}},{"id":"8b831462-73d0-44bb-8f12-1bbe24617b60","block_type":"box","text":"No Fund intends to hold annual meetings of shareholders in any year in which the Investment Company Act does","page_number":182,"box":{"x":102,"y":657,"width":801,"height":11}},{"id":"fc3ab493-e534-4d52-8771-f8ec3d955633","block_type":"box","text":"not require shareholders to act upon any of the following matters: (i) election of Directors; (ii) approval of a","page_number":182,"box":{"x":69,"y":672,"width":760,"height":11}},{"id":"a3a93f8f-6191-49ef-8dc0-a57527153fa5","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":182,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"d33d54a0-d4ed-4817-99c9-cccd70a3fe55","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":182,"box":{"x":69,"y":702,"width":790,"height":12}},{"id":"dd1737c7-ab01-4e97-b1ab-bee0ca67686a","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":182,"box":{"x":69,"y":717,"width":787,"height":12}},{"id":"6835d636-a49e-4cfe-863c-ea4ac31f348d","block_type":"box","text":"Common Stock is entitled to par ticipate equally in dividends and distributions declared by a Fund and in the net","page_number":182,"box":{"x":69,"y":733,"width":797,"height":11}},{"id":"a419781f-aa49-4f48-a45d-0c439d48a17f","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":182,"box":{"x":69,"y":748,"width":658,"height":11}},{"id":"ea206997-775f-4443-b095-ab1197efe609","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":182,"box":{"x":102,"y":770,"width":741,"height":12}},{"id":"14668ff1-138e-4eef-9f44-0184890e7819","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":182,"box":{"x":69,"y":785,"width":790,"height":12}},{"id":"8952edd8-a478-4a83-9444-143abab3be6e","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":182,"box":{"x":69,"y":801,"width":546,"height":11}},{"id":"460bb691-60e8-4fc2-bfc3-7fd1cb557525","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":182,"box":{"x":102,"y":823,"width":712,"height":12}},{"id":"c1e80c03-f9d9-498e-a564-eb4f9dde2488","block_type":"box","text":"shareholders of such a trust may, under cer tain circumstances, be held personally liable as par tners for its","page_number":182,"box":{"x":69,"y":838,"width":765,"height":11}},{"id":"0fa2a34b-ba2f-4027-bba2-f2eb3fd2f516","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":182,"box":{"x":69,"y":853,"width":834,"height":12}},{"id":"979b6739-1e5d-445a-bed8-4631d13d30c0","block_type":"box","text":"with all amendments thereto (the “Declaration of Trust”), is on file in the office of the Secretary of the","page_number":182,"box":{"x":68,"y":869,"width":729,"height":11}},{"id":"66f4add6-efb2-4e63-92c6-d74193707002","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":182,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"78ce7558-c66f-4a67-9ef0-681feda1fb2b","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":182,"box":{"x":68,"y":899,"width":761,"height":11}},{"id":"83e33141-00a1-4392-a6aa-37aecad1016f","block_type":"box","text":"II-139","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"349d1ffd-a747-41b4-949c-c0401d99de57","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":182,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c173ba91-6466-4f71-9d16-904fb12a4f83","block_type":"box","text":"shareholder held personally liable for the obligations of the trust. The Declaration of Trust also provides that a trust","page_number":183,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"2611f272-a211-400e-8093-bb3d93c2a412","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":183,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"7ed84294-9eb2-4a8f-86d1-b52be5951cdd","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":183,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"20d41304-be5d-4e14-8b0a-65effbc491bc","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":183,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"32854993-052b-4bb6-a5c9-9b2b195f1379","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":183,"box":{"x":70,"y":105,"width":699,"height":11}},{"id":"a0deffa9-8ad9-463d-9d79-dc7a719317fb","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":183,"box":{"x":102,"y":128,"width":413,"height":11}},{"id":"5c2360c4-d482-426d-bb01-e76a7b3cffbf","block_type":"box","text":"Additional Information","page_number":183,"box":{"x":68,"y":158,"width":161,"height":9}},{"id":"c588ce09-8251-475e-bbc6-0ec5a14cdd4a","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":183,"box":{"x":102,"y":181,"width":789,"height":11}},{"id":"64a9990e-17b1-43e0-863f-6ef34574b37d","block_type":"box","text":"has reserved the right to (i) withdraw its consent to the use of such name by a Fund if the Fund ceases to retain","page_number":183,"box":{"x":69,"y":196,"width":799,"height":11}},{"id":"ce5602dd-5ac7-4fa8-9e07-dbda0d420d59","block_type":"box","text":"BlackRock Advisors, LLC or BlackRock Fund Advisors, as applicable, as investment adviser and (ii) to grant the use of","page_number":183,"box":{"x":70,"y":211,"width":837,"height":11}},{"id":"50eed643-2bc2-4973-ba57-31cde9468469","block_type":"box","text":"such name to any other company.","page_number":183,"box":{"x":69,"y":226,"width":238,"height":11}},{"id":"04e2a53f-25d6-49db-8fcc-115fd7f42f4d","block_type":"box","text":"II-140","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"825edc25-28c4-4653-b063-c028fc6d8ad7","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":183,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6223ac8a-b3a0-4d56-bf33-fe307f3bdfe0","block_type":"box","text":"APPENDIX A","page_number":184,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"24d9e802-d289-4988-b5c4-7adb46f1506b","block_type":"box","text":"Description of Bond Ratings","page_number":184,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"4b3ea80b-ed7f-4a22-9cdc-fffc5e90e2e8","block_type":"box","text":"A rating is generally assigned to a fixed-income security at the time of issuance by a credit rating agency","page_number":184,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"1279b74c-6f2f-47b7-bf9e-6b600af47553","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the Securities and Exchange","page_number":184,"box":{"x":69,"y":106,"width":787,"height":12}},{"id":"11100ec6-e877-4c1e-b0ec-3cf507057a3f","block_type":"box","text":"Commission (“SEC”). While NRSROs may from time to time revise such ratings, they under take no obligation to do","page_number":184,"box":{"x":69,"y":121,"width":817,"height":12}},{"id":"25fb045a-5b56-4a60-be40-7f6328ab5ad6","block_type":"box","text":"so, and the ratings given to securities at issuance do not necessarily represent ratings which would be given to these","page_number":184,"box":{"x":69,"y":137,"width":837,"height":11}},{"id":"fb237143-1382-4972-8252-03f54769408a","block_type":"box","text":"securities on a par ticular subsequent date.","page_number":184,"box":{"x":69,"y":152,"width":306,"height":11}},{"id":"61fbe62c-c516-4f5c-882d-7c0a7ff67ae2","block_type":"box","text":"NRSROs may rate specific investments (","page_number":184,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"e41d6ae6-0700-47c3-ab90-97286d2ded31","block_type":"box","text":"e.g.","page_number":184,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"c720ecc0-5c21-4cf0-8c8e-ae258075c1b7","block_type":"box","text":", bonds), issuers (","page_number":184,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"162fc0a8-32e5-4b44-8c0f-c0cc2308defd","block_type":"box","text":"e.g.","page_number":184,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"788e36fb-ca92-4fe5-b188-adedf8e5a7f2","block_type":"box","text":", corporations, governments and financial","page_number":184,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"cc85d9bf-6518-4cd6-ad39-afcca5b09d7c","block_type":"box","text":"institutions) and/or programs (","page_number":184,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"66b67ae0-af3f-4a7a-8cec-e589d007e057","block_type":"box","text":"e.g.","page_number":184,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"ab0625a5-b936-47f7-82f4-beb49b44f9fe","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":184,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"0ec548d6-fcea-4f51-a3f5-864ec8c98074","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":184,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"e616e6fa-1c5f-41c7-827f-baec566564cf","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":184,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"59b0d7cb-9c08-428b-9b65-9a973225c402","block_type":"box","text":"investments, as well as US Treasury securities (some of which are not rated), where an NRSRO has not rated the","page_number":184,"box":{"x":70,"y":235,"width":807,"height":11}},{"id":"992af2e5-a3dd-4ab6-9fb6-8769636b3480","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":184,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"89540b82-abad-4917-aa86-f75af6b56718","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":184,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"8dab47c0-7b5c-4968-95b2-75a2b684358a","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":184,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"48496e06-0641-4da4-aa68-3b6a1b5ce0fb","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":184,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"ff136ba6-4786-4c9b-8539-953764386bba","block_type":"box","text":"security (","page_number":184,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"05af1a88-9fdc-4390-b5c6-27defb6ba13d","block_type":"box","text":"e.g.","page_number":184,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"be4e2704-e43f-4d9f-b5cf-1d4467423eff","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":184,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"7b72cf09-db0c-43dd-b13e-fd56ccfc67c8","block_type":"box","text":"highest of the multiple ratings.","page_number":184,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"aa96c503-03a2-4167-9cec-f956ffb5ec3b","block_type":"box","text":"New issue securities (regardless of type) may not be rated by an NRSRO at the time of their initial offering.","page_number":184,"box":{"x":102,"y":348,"width":760,"height":12}},{"id":"2fd536e4-7ab8-4e09-8e31-94f0f3f8160b","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":184,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"9a07b05c-68da-4914-86dc-06efb763624a","block_type":"box","text":"determined by the underwriter and/or issuer) or an NRSRO rating for the issuer of the security. If applicable, when","page_number":184,"box":{"x":69,"y":378,"width":812,"height":12}},{"id":"2580b639-bc66-4cc5-a56b-564df11ef72c","block_type":"box","text":"deciding whether to purchase a new issue security that has not yet been rated by an NRSRO, BlackRock may","page_number":184,"box":{"x":69,"y":394,"width":776,"height":11}},{"id":"d8b54134-5e97-4837-8d74-5eb1c952c474","block_type":"box","text":"attribute an expected rating to the security based on: (i) the expected rating of the security set for th in the","page_number":184,"box":{"x":69,"y":409,"width":756,"height":11}},{"id":"76583986-79ca-4604-9484-4abe0fa1d42a","block_type":"box","text":"preliminary prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set for th in","page_number":184,"box":{"x":70,"y":424,"width":835,"height":11}},{"id":"42852dfe-a572-4229-93e6-278f01d53fb4","block_type":"box","text":"the preliminary prospectus or term sheet for the security; or (iii) with respect to asset-backed securities, the rating of","page_number":184,"box":{"x":68,"y":439,"width":836,"height":11}},{"id":"3460d36c-3b00-4f69-8003-0d3fd6a32db1","block_type":"box","text":"a prior issuance having a similar structure or the same sponsor.","page_number":184,"box":{"x":69,"y":454,"width":456,"height":11}},{"id":"8575e9a4-f5de-49ad-90af-aba349a88bf9","block_type":"box","text":"Where the investment objective of a fund is to track the per formance of an index that includes credit ratings","page_number":184,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"d9b5f37b-5091-43d0-b0b0-38976af22b91","block_type":"box","text":"eligibility criteria as par t of its index methodology, the fund may purchase any security within the index, such security","page_number":184,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"c8891ae5-a9a6-4bff-8955-04c9c6ac841f","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":184,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"e8866578-d279-465a-bd5a-3ce0481664c7","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Fur ther, the fund may","page_number":184,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"354cd0f9-d97d-4a23-890a-01d1bd819916","block_type":"box","text":"invest, directly or indirectly, in securities that are not rated by a rating agency or securities with a credit rating that","page_number":184,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"f7ff7aa8-4c1a-4250-ac49-ecdd8e192a9d","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":184,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"cb639194-aa02-4665-acba-ed20bdef0ec5","block_type":"box","text":"downgraded but not yet removed from an index, following the removal of a security from an index prior to its sale by","page_number":184,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"bcd22fff-9381-4458-b945-6ecfdc952406","block_type":"box","text":"the fund or as a result of a corporate action or restructuring affecting an issuer of a security held by the fund.","page_number":184,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"84cd650d-833b-44dc-8e99-8c328b07a55f","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":184,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"a2789a1e-8ede-48df-94d0-51d0c7a50c82","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds (although BlackRock may","page_number":184,"box":{"x":70,"y":620,"width":811,"height":12}},{"id":"615cda5f-75a6-4325-80bf-a337f611a379","block_type":"box","text":"deem such unrated securities to be of higher quality). Evaluation of these securities is dependent on BlackRock’s","page_number":184,"box":{"x":69,"y":635,"width":809,"height":12}},{"id":"e078edb7-9b82-46cd-9cae-1fd07dc23e59","block_type":"box","text":"judgment, analysis and experience in the evaluation of such securities.","page_number":184,"box":{"x":67,"y":651,"width":506,"height":11}},{"id":"92bbb4d1-a017-411e-9fba-321156a24488","block_type":"box","text":"Investors should note that the assignment of a rating to a security by an NRSRO may not reflect the effect of","page_number":184,"box":{"x":102,"y":673,"width":776,"height":12}},{"id":"c8c9c526-674e-47a5-b08e-0108c8c10f7f","block_type":"box","text":"recent developments on the issuer’s ability to make interest and principal payments or on the likelihood of default.","page_number":184,"box":{"x":69,"y":688,"width":818,"height":12}},{"id":"cc156f78-a1f4-47d9-bcaa-5ef656bcbc13","block_type":"box","text":"Securities deemed to be high yield are rated below Baa3 by Moody’s and below BBB- by S&P Global Ratings and","page_number":184,"box":{"x":102,"y":711,"width":799,"height":11}},{"id":"12497cc0-2d90-405f-918a-172346627151","block_type":"box","text":"Fitch. Other terms used to describe such securities include “lower rated bonds,” “non-investment grade bonds,”","page_number":184,"box":{"x":70,"y":726,"width":798,"height":11}},{"id":"612e1f6f-dfbf-4e0b-9c67-b824e09ebb82","block_type":"box","text":"“below investment grade bonds,” and “junk bonds.”","page_number":184,"box":{"x":70,"y":742,"width":368,"height":11}},{"id":"7377c2df-e1d5-401b-bc62-e5dbe45bde59","block_type":"box","text":"The descriptions below relate to general long-term and shor t-term obligations of an issuer.","page_number":184,"box":{"x":101,"y":764,"width":643,"height":11}},{"id":"1c644f27-a10f-40db-98cc-05f34158b9f1","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":184,"box":{"x":68,"y":794,"width":616,"height":11}},{"id":"2fe392a2-b575-40d3-a79b-c528eb4ac069","block_type":"box","text":"Credit ratings are assigned on Moody’s global long-term and shor t-term rating scales and are forward-looking","page_number":184,"box":{"x":102,"y":817,"width":777,"height":11}},{"id":"994141ab-17e4-4659-b9b6-abb6d9cfbe34","block_type":"box","text":"opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions,","page_number":184,"box":{"x":69,"y":832,"width":818,"height":11}},{"id":"d93c297f-2464-44fc-857e-e4e7f2ae4e5f","block_type":"box","text":"structured finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the","page_number":184,"box":{"x":69,"y":847,"width":812,"height":11}},{"id":"57a2c9ae-95a3-404f-94b9-4d9255747977","block_type":"box","text":"risk that an entity may not meet its contractual financial obligations as they come due and any estimated financial","page_number":184,"box":{"x":69,"y":862,"width":812,"height":12}},{"id":"4553f1ba-c174-4975-b386-7c6fdd42f75a","block_type":"box","text":"loss in the event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are","page_number":184,"box":{"x":70,"y":877,"width":807,"height":12}},{"id":"89722956-4e14-4d26-8477-c608d4897cb5","block_type":"box","text":"those that call for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based","page_number":184,"box":{"x":68,"y":892,"width":821,"height":12}},{"id":"720a5221-e541-4677-837f-e78f06e9a970","block_type":"box","text":"upon standard sources of variation (","page_number":184,"box":{"x":69,"y":908,"width":257,"height":11}},{"id":"fb93ddf0-10a6-4001-985f-9a9a03ce2ceb","block_type":"box","text":"e.g.","page_number":184,"box":{"x":328,"y":909,"width":25,"height":10}},{"id":"8e7bf803-e0b1-420d-83d7-4a8aa2ae0670","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses","page_number":184,"box":{"x":355,"y":908,"width":548,"height":11}},{"id":"617c29db-8c4f-434e-8021-f509a1db7579","block_type":"box","text":"A-1","page_number":184,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"0d6315a6-0b60-4bd7-9628-852dc8ce73dd","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":184,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"933eeea8-d3d2-42f6-8cdb-d077526bd352","block_type":"box","text":"the issuer’s ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do","page_number":185,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"25a6c03b-d516-4f8d-8a9d-2b12f6ddb52e","block_type":"box","text":"not address non-standard sources of variation in the amount of the principal obligation (","page_number":185,"box":{"x":69,"y":60,"width":627,"height":11}},{"id":"a7d75081-1ea8-4470-805f-31a846b91ff1","block_type":"box","text":"e.g.","page_number":185,"box":{"x":697,"y":61,"width":25,"height":10}},{"id":"9ba5f434-c922-4644-b747-ade32df65a55","block_type":"box","text":", equity indexed), absent","page_number":185,"box":{"x":725,"y":60,"width":174,"height":11}},{"id":"b587fdf2-b4b7-40e8-905f-e1e3b57e8895","block_type":"box","text":"an express statement to the contrary in a press release accompanying an initial rating. Long-term ratings are","page_number":185,"box":{"x":69,"y":75,"width":777,"height":11}},{"id":"31b33bc1-a6aa-4c1c-ba7b-60be04daa528","block_type":"box","text":"assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the","page_number":185,"box":{"x":69,"y":90,"width":771,"height":11}},{"id":"76fbecf1-c07d-47cd-82de-dfe76fdadb7e","block_type":"box","text":"likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in","page_number":185,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"7096a23a-323b-48b8-ab20-3a22c47fe68a","block_type":"box","text":"the event of default or impairment. Shor t-term ratings are assigned for obligations with an original maturity of thir teen","page_number":185,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"6a15c13a-dd45-4d97-ad8d-85abf6094250","block_type":"box","text":"months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and","page_number":185,"box":{"x":69,"y":135,"width":822,"height":12}},{"id":"b4b20c59-d684-49b2-898b-fea025c6095c","block_type":"box","text":"the expected financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level","page_number":185,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"82173ecf-e96c-43eb-ab2e-a181868f6dc3","block_type":"box","text":"and instrument level on both the long-term scale and the shor t-term scale. Typically, ratings are made publicly","page_number":185,"box":{"x":69,"y":166,"width":784,"height":11}},{"id":"659cc9b6-efc9-43cc-9822-599fe1aa0dec","block_type":"box","text":"available although private and unpublished ratings may also be assigned.","page_number":185,"box":{"x":69,"y":181,"width":521,"height":11}},{"id":"b6c65c6d-37c0-4950-b647-1b9fe5ed9fae","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":185,"box":{"x":102,"y":203,"width":542,"height":12}},{"id":"acc4d354-e1a1-4c99-8db2-5b39b80bce27","block_type":"box","text":"i.e.","page_number":185,"box":{"x":646,"y":204,"width":20,"height":8}},{"id":"178f7a9b-0701-42c4-ad2f-97da02e7cc8d","block_type":"box","text":", ratings on nonfinancial","page_number":185,"box":{"x":669,"y":203,"width":169,"height":12}},{"id":"62f6b4d2-ff6a-4f80-bdfb-6cd1df820c7b","block_type":"box","text":"corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to all structured","page_number":185,"box":{"x":69,"y":218,"width":837,"height":12}},{"id":"973bf708-d9e9-45a6-954b-b7738d154b35","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":185,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"a48e82b2-ff4a-49e2-a0c2-a5afac7bc8a6","block_type":"box","text":"and fundamental ratings at the same letter grade level will behave the same. The (sf) indicator for structured finance","page_number":185,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"3522b33f-4277-4d5e-b0e2-fea5c6f3bfe6","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":185,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"7756c4db-8fdf-4afe-9d55-251e5fb27eb3","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":185,"box":{"x":69,"y":279,"width":771,"height":11}},{"id":"c85e71f0-5bcd-4f0a-978c-87da5a81d720","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":185,"box":{"x":69,"y":294,"width":821,"height":11}},{"id":"d94d4908-0d32-4220-8c85-91a293f0686e","block_type":"box","text":"of time.","page_number":185,"box":{"x":69,"y":309,"width":53,"height":9}},{"id":"22563a89-ebfa-4d0a-9859-4581c97c4815","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":185,"box":{"x":69,"y":339,"width":395,"height":12}},{"id":"cda0b579-5e98-492b-be8b-46e99b8371d3","block_type":"box","text":"Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit","page_number":185,"box":{"x":68,"y":367,"width":815,"height":11}},{"id":"ee877088-7b41-45f0-8720-68fe6b6f2578","block_type":"box","text":"risk.","page_number":185,"box":{"x":197,"y":383,"width":28,"height":8}},{"id":"15f88276-ff52-4fd7-aa9a-641d1d44389b","block_type":"box","text":"Aa Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.","page_number":185,"box":{"x":68,"y":402,"width":773,"height":12}},{"id":"544fc2a2-9597-4bbd-9f85-d11d8c4debde","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":185,"box":{"x":68,"y":423,"width":776,"height":11}},{"id":"453812b7-b97d-43f0-adfd-355bb845b431","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":185,"box":{"x":70,"y":443,"width":813,"height":11}},{"id":"ac37fedb-064d-46f1-ab9a-459bb3a30ff3","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":185,"box":{"x":196,"y":458,"width":385,"height":11}},{"id":"54174bfd-3256-4d20-8bac-5a389f6a1b86","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":185,"box":{"x":70,"y":478,"width":775,"height":11}},{"id":"ef86aebe-d0e7-48b0-b4fb-1bf64b7060ad","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":185,"box":{"x":70,"y":498,"width":707,"height":11}},{"id":"e25d52ef-76a6-43f7-9f70-c1e1192cbd6f","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":185,"box":{"x":69,"y":518,"width":810,"height":12}},{"id":"6ef46e03-235e-4f71-b0a1-ccb7088675f1","block_type":"box","text":"credit risk.","page_number":185,"box":{"x":196,"y":534,"width":74,"height":8}},{"id":"c0674b47-6ee5-4383-955b-752e1ba18469","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":185,"box":{"x":69,"y":554,"width":783,"height":11}},{"id":"430ea6cf-ac3f-4b6a-843d-44b72c60c8f8","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":185,"box":{"x":197,"y":569,"width":322,"height":11}},{"id":"b80e9fb8-dedc-4c34-8bd6-e4ab30100396","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":185,"box":{"x":69,"y":589,"width":834,"height":11}},{"id":"b31aac24-1116-426a-b103-e86dc287702c","block_type":"box","text":"of principal or interest.","page_number":185,"box":{"x":196,"y":604,"width":160,"height":11}},{"id":"f18028a7-6587-438c-854e-a979f42c1ad7","block_type":"box","text":"Note:","page_number":185,"box":{"x":102,"y":624,"width":37,"height":9}},{"id":"877a8f6d-0676-4b4f-91f5-30631e0298f1","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":185,"box":{"x":146,"y":624,"width":731,"height":11}},{"id":"5eb001fe-5e20-4534-a33e-b0ad5eae93ef","block_type":"box","text":"Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2","page_number":185,"box":{"x":69,"y":639,"width":831,"height":12}},{"id":"e4682465-7045-4d28-af4e-e3ce9d8c6282","block_type":"box","text":"indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.","page_number":185,"box":{"x":70,"y":654,"width":829,"height":12}},{"id":"339de4b0-3b72-465f-8936-01673389a01d","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":185,"box":{"x":68,"y":669,"width":795,"height":12}},{"id":"cd387ba7-c0f7-4541-8e05-3210537ea58c","block_type":"box","text":"companies, and securities firms.","page_number":185,"box":{"x":69,"y":685,"width":232,"height":11}},{"id":"3afddb40-f720-491f-bff9-a48b91223eb9","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":185,"box":{"x":102,"y":707,"width":787,"height":11}},{"id":"d5124064-dc81-4166-959e-85656643ce1d","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":185,"box":{"x":68,"y":722,"width":788,"height":12}},{"id":"37428b33-bce0-4be5-b9a0-fda2e53af83a","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":185,"box":{"x":69,"y":738,"width":833,"height":11}},{"id":"079e9d1a-3138-4ad3-ba18-9312bd61f568","block_type":"box","text":"long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with","page_number":185,"box":{"x":70,"y":753,"width":809,"height":11}},{"id":"b8ce7f9f-8fe1-4979-b72e-3d8a08461667","block_type":"box","text":"that security.","page_number":185,"box":{"x":68,"y":768,"width":91,"height":11}},{"id":"15026d6b-decd-407c-8225-5ee70bb4ced3","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":185,"box":{"x":69,"y":798,"width":400,"height":11}},{"id":"c4443bbd-f892-4770-8535-c08c2e070910","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":185,"box":{"x":69,"y":826,"width":658,"height":11}},{"id":"687d975c-4e05-4e9f-b861-3754cbfbca0e","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":185,"box":{"x":69,"y":846,"width":645,"height":11}},{"id":"0e2b0650-18f9-4cd5-858d-d8c6f0734012","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":185,"box":{"x":69,"y":866,"width":686,"height":11}},{"id":"5f455974-bf71-4afb-817c-310b86dd0589","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":185,"box":{"x":70,"y":886,"width":778,"height":12}},{"id":"254a24b1-4993-4535-9f48-93a1f41fe06f","block_type":"box","text":"categories.","page_number":185,"box":{"x":196,"y":902,"width":77,"height":11}},{"id":"2110aa88-11e6-4faf-bf07-68398c883371","block_type":"box","text":"A-2","page_number":185,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"9b6305e2-6ccf-4fd7-8cea-3a7b133c01fa","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":185,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"82345985-db18-42c4-94ad-62544cff6921","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":186,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"19c41cc0-0072-45e0-8c94-8c3395a4d51c","block_type":"box","text":"Moody’s uses the global shor t-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":186,"box":{"x":102,"y":67,"width":784,"height":12}},{"id":"4af60e77-135b-490c-9b7a-9a3089c2c602","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":186,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"b2733a80-956a-4b01-937e-d9d560da5dbd","block_type":"box","text":"an issuer’s self-liquidity.","page_number":186,"box":{"x":69,"y":98,"width":170,"height":11}},{"id":"7885884e-d524-4815-9821-f7901beea63e","block_type":"box","text":"For other shor t-term municipal obligations, Moody’s uses one of two other shor t-term rating scales, the","page_number":186,"box":{"x":102,"y":120,"width":736,"height":12}},{"id":"4ad4aac3-2941-40af-8b02-19167b579585","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":186,"box":{"x":70,"y":135,"width":796,"height":11}},{"id":"4c90779e-6d2b-4f6c-8874-94c57a04dd53","block_type":"box","text":"MIG Ratings","page_number":186,"box":{"x":102,"y":158,"width":85,"height":11}},{"id":"aa511a51-d059-49a1-ae1c-fc417eb29c96","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and cer tain other shor t","page_number":186,"box":{"x":102,"y":181,"width":803,"height":11}},{"id":"2d604600-7aa5-4515-9025-43ee07574c4b","block_type":"box","text":"term obligations, which typically mature in three years or less. Under cer tain circumstances, Moody’s uses the MIG","page_number":186,"box":{"x":68,"y":196,"width":823,"height":11}},{"id":"a9b90067-700c-4061-9def-6bac84a543a7","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":186,"box":{"x":69,"y":211,"width":480,"height":11}},{"id":"841c5efb-247d-4640-91d1-e00de55346d7","block_type":"box","text":"MIG Scale","page_number":186,"box":{"x":102,"y":234,"width":71,"height":9}},{"id":"149e9d94-0aae-4bcb-b9f4-88f84d6a9bc2","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":186,"box":{"x":70,"y":261,"width":802,"height":12}},{"id":"af570a2f-cd5a-4967-97fa-b4e73ce453a5","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":186,"box":{"x":196,"y":276,"width":703,"height":12}},{"id":"776a63f9-0544-4be5-b3b2-eac2f9caef6b","block_type":"box","text":"refinancing.","page_number":186,"box":{"x":197,"y":292,"width":80,"height":11}},{"id":"6ddd1daf-bf5d-4334-b3a8-f27573659248","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":186,"box":{"x":70,"y":312,"width":809,"height":11}},{"id":"9ebb1b06-02bf-46e3-9cee-d26d7ccbf03f","block_type":"box","text":"large as in the preceding group.","page_number":186,"box":{"x":197,"y":327,"width":224,"height":11}},{"id":"34a4f890-a636-4913-84df-1f750064838e","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":186,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"90988d67-3efb-4036-aad2-2e999540a78b","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":186,"box":{"x":197,"y":362,"width":554,"height":11}},{"id":"b13ee7c2-1216-49a5-9689-d76f2db93670","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":186,"box":{"x":69,"y":382,"width":813,"height":12}},{"id":"03ae8dfd-b91a-4ac2-ae3a-bf3cfd1838e6","block_type":"box","text":"lack sufficient margins of protection.","page_number":186,"box":{"x":197,"y":397,"width":259,"height":12}},{"id":"1f6b4389-646e-4606-b723-e47fe23b8e53","block_type":"box","text":"VMIG Ratings","page_number":186,"box":{"x":68,"y":425,"width":100,"height":11}},{"id":"0903b5ab-8823-43a9-a6ef-fd8d2d4b5f76","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":186,"box":{"x":102,"y":448,"width":804,"height":11}},{"id":"4d97701d-b5f4-4eb7-877d-78707a4ea298","block_type":"box","text":"are a long-term rating and a shor t-term payment obligation rating. The long-term rating addresses the issuer’s ability","page_number":186,"box":{"x":69,"y":463,"width":829,"height":11}},{"id":"6fcdae69-08fa-42d8-81d2-f5de994eccac","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term payment obligation rating addresses the ability of","page_number":186,"box":{"x":68,"y":478,"width":836,"height":11}},{"id":"ab3654cd-8951-4f21-bab8-1344bee21b58","block_type":"box","text":"the issuer or the liquidity provider meet any purchase-price payment obligation resulting from optional tenders (“on","page_number":186,"box":{"x":68,"y":493,"width":817,"height":11}},{"id":"569790ae-67c7-4892-b8b9-b0dbaedfdc81","block_type":"box","text":"demand”) and/or mandatory tenders of the VRDO. The shor t-term demand obligation rating uses the VMIG scale.","page_number":186,"box":{"x":69,"y":508,"width":807,"height":12}},{"id":"0139f057-8856-461d-8047-745391f89b06","block_type":"box","text":"VMIG ratings with liquidity suppor t use as an input the shor t-term Counterpar ty Risk Assessment of the suppor t","page_number":186,"box":{"x":68,"y":523,"width":800,"height":12}},{"id":"307514d1-3947-4cdd-90d5-d344aec92c13","block_type":"box","text":"provider, or the long-term rating of the underlying obligor in the absence of third par ty liquidity suppor t. Transitions of","page_number":186,"box":{"x":70,"y":538,"width":832,"height":12}},{"id":"556d08ae-09ca-45ea-8fc3-1c41b15ba95e","block_type":"box","text":"VMIG ratings of demand obligations with conditional liquidity suppor t differ from transitions on the Prime scale to","page_number":186,"box":{"x":68,"y":554,"width":807,"height":11}},{"id":"c111b426-9c32-4329-bcf8-eaeacf1d2eba","block_type":"box","text":"reflect the risk that external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment","page_number":186,"box":{"x":69,"y":569,"width":812,"height":11}},{"id":"4ad5567a-1dbf-4133-8678-313589644617","block_type":"box","text":"grade.","page_number":186,"box":{"x":68,"y":584,"width":43,"height":11}},{"id":"4b251183-62f8-46de-a7be-f9efa841c33e","block_type":"box","text":"Moody’s typically assigns the VMIG shor t-term demand obligation rating if the frequency of the demand feature is","page_number":186,"box":{"x":102,"y":606,"width":807,"height":12}},{"id":"4f823ecf-c03b-45d6-8d15-d3b45504ea54","block_type":"box","text":"less than every three years. If the frequency of the demand feature is less than three years but the purchase price is","page_number":186,"box":{"x":70,"y":622,"width":833,"height":11}},{"id":"bfa79041-73a6-4770-8328-d844aa94d7fe","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":186,"box":{"x":70,"y":637,"width":635,"height":11}},{"id":"56f992d4-2b69-4b62-bb15-a76642547d0d","block_type":"box","text":"Industrial development bonds in the US where the obligor is a corporate may carry a VMIG rating that reflects","page_number":186,"box":{"x":102,"y":659,"width":778,"height":12}},{"id":"51b37bd5-76a4-4087-944b-c0e85bb1aafb","block_type":"box","text":"Moody’s view of the relative likelihood of default and loss. In these cases, liquidity assessment is based on the","page_number":186,"box":{"x":70,"y":675,"width":795,"height":11}},{"id":"38dc0cd3-10c7-431b-94f1-b6e9661fbd37","block_type":"box","text":"liquidity of the corporate obligor.","page_number":186,"box":{"x":70,"y":690,"width":226,"height":11}},{"id":"36b93a51-0cd2-4a98-9859-6df2ac102b48","block_type":"box","text":"VMIG Scale","page_number":186,"box":{"x":101,"y":712,"width":81,"height":9}},{"id":"82c17393-0f1d-4fc3-88d6-8e2276d3c2c4","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":186,"box":{"x":68,"y":740,"width":808,"height":11}},{"id":"7dfa7132-c491-494e-96b1-a9bb322d2da1","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections.","page_number":186,"box":{"x":196,"y":755,"width":613,"height":11}},{"id":"73293836-72a5-45b5-b390-cb48fac3101d","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":186,"box":{"x":68,"y":775,"width":834,"height":12}},{"id":"c7cb2827-213c-4920-bf19-84f0e5ee450e","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections.","page_number":186,"box":{"x":196,"y":790,"width":533,"height":12}},{"id":"b28d204a-6c88-4f02-9c0a-c80f746a02bb","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":186,"box":{"x":68,"y":811,"width":768,"height":11}},{"id":"bc22c370-a0a6-4812-a3f9-72bd0d76b17b","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections.","page_number":186,"box":{"x":196,"y":826,"width":701,"height":11}},{"id":"f32669dd-756e-4770-b07e-4b134c72abb7","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":186,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"3408e54d-c901-4f44-863e-8cf2a30a2b4c","block_type":"box","text":"may be suppor ted by a liquidity provider that does not have a sufficiently strong shor t-term rating or","page_number":186,"box":{"x":197,"y":861,"width":711,"height":11}},{"id":"6e2bfdfb-ddea-468b-b30d-4c0f396b29d0","block_type":"box","text":"may lack the structural or legal protections.","page_number":186,"box":{"x":197,"y":876,"width":308,"height":11}},{"id":"f5c5950f-eef8-4276-9dcd-fb0956763bb6","block_type":"box","text":"A-3","page_number":186,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"8a170336-ef47-4b14-af0f-6b232d4a7f3d","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":186,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"02199bd4-5527-47ea-98fa-38b50e39dfa5","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":187,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"c374cfe2-cb4a-4932-b557-5f3ae5533f42","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditwor thiness of an obligor with respect to a","page_number":187,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"edc7e76d-1894-4bd1-9cc4-9c9b071386ed","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":187,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"071938c6-efb2-4502-8e8b-9f277ecb0ecd","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":187,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"618358d1-350d-4cc9-8ebf-c578117e0138","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":187,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"f37fdcfb-4557-4a5e-8b8e-8aff30f9dab9","block_type":"box","text":"which the obligation is denominated. The opinion reflects S&P’s view of the obligor’s capacity and willingness to meet","page_number":187,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"5ca4ed3f-6490-46d2-9991-f5372cc528c5","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":187,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"7efb5114-7e67-4e05-8239-e41a024229de","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":187,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"604820b4-eca5-4d6b-b1ee-3c4a53a5219a","block_type":"box","text":"Issue credit ratings can be either long-term or shor t-term. Shor t-term issue credit ratings are generally assigned","page_number":187,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"027db470-35bf-4409-b074-f5aef62bdfc1","block_type":"box","text":"to those obligations considered shor t-term in the relevant market, typically with an original maturity of no more than","page_number":187,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"cd5d6cb1-22e9-47f7-8444-030eddea4ef4","block_type":"box","text":"365 days. Shor t-term issue credit ratings are also used to indicate the creditwor thiness of an obligor with respect to","page_number":187,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"22a42c36-3ac0-4a84-92b9-38a06980d944","block_type":"box","text":"put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with","page_number":187,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"faf152f8-df25-43b0-afd8-bcf6644a6616","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to cer tain instruments may diverge","page_number":187,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"396afc55-d7af-460e-a0bf-3fa24ce90e19","block_type":"box","text":"from these guidelines based on market practices.","page_number":187,"box":{"x":68,"y":256,"width":354,"height":12}},{"id":"c31be8c2-3c20-4f05-b905-2fbf2713f96f","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":187,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"5abe0805-78a3-4469-a1d0-1ce9ac8f7452","block_type":"box","text":"•","page_number":187,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"e733b2e4-7f2c-4336-8bd2-004d854f1005","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":187,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"437651b4-ad0d-4d3c-921f-7d5241e64c41","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":187,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"f4fd820d-d2b4-4211-bc65-68ee0ea485dc","block_type":"box","text":"•","page_number":187,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"f7735d91-3cfb-487b-b48f-27430f37215e","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":187,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"592b624b-8d0d-4c01-b7a6-c4a87715ae94","block_type":"box","text":"•","page_number":187,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"e40f8e30-054b-44bf-b78c-f780d02791fa","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":187,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"9daceaf4-d277-4de2-bd0c-3703a3e88965","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":187,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"cf4f7f29-3ef8-4bac-9913-e8df92f9c565","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":187,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"75a45608-60c0-4dd2-a8eb-8e2ed1685521","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":187,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"3098ddc2-374a-40b0-8942-a4f6ead42c54","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":187,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"972407ab-e6e1-47ce-b33e-81110934d297","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":187,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"52fbf15f-8eb8-42af-b353-d4955e40dcd5","block_type":"box","text":"obligations.)","page_number":187,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"e80e1ad9-738d-4770-89f0-f3bcd16b2f82","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":187,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"831b6e18-df4e-45fa-b81d-589becf10176","block_type":"box","text":"AAA An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to meet its","page_number":187,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"db9ecae4-99e6-4c43-b479-3fd3585cf6a8","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":187,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"fbd7158e-4a46-4b5e-bf8f-fb28d04c76da","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":187,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"f4abcfbd-ca16-454f-a659-f7e9b68453a8","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":187,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"e0678efa-53de-4471-8a24-568ef9fd0038","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":187,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"16b2e9bf-8cc7-4ed1-a40b-4be95d0c9fe4","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":187,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"3d672054-07d1-4a1f-8608-f2f325045d48","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":187,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"587b47ad-f508-43a7-a849-39cd54a8d1d5","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":187,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"e8c8bd06-2a98-49b9-8636-e6cef8e70e6a","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":187,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"2c19bd6a-9c94-4e99-884e-df9a99091041","block_type":"box","text":"financial commitments on the obligation.","page_number":187,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"1d56f790-ff6b-4cac-930c-b1b9bb83269b","block_type":"box","text":"BB,","page_number":187,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"b9f4a539-970f-4ddf-9e74-40594038e374","block_type":"box","text":"B,","page_number":187,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"b0db4c2e-6290-4d08-8d59-058f34926323","block_type":"box","text":"CCC,","page_number":187,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"1be62099-d3c1-483b-be3f-4c0ef46c67ac","block_type":"box","text":"CC,","page_number":187,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"5244a61a-1f18-4f59-9c7d-bdf3d7f168af","block_type":"box","text":"and C","page_number":187,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"32418ca0-9091-45ac-8d92-77763c554148","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":187,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"b07218da-a005-4ebd-b4a7-c67d2dc88497","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":187,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"cd998a11-5159-4e5d-bf8b-42ef54e8a89e","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":187,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"2813edbc-52fc-4a72-a761-0cd4d381c360","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":187,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"2e0ec8f8-fe8b-4489-9c9f-a2f1350dab63","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":187,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"45376c92-ba6e-42ea-a02a-b7d09d708911","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":187,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"6ac84d6e-0db1-4fe5-b43b-7abe52b00961","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":187,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"b468579f-c72c-41f9-9dce-0bf01c7ad790","block_type":"box","text":"on the obligation.","page_number":187,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"8ea26a2c-b63a-4817-a8d6-c68e59b205e5","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":187,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"90f3f22f-3109-4846-92cd-2fc91e3e5238","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":187,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"38e8fad3-bbd7-4517-af6c-e50179f48723","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":187,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"5cc4ef14-9191-4a84-b73d-552ab8dadee0","block_type":"box","text":"financial commitments on the obligation.","page_number":187,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"3ed6e802-4827-4059-b081-7dabe7991c1b","block_type":"box","text":"A-4","page_number":187,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"31afc03e-f2b8-4224-8d09-025cc783da89","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":187,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6fbf3d28-c81b-402c-8829-7c3ee536fc01","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":188,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"02fd5909-2c82-47ea-8268-d82663e7fdd6","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":188,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"553c5dd1-9471-4635-8b09-6227f2cd80b0","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":188,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"6677ef4a-6658-4c21-a370-da16ba3da8c5","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":188,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"eab2b2e1-28f9-4777-851c-d65695c26dbe","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":188,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"064dd857-9660-4abe-b3a9-d848d42b54e3","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a vir tual cer tainty, regardless of the","page_number":188,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"3b054b9d-8bd3-411e-abd2-51f895daa4bc","block_type":"box","text":"anticipated time to default.","page_number":188,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"aa2a4ae0-538f-4c99-88d3-6aee05e293b5","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":188,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"6b076aa0-de04-4fa2-b9eb-ac82370ff302","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":188,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"64fe9ef1-1d01-4aca-af2b-b32a9d92e722","block_type":"box","text":"higher.","page_number":188,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"fcea2ee3-3f93-420a-9406-3f0c2058d99c","block_type":"box","text":"D An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital","page_number":188,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"eaf691f7-7298-4a24-8094-55230df0b8c8","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":188,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"987fd8b2-767e-4db5-a1ad-a6101b5a1650","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":188,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"ca926766-a4b8-4408-a0fd-6b45e1e6f931","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":188,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"0f942094-2579-4822-bdb1-bd939ac03e0b","block_type":"box","text":"days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar","page_number":188,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"249d769e-c67e-422b-8724-e72e12fed034","block_type":"box","text":"action and where default on an obligation is a vir tual cer tainty, for example due to automatic stay","page_number":188,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"6bf8af39-26a3-4d99-8870-4336c0042f29","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":188,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"6f02b82e-7db4-4e7b-94e8-69929f9f7779","block_type":"box","text":"restructuring.","page_number":188,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"f589301f-24b5-4136-ab6b-4651afda4d83","block_type":"box","text":"*Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative","page_number":188,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"1c0e4005-2521-4724-896a-ddb9aa375ebe","block_type":"box","text":"standing within the rating categories.","page_number":188,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"98a14d92-9e4f-44ee-85ee-1b03a92e932f","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":188,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"fae48455-e7f5-463d-b320-64d17d3ce46e","block_type":"box","text":"A-1 A shor t-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":188,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"5eca20d6-18c5-4fd6-a61d-856131ae6450","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":188,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"a413f6c5-f210-4d6e-8bd4-9344cff92ce3","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":188,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"cf87adcf-2102-4e18-97f3-ba86eca73ea1","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":188,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"f0df5707-07b1-49d7-8a87-d6291236c217","block_type":"box","text":"A-2 A shor t-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":188,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"dc843688-2777-4fa8-884f-1caac541b08d","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":188,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"e613b0cc-655b-40e7-b759-bcbf6cd45513","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":188,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"4ba6bda8-9139-4ade-9030-93f802984724","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":188,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"81425cfb-3216-4679-af75-0fdfb178c66b","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":188,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"45d05a8b-a888-4c3f-b247-b4c30f6d84fb","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":188,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"c57840d5-b714-4b65-a834-f79d11edc1f2","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":188,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"0fd48389-bbd0-432c-840f-e624838f7762","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":188,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"a1ce5ccd-28b9-445d-9ad9-09cf94c33c78","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":188,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"daafa690-c581-4730-8f11-c2ddf6626aa7","block_type":"box","text":"financial commitments.","page_number":188,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"172985c0-8a8e-41f5-8716-1e37844e0d66","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":188,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"0a1cc755-c8ca-4646-b157-810d6d4248da","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":188,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"3453fcde-d49f-4fc3-b8f6-53d4df95b8ba","block_type":"box","text":"commitments on the obligation.","page_number":188,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"01a0283a-9026-4ca3-9046-2f83fa8923ee","block_type":"box","text":"D A shor t-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":188,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"61e6c937-9d5c-41db-b45e-189ef40cfb87","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":188,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"2f3452b4-0925-4656-aed0-b08130338fda","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":188,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"5e8500a7-56f2-45d5-93d3-060f0d86cf1d","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":188,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"fdb00e31-0d93-4e4e-a9ca-14368647fd3d","block_type":"box","text":"business days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking","page_number":188,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"4bf817b3-db27-4622-9b4e-ace685f4ee5f","block_type":"box","text":"of a similar action and where default on an obligation is a vir tual cer tainty, for example due to","page_number":188,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"45070eca-620b-4e51-93f9-ffa382ee930e","block_type":"box","text":"automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed","page_number":188,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"121a485e-d9de-421e-84d8-818c34cdd37e","block_type":"box","text":"debt restructuring.","page_number":188,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"f16aa6ba-1360-45fb-b5f9-961d46dcaf60","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":188,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"e8d0ac72-1378-4ad1-a0cb-fa619cb805e5","block_type":"box","text":"An S&P U.S. municipal note rating reflects S&P’s opinion about the liquidity factors and market access risks","page_number":188,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"9297753f-2564-44ee-8835-095036f4076c","block_type":"box","text":"unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity","page_number":188,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"d1e20911-5631-4c30-a7e1-73f55945b970","block_type":"box","text":"of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to","page_number":188,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"cba8b0af-605b-4f15-85e6-2dea2cb2dc02","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":188,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"ebe54c44-9561-4dc2-b4c3-9d5cab818176","block_type":"box","text":"A-5","page_number":188,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"70e37058-c9c6-4761-a172-b77d6271e0b0","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":188,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"1e453521-0116-4141-b8a7-0c4db7776018","block_type":"box","text":"•","page_number":189,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"74c4a5fa-fa81-4093-8ed6-be468bd43813","block_type":"box","text":"Amor tization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":189,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"2b5aa79e-43c7-401d-a8f0-8dd09ef1589f","block_type":"box","text":"as a note; and","page_number":189,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"ae923bb9-6bff-45d6-8529-70155598bbdf","block_type":"box","text":"•","page_number":189,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"5864685a-70d2-4c1c-bf73-c5588725a01e","block_type":"box","text":"Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be","page_number":189,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"1147420c-84d9-4a50-9e5b-ec374721cfb5","block_type":"box","text":"treated as a note.","page_number":189,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"acdb604d-c3a7-4a21-957b-c14d14697fd9","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":189,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"8f8eb81d-0fb2-40f9-adfb-91481958628d","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":189,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"f1c5865b-c802-4333-929c-c42f0714ed5c","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":189,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"e3e2d925-30d1-4a50-a769-9c7101828174","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":189,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"c37309ab-4b3d-4c77-a39f-66904cb0e566","block_type":"box","text":"economic changes over the term of the notes.","page_number":189,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"33f8f6a6-385c-401b-9d07-4680f85318f6","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":189,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"772e23a6-3f28-41fd-ad46-c4c7f9d0e17e","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":189,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"2bec1eaf-6609-4f30-b9db-508e53763e97","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":189,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"2db62d10-27fa-4ac1-9e18-cec43cef42a2","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":189,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"a550752f-bd48-4ad6-98f5-027af6c86768","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch”) Credit Ratings Scales","page_number":189,"box":{"x":69,"y":294,"width":442,"height":11}},{"id":"8c759fac-fc73-4278-b8f5-cdb2bcb08bcd","block_type":"box","text":"Fitch publishes credit ratings that are forward-looking opinions on the relative ability of an entity or obligation to","page_number":189,"box":{"x":102,"y":317,"width":793,"height":11}},{"id":"93780dae-5e08-4448-b193-a33c34b28e74","block_type":"box","text":"meet financial commitments. Issuer default ratings (IDRs) are assigned to corporations, sovereign entities, financial","page_number":189,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"66dfc895-36d0-48e9-a879-519bc6cf2dff","block_type":"box","text":"institutions such as banks, leasing companies and insurers, and public finance entities (local and regional","page_number":189,"box":{"x":70,"y":347,"width":756,"height":11}},{"id":"5a0f9498-162b-4ff1-b1c3-e3eef22dc7bf","block_type":"box","text":"governments). Issue level ratings are also assigned, often include an expectation of recovery and may be notched","page_number":189,"box":{"x":68,"y":362,"width":813,"height":11}},{"id":"12e73bab-04a5-4308-93fb-227b55c83060","block_type":"box","text":"above or below the issuer level rating. Issue ratings are assigned to secured and unsecured debt securities, loans,","page_number":189,"box":{"x":69,"y":377,"width":819,"height":12}},{"id":"2b4e0d23-0d72-4c2d-86e9-75e7c6499344","block_type":"box","text":"preferred stock and other instruments, Structured finance ratings are issue ratings to securities backed by","page_number":189,"box":{"x":70,"y":392,"width":760,"height":12}},{"id":"c8585911-6830-44f3-8704-a91be12bbea3","block_type":"box","text":"receivables or other financial assets that consider the obligations’ relative vulnerability to default.","page_number":189,"box":{"x":69,"y":407,"width":694,"height":12}},{"id":"2c9425ce-b065-4740-aa84-9803b3e37f16","block_type":"box","text":"Fitch’s credit ratings relating to issuers are an opinion on the relative ability of an entity to meet financial","page_number":189,"box":{"x":102,"y":430,"width":747,"height":11}},{"id":"4617b3ae-91ba-4c0f-ad9d-4468ea60cf68","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":189,"box":{"x":69,"y":445,"width":782,"height":11}},{"id":"5b01308f-92c4-4ffc-a354-174610395a4a","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":189,"box":{"x":69,"y":460,"width":793,"height":12}},{"id":"ff40c4ea-a83d-4adf-8513-4ca42794fd63","block_type":"box","text":"Credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in","page_number":189,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"128b7fae-eaaf-4120-9c99-ec73c07979f5","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":189,"box":{"x":69,"y":491,"width":766,"height":11}},{"id":"8ffeb35b-c644-4484-b8f7-aa28ffe81da2","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":189,"box":{"x":69,"y":506,"width":827,"height":11}},{"id":"f5a3a95c-2e11-4eaf-a458-110147fe8c51","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":189,"box":{"x":69,"y":521,"width":779,"height":11}},{"id":"01dc179c-04f5-48c2-bc54-a2981ef81fe6","block_type":"box","text":"receivables or other financial assets.","page_number":189,"box":{"x":69,"y":536,"width":262,"height":9}},{"id":"8690b07a-ffbd-4f2a-8b0e-51753c2eee07","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":189,"box":{"x":101,"y":559,"width":794,"height":11}},{"id":"81f30af6-a1c6-4344-bf1b-54e81d3bcb25","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":189,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"398988ab-0678-427b-a987-7d56cf2c3055","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":189,"box":{"x":68,"y":589,"width":800,"height":11}},{"id":"5fae3592-dfab-4f45-be11-405d9bd87c64","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":189,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"9dc4e4f4-934f-4304-8770-b4254ce60095","block_type":"box","text":"while ratings in the speculative categories either signal a higher level of credit risk or that a default has already","page_number":189,"box":{"x":68,"y":619,"width":793,"height":11}},{"id":"59b33b4a-c40d-4e72-9211-67e415fc1757","block_type":"box","text":"occurred.","page_number":189,"box":{"x":69,"y":634,"width":65,"height":9}},{"id":"b0aeef15-4f9b-4727-8045-64c15d62906a","block_type":"box","text":"Fitch may also include issues relating to a rated issuer that are not and have not been rated on its web page.","page_number":189,"box":{"x":102,"y":657,"width":779,"height":11}},{"id":"0b183b1d-5ddf-497b-81ef-e89d1e85fe2f","block_type":"box","text":"Such issues are also denoted as ‘NR’.","page_number":189,"box":{"x":69,"y":672,"width":274,"height":9}},{"id":"35349059-b166-4e62-a4a7-1da9f65a97f9","block_type":"box","text":"Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk and are","page_number":189,"box":{"x":102,"y":695,"width":797,"height":11}},{"id":"903320b8-ed37-4aa0-968e-93a1a78ad6d9","block_type":"box","text":"not predictive of a specific frequency of default or loss.","page_number":189,"box":{"x":69,"y":710,"width":391,"height":11}},{"id":"c2176d21-2009-40a4-8498-b9b0dc514376","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In par ticular, ratings do not deal with","page_number":189,"box":{"x":102,"y":733,"width":798,"height":11}},{"id":"36190ff5-0746-44b1-a445-897be00c5925","block_type":"box","text":"the risk of a market value loss on a rated security due to changes in interest rates, liquidity and other market","page_number":189,"box":{"x":68,"y":748,"width":780,"height":11}},{"id":"7329e6a7-5b4f-4bb3-85ae-b69df50463d5","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":189,"box":{"x":69,"y":763,"width":821,"height":11}},{"id":"f1befd6e-137e-4e36-88e3-30250d566f04","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":189,"box":{"x":69,"y":778,"width":531,"height":11}},{"id":"1c6c3352-b7bc-4260-a41f-561fe76fbe7e","block_type":"box","text":"Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of","page_number":189,"box":{"x":102,"y":801,"width":801,"height":11}},{"id":"5fd5a05b-8280-4848-aa41-66ecbe38f382","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":189,"box":{"x":68,"y":816,"width":639,"height":11}},{"id":"c424f6d6-dc5c-4853-9f3a-34234b9b46aa","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":189,"box":{"x":102,"y":838,"width":799,"height":12}},{"id":"5602c514-bc46-477e-b413-81fabbddd893","block_type":"box","text":"to the likelihood of non-payment or default in accordance with the terms of that instrument’s documentation. In","page_number":189,"box":{"x":68,"y":853,"width":794,"height":12}},{"id":"32bbc61c-959e-4dcf-a820-329faf98a245","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":189,"box":{"x":70,"y":869,"width":420,"height":11}},{"id":"6a9bdca6-71b2-4ec9-b15e-29a14926ca40","block_type":"box","text":"i.e.","page_number":189,"box":{"x":492,"y":869,"width":20,"height":9}},{"id":"692ea270-0005-4f02-a2e7-331b2eae8cfc","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":189,"box":{"x":519,"y":869,"width":380,"height":11}},{"id":"1b65066e-8af5-4fd3-a605-1ce5d8265315","block_type":"box","text":"the obligation’s documentation).","page_number":189,"box":{"x":68,"y":884,"width":230,"height":11}},{"id":"c3f859ef-d13b-4e4a-a24a-36e5fb65b3aa","block_type":"box","text":"A-6","page_number":189,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"69a8622b-3e07-4ecc-b74c-fcce7c013f06","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":189,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c52ca16b-74ac-4bd3-baa4-d57c559a5c03","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or cer tain note","page_number":190,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"bd0dd623-269a-410d-ad32-e63d00224e2f","block_type":"box","text":"issuance programs or for private ratings. In this case the rating is not published, but only provided to the issuer or its","page_number":190,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"66611732-215c-4081-ba67-241918b39a41","block_type":"box","text":"agents in the form of a rating letter.","page_number":190,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"b5387233-4922-410b-9c6a-16d2409e29c3","block_type":"box","text":"The primary credit rating scales may also be used to provide ratings for a more narrow scope, including interest","page_number":190,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"54a55559-e2e2-4bad-b228-15d0a3383ee6","block_type":"box","text":"strips and return of principal or in other forms of opinions such as credit opinions or rating assessment services.","page_number":190,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"977f797c-b9de-4647-932b-580e1bb2ef41","block_type":"box","text":"Credit opinions are either a notch- or category-specific view using the primary rating scale and omit one or more","page_number":190,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"d78ce848-711c-4400-9c04-455c0b65e174","block_type":"box","text":"characteristics of a full rating or meet them to a different standard. Credit opinions will be indicated using a lower","page_number":190,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"b89f906c-d8b9-4f91-9aee-71b40c02c737","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":190,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"4e9ea248-4dc9-43f6-98a0-d79836a0443d","block_type":"box","text":"e.g.","page_number":190,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"6246496e-02b1-4fba-96d9-13e9a7bfe367","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":190,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"d7c9342d-892e-449d-9e24-0a5609727c08","block_type":"box","text":"opinions will be point-in-time typically but may be monitored if the analytical group believes information will be","page_number":190,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"c6883bf6-6355-407d-9d3d-ffb384017525","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":190,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"eac8e16e-4573-4333-891a-02e79c48b907","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":190,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"274a5294-c632-4215-a686-bc75fb9b998e","block_type":"box","text":"rating assessment services are point-in-time and are not monitored, they may have a directional watch or outlook","page_number":190,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"03ff9b55-cd68-410e-9828-a627e8d67d8a","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":190,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"9333ef0a-425a-45e7-88f7-789b024ff11a","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":190,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"2acf2a2a-5bbb-4d14-b280-9fd629f1fd6c","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":190,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"16dda72e-a29c-4ba3-89c2-96b689da54b4","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":190,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"8240754e-236d-4f5e-9163-f915fc03fe03","block_type":"box","text":"default on that liability is also included in the rating assessment. This notably applies to covered bonds ratings, which","page_number":190,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"74f3d327-a880-43ac-9e73-5907fb836e5e","block_type":"box","text":"incorporate both an indication of the probability of default and of the recovery given a default of this debt instrument.","page_number":190,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"b5218fb0-efd0-41fb-a858-ae110513d49d","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":190,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"1de4c9c8-5be5-4961-8f31-e09d0d23ea7a","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":190,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"172fae76-e641-4521-bc79-9f077a16c196","block_type":"box","text":"Individual obligations can be assigned ratings higher, lower, or the same as that entity’s issuer rating or issuer","page_number":190,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"d518c0aa-4eba-4184-8de6-0f746a76f385","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":190,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"5bde7b64-eece-41f2-aa08-90646a035a74","block_type":"box","text":"Ratings.","page_number":190,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"cd3b418a-3647-4a9f-bea2-c2ee6b152ffd","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":190,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"e18f60c5-4c70-4bee-b2a3-5a310f205f3a","block_type":"box","text":"same as that entity’s issuer rating or IDR, except DIP obligation ratings that are not based off an IDR. At the lower","page_number":190,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"a11bbe00-7dfe-4128-bf4d-e50074560b83","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":190,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"a23fc82c-6187-4c0d-bd37-045bb0bf904f","block_type":"box","text":"obligation ratings.","page_number":190,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"98fae876-abba-48a2-ae66-2565dac2d97f","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":190,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"8c2cb07e-3da9-4d85-af9b-225b0d34c3a2","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of default risk. They are","page_number":190,"box":{"x":68,"y":533,"width":774,"height":12}},{"id":"ccaf241f-e5e0-4958-bdd6-27f4c2fb857a","block_type":"box","text":"assigned only in cases of exceptionally strong capacity for payment of financial commitments. This","page_number":190,"box":{"x":196,"y":549,"width":703,"height":11}},{"id":"f4b2061d-a261-49d2-ac77-3ae3701ecba0","block_type":"box","text":"capacity is highly unlikely to be adversely affected by foreseeable events.","page_number":190,"box":{"x":196,"y":564,"width":521,"height":11}},{"id":"27e7ad60-701b-4638-afab-1ad2be816bd3","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low default risk. They indicate very","page_number":190,"box":{"x":68,"y":584,"width":838,"height":11}},{"id":"121581fe-c532-4094-ba29-b76cf61a369e","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":190,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"451d1fec-46c6-4ff2-adf8-8a5ad9f6a764","block_type":"box","text":"to foreseeable events.","page_number":190,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"9483e587-5444-4d4f-b448-1fa8f2157c42","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low default risk. The capacity for payment of","page_number":190,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"0cfdf98e-30ff-4a39-96f6-3b0cecd3d45f","block_type":"box","text":"financial commitments is considered strong. This capacity may, never theless, be more vulnerable","page_number":190,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"c9ea60d8-3682-403c-8052-2e4f795de4d2","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":190,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"764c4bb0-1f45-421a-9267-3384ace5ffdf","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of default risk are currently low. The","page_number":190,"box":{"x":70,"y":685,"width":814,"height":11}},{"id":"57d77e3a-32db-4656-b9ca-d9df74e7ca4c","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":190,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"560011f5-62cd-44bf-bd10-25f0c28736d6","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":190,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"aad26258-0c10-4576-8b04-cecc6acaa5ee","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to default risk, par ticularly in the event of","page_number":190,"box":{"x":70,"y":735,"width":839,"height":11}},{"id":"45a2d922-7505-4bd1-98e8-e4a91029cff2","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":190,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"4ab54421-939f-4f40-8162-a5e268042b4a","block_type":"box","text":"flexibility exists that suppor ts the servicing of financial commitments.","page_number":190,"box":{"x":196,"y":765,"width":495,"height":12}},{"id":"c46c0162-2fdf-4168-92a0-e8dd42b4d851","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material default risk is present, but a limited margin of","page_number":190,"box":{"x":70,"y":785,"width":828,"height":12}},{"id":"a5737a3a-f9b7-4fea-86dd-7b231739fd27","block_type":"box","text":"safety remains. Financial commitments are currently being met; however, capacity for continued","page_number":190,"box":{"x":196,"y":801,"width":682,"height":11}},{"id":"f38a2d18-e730-487b-98f0-9641744ca13b","block_type":"box","text":"payment is vulnerable to deterioration in the business and economic environment.","page_number":190,"box":{"x":197,"y":816,"width":584,"height":11}},{"id":"827c2da6-841c-4243-a462-e5f9bcf94135","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate very low margin for safety. Default is a real","page_number":190,"box":{"x":69,"y":836,"width":764,"height":11}},{"id":"a26057a6-0ab6-4c53-abad-a01c984cfe6b","block_type":"box","text":"possibility.","page_number":190,"box":{"x":197,"y":851,"width":72,"height":11}},{"id":"b2210e27-218e-4420-80e7-74452240218a","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate default of some kind appears probable.","page_number":190,"box":{"x":69,"y":871,"width":784,"height":11}},{"id":"8ee0143e-a385-44d1-bea3-e8fa20e64be5","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ ratings indicate default or default-like process has","page_number":190,"box":{"x":69,"y":891,"width":798,"height":12}},{"id":"436dcc68-e627-4b55-b40c-b75054f54a13","block_type":"box","text":"begun, or for a closed funding vehicle, payment capacity is irrevocably impaired.","page_number":190,"box":{"x":196,"y":906,"width":569,"height":12}},{"id":"8d8fabbe-f5db-499f-b987-cad6a648285c","block_type":"box","text":"A-7","page_number":190,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"f746f518-a83c-4b63-bc31-83a37fc01eef","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":190,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"21496a6c-4266-4144-9b2d-ca4e15890631","block_type":"box","text":"RD Restricted Default. ‘RD’ ratings indicate an issuer that in Fitch’s opinion has experienced an","page_number":191,"box":{"x":70,"y":48,"width":782,"height":12}},{"id":"ff15f10d-da2f-4952-bf67-2b7cc588e68e","block_type":"box","text":"uncured payment default or distressed debt exchange on a bond, loan or other material financial","page_number":191,"box":{"x":197,"y":63,"width":686,"height":12}},{"id":"47f985be-0ef9-45c2-be4a-9cde8f9df6c6","block_type":"box","text":"obligation, but has not entered into bankruptcy filings, administration, receivership, liquidation, or","page_number":191,"box":{"x":196,"y":79,"width":696,"height":11}},{"id":"11b40b02-92c5-4507-a95e-17ed30c763f1","block_type":"box","text":"other formal winding-up procedure, and has not otherwise ceased operating.","page_number":191,"box":{"x":196,"y":94,"width":544,"height":11}},{"id":"b4099989-ce9b-46c6-aad9-8e9d9ae2e543","block_type":"box","text":"D Default. ‘D’ ratings indicate an issuer that in Fitch’s opinion has entered into bankruptcy filings,","page_number":191,"box":{"x":70,"y":114,"width":807,"height":11}},{"id":"c35622dc-062b-420b-81b4-5aed286a8e3b","block_type":"box","text":"administration, receivership, liquidation or other formal winding-up procedure or that has otherwise","page_number":191,"box":{"x":196,"y":129,"width":705,"height":11}},{"id":"ea3a07d4-ec34-4a3a-b6fe-3845d3099693","block_type":"box","text":"ceased business and debt is still outstanding.","page_number":191,"box":{"x":196,"y":144,"width":328,"height":11}},{"id":"2334065f-a308-4d49-b475-447befa9ed0a","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":191,"box":{"x":101,"y":164,"width":808,"height":12}},{"id":"6967c0e4-a18b-4b26-98ee-f18f4d1d01a7","block_type":"box","text":"relative status within major rating categories.","page_number":191,"box":{"x":69,"y":180,"width":320,"height":11}},{"id":"793723dd-e631-4b0a-9ee8-ef3ca55950e6","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":191,"box":{"x":102,"y":202,"width":761,"height":11}},{"id":"a5a83c93-2b93-424a-9aa3-80bf9aa6f106","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the shor t-term rating","page_number":191,"box":{"x":70,"y":217,"width":813,"height":12}},{"id":"f915d969-4d9c-4176-a751-a21dc8e1e30f","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":191,"box":{"x":69,"y":232,"width":289,"height":12}},{"id":"5cb876f9-f15c-4beb-912b-0e5507746769","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":191,"box":{"x":69,"y":263,"width":568,"height":11}},{"id":"6990ff29-9483-4636-90e9-ffe343796eea","block_type":"box","text":"A shor t-term issuer or obligation rating is based in all cases on the shor t-term vulnerability to default of the rated","page_number":191,"box":{"x":101,"y":285,"width":806,"height":12}},{"id":"06e5ddad-6656-4249-9111-0088924332a4","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":191,"box":{"x":69,"y":300,"width":817,"height":12}},{"id":"8dabb70c-6adf-4390-8ced-cc96af469e6c","block_type":"box","text":"relevant obligation. Shor t-term deposit ratings may be adjusted for loss severity. Shor t-term ratings are assigned to","page_number":191,"box":{"x":69,"y":315,"width":822,"height":12}},{"id":"a7e835b6-1edc-45f2-9d37-ae50ddaa6697","block_type":"box","text":"obligations whose initial maturity is viewed as “shor t term” based on market convention. Typically, this means up to","page_number":191,"box":{"x":69,"y":331,"width":827,"height":11}},{"id":"018b69c8-5793-487e-a309-0acf253acf70","block_type":"box","text":"13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public","page_number":191,"box":{"x":70,"y":346,"width":808,"height":11}},{"id":"27cc7dcc-d317-43f5-a82d-b6b80f265bd3","block_type":"box","text":"finance markets.","page_number":191,"box":{"x":68,"y":361,"width":118,"height":9}},{"id":"20c258e4-f41c-4199-9cbc-862ff43630b1","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":191,"box":{"x":102,"y":383,"width":273,"height":12}},{"id":"94af453b-91c0-477d-8069-b07b9b1f883e","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":191,"box":{"x":70,"y":411,"width":816,"height":12}},{"id":"62951c15-54bc-4cf1-a821-8399ff227f60","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":191,"box":{"x":196,"y":426,"width":692,"height":12}},{"id":"9cc98530-61e7-4f42-9f66-e2ecf892ba22","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":191,"box":{"x":70,"y":446,"width":734,"height":12}},{"id":"23cbdcfa-26bc-4ac7-b42f-fb9679e35c55","block_type":"box","text":"commitments.","page_number":191,"box":{"x":196,"y":462,"width":100,"height":9}},{"id":"9bc644b8-378b-40c5-b7a0-5c0fdd97996e","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":191,"box":{"x":70,"y":482,"width":831,"height":11}},{"id":"b30c07e1-b2a6-430c-87b9-bfddb77a02d3","block_type":"box","text":"adequate.","page_number":191,"box":{"x":196,"y":497,"width":70,"height":11}},{"id":"a2f12423-b04c-4c8c-a4ac-633577a17c64","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":191,"box":{"x":70,"y":517,"width":737,"height":11}},{"id":"04df3397-1143-4157-a1fc-08947496f8d4","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":191,"box":{"x":196,"y":532,"width":641,"height":11}},{"id":"f3a0bfcd-d73d-4d4c-a2d3-5b2e8ef1a0d5","block_type":"box","text":"economic conditions.","page_number":191,"box":{"x":196,"y":548,"width":149,"height":8}},{"id":"72b51d86-f166-4036-8866-72fc97ff0542","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":191,"box":{"x":69,"y":567,"width":535,"height":12}},{"id":"f063149b-11bc-452f-b5f2-9cd7b27e659b","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":191,"box":{"x":70,"y":588,"width":749,"height":11}},{"id":"4ab685a1-8f02-4d2e-903f-c02b3af38419","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":191,"box":{"x":196,"y":603,"width":714,"height":11}},{"id":"ab957a61-3ed8-4bfc-a477-cdee567eac41","block_type":"box","text":"ratings only.","page_number":191,"box":{"x":197,"y":618,"width":83,"height":11}},{"id":"6b72729f-925d-4b6e-9efe-0148e7dd4be4","block_type":"box","text":"D Default. Indicates a broad-based default event for an entity, or the default of a shor t-term","page_number":191,"box":{"x":70,"y":638,"width":761,"height":11}},{"id":"1efc69d7-9beb-4466-8ddd-9df9aad478f0","block_type":"box","text":"obligation.","page_number":191,"box":{"x":196,"y":653,"width":72,"height":11}},{"id":"8cba3c37-80fe-4db5-ae57-4adceceee548","block_type":"box","text":"A-8","page_number":191,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"2d4a2ead-f2d1-4966-84ee-113aa6dd0288","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":191,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"311e3c89-7c9f-4300-b729-d06d40db7da3","block_type":"box","text":"APPENDIX B","page_number":192,"box":{"x":438,"y":76,"width":101,"height":9}},{"id":"f939cf72-a09a-49ea-bf2e-51d0e511dc02","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting 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The guidance informs the voting recommendations BAIS","page_number":196,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"7a56aff6-a7c3-4b47-9ae8-ef37c0730b92","block_type":"box","text":"makes to BlackRock’s active por tfolio managers. It applies to active equity holdings in BlackRock’s fundamental","page_number":196,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"796d5110-b29d-4dbb-8074-288da5cae1cf","block_type":"box","text":"equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock’s index and","page_number":196,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"70231e49-b484-4851-a9ee-c2dc4fd7e149","block_type":"box","text":"active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.","page_number":196,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"d0f89b96-ae06-4f7b-aff3-0f07811fb79e","block_type":"box","text":"The guidelines are not prescriptive as active por tfolio managers have discretion as to how they integrate these","page_number":196,"box":{"x":68,"y":203,"width":789,"height":12}},{"id":"f9404e3e-d0b5-417f-bdde-827f9017a6be","block_type":"box","text":"guidelines within their investment processes in light of their clients’ or funds’ investment objectives. There are","page_number":196,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"2ee2189e-8943-4ebf-a203-7c1411b93091","block_type":"box","text":"separate, independently developed principles and voting policies that are applied to BlackRock’s index equity","page_number":196,"box":{"x":69,"y":234,"width":778,"height":11}},{"id":"d099fa1f-fb1e-4946-820b-5df39972010e","block_type":"box","text":"investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":196,"box":{"x":70,"y":249,"width":627,"height":11}},{"id":"b2797b48-ae10-461b-9c85-bc6beccf06b0","block_type":"box","text":"1","page_number":196,"box":{"x":69,"y":294,"width":4,"height":4}},{"id":"8c1bdb85-bea0-4c5a-a10c-451d154bb968","block_type":"box","text":"This document includes BAIS’ benchmark policy, which covers nearly all active equity holdings in BlackRock’s","page_number":196,"box":{"x":78,"y":293,"width":777,"height":11}},{"id":"7bedc3e1-fe9d-4eb8-a340-de5aad0d7dbb","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to","page_number":196,"box":{"x":68,"y":308,"width":823,"height":11}},{"id":"7920ac55-74d8-4e5b-9321-255509de88b0","block_type":"box","text":"holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities","page_number":196,"box":{"x":69,"y":323,"width":837,"height":12}},{"id":"91746736-30f6-4755-a19b-96737f5cd02e","block_type":"box","text":"or conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":196,"box":{"x":69,"y":339,"width":824,"height":11}},{"id":"b85303a6-fa54-45a6-af4b-6428cd89641f","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":196,"box":{"x":70,"y":354,"width":759,"height":11}},{"id":"2e7c553f-7288-4066-869b-d421da15eeb5","block_type":"box","text":"2","page_number":196,"box":{"x":69,"y":372,"width":4,"height":4}},{"id":"fd2c07d0-f587-406d-af85-f068c152e5ee","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as par t","page_number":196,"box":{"x":79,"y":371,"width":825,"height":11}},{"id":"a8d6ab20-faa9-4ace-a606-d2fab1d39a63","block_type":"box","text":"of a strategic initiative to unlock the full breadth of the firm’s active and private markets capabilities for clients. As a","page_number":196,"box":{"x":69,"y":386,"width":830,"height":12}},{"id":"bbb84de4-f6c1-4825-b68e-2f38892d8dc0","block_type":"box","text":"result, there are two stewardship teams, which operate independently of one another and have separate voting","page_number":196,"box":{"x":69,"y":401,"width":792,"height":12}},{"id":"7fb4b314-1732-4e24-b26f-575b2d89e7c8","block_type":"box","text":"policies.","page_number":196,"box":{"x":70,"y":417,"width":56,"height":11}},{"id":"d382a0f2-beb6-41b6-9a92-2f4d6e8a649e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":196,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"53178865-77b3-4e59-85c5-36d716e1bb18","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":196,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"2662cccb-3233-4582-94e6-5bbaa7ea5877","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":196,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"a76362e4-1f7b-414a-95cd-94d64281dad2","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":197,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"e2485b6f-4cb7-4630-b308-06b205a644b7","block_type":"box","text":"BlackRock’s mission is to help more people invest better. The money BlackRock manages is not its own — it","page_number":197,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"1bff4304-debc-4288-af97-6d85f4e863c7","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and por tfolio construction decisions.","page_number":197,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"265ee23c-4167-49af-b915-201c67761122","block_type":"box","text":"As a fiduciary, BlackRock invests on clients’ behalf to help them meet their investment objectives. The firm does this","page_number":197,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"016a3086-91af-4ff6-b55c-cd0f175cc038","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":197,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"51daae20-f567-40df-b00d-3c5d498af124","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":197,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"9f4e93bc-bbba-4b4d-a7d1-59acda47a6d4","block_type":"box","text":"this work with research, data and analytics.","page_number":197,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"dca4c894-b203-44bc-849e-5379695943ad","block_type":"box","text":"At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As","page_number":197,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"76c46b97-e1a9-4695-9c38-5545be94a74f","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":197,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"affecc2e-7fb3-4895-a5bd-648fd98a395c","block_type":"box","text":"practices that, in our experience, suppor t companies in delivering durable, risk-adjusted financial returns over time.","page_number":197,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"ed080ec9-582f-46a4-b56c-f76ae18adf61","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":197,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"6d295dc5-6750-474c-a4a0-780bfbc3a06e","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":197,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"b38e37d7-390b-4ae9-b4e1-d522745481c1","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":197,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"1d814b30-0463-4a36-9fae-0951c5c5ec99","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":197,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"0e150b1e-d152-4815-b087-50d94f7e5ee1","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":197,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"f06f1940-a8f3-476f-afbf-2fd9d3984f93","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":197,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"d08731cd-c40d-49f0-8e96-e65fd43f6138","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":197,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"8cc6f416-ed67-4f18-a7ea-a1c2c836e5f9","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":197,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"89577abe-0891-4d07-b92a-45b90cb15634","block_type":"box","text":"shareholder meetings.","page_number":197,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"04039af6-0fad-4725-a110-115b69a1cb20","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":197,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"3ee124b4-ea2f-4d29-abaa-60e3b7683600","block_type":"box","text":"investing.","page_number":197,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"436cd2a2-453a-4e8f-8370-ea7e58111e7c","block_type":"box","text":"3","page_number":197,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"961a4288-4e90-44ca-a423-49ca8285ee7e","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":197,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"7c4941fb-e49a-430f-b514-3fb26280f6d4","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk-adjusted financial returns. Por tfolio managers and","page_number":197,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"02bedaa4-16b2-45f5-9caa-114248755d0e","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":197,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"5f44b5bf-0cf0-4983-86de-00157c668ba0","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":197,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"14f3a9b3-a788-4abf-89db-4e3727257214","block_type":"box","text":"corporate strategy, capital structure and financial per formance, operations and material sustainability-related risks,","page_number":197,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"e24e8e9a-8979-4252-ab4f-60256927817a","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":197,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"164b94a7-26eb-43e6-ade2-aa908e46d03c","block_type":"box","text":"suppor tive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":197,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"0b081ef5-7922-41f8-8be2-fe5abd0941b2","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":197,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"baa79975-e477-4234-a291-c939d2ffd6e0","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":197,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"9754564d-dbda-4b2c-a101-a909b3c81bd4","block_type":"box","text":"each por tfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":197,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"5d2b626a-2ad4-4e5b-9580-9f4fa18bbe57","block_type":"box","text":"vote the holdings in Systematic Active Equity por tfolios in accordance with these guidelines. We provide voting","page_number":197,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"4431bf4d-3c69-4531-9fc0-a3dc5d4d4341","block_type":"box","text":"recommendations to fundamental equity por tfolio managers, who may determine to vote differently based on each","page_number":197,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"2563dacf-018a-4392-b760-978995ae2c49","block_type":"box","text":"por tfolio’s investment objectives and strategy.","page_number":197,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"2bcaf2c9-a263-45ae-9092-50bd1dc25071","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":197,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"df04e8bd-c391-42db-a8de-a315785d10f7","block_type":"box","text":"management teams and board directors","page_number":197,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"dac9f121-b385-481c-8d0a-e15825042043","block_type":"box","text":"4","page_number":197,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"4e9c85a6-f83c-4934-af34-fdbea7b44f49","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":197,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"4fe00d1c-0225-41fc-b1ed-d448feb22bff","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":197,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"691eff5a-4d40-4a66-be04-d0930253f604","block_type":"box","text":"applicable elements of governance that suppor t a company’s ability to manage material risks and oppor tunities and","page_number":197,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"13c597b4-1640-4c99-a0ab-82392b84ef9f","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":197,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"33cf060e-c5ad-4eab-ada0-adf97298214a","block_type":"box","text":"norms within their local markets or, par ticularly in markets without well-established norms, aspire to widely","page_number":197,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"62c6b1bc-58ed-41a2-b2f8-f0280aad91d0","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":197,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"d73e20cb-feae-413f-bee5-cde6250100e7","block_type":"box","text":"to – direct a company’s strategy or its implementation. We look to companies to provide disclosures that explain how","page_number":197,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"332086b9-8a70-49c1-a585-d5c1348340e3","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":197,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"a58ff7d1-67fe-4edc-a140-1f83a9598e9e","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":197,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"f9e77b0c-fb45-42b2-9177-e8099d12dc7b","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":197,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"93ef6261-36bd-4134-966c-801c8bcf31a0","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an impor tant mechanism for investors to express","page_number":197,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"b0328049-85d5-4092-a2fb-ef7ef9a7fe4c","block_type":"box","text":"suppor t for, or concern about, a company’s per formance. As a fiduciary, BlackRock is legally required to make proxy","page_number":197,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"43713099-5f00-4e1e-b828-20f5067db4a6","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":197,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"4e348338-894e-4667-9406-b9bb1174ceef","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":197,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"a5d9ed28-6a48-4588-a23d-5c06bcd22673","block_type":"box","text":"3","page_number":197,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"9a613152-2aad-46df-add2-b545291d85c2","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":197,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"deec6d7f-b106-41ff-82a7-5b45484929af","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":197,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"5d8dfec4-27e4-43ae-9a89-4b06a7be93e4","block_type":"box","text":"We comply fully with these requirements and do not engage with por tfolio companies for the purpose, or with the","page_number":197,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"99232b5d-ea37-4a7c-aa4b-bb9ea0dd917b","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":197,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"cb505816-ed27-49f0-8719-346be0af08d9","block_type":"box","text":"4","page_number":197,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"5ff42309-9b16-47ea-bd19-1fcf300d969d","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":197,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"061fb4ed-527e-49d7-86a8-36ab796e0991","block_type":"box","text":"boards and their members, where relevant.","page_number":197,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"42654318-4633-4f44-b0c5-50456db818cf","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":197,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"aafd90b6-1d58-4e0c-8ddb-6a743a3dbdcc","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":197,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"fc30108b-f95d-4ece-910b-a471dc8edf01","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":197,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"0dafc854-e186-4442-b683-84363543b8b8","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":198,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"9dbadcd5-8f5a-4308-8de1-f3a6cd977fb0","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":198,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"2bb73e07-7659-44f4-b1d9-13cbb3cf1eaf","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":198,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"4110faad-5874-4729-829b-a5357f12528c","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":198,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"1def67b2-3df5-498f-8f03-9c4c33a06462","block_type":"box","text":"on a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":198,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"65897237-a7bd-46b3-a254-ad1e42144241","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":198,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"9765cd2a-0516-47c6-b5f7-7dd2e01476bb","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":198,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"d5a3812f-a66b-48d2-b593-841ab4ee34ac","block_type":"box","text":"5","page_number":198,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"3e946ea0-1fa9-400b-8c49-dffe204b1fe6","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":198,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"fd1b9502-61b3-4c8f-be7e-0c23eacaadf9","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":198,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"8861680e-24c8-4f95-83d9-f407890bbe58","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly for those with sustainability objectives in","page_number":198,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"9bbff10f-7209-4727-ba58-5e6087cd7f85","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":198,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"ca3c9d5e-db07-490d-a801-d669b9fa322c","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":198,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"414a2731-9627-408d-8bd9-16fbe66701ae","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":198,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"1c5e03c2-0176-4c38-a11c-ec7ac6fb3256","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":198,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"2145bd97-35cf-494f-acd9-8c420238ac89","block_type":"box","text":"5","page_number":198,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"b7fd6ccc-192e-4848-a339-d57591a24a44","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":198,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"91be4320-e632-403e-b6e6-f434c944fb6c","block_type":"box","text":"multi-asset solutions strategies, as well as holdings in BlackRock’s index and active fixed income strategies, to the","page_number":198,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"be22e234-0631-4c54-9253-605ad7ddd46c","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":198,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"189bb689-01ed-41bc-8763-8daebe7a0ec8","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":198,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"e78df0ad-9d17-4bab-a6a6-16fbf3a3f7a7","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":198,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"be2c16e8-a088-415e-acdd-217b81ddbef4","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":198,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"92bf0fc9-3f12-4498-a3d8-0fb9ded3db87","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":199,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"6d1f9e27-4ba7-4c26-b149-fe22ef0815f3","block_type":"box","text":"Roles and responsibilities","page_number":199,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"63a0b029-e4f5-4112-a1a6-fe07b08e6f57","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":199,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"2814201a-600c-438c-ae72-fe40b082d514","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":199,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"8d084403-34c0-4214-8e12-63cbb2c27207","block_type":"box","text":"6","page_number":199,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"d40f7021-3b93-4dcf-b695-c64d4fde7019","block_type":"box","text":"We look to the board of directors (hereafter the “board”) to have an oversight role in the establishment and","page_number":199,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"8244489a-3c06-4ad3-baa8-09d9c7ebf6de","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":199,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"4965ad86-ac78-4363-afe6-85f4dfb0e539","block_type":"box","text":"can better position a company to be resilient in the face of a changing business environment, help reduce the risks","page_number":199,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"38149a1e-03e1-4af0-916a-6147a56f534a","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":199,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"2ee4243d-dd6a-41fc-a65d-daa29e223e9e","block_type":"box","text":"per formance over time.","page_number":199,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"93832115-d8a6-4f4d-b0f5-607422cd2604","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":199,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"01970a6b-efa8-4bba-ae38-f90fa2ff19b8","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":199,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"7b93afad-188a-473d-9e57-6c5832da6e32","block_type":"box","text":"One of the most impor tant responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":199,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"0607b33c-529e-4af2-97d1-7fb715d1c678","block_type":"box","text":"executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the per formance of the CEO","page_number":199,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"7b6aa33b-64d3-407f-8aec-0d4c96b19ad8","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":199,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"5bfc2ce0-2273-4d3a-9446-2df61b623e92","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":199,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"768ec7b8-faf0-498b-945c-8b701711e3c7","block_type":"box","text":"Composition and effectiveness","page_number":199,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"8615cdf1-7e78-46db-9fcc-2f56d0c485e9","block_type":"box","text":"Appointment process","page_number":199,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"8e0f8e31-cf07-4f94-ba75-ce8f5d2b1871","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":199,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"705a6238-54e2-49fc-bce5-cb3cd6679e55","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub","page_number":199,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"7f6badff-dedd-40a1-9c7d-02ad8e2ed366","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":199,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"cceefff7-1c3a-43fe-8e6e-9f5a6d1cd026","block_type":"box","text":"e.g.","page_number":199,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"14c042a3-c4ae-4088-be0a-a9c1262e4a5f","block_type":"box","text":", sector, maturity, geographic","page_number":199,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"00d050b3-7949-4167-a84a-613b855eb055","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":199,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"17c7bfdc-1713-4689-8ac4-707d3ec25531","block_type":"box","text":"e.g.","page_number":199,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"6774741c-9d89-4399-91ef-b4d89ba17fa7","block_type":"box","text":", financial exper tise, industry track record). To","page_number":199,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"3ec35559-3454-4ec4-ba02-9586d50acf5e","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":199,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"0b00e945-4393-4dc8-85ff-474d265c77db","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":199,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"df31ff8b-0333-4511-9a02-f7660d731055","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":199,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"9a9cf5c1-de80-4ee2-b419-2719de2eeaa0","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":199,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"1d033cc9-7aef-4e88-bca4-805255b15f53","block_type":"box","text":"and local market requirements.","page_number":199,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"a3b8849c-fff8-408e-a85b-10254065b186","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any par ticular board","page_number":199,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"b3d08e1d-0fb5-4c51-8c66-90ca6b6a6554","block_type":"box","text":"composition in our engagements or voting but seek to understand how well placed a board is to act in investors’","page_number":199,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"5da2c5cb-76fe-48a1-ac36-7bf824c1a72c","block_type":"box","text":"interests. We may vote against the election of the most senior independent director, or the chair of the relevant","page_number":199,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"42e41e9e-0216-4aac-a197-2b598767541d","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":199,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"1dec37fb-e80a-4bf5-8c03-f052f83954bc","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to suppor t strong financial","page_number":199,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"1205c706-7206-4ab7-8621-7a1e5342c626","block_type":"box","text":"per formance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":199,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"247c3375-ec42-4dea-be56-3639abbf764e","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":199,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"2a93dc9f-f550-444c-a920-e4227152a4df","block_type":"box","text":"Independence","page_number":199,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"d216f84b-1ed1-47ef-8730-b44f0845a744","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":199,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"c3aee68c-f94d-4696-8ae5-24f434058cbc","block_type":"box","text":"e.g.","page_number":199,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"6b7e55e1-bbdc-45de-9b3b-d949cf70c250","block_type":"box","text":", government or","page_number":199,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"21b9a0d8-74df-4f77-b01e-33520b79b930","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":199,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"d1807d8c-684a-4e80-9760-09e199ddc7fb","block_type":"box","text":"BlackRock’s clients. We consider it good practice for at least half the directors to be independent and free from","page_number":199,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"c46cde53-56f3-4cf3-a42d-98f5f9abd7b0","block_type":"box","text":"conflicts of interest or undue influence.","page_number":199,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"0ac561ab-e68c-4197-b9c3-50d2bf94fea3","block_type":"box","text":"7","page_number":199,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"ebb1a712-9cc8-447b-b8d0-fbc4434906ad","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":199,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"605d50eb-73c3-4ddb-9c1c-92f600e4efb5","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":199,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"e46cd390-9e81-4d79-a710-2fce3efe0c41","block_type":"box","text":"independence should meet those local requirements.","page_number":199,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"15b7a962-bbb7-4ecc-8f36-872b8d1e4433","block_type":"box","text":"We may vote against the election of non-independent directors if the board does not have a sufficient balance of","page_number":199,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"2b2a44f0-ac0d-4cb2-a3e2-70789bbac31b","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":199,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"f5e54724-d969-4a9b-8ce3-cbe07079e9ef","block_type":"box","text":"composition if this is a perennial issue.","page_number":199,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"55500946-e4b6-41c6-aa4f-7bb03c9a6adc","block_type":"box","text":"6","page_number":199,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"6d536ff4-5fe6-4848-978a-b46329e7d040","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":199,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"3b29ea6b-6433-4d55-8d1c-c5990069e504","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":199,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"23e85615-4767-4bb7-bc0a-3313a2c6ced6","block_type":"box","text":"7","page_number":199,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"d31d3ab7-724b-4cb6-9284-1cc5e750d1c5","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":199,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"54dd4952-8a9a-43a8-9e01-2221d5dc1b55","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":199,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"efb0cf5d-62db-4517-9570-572c3d1b6b13","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":199,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"49f3f31c-6f9a-470f-8eb6-c6f1136fcbae","block_type":"box","text":"could, or could reasonably be perceived to, materially inter fere with a director’s ability to act in the best interests","page_number":199,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"b568221c-e46a-4833-b3f7-cffa41ea95cb","block_type":"box","text":"of the company and shareholders.","page_number":199,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"b5560e33-91eb-453f-b199-28468c6bb96e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":199,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"bda994a0-8a55-4c68-b86e-f58d10d36e86","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":199,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"0396ec67-7121-4ae8-bf28-4e4ef1509f0a","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":199,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"fdf1e285-6de0-4c33-a725-7ca39ab6b324","block_type":"box","text":"Independent board leadership","page_number":200,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"5df4e4f5-c3bf-45e9-b0d2-ad17d914d6a0","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":200,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"265a4c68-841e-438b-b4f8-90311c1eed9e","block_type":"box","text":"board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in","page_number":200,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"f1299ec3-95b3-4563-8336-8dc1f1538c1d","block_type":"box","text":"the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for","page_number":200,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"56d522a7-0995-41e7-ab0e-c3b566f5f689","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":200,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"375bae68-e76b-4409-8ff8-59ea3d05cd8b","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":200,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"c82f7f49-e584-4f1e-89ff-0e078515494e","block_type":"box","text":"ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or","page_number":200,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"a6b424a1-2dd1-45f9-873b-50207b048899","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":200,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"99068c6d-587f-48a8-bed5-7cd7b93f4aca","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their board leadership model and","page_number":200,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"5af1109b-64df-402c-9268-b1d055f01ce2","block_type":"box","text":"how it serves the interests of shareholders.","page_number":200,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"2b3fdc2c-e9bb-40a8-bab2-e5fa4c923d87","block_type":"box","text":"We may vote against the election of the chair of the committee responsible for board composition if there is not","page_number":200,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"fd7f3de0-e1d5-4ffd-9958-32903df64926","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":200,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"dfa5c62c-1a83-47d8-89a2-2bde776ee9a8","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":200,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"1bfb5a65-9ca0-4c3c-8653-057016fe0384","block_type":"box","text":"Tenure and succession","page_number":200,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"420656ae-8167-45de-bfec-4860cf844a2c","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be expected to","page_number":200,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"4a200441-14d3-4901-a862-c21fe3759a0e","block_type":"box","text":"serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to","page_number":200,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"af408a52-22ad-41a2-ab2f-fd0caa49ffcf","block_type":"box","text":"director tenure par ticularly around the contributions of directors who have served for longer periods than typically","page_number":200,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"9d9d4d6f-3f06-4a5a-ab61-647191afb75d","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":200,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"ec4e660a-4188-4eab-91f0-7d623794fd1c","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":200,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"ac9e1a89-690d-425a-bf61-c1ab71bbd635","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":200,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"67f21f56-8632-4faa-97dc-6dd67a41d40d","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":200,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"20e6ca74-fd42-4ceb-9333-60fd0b2a114c","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":200,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"a81f05ee-1708-409c-9ac1-650c197c794c","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":200,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"693759f7-8cc1-4393-a12e-042f97f946ef","block_type":"box","text":"practices, we may vote against the election of the chair of the committee responsible for board composition if a","page_number":200,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"ee6eb563-5b85-4b2c-9912-9d88ed5da3b3","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":200,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"404ae4b6-ff51-4c26-89f2-c87e92c57723","block_type":"box","text":"election of directors who have served for more years than is typical in markets with specific guidance, where the case","page_number":200,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"2bb83cc0-6a91-49dd-a5fc-25385b9dd120","block_type":"box","text":"for their continued service is not evident.","page_number":200,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"c640db6f-256f-4b85-90ab-64f4e53505ad","block_type":"box","text":"Capacity","page_number":200,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"afc1da80-0edf-431b-84df-0be766e3f02f","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an","page_number":200,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"4a7bca29-75ca-4710-917a-cb5f667a2a39","block_type":"box","text":"effective board will assess the ability of its members to maintain an appropriate focus on board matters and the","page_number":200,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"c2e6e79e-bfcd-4202-a1d9-649debc16faf","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":200,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"df16d7c9-c94e-4692-b466-b38025c1a79d","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":200,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"c714df55-1dcf-4c12-b7f3-72f6e6857def","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":200,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"872e4299-8154-4d44-8390-588040a5b0ff","block_type":"box","text":"determinations across markets.","page_number":200,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"ef68b166-7831-428a-ba71-9b633baa88c5","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfill","page_number":200,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"a283179a-cbc4-46d0-b2ae-6e83249ee699","block_type":"box","text":"their duties to the board and company.","page_number":200,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"929cd07a-580a-4202-89c5-19856d1d4f98","block_type":"box","text":"Director elections","page_number":200,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"c7da037d-ac2c-48ab-9a24-d481e16d82bb","block_type":"box","text":"Regular election of directors, ideally annually, suppor ts director accountability to shareholders. A classified board","page_number":200,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"046869ab-1be2-4dee-b135-2f9a52fc09a2","block_type":"box","text":"structure","page_number":200,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"19a58995-7917-4b52-b810-747097130d48","block_type":"box","text":"8","page_number":200,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"92968ce7-6c46-4283-a87f-162d94b6a732","block_type":"box","text":"may be justified by a company when it needs consistency and stability during a time of transition, or on the","page_number":200,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"254c44d5-7c8d-4c51-b137-03727a741566","block_type":"box","text":"basis of its business model (","page_number":200,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"efdae84a-743f-4092-8ba1-42b52f0c7093","block_type":"box","text":"e.g.","page_number":200,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"547ddce3-c1ce-4609-b0e3-c54e2d7788f9","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":200,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"d55bc8e9-06f8-47f2-8c9c-07f34e9f34b3","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":200,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"76e06a22-3094-4f0c-8df1-7ba677806915","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":200,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"5f8f6a56-2377-4cad-828f-364a4fa384bc","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not suppor t the election of directors","page_number":200,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"6f5bc88c-5579-45be-87ca-a7288402677e","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":200,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"f13da5e5-cfdc-4d7e-ae2e-8254cc4acc5a","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":200,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"d8b0acc2-1629-4c46-af74-7c4461a1f0a6","block_type":"box","text":"shareholder meeting. Where a company’s practices differ, we look to the board to provide a detailed explanation as","page_number":200,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"cbbf8ab3-7fdf-441f-86ac-3936767c3e3d","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":200,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"7995ca37-2ab3-4b4a-98fc-efe3cf6bcb86","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":200,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"d0f61e7a-e998-4342-9cd6-7d59adda1293","block_type":"box","text":"a simple majority vote standard for director elections. We may vote against all the directors standing for election as","page_number":200,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"3b0c1717-fc86-4bb3-95ba-287d7ae77982","block_type":"box","text":"par t of a single slate if we have concerns about the profile or per formance of an individual director.","page_number":200,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"4f02e81b-c453-4d08-b2e3-644f15ec0fd2","block_type":"box","text":"8","page_number":200,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"aa5f3d24-6fd5-47c2-9bbd-eb2130d41bdd","block_type":"box","text":"A classified board divides the directors into classes with different overlapping terms. As a result, only one class of","page_number":200,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"57f00bf5-d25d-4b8c-b263-4b55b3e8942a","block_type":"box","text":"directors stands for election in any one year.","page_number":200,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"ce552457-c89e-4e61-af24-8517c16604e6","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":200,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c83ebab3-f64e-46ee-8d91-1a067b02db60","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":200,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"d34f4516-c251-4476-862b-62574dcb9e66","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":200,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b1bbd98c-b95c-4d08-b713-1311cf4c4ba4","block_type":"box","text":"Committees","page_number":201,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"a624ae57-0570-4677-9567-ed799caecd99","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":201,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"76174236-961d-488f-92c9-6db5dad76f21","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":201,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"0d509223-56bf-4eec-91f7-b5cf1fba1fd0","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":201,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"86597abf-0baf-4aad-bd03-bde23634c4f0","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":201,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"5b3e336e-88eb-459d-87d5-6bf840680d6c","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":201,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"a2e296c5-675d-4989-b512-a72ee903305c","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. It is helpful to investor understanding when","page_number":201,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"094430ca-ebcf-4249-b733-066e2d3d97fc","block_type":"box","text":"the board discloses the structure, membership, propor tion of independent directors, and responsibilities of each","page_number":201,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"eeea9645-d8c2-4495-ac51-145edba84575","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":201,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"25a0e768-41ff-4b51-ada7-59c5c0c0142d","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"79bacd03-1a9c-43e4-8f82-be1b369c49dc","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":201,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"baedcfd7-dace-4d07-b1a1-92d00a0b8373","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":201,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"06c75a16-d78d-4be9-88f1-5f8df17a1a11","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":201,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"5a87b993-fe8d-4b17-8d94-620a59139a88","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"ac49a8ac-2fa0-48f4-9fdc-ea131f3bf21d","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":201,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"dc8665f3-029b-4695-8044-f1b76b023354","block_type":"box","text":"practices of the company, including the periodic review of board per formance; responsibility for succession","page_number":201,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"1bd8c7a6-099a-4322-a457-bab7570e1bde","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":201,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"25a638e4-af1d-4240-a090-d97b8b8419a8","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":201,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"485035ec-b935-4b43-aadc-4bcb79c666fa","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"33eedf32-e6fa-4769-8008-07f9beb997ca","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":201,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"a8c69b8a-5a74-4993-9ed8-d05186a19197","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":201,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"0bc506d3-eaa9-47b1-ad24-b823371ec76d","block_type":"box","text":"firm-wide compensation policies.","page_number":201,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"b16d5335-04df-47e8-9760-6f9c9f4f534d","block_type":"box","text":"We may vote against the election of the chair of the committee or other directors serving as committee members","page_number":201,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"ddc01262-7371-437f-8869-82cbe59bdbbd","block_type":"box","text":"to convey concerns about how a committee has under taken its responsibilities. We may vote against the election of","page_number":201,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"1836233f-e940-44ef-b9d7-201fb36e3ee3","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":201,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"78be6a28-48d1-43a7-8a29-a34bd7f16124","block_type":"box","text":"Board and director evaluation","page_number":201,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"0b0e507e-1f90-4718-a7b2-fddac4d24a89","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the per formance of the board, the","page_number":201,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"831eb31c-6488-40dc-9e79-634f8cefe68b","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":201,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"af47490e-584a-4d2e-ad30-28581c63bf1d","block_type":"box","text":"par ty able to bring objective perspectives to the board on governance and per formance. We encourage companies to","page_number":201,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"f37eaea0-d210-49d1-9e3c-e17c14164668","block_type":"box","text":"disclose their approach to and the objectives of evaluations, including any changes made to the board’s approach as","page_number":201,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"c38b4f7f-c912-4f6c-9ade-33dba8fb7c09","block_type":"box","text":"a result.","page_number":201,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"107e0d59-d72b-4903-aaf9-0b224fb331f6","block_type":"box","text":"Access to independent advice","page_number":201,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"6f2add73-136c-4445-93f5-df6290dfe7b9","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":201,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"244c2d48-c926-44e3-a3f6-1eaa254aa03c","block_type":"box","text":"access to independent advice. In cer tain circumstances, it may be helpful to boards to retain independent third","page_number":201,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"c48f68b3-7960-41d5-bb00-1b0aaf2bff57","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":201,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"1568385d-1f7e-4f71-b66b-d96fd44a98eb","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":201,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"85fff06a-4554-4ff0-a47e-eb8cea57d6be","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":201,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"1e8a8d57-efb1-4b46-a000-21cd4226c81b","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":201,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"16544938-b7f6-42c8-95ec-031936784a89","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":201,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"1f3f9eca-ec48-427c-a28d-45dd1f53b9e3","block_type":"box","text":"Boards play an impor tant role in establishing compensation arrangements that enable the company to recruit,","page_number":201,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"d054caff-0b52-4b49-b32b-938e762ed17c","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":201,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"f12a3426-7091-4506-9233-571e73d5860e","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":201,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"3435446b-3028-4a5d-8ed7-3416d4d97b42","block_type":"box","text":"per formance.","page_number":201,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"09129a4a-07ef-4122-8d70-637669679dd7","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":201,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"eaec89c8-1378-4c5d-8ffd-44c7d257fad9","block_type":"box","text":"per formance against shor t-term metrics, incentives – most often share-based that reward per formance against long","page_number":201,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"5be7f423-b29c-43b6-91c5-4086c065ffa5","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":201,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"6d25d6e8-8b92-4248-a06f-1432f781fce0","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":201,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"b75bfc17-5a8d-4109-b2a1-2ff7187b3f78","block_type":"box","text":"to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to","page_number":201,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"eb8d1326-d55f-4c4c-ad0b-794e32c85ab8","block_type":"box","text":"recruit and motivate.","page_number":201,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"1282e5ff-6f08-4e72-997a-85c26ba3defc","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":201,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"93091486-f2ca-4053-a700-2f1fbbadc543","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":201,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"b123acbb-1230-48c6-83c2-e2b251a8802a","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":201,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"8aae9c3e-8ee8-4925-aea0-a6b09e49472c","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":201,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"35fb2e89-b301-4189-ba08-449a384514dc","block_type":"box","text":"arrangements include:","page_number":201,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"3ab3cc4f-f125-4431-900c-ced7997caef4","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"d6b38bbe-ed02-44d3-9891-134da916339a","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":201,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"d7878344-fa14-4072-99c6-34eb77cf6ffd","block_type":"box","text":"the company’s size, sector and market.","page_number":201,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"ce1099ff-b770-4268-9b05-e988800f33a1","block_type":"box","text":"BlackRock Active Investment 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objectives.","page_number":202,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"850e0fd7-5d8c-4894-9c2f-3d8c54728b04","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"5e8b7877-de98-446f-b961-733431446cfe","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":202,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"0fdd2c9e-4ee9-483e-a7ea-297d1b01fe26","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"3bd4c9ab-3a23-488a-9834-527356b9d516","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":202,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"b567d550-af2a-4986-ae31-0db83b6e1f08","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":202,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"54c419a0-bf5d-4d16-a7a8-1fa889508774","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"1871b609-61ba-498b-86f6-3a07c2608900","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":202,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"29901d1f-1c3d-4c94-aa2b-79016a6b2656","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"4623487a-521e-438c-8f9d-88a9922b9d52","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":202,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"36ddcd8a-6f13-4bdb-988e-07a39349d634","block_type":"box","text":"transparently.","page_number":202,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"6323b79b-7c17-4ac6-9d04-fa0080e000f3","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"f760f432-52e4-450a-a12a-1559987e9d87","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":202,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"04a2f83a-2570-48c6-9388-ec3d540cc0d0","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":202,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"132709d7-3ad1-4c45-94af-933fda2b8bed","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"8189477f-c7bc-4a09-bacc-d662b7e36060","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":202,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"8c502b87-b06c-406d-8f03-e3a0f33f52d9","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"5437b1fe-be9e-4220-ab08-24b915531992","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":202,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"4eaf5fa2-d6d5-474a-ba55-abf99725972b","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":202,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"248ae620-0dcc-4e45-bbc0-42869c77890e","block_type":"box","text":"misconduct.","page_number":202,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"db30b60d-86d4-4d3c-b03e-1f383b8e85b0","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"0925e388-5bdd-4929-ba77-9e5d52f6859e","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":202,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"3fbc47c0-1a23-4eb0-bc90-7dc927829de7","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":202,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"aa6985f3-75a0-4514-b622-753418a64c7c","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":202,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"b658e41e-4bf8-4570-8fdc-7b77ea0a6471","block_type":"box","text":"and our clients’ financial interests. When there is not an alternative, or where there have been multi-year issues with","page_number":202,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"52bb3254-5b29-4ca3-a0f4-95bce2d99809","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":202,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"e2ff53bc-64e3-4e03-bd8f-e70d6c5f343d","block_type":"box","text":"committee, or the most senior independent director.","page_number":202,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"6a1d00d5-b167-47fe-9100-db4dcc1aa545","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":202,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"a35e1fa7-7900-4438-8f3e-91727f05d87e","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":202,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"5fe11ceb-6f95-41c4-ab52-f368950899ca","block_type":"box","text":"the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We","page_number":202,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"60b5b89f-2b47-4503-b40b-6b64891e6dc9","block_type":"box","text":"do not suppor t non-executive directors par ticipating in per formance-based incentive plans as doing so may create a","page_number":202,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"1661c1c4-266f-4fd2-9992-519918ee4f70","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":202,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"f1f8a8d9-247c-42b2-9155-eaa4d0fd7aef","block_type":"box","text":"CAPITAL STRUCTURE","page_number":202,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"ba7e9f10-4ff1-4619-81b7-e416b49fb5df","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":202,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"c243f901-6e5e-468f-9d2a-b42743967d15","block_type":"box","text":"appropriate capital allocation in suppor t of long-term financial resilience.","page_number":202,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"b13ec1e0-31dd-4372-bbaa-b442f1a2ad4c","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":202,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"3bc4615f-16c4-482d-8951-8ddca6f699e9","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":202,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"fa9e5be8-14b0-4788-9579-317849af55a2","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":202,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"c8d009e8-dd86-4e9d-a6af-c8b7fd7caaad","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":202,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"fa9b47b0-69cb-4140-bfc3-f64f3dc1b853","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":202,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"7147b0e9-c2a5-45c8-9a2c-7b436d6dfdee","block_type":"box","text":"Share issuance","page_number":202,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"12ca4ed9-c655-44b7-8a06-6d719c7f495a","block_type":"box","text":"We assess requests for share issuance for par ticular transactions on a case-by-case basis. We will generally","page_number":202,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"a62f58e9-6911-45da-aa1e-aad5cc90e806","block_type":"box","text":"suppor t authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We","page_number":202,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"75f56fa7-cd7f-4d71-8fb9-1ffd3e9e9a92","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":202,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"b61618ef-2818-47e7-9abc-2fad06b4becb","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":202,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"6c89067a-e3cd-49d8-b383-2f9b74161f9b","block_type":"box","text":"market environment.","page_number":202,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"1807596f-a4e3-4146-8bbc-7f970c2c85e3","block_type":"box","text":"Share buybacks","page_number":202,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"e991b209-f545-4940-80ef-44413c2839a7","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":202,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"e630e55a-3473-4dd4-a339-e648c6ce526b","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":202,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"45c13bb0-9797-407b-a4ad-93c6b1879104","block_type":"box","text":"the company and returning cash to investors. We also take into consideration the effect of a buyback program on the","page_number":202,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"e2fb6d81-08fc-4c4f-b54b-3fd412eb48e8","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":202,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"1ee76376-09e4-404a-a137-a53933f22bff","block_type":"box","text":"relative to market price. We consider it good practice for companies to seek regular approval of these authorities to","page_number":202,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"d0ce5d62-c400-4f05-87c6-4b0ce75ab356","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":202,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"dff78969-291c-40bd-a401-52af70bea364","block_type":"box","text":"of the company and the market environment.","page_number":202,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"7b95704d-3b0b-4bb6-ab47-3e9ff0d7d1d8","block_type":"box","text":"Dividends","page_number":202,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"b6e542c4-6efc-46c3-bb46-7129c7567503","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek fur ther clarification","page_number":202,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"e58456ba-0835-41f4-a37f-39cd2df1b59c","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":202,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"b6a84dcc-a234-4056-b5fe-a738b44042a2","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"9bcabdd9-646e-4760-9898-e8796774d866","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":202,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"60668bc8-8b4c-4928-bef8-fd7772915ee9","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":202,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"a555d29b-9a0a-475d-b0c1-186c86cea4db","block_type":"box","text":"Differentiated voting rights","page_number":203,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"78ba82bd-4c5f-4ee9-bab7-0a2e3648faec","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":203,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"2fe634f4-43af-43a2-a207-52eaca2752db","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":203,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"427d4f9c-3d00-4f42-bff5-fe4b89f40d11","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":203,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"7bf4d5ca-2b73-4731-ae38-f373f8d92838","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":203,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"08b153d7-c450-4ffd-969e-cdfe5b4c14b1","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":203,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"46b1ac58-4022-4342-a4b9-3775718ae816","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":203,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"c9f7ad80-5cfc-41ed-b8c0-258674398ebc","block_type":"box","text":"analyses of proposals.","page_number":203,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"8168ece0-e22a-4c22-bde5-69c0983f246b","block_type":"box","text":"Mergers and acquisitions","page_number":203,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"867ccb8f-6ba3-4a17-8cee-01ebd505cdbe","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":203,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"5fa6ce46-93b1-421e-9058-54a19c160619","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":203,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"86c64277-da3c-4665-91a2-501a1b868519","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":203,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"b0acc792-8c35-45db-a027-8799b0cd6f6f","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":203,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"eb00af2f-a37f-49a9-8c8e-c7e18c14250b","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":203,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"7270efa4-1c9b-4687-9e95-12ff1f4e7d5f","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":203,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"76eb9f73-e42d-47b1-ac21-017e632e835d","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":203,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"a2624540-4f43-4f2d-86c1-bae8bb8bb085","block_type":"box","text":"Anti-takeover defenses","page_number":203,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"97a73fba-b065-438d-a00d-03a67b4301d3","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":203,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"aedb7f2d-7bee-41d7-9c28-2621116faa69","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":203,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"317542e6-61bc-4941-ad4b-1d2ecb66f353","block_type":"box","text":"shareholder value. By exception, a poison pill may be suppor ted if its purpose is to delay a takeover that is","page_number":203,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"5f78df60-d8a5-406e-9367-5d1f3e8a5153","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":203,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"2888fa71-1228-440f-8382-3869ec3dc800","block_type":"box","text":"case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other","page_number":203,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"b737fbf3-9b2e-4507-a21a-274eb3cf7018","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":203,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"52f8e846-8cb4-4bfe-b95b-0307950d3ef2","block_type":"box","text":"be closely monitored by the independent members of the board. We consider it good practice for companies to put to","page_number":203,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"cefd642f-e82b-4059-9e22-c0b8bc084f5d","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":203,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"d63172d5-1ef2-4029-9ea1-a7179d3b336c","block_type":"box","text":"Shareholder activism","page_number":203,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"3bc0e5e3-9e3d-4da1-b1ad-f0ba3684a0c0","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":203,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"613d7be0-75e2-4b0f-9236-a974026d5ec3","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":203,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"62352d74-5149-478f-8343-56cab59b3f19","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":203,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"b3ee87e4-e1bc-4910-a806-0602c64db800","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":203,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"308ff331-559a-4fab-ba2b-34260bbfefe5","block_type":"box","text":"quality of both the activist’s and management’s plans; and the qualifications of each par ty’s candidates. We evaluate","page_number":203,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"20ccebbc-9815-4c27-922d-51c4c7bfaa6e","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":203,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"62c196fb-a405-4bfd-8ac6-c9262851ca1b","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":203,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"5e8cd6bd-ab25-4368-929f-9d7cc741bfba","block_type":"box","text":"the relevant por tfolio manager has determined that there is a case for change to enhance shareholder value, or if the","page_number":203,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"b1381349-dc38-44d1-8955-5a596533948d","block_type":"box","text":"incumbent board members do not demonstrate the relevant skills and exper tise or have a poor track record of","page_number":203,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"a2f47dc4-e569-4491-9d4c-faace539068d","block_type":"box","text":"protecting shareholders’ interests.","page_number":203,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"14c8c424-f48d-410a-819a-e5e812b754d9","block_type":"box","text":"Significant shareholders and related party transactions","page_number":203,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"fdccbf19-f803-469b-a714-b241e7d6befa","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":203,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"a79b702a-a0e9-4252-a0bf-cdf6a0f08f03","block_type":"box","text":"interests of all shareholders when evaluating related par ty transactions.","page_number":203,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"efed52ff-b9be-4a4c-958d-a5d0ae614cfb","block_type":"box","text":"We consider it good practice for transactions with related par ties, such as significant shareholders or companies","page_number":203,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"c267ba3a-1218-437c-969f-5cd4ea1fb45d","block_type":"box","text":"affiliated with the public company, to be disclosed in detail and conducted on terms similar to what would objectively","page_number":203,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"e52bfbac-d6aa-4300-a5c5-815f4ee4e3a4","block_type":"box","text":"have been agreed with a non-related par ty. In our view, such transactions should be reviewed and approved by the","page_number":203,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"e6a85147-b18c-40bd-adf5-f3381c905019","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":203,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"8389e6ed-88e4-4c17-9535-ec53f153d5be","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":203,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"3676613a-9bee-4b0b-861d-cebe11728d76","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":203,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"a4f27fb4-de9d-4d77-8f08-fe966e997045","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":203,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"4d528663-98e3-4f1a-8325-2c308cd35b37","block_type":"box","text":"potential for the company to create shareholder value over time. We consider it good practice for the board to","page_number":203,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"1d743894-7e5e-43c7-a251-54c689af33fd","block_type":"box","text":"oversee corporate repor ting and the policies and procedures underpinning the internal audit function and external","page_number":203,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"9d525fef-9b05-4761-a9e5-abc8146e84a7","block_type":"box","text":"audit.","page_number":203,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"e0837796-64e9-498f-a32a-6751644a0da8","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors, and other stakeholders,","page_number":203,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"8ce93e94-809c-49ef-ba86-706f6528ef0d","block_type":"box","text":"on its financial per formance and position. It should provide an accurate and balanced assessment of the risks and","page_number":203,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"ed0cceb5-e0e8-4086-8145-cbf7207f74df","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":203,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"5faa9308-1129-4ece-a0b8-45198726aedc","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"28032c6a-1032-4c11-936f-d70b0c6d225e","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":203,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"88a14d96-ddb4-4ae1-ac9b-0896b59461c6","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":203,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"a694e517-2d28-4b99-90e6-7c2ebdc1fac8","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":204,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"d484fc36-11ae-4d0a-89b5-a8266efa711b","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":204,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"45ccccc9-6305-43d8-bc9b-7126deb81b87","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":204,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"aca3523b-4307-4c49-a5d0-54249dda0e7c","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":204,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"dfe190b4-50ff-4785-8e7b-6a73b7240735","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial repor ting system by providing","page_number":204,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"19fe9639-a62e-4fab-8204-bf052ba82e12","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":204,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"b1ec3578-9ce2-4856-8a27-9f0681a57d18","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":204,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"913d2d4b-71d9-4a10-a2fe-9a28c15b8760","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":204,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"b558388d-30b9-4bf4-b068-84c3484db387","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":204,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"1daf357c-ef99-40bd-b0c6-29596d5496df","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":204,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"35f77a07-cb8a-46ab-a80b-480bd53797c7","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":204,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"9cfa387b-d879-4942-a4ba-4ce3de321fee","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":204,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"8efd3cfc-135c-4ff1-bb32-6b2aafc8725b","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and oppor tunities. The International","page_number":204,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"2d7d7613-70b4-4b5e-b51b-8eb93caaf015","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its repor ting standards,","page_number":204,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"2a7fb21e-673f-424b-bcee-528c9f27d960","block_type":"box","text":"which may be helpful to companies in preparing such repor ts.","page_number":204,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"ad1c7a46-6fcd-487d-be96-38ceec193cb9","block_type":"box","text":"9","page_number":204,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"4f30a9a1-3cb4-404f-9ee3-3e811bb8ac63","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":204,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"e428b293-f7b9-4ce2-b22f-8937f8e8a42e","block_type":"box","text":"framework, and note that companies in cer tain jurisdictions are subject to mandatory repor ting requirements under","page_number":204,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"29373ad5-7dd1-4f1e-9b3c-24fa262bb060","block_type":"box","text":"standards specified by policy makers.","page_number":204,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"6c018985-398f-43da-a6be-063724a35d3a","block_type":"box","text":"10","page_number":204,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"d429d7c3-4947-4839-9464-e541166a64e7","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":204,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"61459955-e275-47a5-8673-35b8beefaa57","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":204,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"ebc13903-6ef7-46bc-8a1e-c7967d24824d","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":204,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"6c744026-03a4-4522-9fd9-6483ba09fed6","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":204,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"5573674a-0cfb-4fbd-a7fa-e5d56fd10b5f","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":204,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"1d99b836-d699-46cb-822c-a35c4ae4a149","block_type":"box","text":"of corporate repor ting. It is helpful when the audit repor t gives some insight into the scope and focus of the audit, as","page_number":204,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"6f32efaa-33c2-4671-a986-866dac3c7f49","block_type":"box","text":"well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time","page_number":204,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"dce3d259-b5c3-4778-a6d5-9a6e779d7306","block_type":"box","text":"and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit","page_number":204,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"0d1b658f-3b8c-4ba9-bd39-3b6ec8928561","block_type":"box","text":"consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the","page_number":204,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"39ef6fa1-80c9-4b27-8e39-fd5f2630e39d","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":204,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"c798ca54-1401-4338-918b-b3c5da24085c","block_type":"box","text":"remained independent.","page_number":204,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"d0733180-ede4-44fe-82b2-645cbdf40ac7","block_type":"box","text":"We may vote against the election of the responsible directors if corporate repor ting is insufficient or there are","page_number":204,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"a85ef137-b890-45b4-9da3-e51316039078","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":204,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"fe2491bc-730a-4137-892d-0078747dd56f","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":204,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"5ae5434e-7cb6-425a-b4cf-71456ce91815","block_type":"box","text":"repor ting or the audit. We may vote against proposals to appoint the auditor, ratify the audit repor t, or approve the","page_number":204,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"741a3ffc-7d34-4a31-baad-b9c509d8b71f","block_type":"box","text":"audit fee if we are concerned about the auditor’s independence, the quality of the audit, or there are material","page_number":204,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"364a4b5a-b54d-4285-bfed-0a49e9eac774","block_type":"box","text":"misstatements in financial repor ts and the board has not established reasonable remediation plans.","page_number":204,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"68223a36-c300-4813-a8ba-314f37817e03","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":204,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"8398e8b1-a58b-4f96-bb9b-1243bd0f5a3b","block_type":"box","text":"General shareholder meetings","page_number":204,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"0a7cc1b5-498f-4f59-81c1-a646f72e43e0","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":204,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"1c696b95-2192-4021-8f40-3392f712209d","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":204,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"e5149136-4df4-4a22-beca-135209cf75fb","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":204,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"f3fa8010-5c16-44c2-9fd8-0ec85d8be12f","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":204,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"8866335e-99e5-40f5-9d4c-a9cdaf677467","block_type":"box","text":"meeting vir tually which, whilst welcome, should not limit the rights of shareholders to par ticipate as they would during","page_number":204,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"ad77db9f-6c28-4cae-b65a-cb3b4c565be4","block_type":"box","text":"an in-person meeting.","page_number":204,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"cb4d1a75-9ded-4fe0-a6d9-40a5e0ebabcf","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":204,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"648de72a-48d7-436a-9a7d-c00e9ea14409","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We","page_number":204,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"0dcebc12-b0df-4d1d-84e3-f58f049e6df6","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":204,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"1361f41a-97a6-4285-8115-8df9b09269b6","block_type":"box","text":"par ticipation.","page_number":204,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"778980b4-ecaa-4f00-ab0e-816b9ad2c516","block_type":"box","text":"9","page_number":204,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"5955bf5e-69f0-4094-b423-aece4bc1ff6b","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":204,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"387f1065-7887-453b-af9f-d5166745fdd9","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":204,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"008d843c-f4b4-445d-b053-0c5da8c50d35","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":204,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"82bed3fb-7473-46db-b625-f2a2e5415b28","block_type":"box","text":"Disclosures.”","page_number":204,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"7cb4f24e-e9af-4dbe-93e7-502d47bd5fb6","block_type":"box","text":"10","page_number":204,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"5053901f-504a-4049-83c7-da99d33b66f9","block_type":"box","text":"See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional- profiles\r\nissbstandards/ and https//financeeceropae/capitalmarketsnionandfinancialmarkets/compan","page_number":204,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"71b98f71-846a-4163-83a5-415a1fe05d18","block_type":"box","text":"See, for examples, https://www.ifrs.org/newsandevents/news/2025/06/ifrsfoundationpublishesjurisdictional\r\nprofiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/companyrepor ting\r\nandaditing/companrepor ting/corporatesstainabilitrepor tingen","page_number":204,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"6ddc6931-bf90-4217-a41d-9e1235aa2aea","block_type":"box","text":"p/ p//p/p\r\nrepor ting-and-auditing/company-repor ting/corporate-sustainability-repor ting_en.","page_number":204,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"d5ec206e-4bc9-44f5-878a-d4c6469f64da","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"9c7728cf-8a29-4973-8491-436340872a0d","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":204,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"8d140a00-56df-4328-81af-79619687158c","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":204,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"bc584b65-cf0a-4312-bc92-25324fc379c7","block_type":"box","text":"Bylaw amendments","page_number":205,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"24592338-a99f-4795-b2c5-ca99ff44a2fb","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":205,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"178ded25-5247-4205-b20b-336914f374ba","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":205,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"ad1920be-f88f-4ee2-b12a-e49800d37a37","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":205,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"c6c67451-a09f-4733-bb0b-6c4151d5f9be","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":205,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"5158412e-c1c4-46e6-9000-a252a9799f33","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":205,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"cf5a5f28-cc7c-431a-90b4-b703ef7ef355","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":205,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"b827fba6-ec21-4acc-90d1-b07c3e75fc2f","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":205,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"b1b33265-1d78-494d-8354-d2195b7ab513","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":205,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"e1d3a43c-4064-4aa0-8132-738a59b27074","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":205,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"2315e605-d7e8-4822-ac7c-b7ba9a35b095","block_type":"box","text":"group, with a meaningful shareholding, the right to nominate directors to the company’s board. The threshold for this","page_number":205,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"5ba2ac89-cdfd-4c02-abe6-0ab16ff99699","block_type":"box","text":"right should be set so that shareholders can exercise it without being unduly disruptive to the board’s own","page_number":205,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"86344a17-a1f6-4c11-b691-4a1ae8656adf","block_type":"box","text":"nomination process.","page_number":205,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"6c2bc534-fe4c-455e-8101-ce330dd7d5de","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":205,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"d705f1b5-7227-4ad3-8b0e-ed0fa5d3f61d","block_type":"box","text":"We may vote for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":205,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"78dad93b-968c-42dd-ae51-64f9e328de0b","block_type":"box","text":"Change of domicile","page_number":205,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"48a69712-6ab7-4233-b2ba-35e9906051a1","block_type":"box","text":"We generally defer to management on proposals to change a company’s domicile as long as the rationale for","page_number":205,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"c09675cd-d984-4857-b813-a4588d29704a","block_type":"box","text":"doing so is consistent with the company’s long-term strategy and business model and the related costs are","page_number":205,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"7607ad1e-ce9d-4a3f-989e-1d774c6fa253","block_type":"box","text":"immaterial.","page_number":205,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"c1ad7b7b-ba19-4a38-a639-ca62baad9e2e","block_type":"box","text":"We may vote against directors or a proposal to change a company’s domicile where it does not seem aligned","page_number":205,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"88331aca-995f-421a-8f41-83fa759ea23e","block_type":"box","text":"with our clients’ financial interests.","page_number":205,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"439de1fa-dac6-4ff6-8ae4-6a7d94980989","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":205,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"364ad080-061b-4e4f-93f5-850087584d84","block_type":"box","text":"Plans to materially change the nature of a company’s business or its purpose should be disclosed and explained","page_number":205,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"9b26e69b-f10c-465a-9dcf-678e41a72dc0","block_type":"box","text":"in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor’s views","page_number":205,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"b9c89b2e-dcbd-42ba-b898-03479bf87901","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":205,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"f7643d5b-21d2-4fa4-8504-a61da9b1e705","block_type":"box","text":"Where relevant, we may vote against proposals to change a company’s purpose or the nature of its business if","page_number":205,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"0ac386d3-9759-4461-9ca5-3ddd21cc9a41","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":205,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"8b7b3eb0-c2cb-40bc-8507-e77588012c8c","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":205,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"6a535b38-237f-4ca3-9dcf-5f01d3e865c8","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":205,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"de33ab16-5069-4cde-b2d5-82ba3cfe3f95","block_type":"box","text":"general shareholder meeting asking a company to take a par ticular course of action subject to the proposal being","page_number":205,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"35008aa6-ee96-4959-a170-42c5c1105759","block_type":"box","text":"suppor ted by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be","page_number":205,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"a53a495f-b188-4c7b-9ac0-ae328bb25eaa","block_type":"box","text":"relevant to a company’s business.","page_number":205,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"280eaec9-034c-4fcf-aa5a-b2db6ec8e63c","block_type":"box","text":"We vote on these proposals on a case-by-case basis. We assess the relevance of the topic raised to a","page_number":205,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"6841f1ff-f2d8-489e-bd78-a75a36bf1898","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":205,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"be87ec65-6f3b-462e-a02d-b8a0fc5f4ec6","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":205,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"ce3450eb-20c3-43d1-ab67-594e147e8163","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":205,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"ec512add-af0c-4766-abb0-e499ef35e29a","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":205,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"6eb397ed-c880-4f91-a0e8-3dcc65b54122","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":205,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"cb00e3f0-a112-4a06-9c14-258edf8fc6e5","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not suppor t","page_number":205,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"3ba678d7-b28c-4dd1-9ca1-98d5e6309ab7","block_type":"box","text":"shareholder proposals that are legally binding on the company, seek to alter a company’s strategy or direct its","page_number":205,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"48271644-1141-435a-aed2-995496588fd8","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":205,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"e8bf1cb8-1a88-44f3-8e12-6de76a4885b1","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":205,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"47b916c9-67d9-4f9f-a7a6-681d7697c4f0","block_type":"box","text":"and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our","page_number":205,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"6bf3778c-d68b-4c70-a690-b1b595fdfe71","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":205,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"1c80cee0-745f-4eb5-a9f8-878dfbbdd624","block_type":"box","text":"who authorize us to do so, on proposals put for th by others.","page_number":205,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"7707f900-ccdf-4e46-9ecd-1b020f0c9823","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":205,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"4ada10f6-ab37-4d4b-aa02-b623a120494f","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the jurisdictions","page_number":205,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"12972391-c81a-4cd1-b07e-481ed9ca87d4","block_type":"box","text":"in which they engage. When a corporation repor ts material financial risk related to policy and or regulatory changes,","page_number":205,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"8fb3fc27-5589-4558-8956-545263e2f9a4","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":205,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"7da6df90-bd20-412c-a553-87a0211ab6e8","block_type":"box","text":"companies engage in corporate political activities and ensure that their par ticipation is consistent with their public","page_number":205,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"0c379af0-9c98-42ec-a3f9-094a7c77b638","block_type":"box","text":"statements on policy matters material to the company’s long-term strategy. The board should be aware of the","page_number":205,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"2b2815fd-b387-4afd-8740-382b3df3912b","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":205,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"d0aa89bf-bee6-42e1-855c-e67e3a7030fd","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"342960f5-5002-4ad6-aeeb-154f02167705","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":205,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"da11ff3d-d953-4379-a846-0447c13ee67d","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":205,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"2789c2c3-ee9c-481f-8c9b-f5ae25f73a2d","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":206,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"bb2974ae-140d-444b-973e-f0824a2a7fc6","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":206,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"b704256a-c7b8-476d-93f8-339344b62be6","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":206,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"eea529bd-7ab9-46a0-bebe-0a80d8290ac7","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":206,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"100f644a-48b1-4254-ae44-4405662dffef","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":206,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"dba35021-3ca5-4015-9ef1-97d68be9f078","block_type":"box","text":"under taken by trade associations on behalf of members.","page_number":206,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"51870283-c9cc-41d1-a05b-7ac771c6733a","block_type":"box","text":"We may suppor t a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":206,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"bfc7d247-54b8-4f1f-a004-20cda9a6bb63","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":206,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"96d8dc26-5c70-4d26-9ec3-0a66d9bf42a9","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"107fc09c-1790-48a9-b4da-c3ac2bdd3570","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":206,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"261ad232-5c52-4145-8aae-0d268c2fb4f5","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":206,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"bd3a80a9-25ab-41f2-bed1-575e2784bde6","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":207,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"d326ff4d-3468-4f12-9abf-4618cd91de56","block_type":"box","text":"We seek to understand how companies manage the material risks and oppor tunities inherent in their business","page_number":207,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"0b0b5740-ebf0-4b6e-b3a2-9890bba908cc","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":207,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"c877b6a1-21aa-476b-8aa5-3f4cf31ca2e9","block_type":"box","text":"11","page_number":207,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"1e6dab18-c154-48a4-a646-8ce5bb4d3dbb","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":207,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"9e2825ef-9e18-430b-bdc6-803134cfb570","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":207,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"2217408b-f5ae-401f-902b-f46b837f6a6e","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":207,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"5a0b40aa-ff85-4651-b799-bfcab7003860","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":207,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"748155ae-68ce-4a26-9165-1b292c22db24","block_type":"box","text":"regulatory requirements.","page_number":207,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"f762b184-f0bd-4c4d-89c4-83b375641a8b","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":207,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"cd69bccb-f14f-42b2-aee6-e6ecadcf4503","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":207,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"ccc9a864-b681-4c24-ba10-78facb84cbf8","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":207,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"afd2a3de-1eb6-435e-b3c8-b19a3b92e57d","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":207,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"ab2c3ef8-b045-4874-a544-0df6bcc949c7","block_type":"box","text":"Doing so helps us under take a more holistic assessment of a company’s potential financial per formance and the","page_number":207,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"a47b3b08-c9d7-49bd-bfcb-3d0a346b9d3a","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":207,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"0f065494-64bf-4617-80f6-1f0e55f18ccd","block_type":"box","text":"We may vote against directors or suppor t a relevant shareholder proposal if we have concerns about how a","page_number":207,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"7e7368c6-8a35-4a10-a199-506b81b1718e","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":207,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"559ce653-d224-4430-bc89-8af61ced3809","block_type":"box","text":"returns.","page_number":207,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"feb9ac4b-59e6-4c88-b850-97d92ded3216","block_type":"box","text":"KEY STAKEHOLDERS","page_number":207,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"574f67b7-c1f6-4796-8bd5-fcd901c3ae9d","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":207,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"1fc7228f-f84f-4da6-8566-92a8044a1455","block_type":"box","text":"whom they depend for their success over time. It is for each company to determine their key stakeholders based on","page_number":207,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"e2a30c20-7489-47f5-8e59-43a1a725ce83","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":207,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"8cc37bf7-36e9-4d88-bafd-4cb322e3d6cf","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":207,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"7fededdb-1c1a-4ae1-af3e-0b8fa0b4bf09","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":207,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"c2a7a3c4-2dfb-4396-a7f1-edf2c1bc9db9","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":207,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"3526b575-1ef4-465a-b578-9662eae9a607","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":207,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"0b46589d-ff8c-4c81-8a4d-efc0790d4e73","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":207,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"f3ab749c-8447-4f60-98d8-7a2a407a1ce4","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":207,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"69948ce8-a4b6-42d1-9c83-f371b4b72616","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":207,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"a120f309-c138-48b9-a627-c364cf27b4d1","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":207,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"56d27ecf-57f7-4456-b238-d07863462e72","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":207,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"b91b0d25-5470-49b4-9ae0-f4ce113c5c05","block_type":"box","text":"i.e.","page_number":207,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"0ceba429-e9be-4fb7-ab25-2f2b5498cb6e","block_type":"box","text":", one in which global","page_number":207,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"546821a3-b4c1-451d-91f9-eeb3f67df69b","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. In addition, clients in separately managed accounts","page_number":207,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"e88bc0ec-6f91-40bc-9479-ff8cc57124c3","block_type":"box","text":"may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed","page_number":207,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"6684e53c-f9ea-4e4f-bb9a-db6db4c0d0ec","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":207,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"d21912eb-11c2-401a-83cc-36f8a1a0fc2c","block_type":"box","text":"client.","page_number":207,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"a9e84943-e2d5-48a0-94c7-365d0386f5ab","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":207,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"83ec7ac0-073b-4af9-9798-42b027f118c1","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":207,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"4b280ace-cb42-4402-8498-d7b7a4b97b7b","block_type":"box","text":"the low carbon transition, based on repor ted and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":207,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"844e3e4c-1349-4fbc-9e97-e7425ea0590e","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":207,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"e28e7424-8258-4edc-897b-0951cd873f14","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":207,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"6444b69a-8b2a-49a5-97a6-b8baa319f5c1","block_type":"box","text":"include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as","page_number":207,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"6ff31d6e-c0ad-44a8-a6ef-7ccf3722e67c","block_type":"box","text":"well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope","page_number":207,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"4d9426bd-38f5-409d-9cf5-567c3f75b5d0","block_type":"box","text":"1 and 2 emissions.","page_number":207,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"b517053f-e7a6-4d98-8aac-eea0b72bd30a","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":207,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"c5df932b-51a1-414b-ac3d-b03241ee4acd","block_type":"box","text":"suppor t for a relevant shareholder proposal if a company does not appear to be adequately acting to address or","page_number":207,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"4f6c193e-cc37-4b3d-9917-888aa10be992","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":207,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"743ea759-8354-42cc-adf4-3f2e6529a5a0","block_type":"box","text":"specific guidelines. We may recommend suppor ting shareholder proposals seeking information relevant to a","page_number":207,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"3eb95c9f-7f01-4c38-b4fd-c43be8b34644","block_type":"box","text":"11","page_number":207,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"abc70fd1-63d4-46e2-9d99-f7f4155846f9","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":207,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"0aba45c4-9514-4fa6-906f-f872a3b964a2","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":207,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"b1c42302-b783-4c72-818e-b4b200a46a27","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":207,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"ea207eff-177a-4786-9786-16b4f1db1bdf","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":207,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"0fcf0962-955d-4c4d-80d2-0fcad8713c64","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":207,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"d56bde2d-5387-42ac-be8a-5196869bcee3","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":207,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"2a8f9f26-8664-41e2-aea2-ca4c7a0e6de5","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":207,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"d0b98846-0b90-4661-b773-f834cbc64889","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":207,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"a384ab2f-b244-4b10-8f2e-9b1fead7910a","block_type":"box","text":"sound governance framework.","page_number":207,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"8343d284-1c84-427b-8162-717b96b82d47","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"92360094-483d-4eb0-b559-4d7e6cfe1490","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":207,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"e464b604-9667-4b33-958e-e2402e7347c9","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":207,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8a20df21-81b8-4a6d-b2ff-8a5de240b3df","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":208,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"9a0d1cf6-ac5a-4915-bf62-3b31d4037f92","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend suppor t for shareholder proposals that","page_number":208,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"1929d929-2aa3-4230-88fa-cc41742ab456","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":208,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"f02bd600-78f0-40a8-9d48-9bdde4cca3a6","block_type":"box","text":"the BAIS benchmark approach, the active por tfolio managers are ultimately responsible for voting consistent with","page_number":208,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"21d76fe1-97d6-4112-8eba-65cf42a4d200","block_type":"box","text":"their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to","page_number":208,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"575e5a5e-ff1c-4e25-abda-d3394c82caf9","block_type":"box","text":"climate risk and the energy transition is under taken in line with BAIS’ benchmark guidelines.","page_number":208,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"df7855b1-397c-4b36-9c67-38a4edaee3a0","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"614b5ed6-8518-43f6-bece-6473a3bbb349","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":208,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"055563b7-0bf3-47be-8e19-f375c07c7833","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":208,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"7f80bc36-2488-473e-b7eb-a24de14e1ad1","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":209,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"79956599-6f09-4a54-a1d8-6548cabeb977","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":209,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"dec6b10d-27f5-435c-afeb-1cbab43d70de","block_type":"box","text":"Oversight","page_number":209,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"2afc25a7-a5c6-413e-90d8-353c481bdd26","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including voting in","page_number":209,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"8acbb9ce-92a0-4979-b87f-a5aed18b26d4","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":209,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"0554bc09-0f89-4f96-8fe6-86d30601b3d2","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":209,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"6282467b-2c61-4e59-a2e9-bc87d1afd79b","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":209,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"6b06b85e-670a-4a9e-be8e-e5efb41627ef","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":209,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"269e501d-9908-46cf-8076-c196d656ac6a","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":209,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"56353bad-37cf-4ae8-82d4-a6f3a713184b","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":209,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"94157e40-0c59-42dc-847f-762c6a607313","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":209,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"de6da216-20ed-48d7-971a-9bde7f8cc8bf","block_type":"box","text":"to BAIS’ policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the","page_number":209,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"022770f7-78dc-4638-8c0a-8224f4700eb7","block_type":"box","text":"relevant active equity investors.","page_number":209,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"f6a40cf1-bba5-491c-a413-7692e0699204","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":209,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"9c358b64-d016-481e-a2b2-66eef7d95cfa","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":209,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"3c2fc3d2-8766-444d-816b-0d0ac0ca70fa","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":209,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"2d5f1d8d-42c1-4076-ae51-e054d623974d","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":209,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"43a94bf0-18ca-4232-bfa1-5141a8f58bb8","block_type":"box","text":"par ties for cer tain of the foregoing activities and per forms oversight of those third par ties (see “Use and oversight of","page_number":209,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"b997a517-74cd-4049-838d-09a2404d5ed7","block_type":"box","text":"third-par ty vote services providers” below).","page_number":209,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"a891f5b0-8686-43d0-912f-888be68b9cdd","block_type":"box","text":"Voting guidelines and vote execution","page_number":209,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"d1bc1cf7-f629-4f0c-87ae-0f157972fb8d","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items","page_number":209,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"06b1fbf7-f014-4d0b-85c2-7556b50d5b79","block_type":"box","text":"submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes","page_number":209,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"a1cfc5b4-7bde-41f2-950c-0bbc6cd1ecfe","block_type":"box","text":"(or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of","page_number":209,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"ed80942c-efb7-4eb7-af8c-d002e5e14225","block_type":"box","text":"the voting items with the long-term economic interests of our clients, in the exercise of our independent business","page_number":209,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"bc3f72f6-d490-49d4-be75-7e8d95032120","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":209,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"8e9e7b58-3ee0-4d8c-8d4f-bf13c5cc1c0c","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":209,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"1e4f06f1-7b59-49d1-84d7-71e19e3d5fca","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":209,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"eec0eccc-5dc7-480a-a6a3-f84f8ec7c3d3","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":209,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"b8e0945b-6367-4457-a6a8-3f319c9ee9ca","block_type":"box","text":"although por tfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":209,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"df81429c-0a48-45a4-8c70-6ae08e2eadce","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":209,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"161adda5-c964-473d-b197-b5585a04f229","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the","page_number":209,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"f3087a9d-2e09-4ad3-9082-fcbbb0d5611e","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":209,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"646c0002-3706-4028-8d20-14634c4977d1","block_type":"box","text":"do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues","page_number":209,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"6e023ca3-ab76-4eb7-96a0-05ec848df74c","block_type":"box","text":"generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The","page_number":209,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"1ceaadcb-bd24-4671-8dc1-76a786c35bac","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":209,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"ed7d4625-1fee-40bc-bab5-6487db762fa2","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":209,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"28617ba2-30ff-4193-9818-ee78e300301d","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":209,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"d336edc3-4fc4-4ab7-b86f-87ef9547bbd4","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":209,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"3752c9ba-1fc6-4a18-bf04-6f344ac5d63f","block_type":"box","text":"well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of","page_number":209,"box":{"x":68,"y":652,"width":791,"height":11}},{"id":"ad89a3cc-155f-4309-b2b7-aa8191b0d4fc","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":209,"box":{"x":69,"y":666,"width":805,"height":12}},{"id":"778dfcdb-3975-44e0-9d5e-234c5d9334e7","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":209,"box":{"x":70,"y":682,"width":784,"height":11}},{"id":"abbe447b-0dd5-4632-9386-7570a299ecb7","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the shareholder meeting has","page_number":209,"box":{"x":69,"y":696,"width":775,"height":11}},{"id":"7f29ff83-7cba-4aa7-abe5-6664b5e580c7","block_type":"box","text":"occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide","page_number":209,"box":{"x":69,"y":711,"width":824,"height":11}},{"id":"1007c07a-7729-4861-bf57-5d18cc9f2331","block_type":"box","text":"local agents with powers of attorney to facilitate voting instructions. We are not suppor tive of impediments to the","page_number":209,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"87f946f0-c524-4056-8115-5d308e5edc74","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":209,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"3185859e-1036-42c6-b3d2-5d9671795423","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. In addition, BAIS may determine that it is","page_number":209,"box":{"x":102,"y":759,"width":796,"height":12}},{"id":"bed1ad8d-e79f-492c-baf2-8df58abe08fc","block_type":"box","text":"generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs","page_number":209,"box":{"x":68,"y":774,"width":799,"height":12}},{"id":"5b209e82-5b79-4079-8585-53ea9c06fefe","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":209,"box":{"x":69,"y":789,"width":829,"height":11}},{"id":"1823ec72-d02a-4aa6-bf70-d3e8dd37fc84","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":209,"box":{"x":69,"y":804,"width":661,"height":11}},{"id":"57996dfb-9dfd-47f1-be7b-fc9f6db6b00f","block_type":"box","text":"Voting Choice","page_number":209,"box":{"x":68,"y":826,"width":101,"height":12}},{"id":"05379764-3c63-49e7-bfa6-83f04d7dd848","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":209,"box":{"x":102,"y":845,"width":800,"height":11}},{"id":"d7ff8e54-405b-417e-b6e4-c471e347d75f","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":209,"box":{"x":68,"y":860,"width":447,"height":11}},{"id":"c24aae07-05fb-46df-89e7-76dbda90e06b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ddf7d036-3d3e-4d6d-85a3-d3540783bf14","block_type":"box","text":"Global Engagement and Voting Guidelines | 16","page_number":209,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"5cb39e68-95c6-48a9-b25c-243a6298cf1f","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":209,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8b73651e-e8fd-49b6-b6a4-30a622b13662","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in cer tain institutional pooled funds in the U.S.,","page_number":210,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"69f7a02b-ca37-46ef-8db9-a819b249e700","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":210,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"4d061efb-e928-4fac-aa3e-a9280d4c8a12","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":210,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"e0c68dc4-744f-48f1-86d7-45f56bbd918a","block_type":"box","text":"strategies.","page_number":210,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"93aa3cfd-2e9a-43dc-8bed-ad83ea3821c6","block_type":"box","text":"12","page_number":210,"box":{"x":145,"y":90,"width":9,"height":4}},{"id":"73d137d0-9e89-4f41-808e-ee8372c8a5f3","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":210,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"2082008e-dc6d-4615-a2cb-4638585a8ff4","block_type":"box","text":"on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance","page_number":210,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"bf09d6d9-b7d2-40e9-8d0c-edfa224106a1","block_type":"box","text":"with a third-par ty policy, or have elected to vote shares in accordance with their own policy. 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Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":213,"box":{"x":134,"y":316,"width":702,"height":11}},{"id":"7afe731e-7f96-48f2-973d-90e3114071f7","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":213,"box":{"x":102,"y":331,"width":789,"height":11}},{"id":"1dbed626-c6aa-4cd6-9ba4-d0285b885888","block_type":"box","text":"voting proxies relating to por tfolio securities of the Funds, and have determined that it is in the best interests of","page_number":213,"box":{"x":101,"y":346,"width":801,"height":11}},{"id":"5218e652-73f7-4fc3-be07-fa5e8e01f519","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":213,"box":{"x":101,"y":361,"width":763,"height":11}},{"id":"dd31e462-e604-4303-ab36-c8ee7b205451","block_type":"box","text":"principles outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":213,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"f0ba852f-e219-4c49-9072-3ded5ce53716","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":213,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"ceada277-7502-41ae-989a-67254cdde90b","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":213,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"35ac0543-5dab-4860-9d62-bc3e7fa181d7","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":213,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"173297d1-99f1-4bbf-8203-4d705f2596fe","block_type":"box","text":"the iShares Core S&P 500 ETF. 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Engagements provide companies with the","page_number":217,"box":{"x":69,"y":753,"width":829,"height":11}},{"id":"f48801b8-d941-43d9-9047-9c87b482d7ad","block_type":"box","text":"oppor tunity to share their perspectives on topics that, in BIS’ experience, impact the long-term financial returns","page_number":217,"box":{"x":69,"y":768,"width":795,"height":11}},{"id":"0a0c64b5-10ed-49db-9ac8-c11a7fc4f7c4","block_type":"box","text":"BlackRock’s clients depend on to meet their financial goals.","page_number":217,"box":{"x":70,"y":783,"width":425,"height":11}},{"id":"f686f491-a781-49c1-8518-99a31e55358c","block_type":"box","text":"1","page_number":217,"box":{"x":69,"y":813,"width":4,"height":4}},{"id":"a4af4a9d-11be-4327-8e93-4a4616bf76de","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":217,"box":{"x":79,"y":812,"width":790,"height":11}},{"id":"a21bfc72-e760-4544-b5e9-4836fba9cdd1","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":217,"box":{"x":69,"y":827,"width":836,"height":12}},{"id":"eb962d5d-4d9a-4ab0-a551-76b22fc719f3","block_type":"box","text":"We comply fully with these requirements and do not engage with por tfolio companies for the purpose, or with the","page_number":217,"box":{"x":68,"y":842,"width":805,"height":12}},{"id":"9fa520a3-0f92-4ccf-b8b6-f45323b39d49","block_type":"box","text":"effect, of changing or influencing control of any company.","page_number":217,"box":{"x":69,"y":857,"width":405,"height":12}},{"id":"333b8ce3-6490-4c9b-9be1-49070eb1fe04","block_type":"box","text":"2","page_number":217,"box":{"x":69,"y":876,"width":4,"height":4}},{"id":"f84b0957-0238-410f-9154-91da76e02bdf","block_type":"box","text":"Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the","page_number":217,"box":{"x":78,"y":875,"width":827,"height":11}},{"id":"eca1d8bb-d06e-4088-a6d7-0b8602effd1d","block_type":"box","text":"five themes on which we most frequently engage companies, where they are relevant, as these can be a source of","page_number":217,"box":{"x":68,"y":890,"width":818,"height":12}},{"id":"9517947b-19a6-45c5-b757-c604379064ef","block_type":"box","text":"material business risk or oppor tunity.","page_number":217,"box":{"x":69,"y":906,"width":264,"height":11}},{"id":"e8e483eb-c840-4d76-b58e-1508a8bc30c4","block_type":"box","text":"BlackRock Investment Stewardship","page_number":217,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"2dae992d-9da3-4ef6-b336-bafe6c8e9cc8","block_type":"box","text":"Global Principles | 3","page_number":217,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"655d99a7-3ece-4cdb-ab57-57b75efd8e95","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":217,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"859a42fe-8b13-4eca-bc3b-988ea458a087","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":218,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"81e54800-ecca-4da8-a03d-5a48854a11dd","block_type":"box","text":"governance. As a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is","page_number":218,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"34c1c80f-b596-4d04-8ad5-7de43bc97937","block_type":"box","text":"consistent with the investment objectives of clients who have delegated voting authority to us. BIS’ Benchmark","page_number":218,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"a2e541d1-9700-4e2c-9f2d-bfbd38ffc3d9","block_type":"box","text":"Policies, and the vote decisions made consistent with those policies, reflect our reasonable and independent","page_number":218,"box":{"x":69,"y":90,"width":779,"height":11}},{"id":"50105a16-0ef2-40e8-b70a-cf560727ed50","block_type":"box","text":"judgment of what is in the long-term financial interests of clients. 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These are topics that shareholders may have","page_number":218,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"11394f6b-e5cc-40cf-bf48-80a8508295d1","block_type":"box","text":"the ability to vote on at shareholder meetings. These areas include:","page_number":218,"box":{"x":68,"y":491,"width":482,"height":11}},{"id":"f3822879-1699-4d8d-9e44-ea48ed81e5d0","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":514,"width":6,"height":4}},{"id":"a299b43a-16b8-49ea-a3e2-07bc62b2f030","block_type":"box","text":"Boards and directors","page_number":218,"box":{"x":102,"y":511,"width":147,"height":9}},{"id":"e7fe12e5-7906-465f-bb28-3df40bed5284","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":534,"width":6,"height":4}},{"id":"97e57fd4-5d04-4a98-a30e-3469abe44ac1","block_type":"box","text":"Auditors and audit-related issues","page_number":218,"box":{"x":101,"y":531,"width":234,"height":9}},{"id":"77358012-99ac-4945-bb08-f24863c35aa5","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":554,"width":6,"height":5}},{"id":"a74bdce2-0568-42e7-b8b5-258724e58d08","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":218,"box":{"x":102,"y":551,"width":583,"height":11}},{"id":"11accd21-fabe-4785-a00b-84dcf6a220dd","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":574,"width":6,"height":5}},{"id":"12cd5708-c0cb-414e-852b-0427a16a9cbc","block_type":"box","text":"Executive compensation","page_number":218,"box":{"x":102,"y":571,"width":170,"height":11}},{"id":"8583327d-ce17-4d64-9f04-7f2d1f73a5e6","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":594,"width":6,"height":5}},{"id":"b6b52abb-b873-46b8-93d2-478960e33254","block_type":"box","text":"Shareholder protections and other significant corporate governance matters","page_number":218,"box":{"x":102,"y":591,"width":539,"height":12}},{"id":"e7fd8a8e-b53f-4b7e-bf9e-3ede55069eaf","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":614,"width":6,"height":5}},{"id":"ff2d09e9-953d-42e7-a787-8ef36d05a344","block_type":"box","text":"Shareholder proposals","page_number":218,"box":{"x":102,"y":612,"width":160,"height":11}},{"id":"d8ae6b77-4dd2-4d54-9e53-16dbca783386","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into","page_number":218,"box":{"x":101,"y":634,"width":740,"height":12}},{"id":"bb88b119-bb1a-42bf-b335-4d2380d0a745","block_type":"box","text":"consideration a number of company-specific factors, including the sector, market, and business environment within","page_number":218,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"0bbdd921-a54b-4583-986c-ed31dcec77d8","block_type":"box","text":"which companies operate.","page_number":218,"box":{"x":68,"y":665,"width":186,"height":10}},{"id":"541fef83-31c4-48b6-afb0-a53e921f1944","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards","page_number":218,"box":{"x":101,"y":687,"width":803,"height":11}},{"id":"35567cfe-336d-43b4-aa7c-6c79c427ab2a","block_type":"box","text":"in their domestic market at a minimum, and we ask that, if they do not, they explain how their approach better","page_number":218,"box":{"x":70,"y":702,"width":785,"height":11}},{"id":"97feaf45-1794-459b-9e3e-6513e8850548","block_type":"box","text":"suppor ts durable, long-term financial value creation. Our regional voting guidelines explain how the BIS Global","page_number":218,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"3a01ce7f-5004-4f82-b13a-bc694cc20f74","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":218,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"07e878f5-2aab-4a8e-a259-22513313e2db","block_type":"box","text":"4","page_number":218,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"340a8535-6851-4951-b864-64539700617b","block_type":"box","text":"3","page_number":218,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"4b0cca8c-ef15-4d3c-9502-431c54a368f7","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":218,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"276a3286-3150-4cd6-8e5f-07fb90cb0b9c","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":218,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"b81bd610-a872-4718-895b-e72586f10028","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":218,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"515d0b21-fd5c-4419-90ab-b25971fb526a","block_type":"box","text":"4","page_number":218,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"994ebd38-860f-4af9-b524-77b5a740fcb7","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":218,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"8ac451a5-e365-4240-88a2-e617e9f2d91a","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":218,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"2f3b5be5-e11f-485b-abb6-44e0be9fa704","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":218,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"a8985d20-388a-4d56-9e40-02ce8d1f8280","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":218,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"136c0a97-2ddb-4361-9569-29bc05c473a3","block_type":"box","text":"guidelines.","page_number":218,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"6473dfed-a255-4220-a094-172ade1d5504","block_type":"box","text":"BlackRock Investment Stewardship","page_number":218,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a8a9b3ce-6d1a-4b2f-8074-c7d3528d7c32","block_type":"box","text":"Global Principles | 4","page_number":218,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"5026aefd-178f-4822-9b9e-1636e9c2de72","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":218,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"01c0ca37-096c-49a2-a68a-b180e1bf5553","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":219,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"6cc3c633-f0b5-446b-a3af-641c8b56abbe","block_type":"box","text":"Oversight role of the board","page_number":219,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"b7417cac-be56-42ca-a0e4-361d9b97ae66","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":219,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"1f9900f5-9a64-46e3-b850-4041dbf66a83","block_type":"box","text":"characteristics relevant to a company’s business enhance the board’s ability to add long-term financial value and","page_number":219,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"fe41a988-e7dc-4bdf-874e-3e8a40124b5e","block_type":"box","text":"serve as the voice of shareholders in board discussions. In our view, a strong board gives a company a competitive","page_number":219,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"ea9bc730-170e-4f19-936f-0a474f84f343","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most impor tant management decisions that suppor t","page_number":219,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"e866aed7-ccfb-4c55-ab93-0791386e486c","block_type":"box","text":"long-term financial per formance.","page_number":219,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"25063b0d-fa39-4cc9-b398-eae0eba9977c","block_type":"box","text":"For this reason, our investment stewardship effor ts focus on the effectiveness of the board of directors. We","page_number":219,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"456d4741-2c87-41df-a07a-866169ae48c0","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":219,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"7c29df24-2e05-4a61-b996-d0dd0dc0bb25","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":219,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"12d9eb9f-a922-4d68-a468-e196737d0427","block_type":"box","text":"the business environment in which a company is operating.","page_number":219,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"551dc7b1-f943-4b89-9659-f2b737ec55c9","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":219,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"2f3b3107-bb85-4410-8ce1-79d1cc8e780c","block_type":"box","text":"governance mechanisms that suppor ts its oversight of the company’s strategy and operations, consistent with the","page_number":219,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"c4e027e9-94ac-4931-99e3-2c14b4ac96ee","block_type":"box","text":"long-term financial interests of investors. This includes having clear descriptions of the role of the board and the","page_number":219,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"95ddd0dd-3ee0-4972-9773-fc76e0f766f0","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":219,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"583b23f8-b072-4592-b83b-031cdc27addb","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":219,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"9b7a31bf-66c6-4969-9462-2c55a2cbbe9d","block_type":"box","text":"mitigating such risks.","page_number":219,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"08ac3e4c-d4d2-4faa-8f90-cea3f6ed6712","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":219,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"fc51c11f-b81a-4ef1-8bf5-72d8479bb187","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":219,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"1b9f80b8-8c16-41ab-bbc9-1759b1282239","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":219,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"65efa7f0-c893-47f4-a0a2-e367e3ce6433","block_type":"box","text":"board’s role in reviewing the revised targets. We look to the board to ar ticulate the effectiveness of these","page_number":219,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"1881e661-1a6e-4c12-a591-dda06a492145","block_type":"box","text":"mechanisms in overseeing the management of business risks and oppor tunities and the fulfillment of the company’s","page_number":219,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"cfe887fe-0d80-449f-89f0-c2add6c80a31","block_type":"box","text":"strategy.","page_number":219,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"8bca964d-cacb-4917-a3c4-a064003a124d","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":219,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"6dc5ab0d-905f-4c74-b95a-3e200b17b96a","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not suppor ting the election of directors who, in our","page_number":219,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"88cb531e-ad52-463d-bc2b-6a14333c7d43","block_type":"box","text":"assessment, have par ticular responsibility for the issues.","page_number":219,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"e0644f31-5344-4de0-94df-bb4e72844784","block_type":"box","text":"When casting vote decisions on behalf of clients on the election of directors, some of the factors that speak to","page_number":219,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"2c143257-f247-4964-80dc-ccd6e2af4040","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":219,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"453933ad-847e-44ac-92f5-85a03d8f29bd","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":219,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"e1d5e2e3-37ab-4dcd-b445-f85ba08e2ddb","block_type":"box","text":"per formance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":219,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"092d88d4-e78a-40d7-810d-d1c20f694178","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":219,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"960618e7-d224-43d4-bbd6-2450abf49248","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":219,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"fcf32f62-6053-47ac-9fb7-7f957d2694a9","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":219,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"1a447d59-2de7-4673-82c3-1b4780c12b36","block_type":"box","text":"Regular accountability through director elections","page_number":219,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"429c429d-fa3f-4765-9c26-1f9ec524841a","block_type":"box","text":"The election of directors to the board is a right of shareholders and an impor tant signal of suppor t for, or","page_number":219,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"bd72a891-792e-4144-bfc4-f88406f64b45","block_type":"box","text":"concern about, the per formance of the board in overseeing and advising management. To ensure accountability for","page_number":219,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"c65e8676-40c2-4d15-b632-d3eda518b1a3","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":219,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"08a75a23-02e0-4af3-8726-2b97a48186a2","block_type":"box","text":"5","page_number":219,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"cf338e3f-2d76-4429-9cc9-ff8f7b687f32","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for, or concerns about, board members’","page_number":219,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"8d67d0c8-d558-4ef5-ba32-f404356d13a1","block_type":"box","text":"decisions in a timely manner. When board members are not elected annually, we consider it good practice for boards","page_number":219,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"b83e7e1c-fefe-4c24-85b9-ba83281427f6","block_type":"box","text":"to have a rotation policy to ensure that, through a board cycle, all directors have had their appointment re-confirmed,","page_number":219,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"f7f4611f-466a-41d7-a2e7-e64b65fa9831","block_type":"box","text":"with a propor tion of directors being put forward for election at each shareholder meeting.","page_number":219,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"9bc0ee13-d5c3-4c95-a75c-ab2f5bc080e9","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":219,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"964de2fa-4f6c-424f-bb9c-463ae2ec5d19","block_type":"box","text":"Regular director elections also give boards the oppor tunity to adjust their composition in an orderly way to reflect","page_number":219,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"70c60225-f372-465e-aad6-a6d7fb7ece09","block_type":"box","text":"developments in the company’s strategy and the market environment. In our view, it is beneficial for new directors to","page_number":219,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"97653fa0-5e29-440f-96b0-7ca7bdf53dde","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":219,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"7ce3c318-8d6f-4672-b6e3-a17516dd9e4d","block_type":"box","text":"5","page_number":219,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"aa25845c-58aa-4018-8b86-7d3a7616846a","block_type":"box","text":"In most markets, directors stand for re-election on an annual or triennial basis, as determined by corporate law,","page_number":219,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"331eae40-6ff9-4a75-ad78-faa2e4b37970","block_type":"box","text":"market regulation or voluntary best practice.","page_number":219,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"13ec77e3-cda0-4a2d-8219-ed82857b690a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"97c10481-baff-437f-9362-94ae7b49a852","block_type":"box","text":"Global Principles | 5","page_number":219,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"69997814-ca7e-428f-bd59-889d3c3dc7d4","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":219,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c0d1dede-2070-4097-9d13-57360b9a93e0","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":220,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"1f049134-7021-4a84-bce8-c0b9dc5452b6","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":220,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"09aa605a-7736-4f2b-a6b2-e1279340b62e","block_type":"box","text":"recently.","page_number":220,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"dfade279-31a1-4d6c-a8f2-c09ac365d4ec","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":220,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"ef4b6ce8-8e98-4678-b376-cf7fbbfa9d57","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":220,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"3c4dd1c6-4ba8-44d9-8311-68a69d8cdcd3","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":220,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"253b6e1a-e3c3-441d-9165-d22ba73af8b3","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":220,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"b2944002-03bf-4c35-9b93-93439f96a33c","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":220,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"504f1916-8b3c-4631-832b-1c514a17f5fe","block_type":"box","text":"Director independence","page_number":220,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"29bad210-3f30-4435-8d0e-8f2d3cf319b5","block_type":"box","text":"Director independence — from management, significant shareholders, or other related par ties — is a central","page_number":220,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"910fe455-5395-4a5c-ae84-512cbf2730e3","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":220,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"d4b9f0ca-cb6d-4afe-a227-66c39070d899","block_type":"box","text":"6","page_number":220,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"5953ef0c-fe30-4b3c-9f2b-66d9f07fd07a","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":220,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"b11f8560-88ab-4516-a30b-72844b7464a5","block_type":"box","text":"directors, free from conflicts of interest or undue influence, to ensure objectivity in the decision-making of the board","page_number":220,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"1553a233-e3f2-44aa-b7c6-064f17472dac","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":220,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"7044b65b-aff0-4b95-bab9-bdf67b8127d0","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":220,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"55fbddac-71f2-4c8d-afe6-b5c27e4814f9","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":220,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"90952da2-56ba-47fb-9b8a-da8ef0129a64","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"465581f3-185d-42c4-99f0-26f4231d93b7","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":220,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"b8dfd636-59f8-41a9-b519-7f51ed0d044c","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"0b441a7c-10e1-4407-a75d-f36112240094","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":220,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"10225f56-8846-4d65-9026-783e0e270eef","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"1656ce60-95a1-418a-b4b7-070af5d5f01a","block_type":"box","text":"Interlocking directorates","page_number":220,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"c34502d4-7f85-474a-8ea2-9b7da366771c","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"d5266bce-7a5f-4b01-8af5-d5bbf8d2e2a4","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":220,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"689b6d92-6c94-4b4a-b412-d33496c73483","block_type":"box","text":"materially inter fere with a director’s ability to act in the best interests of the company and shareholders","page_number":220,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"b6025efe-2bc1-4611-9f2f-bdfb7eab2845","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":220,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"fefdc460-533a-4da9-ae0a-ae53f2e64f46","block_type":"box","text":"independent board leader. This director may chair the board, or, where the chair is also the CEO (or is otherwise not","page_number":220,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"fa52f3ca-be63-4f11-9694-413fca28116f","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to suppor t independent board","page_number":220,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"a8f13984-48b3-4e89-af85-dc90fd8dc47f","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":220,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"50c7654f-31d2-4939-9777-a62250164f87","block_type":"box","text":"is provided to the board, and encouraging independent director par ticipation in board deliberations. We appreciate","page_number":220,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"6d038574-7ac1-46b1-b5c7-1bb9b16b6982","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":220,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"b8d4537b-3b90-4dd3-858a-1a4286d6c861","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":220,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"da574c5c-c62b-4530-9137-94c87da15985","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":220,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"fa84e8e2-c905-4cc3-ac8e-a664dd401bbe","block_type":"box","text":"require additional focus. It is our view that objective oversight of such matters is best achieved when the board forms","page_number":220,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"d65a48e2-f3da-42e2-9889-444508fbb89e","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":220,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"055c8b89-54de-4417-8347-93f8bc3554a9","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":220,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"1c8684b6-31d2-41d3-908d-c5aaf288444b","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":220,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"01e494f5-c946-4abb-9c5f-d9e31959fd2d","block_type":"box","text":"par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":220,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"1c8360c0-49dd-4594-8e45-9e87b6529ba9","block_type":"box","text":"Sufficient capacity","page_number":220,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"46526386-f4ca-4356-a7f6-a7a29c6ae2e1","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":220,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"08842d4e-be75-4211-b835-b73b185ec2ad","block_type":"box","text":"appropriate amount of time to board and committee matters. It is impor tant that directors have the capacity to meet","page_number":220,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"5a64a5f1-ce23-49eb-b962-02ad26c8c1c3","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":220,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"9416cee7-1b19-4ef0-8736-ec8f8c5790e2","block_type":"box","text":"practice when they don’t take on an excessive number of roles that would impair their ability to fulfill their duties.","page_number":220,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"d9203e2c-f3a0-4c6c-ab97-d34497d4009c","block_type":"box","text":"Board composition","page_number":220,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"6eb758f2-aefc-4ca9-b6b9-f3f96ff9f690","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":220,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"b3edf5f2-4a27-4439-86c7-c1c60047cfa6","block_type":"box","text":"capitalization, and ownership structure, as well as the market in which the company operates. We find it helpful when","page_number":220,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"e7a50b6c-6360-411c-b44c-f888a4a599b4","block_type":"box","text":"companies explain how their approach to board composition suppor ts the company’s governance practices.","page_number":220,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"30c8b23d-1c94-4fce-ae0c-294e37e398e1","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":220,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"263f06fc-179d-4fc4-81e6-43c69cd05578","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":220,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"a68e7f38-d271-463d-b6d0-ec1410836cd0","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and exper tise of the","page_number":220,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"7a26f483-803e-4244-bc47-c43234cb46b5","block_type":"box","text":"board, as well as the par ticular skillsets of individual directors, aligns with the company’s long-term strategy. Highly","page_number":220,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"517b69cc-3d2b-44ac-8de0-8a9b34445575","block_type":"box","text":"6","page_number":220,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"09ba59fd-302f-42b1-9261-def84e23140d","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":220,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"429b648b-d357-4a4c-b7ef-e0f921b5d105","block_type":"box","text":"Repor ting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":220,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"d239122e-dc37-42d3-b1ad-d84a9e1cb5d8","block_type":"box","text":"BlackRock Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ba239e48-8cd6-4ea8-8668-f620955af7df","block_type":"box","text":"Global Principles | 6","page_number":220,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"fa04047d-1b9a-48a1-a787-6852809d6b67","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":220,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ab680379-bb6f-4ea0-a72d-aee46107991f","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":221,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"ba618e53-b773-4fdc-a09a-43b16c63267a","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":221,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"0ae863c3-10fb-477c-a750-9259d474f605","block_type":"box","text":"It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the board","page_number":221,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"088b4d3e-6e6b-4c52-a3e0-d74a0fab1e96","block_type":"box","text":"room. We see it as a means of avoiding “group think” in the board’s exercise of its responsibilities to advise and","page_number":221,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"e7fd0593-daa1-4734-8264-1e7ab71cfd5e","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":221,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"a06e062c-c635-43b4-9064-0c5317e981ad","block_type":"box","text":"may discuss with companies, par ticularly if there is a risk their board composition may be misaligned.","page_number":221,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"610f79ab-4c19-49bc-b0a9-7864651f8978","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":221,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"c4511e07-33f1-4163-9643-f5e714d15b70","block_type":"box","text":"BIS recognizes the critical impor tance of financial statements to provide a complete and accurate por trayal of a","page_number":221,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"98d29c27-0c89-4126-9b06-04b9497fa417","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":221,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"63dabaa5-c1bb-4281-ae1a-b947daa1f8c2","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":221,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"19f90f4d-f1aa-4a0f-9dc4-2f65fdaeb801","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":221,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"9a1e2b99-fb85-43a1-a6db-c9da0efca591","block_type":"box","text":"independent auditor and the internal audit function at a company. The committee plays an impor tant role in a","page_number":221,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"7bcbb82f-b2e7-4a56-9eef-0335a7f2e944","block_type":"box","text":"company’s financial repor ting system by providing independent oversight of the accounts, material financial, and,","page_number":221,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"8945828f-6ad3-4dd0-a28f-506661046d28","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":221,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"a07a5197-a684-4bcd-956d-951098f247e0","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":221,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"fc16f16f-b5a2-4fb3-9bb8-0cac3d7ad4e3","block_type":"box","text":"systems.","page_number":221,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"40ca10b5-9590-46bb-99fc-5badcd99d3d1","block_type":"box","text":"7","page_number":221,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"725e231e-1fca-4fd5-a6cf-6a789537c450","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":221,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"1dbd11c4-a3bc-4218-a886-741abae6ed96","block_type":"box","text":"financial statements and provides an impor tant level of reassurance to shareholders.","page_number":221,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"0b0668ce-f1a2-4304-b1f3-9252ef0de1b3","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly ar ticulated char ters that set out their","page_number":221,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"23e4069d-9cfd-4016-a7ce-6fe5a0316299","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":221,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"d9fd9f02-9424-40f6-b9c2-0e7343791ddd","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":221,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"2e7d15f1-e5cd-4128-baa4-8e053f065d17","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":221,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"f2bf2fae-d02f-489f-bf40-58e3740e2765","block_type":"box","text":"exper tise to monitor and oversee the audit process and related activities.","page_number":221,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"79aabd90-af57-41f6-835c-d3d9fe3101f7","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":221,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"98358bb4-8453-4877-b982-923fa413e2e3","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":221,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"6532bed7-f741-4d03-ba4b-f21aecb08cf7","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":221,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"4ebc6209-219d-45cd-ab85-424ab53ec270","block_type":"box","text":"or internal audit function.","page_number":221,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"e4a864b3-4733-49a2-9701-40e0b638e040","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":221,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"a62769f6-a02e-45c0-9f40-2215567d8e98","block_type":"box","text":"compromise its ability to serve as an effective check on management. To that end, it is impor tant that auditors are,","page_number":221,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"c8a72195-0dd3-4b92-9828-c3b2f51d00fd","block_type":"box","text":"and are seen to be, independent. Where an audit firm provides services to the company in addition to the audit, we","page_number":221,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"31425234-5af9-4bf8-9ed1-64895196cb3e","block_type":"box","text":"look for the fees earned to be disclosed and explained. We look for audit committees to have in place a procedure for","page_number":221,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"36adc60d-14b8-4c15-be23-5fd41fb595f2","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":221,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"0f3172a7-4390-414f-8e99-bcd9908e0498","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":221,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"faf57fa9-2d31-497b-aa22-5ad6b9497d32","block_type":"box","text":"management practices and, more broadly, the quality of the board’s oversight. We look to the audit or risk committee","page_number":221,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"903bb3a5-2a9d-4315-8dbf-6ecb166cbc55","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":221,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"a89da8ac-66bf-4dd2-88dd-dd26c48f1373","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":221,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"0ee13516-5282-4e16-8a8c-427f08f7ca62","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":221,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"4c8ce76e-903a-487a-8ee7-68d527ca0b5a","block_type":"box","text":"risk.","page_number":221,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"0bc5d613-f8f2-4e47-824e-ea5260d5dac3","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":221,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"fe9de406-9421-4348-82b3-5f793abbc978","block_type":"box","text":"The capital structure of a company is critical to shareholders as it impacts the value of their investment and the","page_number":221,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"60c4673b-fd8e-4fb8-968d-49b6c2e5918e","block_type":"box","text":"priority of their interest in the company relative to that of other equity or debt investors. Pre-emptive rights are a key","page_number":221,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"734281a2-1b2d-4974-bdba-9b3b7d430ec8","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":221,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"9f932e80-fad0-4144-86e2-63abc51135f1","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":221,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"f08b76e8-8f38-483e-a82e-2232ba473ee8","block_type":"box","text":"differentiated voting rights. As a result, BIS generally suppor ts bylaw amendments that introduce the adoption of","page_number":221,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"9627a5ee-5116-49b4-9ea2-83929738b636","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":221,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"fce57565-6b33-441d-ac8c-4c620bcd3b98","block_type":"box","text":"7","page_number":221,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"ecc2b4f8-b267-4e30-8d5d-04420d88676b","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":221,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"4dec4fa3-9c5b-4a33-9ac2-7e3923cb5b74","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":221,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"7737455a-22f2-48db-8433-bb28426a86fd","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":221,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"fa6b0a67-adb8-4ad5-931f-a6406d8f2790","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":221,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"8e4b334f-adf6-43e0-b253-cb76ea4ed692","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":221,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"796bc07a-ceef-4ccf-aef2-caa3ab4c85b8","block_type":"box","text":"BlackRock Investment Stewardship","page_number":221,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"7983f3e4-7551-43a1-8928-8d8861f7f1b9","block_type":"box","text":"Global Principles | 7","page_number":221,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"ff4cb694-8b5f-4cdb-999a-d5045b7edce5","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":221,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"2c3b0f50-a679-47ed-85bb-435d9a162d4a","block_type":"box","text":"However, we recognize that in cer tain markets, at least for a period of time, companies may have a valid reason","page_number":222,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"fa87e6cd-0c02-47f6-85bd-02449c2d744a","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":222,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"3b16d461-fa84-4546-92ab-8aadef25e5de","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":222,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"43a0b7d8-f5ca-41ce-a05c-f7ce19dfb73e","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":222,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"a832ec45-d27f-4c87-9ded-41b4ccb4a7a3","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the oppor tunity to affirm the current","page_number":222,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"6b5cb765-07ca-4dcc-a87a-139e56ab5159","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":222,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"db268f40-cea5-46ef-a7d8-bff9f42bf0dc","block_type":"box","text":"minimizing costs to shareholders.","page_number":222,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"950298f6-d3a1-470e-b631-6907c103cc38","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":222,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"ecb64f30-c75c-4584-8ca9-659f0cdf8f25","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":222,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"21d3d686-f36d-452c-acf8-231b48004399","block_type":"box","text":"in mind. Typically, we review factors such as whether the proposed transaction has the unanimous suppor t of the","page_number":222,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"a6831b88-2c20-47d8-8efa-53cf451f6557","block_type":"box","text":"board and has been negotiated at arm’s length, and whether the board or management has clearly explained its","page_number":222,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"eeacf196-d379-45b7-8b8d-4f8ae8d82f1b","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":222,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"2c812b83-1be8-4698-af24-f11c4e459e53","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":222,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"e98f5e33-255d-42be-ab7a-707765d8a601","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related par ties, the recommendation to","page_number":222,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"a251746d-0dd2-4d55-93d9-acc1b10d5e9b","block_type":"box","text":"suppor t should come from the independent directors, a best practice in most markets, and ideally, the terms should","page_number":222,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"1c7ba0cc-fd2d-49ed-94d2-3c9324295876","block_type":"box","text":"have been assessed through an independent appraisal process. In addition, it is good practice that it be approved by","page_number":222,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"50462a68-eca4-47c2-b909-662705a3e2a1","block_type":"box","text":"a separate vote of the non-conflicted par ties.","page_number":222,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"bac8654d-44a2-495a-a154-6280de1ee7e3","block_type":"box","text":"As a matter of sound governance practice, shareholders should have a right to dispose of company shares in the","page_number":222,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"e57a0264-5d47-4f93-a57f-ac09f64ad6b9","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":222,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"07ba8fd6-c6a2-4d2e-a20a-dbaa6fa12456","block_type":"box","text":"ability to sell their shares are contrary to basic proper ty rights. Such mechanisms can serve to protect and entrench","page_number":222,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"4f04bf60-19c9-4fe0-ae1f-91fea0c659a8","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":222,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"3031bd6d-dfbc-477b-ac9e-bb27a1bfa1ba","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":222,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"b56c88c2-d8a6-4ce2-8b8b-e539b0ea4cc5","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":222,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"6ee3b7ca-50cb-450b-908e-e1a461dbdb98","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":222,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"c9ac4bff-1b66-41e4-b0d6-a32db9796ff5","block_type":"box","text":"Executive compensation is an impor tant tool used by companies to suppor t long-term financial value creation. A","page_number":222,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"ce244b0c-ba2f-4cb4-9ee4-2e9d3aec9e2e","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":222,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"08c45e08-694b-40e9-9abf-59a6b5283a07","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":222,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"4a59fa18-94b1-4235-82fb-765da6f8063c","block_type":"box","text":"ownership.","page_number":222,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"4367de1e-4600-40ed-bee3-ab541fad4bbe","block_type":"box","text":"8","page_number":222,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"b92a9b43-85ce-4333-b71b-785a855d0d57","block_type":"box","text":"We look for a clear link between variable pay and operational and financial per formance that suppor t sustained","page_number":222,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"f2b15263-6bf5-4f7e-a77d-3dc81abbc9fd","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when per formance targets incorporate","page_number":222,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"49ec683f-5943-43e1-aad9-cd8c316f84cc","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":222,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"b66babba-7e0a-4222-9c77-cb35b7c802c6","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":222,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"a7382336-dc4a-4d5a-9c20-9b23e6c39ea0","block_type":"box","text":"structures, but, where they are included, we look to companies to be as rigorous as they would be in setting other","page_number":222,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"de963967-3e2f-47ba-8a3a-a28cf7412432","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":222,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"acc62b29-07d7-4599-a56c-ebd6bd2acfb8","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":222,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"609e65e1-c9f6-4230-a77f-8c47a320e0c1","block_type":"box","text":"results over a period of years.","page_number":222,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"8ffd8723-b085-4361-8f75-eb9df8ad9030","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":222,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"baf1e2c5-1053-42aa-9d72-fc8e8d4decb4","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":222,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"f648f87d-9446-42aa-a17c-001ede2eb486","block_type":"box","text":"company’s risk profile, the environment it operates in, and the individuals the board is trying to attract and retain. We","page_number":222,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"a14216c4-eca1-4121-bfc1-2480555b682c","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":222,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"831aa3e3-0bcf-4a9f-a841-f6fab8702408","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":222,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"1a19b956-6add-4b02-966a-e29cc42fcbe5","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":222,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"72b6b8a2-f1fa-4f72-b07d-d1c0fed1cc97","block_type":"box","text":"executive compensation strategies.","page_number":222,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"15d4eee3-bd38-4073-bd24-fdc6364c5496","block_type":"box","text":"We are not suppor tive of one-off or special bonuses unrelated to company or individual per formance. Where","page_number":222,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"3c5dd696-d23b-4867-8955-11eb391f0953","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":222,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"87dc8c80-9769-458a-b8a3-ff00f9d44fb6","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. In","page_number":222,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"adb8df91-b5ac-4469-8721-d4f6522c0fda","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":222,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"b3021064-8fd2-49b0-803b-d8e78e911b7e","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":222,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"0bf9a847-d099-4e6f-9581-3d0992bf77c2","block_type":"box","text":"per formance rather than solely base increases in total compensation on peer benchmarking.","page_number":222,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"7e70831c-2f26-41aa-89cb-4d090f563be4","block_type":"box","text":"8","page_number":222,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"20485e59-343a-46e5-994e-fe3ca349d365","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":222,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"948ce5e7-eb21-469e-91c8-1b1ee71216b6","block_type":"box","text":"different markets.","page_number":222,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"d2ff3a77-475e-4920-80b7-33e9046f44fb","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c0987d36-cc93-487c-acb4-a01c950e4b2e","block_type":"box","text":"Global Principles | 8","page_number":222,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"f78677bb-3975-46d5-b274-5a7ded817b75","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":222,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"42d89943-0296-488b-8153-a753567327f0","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":223,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"8893491c-d622-46c6-8f87-3a1062ce8f81","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":223,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"09173e17-6060-433e-93df-b4943b769128","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":223,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"df6db1d4-1608-49a2-9d21-ce25d2d2d1b1","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":223,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"930fa69b-5525-42c5-a846-5c9063d11ff9","block_type":"box","text":"In our view, non-executive directors should be compensated in a manner that is commensurate with the time and","page_number":223,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"23df4f9e-2afd-4f6d-84c2-a98cec76980c","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":223,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"11805eb9-002d-4ffd-b233-393db1dcccf8","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":223,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"709aacc5-6515-4f1c-b4e4-19a50628b3a7","block_type":"box","text":"whom they are charged with overseeing.","page_number":223,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"26d749bc-8113-4e75-828e-4abe701e3c23","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":223,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"6c8211ef-0e72-4da7-8db8-ba4a1e4148ec","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":223,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"25bf5139-fff4-4055-a499-4469f139debf","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":223,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"0a0f7f3b-1bfd-47d3-aa8a-3cc46a200ca6","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company per formance, BIS may not","page_number":223,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"6cfa2357-b8f5-4a92-9d54-84ce6529fbd9","block_type":"box","text":"suppor t management’s proposals to approve compensation, where they are on the agenda. We may also not suppor t","page_number":223,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"fafc9ffa-45ef-4469-82ed-c8809b00b8a3","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":223,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"ddf1fe5d-f775-429c-8601-7911ce7665d9","block_type":"box","text":"structures.","page_number":223,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"5c0f9af3-87c6-40fc-b3d6-91cbd493ce5d","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":223,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"e43e0177-f53d-425f-a36e-932533e55275","block_type":"box","text":"Corporate form","page_number":223,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"38e87098-8788-48b3-af14-7f02e9d9f767","block_type":"box","text":"In our view, it is the responsibility of the board to determine the corporate form that is most appropriate given","page_number":223,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"36326271-225c-4fa9-9139-48ad78bbbbec","block_type":"box","text":"the company’s purpose and business model.","page_number":223,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"53ac26b2-0dc2-438d-8832-d944046560c0","block_type":"box","text":"9","page_number":223,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"089f5b87-d9d8-430f-b7cb-e605e61db8a4","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":223,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"ded4a672-7410-463d-a6b8-36afc7953b0d","block_type":"box","text":"public benefit corporation, or similar entity, to put it to a shareholder vote if not already required to do so under","page_number":223,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"2a4e1b1c-3ae6-4dcf-9a2a-634a6c137e72","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholders proposing to alter the","page_number":223,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"fee76488-a787-4506-bcf4-812f4595e816","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":223,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"93525703-50d1-4171-a3b6-7393fe69bdf9","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally suppor t","page_number":223,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"f663a602-66db-4ba5-b9df-42a657541b33","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":223,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"ba99cbe9-faf7-4806-92bf-5cca0e0817ce","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":223,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"d79e7216-3a62-4be2-9069-da86fb26c994","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":223,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"19251870-f0cc-49d4-906a-16fba580df75","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":223,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"921a4ece-1b59-410c-b1f7-b9dcd82e1d46","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":223,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"e376828b-7fbb-4e5e-9aab-530533491fb0","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":223,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"a9d9c161-2d0c-463a-8420-cd8f1af16969","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":223,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"431a7284-dc19-401a-864c-720fe67f73bb","block_type":"box","text":"BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus on the","page_number":223,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"a6dcc5ca-b991-4d34-a6e2-884e6cda82a0","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":223,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"e15363c6-5d77-4d50-ab59-0005eb25ad89","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial per formance. BIS","page_number":223,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"c4dc7311-3497-4682-b025-3970b0876fc1","block_type":"box","text":"may suppor t shareholder proposals that request disclosures that help us, as long-term investors on behalf of our","page_number":223,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"8c9b0296-5cff-4c36-b337-6103653f457e","block_type":"box","text":"clients, better understand the material risks and oppor tunities companies face and how they are managing them,","page_number":223,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"3d277aaf-b683-49e2-8988-7fd49675f00e","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":223,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"97df5c61-942b-4edb-8e8e-678504b3a3e7","block_type":"box","text":"between the specific request formally made in the proposal, the suppor ting documentation, and the proponents’","page_number":223,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"09f37ce8-8dfb-406f-81ac-81614760f410","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":223,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"d53f7625-f88b-48f5-a9a6-7a3fb72222e0","block_type":"box","text":"benefits to the company of meeting the request made in the proposal. We take into consideration a company’s","page_number":223,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"4935a1ce-a626-48eb-8d8e-0b2763a41372","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":223,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"f265aad9-8682-4121-9308-a76e4217ec43","block_type":"box","text":"BIS does not suppor t shareholder proposals that we view as inconsistent with long-term financial value or that","page_number":223,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"7514419d-c760-4366-837f-7818317875e1","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":223,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"188b55aa-f659-420b-a9c4-21862e0d9499","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":223,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"1aad186e-2e64-4f00-a20b-79bce4efc0fb","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":223,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"f83ef5bb-6288-4ad5-9768-430e73eddbcc","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":223,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"4c97e220-4ddc-461a-bd10-3caac1f26acf","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":223,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"e932db25-b902-4064-9e93-19d487cff588","block_type":"box","text":"requests. Fur ther, the proponent’s suppor ting statement may refer to topics that are not directly related to the","page_number":223,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"28bf3751-406f-4bd9-9133-836dcbd2dcab","block_type":"box","text":"request made in the proposal. In voting on behalf of clients, we must vote yes or no on the proposal as phrased by","page_number":223,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"f77efaec-2683-49f2-a949-0fc203c48b79","block_type":"box","text":"the proponent. Therefore, when we vote in suppor t of a proposal, we are not necessarily endorsing every element of","page_number":223,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"09f997b3-e20c-4586-97ab-dc25a4c4531b","block_type":"box","text":"9","page_number":223,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"53e36a10-a5b0-4670-81b9-020a67eeea89","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":223,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"04f3c913-de48-4224-9c16-3183e7f742d7","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"8b90f75b-43d7-4914-8c42-8ed7058d2083","block_type":"box","text":"Global Principles | 9","page_number":223,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"89651d1c-b024-4451-a5db-99a03b07aa14","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":223,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"64a8aa15-3cd5-4c34-9c45-fd3e19b46778","block_type":"box","text":"the proposal or the reasoning, objectives, or suppor ting statement of the proponent. We may suppor t a proposal for","page_number":224,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"ee08c390-89ce-4c95-83b3-8c346db3b3c7","block_type":"box","text":"different reasons than those put for th by the proponent, when we believe that overall it may advance our clients’","page_number":224,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"427d7798-6aed-42d1-a737-dfd1961a3e9d","block_type":"box","text":"long-term financial interests.","page_number":224,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"f4d8d174-da5a-425f-977c-ff8a4b660e66","block_type":"box","text":"BlackRock is subject to cer tain rules, regulations, agency guidance, and contractual agreements that place","page_number":224,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"f2b9f497-5a42-480d-81fc-26b6270e083c","block_type":"box","text":"restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our","page_number":224,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"b7250bb9-476e-431c-bc48-f4e57a0a0637","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":224,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"353e9728-964d-4f61-93c8-10e28fa2759c","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":224,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"531399fe-1ac1-447f-a51b-9b08a6b9bc99","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":224,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"e964edc1-e32b-4d8e-a025-ebf2c49c6ed3","block_type":"box","text":"Appropriate oversight of material risks and oppor tunities, including material sustainability-related risks and","page_number":224,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"746c401d-7dcf-4d35-b811-6ca4ace9f2bd","block_type":"box","text":"oppor tunities, is an impor tant component of having an effective governance framework that suppor ts durable, long","page_number":224,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"e63a1518-d10c-4438-ad46-f958a2eb2a7e","block_type":"box","text":"term financial value creation.","page_number":224,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"516fe34f-e317-46fe-a653-5279f6fb38ba","block_type":"box","text":"10","page_number":224,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"36c6c153-a460-4fd4-a171-3bb66cdc21ed","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":224,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"f74099d8-402b-42ec-afb5-e1335d001945","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and oppor tunities. We find it helpful","page_number":224,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"96a5226f-410f-4b9d-a58e-2ac4e8ec0661","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":224,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"91212456-0e6e-4e06-93a8-8488bd3237d0","block_type":"box","text":"sustainability-related risks and oppor tunities into their strategy, risk management, and metrics and targets, including","page_number":224,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"16da89ae-0193-4ad4-9e4c-3d8b7ab18d69","block_type":"box","text":"industry-specific metrics.","page_number":224,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"977044c9-af89-4090-8cf3-9606e5a972c7","block_type":"box","text":"Standardized disclosure of sustainability-related data suppor ts investors in making informed decisions. The","page_number":224,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"21967f66-c13f-4ca2-bba7-fbf8062b623e","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":224,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"0d72dafe-b23e-44de-8440-4840a26d2b7f","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":224,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"944aaf5b-23dc-4337-a9e9-f4b5e47daf27","block_type":"box","text":"11","page_number":224,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"723d9848-1663-483b-a2cd-b3d1991b3f72","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":224,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"0e641409-63d0-4ef3-a096-de0423ab7c9f","block_type":"box","text":"companies should use, and recognize that companies may repor t using different standards, some of which may be","page_number":224,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"8e840991-1905-4dc8-a2d7-87b22ba22511","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":224,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"98661ed6-64f2-4535-bb7f-3d3394cebf5f","block_type":"box","text":"specific.","page_number":224,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"b6f40ec0-6420-4bf2-b361-4f6d3cf7bf25","block_type":"box","text":"We also recognize that companies may be phasing in repor ting over several years. We do not prescribe timelines","page_number":224,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"56341f73-c90b-47cd-a5d0-3efc32cf8aa6","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":224,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"339e328c-c8a6-4b85-b4b4-9a35acc86b79","block_type":"box","text":"them sufficiently in advance of their shareholder meeting, to the best of their abilities, to provide investors with time","page_number":224,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"a57ca727-e28e-42d0-9e1b-078c0534d296","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":224,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"0ff2bee9-e97d-4afa-9e81-f0b09240fe81","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":224,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"d77f8751-945c-4634-b7bb-2cbc865a5571","block_type":"box","text":"best practices and disclosures. While not a voting item, we find it helpful to our understanding of investment risk","page_number":224,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"1c7bc272-c20b-4e86-9131-27072738bb5c","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":224,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"e7a867e0-f24d-47f4-93c8-0a4d289acc9c","block_type":"box","text":"which they par ticipate, any peer group benchmarking under taken, and any assurance processes to help investors","page_number":224,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"2c7b7c4d-d2b2-4749-b83d-37437d79c897","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":224,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"a94a1810-eced-4d3c-adb3-57a5fcfb5469","block_type":"box","text":"10","page_number":224,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"0fb8dcff-0a8a-42ea-a155-d300eccc7877","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":224,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"e19894c8-534b-465f-9987-7d858e4a021f","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":224,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"eb3c4f44-239e-4d45-abe3-eaa8b04ffe51","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":224,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"9e148f09-63f5-4392-9153-e5c1efab2950","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":224,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"49569384-fa92-419e-af11-949a1f1c9b3f","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":224,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"35cbdc2f-84ac-434b-a2e9-91712f807696","block_type":"box","text":"11","page_number":224,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"76eca7e8-6d8f-48e1-af58-8f85df0bcf87","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":224,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"0090e13d-828c-4c33-a3eb-91845e8fdc03","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":224,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"6868a96a-535b-4d88-8ce2-c9fe02b432c4","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":224,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"14793700-8f4e-4a0c-a440-9c01b636502a","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":224,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"8adbdc89-d8ca-4a1a-9892-ddd7a9a1ebb0","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":224,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"a55073a5-e8ce-4215-9202-7a6095ae4949","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":224,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"94557727-3099-4859-b92c-964391d30bb7","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"9d063de3-5076-4158-8eb1-af6adf52e505","block_type":"box","text":"Global Principles | 10","page_number":224,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"1a5ce366-e3cb-48eb-902d-737a1e73ef63","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":224,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b76603a8-c874-4b39-ba9c-db11cdaac885","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":225,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"8cf26f94-94ec-4381-9a89-ad511634b7df","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":225,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"75bd51da-be93-4a92-bf59-d631aad2e4e1","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":225,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"f9a80683-b34f-48ac-82e4-3697fcd77fbf","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial per formance through","page_number":225,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"b4f1310a-b8bb-4991-a157-96946c44d7a5","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":225,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"4726470a-786f-440d-a816-449a3d3c4353","block_type":"box","text":"12, 13","page_number":225,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"28587664-448d-4743-b57a-32820ebf58c7","block_type":"box","text":"From company disclosures and","page_number":225,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"4cd61c70-0c59-40a5-a2cd-6a400aa16a09","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":225,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"731f27ce-1b65-4baa-bc71-8bbbcbbaec70","block_type":"box","text":"oppor tunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":225,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"d8b88ea1-f755-4244-b676-0895d58a1a0c","block_type":"box","text":"Recognizing the value of these disclosures, cer tain markets such as the European Union mandate large","page_number":225,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"a65f2ec1-65f6-4558-b623-79d5680ba5ce","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":225,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"509f7f0a-3e5b-4a0a-a8c5-9a16f178cf54","block_type":"box","text":"viewed as best practice in the market.","page_number":225,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"892ad079-76c6-4399-b078-1dad56c1f901","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":225,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"019e5a21-38b3-41cd-af42-08381cd7dfec","block_type":"box","text":"climate-related risks and oppor tunities, and informing investment decisions. Such disclosures also provide investors","page_number":225,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"bc7fe503-bfb5-4b0a-93cb-5fb0a4dfe190","block_type":"box","text":"with insights into how companies are managing the risks associated with a transition to a low-carbon economy by","page_number":225,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"2712e5af-ea9a-45ff-8c2c-8384d447f24d","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":225,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"3ba2aa77-02d8-499f-90ce-45274e4d3281","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting shor t-, medium- and","page_number":225,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"eef7926a-ae2f-4915-8c7b-68a063c24b19","block_type":"box","text":"long-term targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":225,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"d9e2af29-861d-48f3-b144-b1137374b82e","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":225,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"3ed984a1-aadb-46ae-84c4-d46cdf3fcfa5","block_type":"box","text":"interests of their investors.","page_number":225,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"3092adda-bb4e-429d-b1ec-b00b1fde5e85","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":225,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"5b172d64-760a-4422-8062-c4f73e19df24","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":225,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"f69630f0-3154-4f1b-a1e6-a2a62a185f8a","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":225,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"401e4945-f7e1-4116-bc90-2430b0725a4e","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":225,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"c69077de-57a7-47fd-9457-1cda667d5cc3","block_type":"box","text":"good-faith basis as methodology develops.","page_number":225,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"929397a2-2510-4d8e-9666-28fa894d7182","block_type":"box","text":"In addition to climate-related risks and oppor tunities, for companies whose strategies, operations or supply","page_number":225,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"e56bd9d2-d4e8-4ea4-9460-ae55b6b0daea","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and oppor tunities may affect their ability to","page_number":225,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"024ddd60-a362-493e-8ab5-5a4f23d06db0","block_type":"box","text":"generate long-term financial returns.","page_number":225,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"33d97812-3717-4955-893c-722987cb6db7","block_type":"box","text":"14","page_number":225,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"79e7087c-d72e-46f8-8c0f-480dbee7f51b","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":225,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"2bc83763-9e53-4e1d-b7da-619be5417a19","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":225,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"32eeb13f-a2ae-47b7-8af1-9d48a20d342c","block_type":"box","text":"15","page_number":225,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"83e65094-647a-4356-a8c9-09f6a96ee51b","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":225,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"2daa889b-973c-46a2-9e10-0ff7971e3241","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":225,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"48337c5e-7525-4016-a996-d19c04f2a3af","block_type":"box","text":"per formance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":225,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"581843d2-5145-4135-a797-3b2202c6fa02","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":225,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"12157948-d2e1-4e0d-b732-a89c2953f92c","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":225,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"c8d21d82-a15a-4202-b64b-608c5a23b238","block_type":"box","text":"more likely to deliver durable, long-term financial per formance. By contrast, we have found that poor relationships","page_number":225,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"332b73e2-943d-479c-9d58-1456e49f0132","block_type":"box","text":"12","page_number":225,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"4b32501b-da41-45e5-a68d-55ba884dd19f","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in cer tain markets are","page_number":225,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"68d368ad-ae47-4067-a4f4-175206d9d350","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":225,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"5158fd7c-d35c-4ede-bd6c-9e443bdc10d3","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":225,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"91745faa-5157-4b85-a512-43a2d3571d29","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":225,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"91d99b45-1091-4796-88c7-aedc8a0d7362","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":225,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"194041c4-ee0c-44e5-9338-deeea725e4f2","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":225,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"9e5731d5-19f6-4997-beb2-66fdf4d2a63b","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":225,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"05a8e0cf-31a7-4e3c-8cfd-06ea5aa4fe9e","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":225,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"39d80933-e39a-4d82-8dee-2db185bc2b22","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":225,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"2aef7a23-a094-4c97-9741-29876ecf091e","block_type":"box","text":"13","page_number":225,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"fb3851a8-e67f-4989-84c0-cab125fcb1d3","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":225,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"9ab59c6f-2171-4bfe-bea7-0b1d3ee5eb14","block_type":"box","text":"2025.","page_number":225,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"29fea090-6087-42af-a218-f5c3abdd6a0b","block_type":"box","text":"14","page_number":225,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"2a3b73a2-58c2-433c-8c39-8832ba137440","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":225,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"083bad75-46fc-4934-99d6-6f685f7561e3","block_type":"box","text":"2025.","page_number":225,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"f21864bb-efbc-4eda-8aef-e465a677cc69","block_type":"box","text":"15","page_number":225,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"924f154f-5302-49d7-bb7e-41646d7636b6","block_type":"box","text":"Given the growing awareness of the materiality of these issues for cer tain businesses, enhanced repor ting on a","page_number":225,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"9f630975-6268-421c-960f-33b0fdb907ec","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":225,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"c26bb74b-95cf-43f7-8833-5968af9113ba","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":225,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"1528dd4f-31bf-42ec-9512-9e916679711a","block_type":"box","text":"some companies may repor t using different standards, which may be required by regulation, or one of a number of","page_number":225,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"70d1f9b8-1738-4a83-acbf-fc7534a86100","block_type":"box","text":"other private sector standards. TNFD-aligned repor ting is not a voting issue. Website accessed in December 2025.","page_number":225,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"618718b6-c865-4674-8c22-6d96f8d021d4","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"7d4656e4-a018-4cd3-b2bb-1844f6ee4713","block_type":"box","text":"Global Principles | 11","page_number":225,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"d0bdd056-0dba-4d6d-8df2-6c1177c7dd03","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":225,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ed500f09-e9bb-4aa8-a983-59d51c31096c","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":226,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"49a11ca0-5ab8-483c-86b9-43244949909f","block_type":"box","text":"This is par ticularly relevant to a company’s workforce, which is central to long-term financial value creation.","page_number":226,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"4b2d5a51-9583-4715-bb78-736ee39ba87c","block_type":"box","text":"16","page_number":226,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"8bb57b3e-8ee3-401e-9150-58dd1232f9e6","block_type":"box","text":"As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how they have","page_number":226,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"c4f3760b-f810-4583-a75d-c8c16c9e9730","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":226,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"a51c3ea6-cf1a-4b01-9f9b-6d90cd0e4ef8","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":226,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"7285c19c-9176-4f3b-ab45-18baaa6b660b","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested in","page_number":226,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"28a2fffa-c592-44d2-b08d-33ab9fd2aedc","block_type":"box","text":"understanding how the board monitors and engages on these matters, given it is well positioned to ensure that the","page_number":226,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"8ff57304-3dc8-48ba-be2f-68685e65c675","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy. BIS does not direct a","page_number":226,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"e8c95f1d-9f32-4e18-acb5-93bdfd39272a","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":226,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"86f94b7f-0be4-48b4-af36-6a36f8e5b584","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":226,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"01ef43c4-76fa-40b2-8b7f-e80b73a7c5d5","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":226,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"5f98a055-29d4-4ba8-9280-8ea152795a86","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":226,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"9cacc5fb-9e94-40d7-979c-b2a98dbfe5eb","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":226,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"98755bf4-6cba-4865-9344-7fdc0d1a99c1","block_type":"box","text":"impacts.","page_number":226,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"43e66bfe-4d68-4185-9cf4-aead154205ea","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":226,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"c17c23e9-59be-4f37-afb4-1101664aa602","block_type":"box","text":"and may convey concerns about board oversight in our voting on director elections or suppor ting a business relevant","page_number":226,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"db0d47d1-58bb-4322-a8e6-fb27e1774491","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":226,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"c9135a04-f720-411a-9420-9f199b66ecc8","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":226,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"79634bdd-c28b-4620-8194-b0fabf5d7ee6","block_type":"box","text":"BIS’ governance structure suppor ts oversight and accountability of stewardship-related activities on behalf of","page_number":226,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"70dd0739-4021-42ab-8f3b-f9f1d50e4923","block_type":"box","text":"clients at the global and regional level.","page_number":226,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"4687927c-8a55-48bc-8e47-a64e6d97423f","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":226,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"be40beee-5410-44a3-8825-b1520fdbaba8","block_type":"box","text":"suppor ts BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":226,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"4b7c47c2-4449-420d-9171-7183ffc5d80d","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":226,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"6b842e08-752b-4c82-843a-af6deaf24584","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic repor ts regarding the votes cast by","page_number":226,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"adbd4344-c4b5-4c5e-8745-c2f3deb9f2e8","block_type":"box","text":"BIS on behalf of clients, as well as updates on material process issues, procedural changes, and other risk oversight","page_number":226,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"b40b9dae-6a70-4b29-ad27-a20d6cb1ec7c","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":226,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"d63d2b70-2967-4b2b-8d4a-a44613d1a373","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":226,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"f0e31909-23c7-4ce2-b924-9e103e77da62","block_type":"box","text":"are independent from the investment stewardship function.","page_number":226,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"14da48b0-2422-4b3d-b082-a3ddbabd045f","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":226,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"743b0902-b7b4-482c-912d-b22a4f1e8ed0","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":226,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"49b01920-5785-4cc3-b769-c92e2d0dc347","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":226,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"53e4188d-f319-4825-a897-1bdf38d989ab","block_type":"box","text":"VOTE EXECUTION","page_number":226,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"6433daf1-a3fe-4a92-8103-c1ff3628c3b5","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":226,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"7224f336-dd44-496b-a16e-87ccea6505f3","block_type":"box","text":"processes in place to consider all proxies for which we have voting authority, and submit voting decisions, or refrain","page_number":226,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"61494201-b552-40a0-ada0-07cfb3c4bfd6","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":226,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"3e72fb14-1a44-42c1-ab7a-6e0b8628d441","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":226,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"d2bea11f-4132-45c1-b31e-0fc8fdd32bd0","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":226,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"81721f77-19b2-474f-8bd2-3ee6b16dc827","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":226,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"1347e7bc-3b4a-4099-addf-3650271a9fbe","block_type":"box","text":"management policies and procedures,” below).","page_number":226,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"475744ca-ec84-4d98-aa3a-051391c76e4c","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well as the cost","page_number":226,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"4c98eaf1-23ad-43eb-9e13-36034dfe60b8","block_type":"box","text":"of voting such proxies on behalf of our clients. These issues include, but are not limited to: 1) untimely notice of","page_number":226,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"a2306942-d664-490d-bd67-8d10aa938058","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":226,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"2d2aa9dd-513a-4bee-9d53-bfdb4588103d","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":226,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"fd626f4d-6ed1-4091-983e-f42ba8d50b68","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting","page_number":226,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"f43942af-60b3-48e9-a38a-e0857a5c49ba","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":226,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"dde48a33-0080-487f-a08b-d19dbe14d0f1","block_type":"box","text":"provide local agents with powers of attorney to facilitate voting instructions. We are not suppor tive of impediments to","page_number":226,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"6aaf4325-22ba-4bff-863a-3c76ab139489","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":226,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"7fb9dd6b-cf06-4f87-8c47-519434ca0a02","block_type":"box","text":"16","page_number":226,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"e0cf35f6-cb3b-4858-b5e2-c1e3c8c5209a","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":226,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"ea38f56d-7a91-403e-a2a9-11b8cd6d91c9","block_type":"box","text":"December 2025.","page_number":226,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"aede1fb1-1f5b-44ed-955c-aaf9d7a84304","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"78027e76-6c3e-4d65-a304-afcd74a9815e","block_type":"box","text":"Global Principles | 12","page_number":226,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"47769834-e6b1-419b-aa1d-14ee222966ae","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":226,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"dfff0391-18c6-4c7e-be7e-6c23f09c6d57","block_type":"box","text":"BIS votes proxies in these situations on a “best-effor ts” basis. In addition, BIS may determine that it is generally","page_number":227,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"d190adc8-5918-4c8e-a4f0-7c14cf0524e9","block_type":"box","text":"in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs (including but","page_number":227,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"ed40dd2c-ad73-4660-907e-8af084fdda79","block_type":"box","text":"not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":227,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"4a6cbf5d-5fd2-4b0b-aa59-2db4096aadaa","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":227,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"6980dbf3-e0ee-4c61-a9b4-f9490a512ed6","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":227,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"76148bba-02a6-432f-8509-56ba12bf2bfc","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business par tnership or","page_number":227,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"cf0363f7-ed0a-4f00-ac6d-e0c99753c646","block_type":"box","text":"enterprise-level vendor management activities.","page_number":227,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"f5ba284a-7633-42d9-ba46-2b22d04a1451","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":227,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"0278b345-2156-402a-ac79-498a9af0e779","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":227,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"4d1e4ead-d9ac-4497-9f82-e8d889397692","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":227,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"f2bd496a-db42-42d9-9a66-9b9ff7986454","block_type":"box","text":"BlackRock employees.","page_number":227,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"767482f4-9fe1-468e-a75c-f630ae544168","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":227,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"1ceead64-984f-4d24-bed0-155abdc86934","block_type":"box","text":"SECURITIES LENDING","page_number":227,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"e98aebd6-2644-4668-b7ca-50f17939abfe","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":227,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"cf547895-2959-43fa-b4ce-997d70da244e","block_type":"box","text":"enables BlackRock to increase the returns in clients’ por tfolios, and BlackRock’s lending agreements allow it to","page_number":227,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"ef864c98-2464-4b17-ab0d-5b7a184c6b0c","block_type":"box","text":"recall securities out on loan at any time. BlackRock (or any other lender) does not retain voting rights for securities","page_number":227,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"2259fdbe-960a-42db-a531-15c878c11705","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":227,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"a2ba32eb-abda-4ecb-89a8-76033e70d318","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":227,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"c21bb96f-70a4-40fc-87e5-f941b1bdc76c","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":227,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"bee00c3d-5c9e-4df4-8eed-1d566095fba2","block_type":"box","text":"loan and may determine to recall them for voting, as guided by our fiduciary duty as an asset manager to our clients","page_number":227,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"1d4cfa2f-a64f-43fe-b4cd-dff48a9e5b61","block_type":"box","text":"in helping them achieve their investment goals. 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Investing involves risk, including the loss of","page_number":229,"box":{"x":68,"y":792,"width":839,"height":11}},{"id":"a1d544bc-75f4-42a1-b339-455f70a57606","block_type":"box","text":"principal.","page_number":229,"box":{"x":70,"y":807,"width":62,"height":11}},{"id":"69e89070-6c8f-4440-bc0a-1eb01298183c","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":229,"box":{"x":69,"y":852,"width":196,"height":11}},{"id":"bd5d9a6f-4350-4521-8363-ed39b4dbe5e3","block_type":"box","text":"©2025 BlackRock, Inc. 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All other trademarks are those of their respective owners.","page_number":229,"box":{"x":70,"y":898,"width":624,"height":11}},{"id":"a2601218-6274-46b5-b098-561a402fcfeb","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a46e5ebf-0f38-4d01-afdc-75cfc2cd893f","block_type":"box","text":"Global Principles | 15","page_number":229,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"090634f8-8b12-43ee-9369-ec0566ea4f46","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":229,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"7d5e60eb-952a-47bf-8521-e0bbb2428ff2","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":359,"y":45,"width":260,"height":11}},{"id":"64e0e907-f1a7-4c78-ba12-bd347aac1cf9","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines","page_number":230,"box":{"x":297,"y":67,"width":384,"height":11}},{"id":"5780191b-bb6d-4d70-8f3f-126a9168292e","block_type":"box","text":"Effective as of January 2026","page_number":230,"box":{"x":385,"y":90,"width":208,"height":11}},{"id":"ae3d4f77-bf60-483b-b174-507aed37576c","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":230,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8bbef5e5-f911-43a2-b205-3a5f8223436c","block_type":"box","text":"Contents","page_number":231,"box":{"x":456,"y":45,"width":66,"height":9}},{"id":"5c60528e-96a3-416c-b343-ac805b2d5355","block_type":"box","text":"Introduction to BlackRock Investment Stewardship 3","page_number":231,"box":{"x":69,"y":80,"width":840,"height":11}},{"id":"0f36da35-0dc3-48b0-983e-6d47b1a23b61","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition 3","page_number":231,"box":{"x":68,"y":96,"width":841,"height":11}},{"id":"7c635060-874f-444e-9659-756a31bbbaed","block_type":"box","text":"The Climate and Decarbonization Stewardship Guidelines 3","page_number":231,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"ee3d7437-beec-4108-a0de-64da8f457d39","block_type":"box","text":"Understanding the investment implications of the transition to a low-carbon economy 4","page_number":231,"box":{"x":69,"y":129,"width":840,"height":11}},{"id":"64106191-f26c-40e2-806f-44392ee0e3cd","block_type":"box","text":"The Guidelines’ design principles","page_number":231,"box":{"x":68,"y":146,"width":240,"height":11}},{"id":"5e3155d7-d853-4c3f-baf5-6a38f1bf4d44","block_type":"box","text":"4","page_number":231,"box":{"x":900,"y":146,"width":9,"height":8}},{"id":"c1eec116-b33c-4a07-9916-631d2c437915","block_type":"box","text":"Voting approach under the Guidelines","page_number":231,"box":{"x":68,"y":162,"width":273,"height":11}},{"id":"82fa3a12-c840-412a-a152-77523a0529bb","block_type":"box","text":"5","page_number":231,"box":{"x":901,"y":162,"width":8,"height":9}},{"id":"898067ef-8aae-4c71-b570-fa1cba201cfd","block_type":"box","text":"Related matters","page_number":231,"box":{"x":69,"y":178,"width":117,"height":9}},{"id":"be9513ed-219a-42d3-8d25-f044a46e7842","block_type":"box","text":"8","page_number":231,"box":{"x":900,"y":178,"width":9,"height":9}},{"id":"1f8d0765-0bc2-493f-8316-acafca9f22f1","block_type":"box","text":"Appendix 1","page_number":231,"box":{"x":68,"y":195,"width":82,"height":11}},{"id":"6e3292f4-686b-4860-a304-14363caf3dde","block_type":"box","text":"10","page_number":231,"box":{"x":891,"y":195,"width":18,"height":9}},{"id":"573870bf-a74b-4d0e-8c43-c645e0a72509","block_type":"box","text":"Appendix 2","page_number":231,"box":{"x":68,"y":211,"width":82,"height":11}},{"id":"10e34f7f-dd4c-41cb-ba91-bae904cf44b2","block_type":"box","text":"11","page_number":231,"box":{"x":891,"y":211,"width":18,"height":9}},{"id":"2a261993-25a0-4c5f-843e-401c4b8e3844","block_type":"box","text":"BlackRock Investment Stewardship","page_number":231,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"861c41b7-7b44-4bb2-865a-719106f96421","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 2","page_number":231,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"e81247bf-a896-4840-8ec3-3a4a31077b29","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":231,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"930b20da-961d-4cda-b57e-80db950e5f81","block_type":"box","text":"INTRODUCTION TO BLACKROCK INVESTMENT STEWARDSHIP","page_number":232,"box":{"x":264,"y":45,"width":450,"height":9}},{"id":"39e6ded2-ade2-46a0-8f63-e403b1fca4e8","block_type":"box","text":"At BlackRock, investment stewardship serves as a link between our clients and the companies they invest in and","page_number":232,"box":{"x":101,"y":68,"width":807,"height":10}},{"id":"be2ec847-84a8-434b-a013-107cfb987955","block_type":"box","text":"is one of the ways we fulfill our fiduciary responsibilities as an asset manager on their behalf. 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Under the Guidelines, the dedicated team","page_number":234,"box":{"x":102,"y":176,"width":805,"height":11}},{"id":"1c632518-8b5c-43a4-bd99-fc0ba05d2ecf","block_type":"box","text":"makes decisions on how to engage companies and vote proxies independently, based on its professional","page_number":234,"box":{"x":102,"y":191,"width":748,"height":11}},{"id":"7553c834-cd61-4729-871d-1c7d914c3c98","block_type":"box","text":"judgment of the priorities and outcomes most aligned with par ticipating clients’ investment objectives.","page_number":234,"box":{"x":100,"y":206,"width":730,"height":11}},{"id":"e116542d-336c-422e-8d8d-5118e6ca5864","block_type":"box","text":"Voting approach under the Guidelines","page_number":234,"box":{"x":68,"y":236,"width":273,"height":11}},{"id":"0bb153ce-ec08-415a-848e-3bc0a5f1a3c3","block_type":"box","text":"12","page_number":234,"box":{"x":342,"y":237,"width":9,"height":4}},{"id":"9af041bb-e680-42ea-8c20-c0765ccbf367","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team applies a","page_number":234,"box":{"x":101,"y":259,"width":791,"height":11}},{"id":"806672ab-9fae-4591-826f-d680d9d2db58","block_type":"box","text":"case-by-case approach that reflects the uneven pace of the low-carbon transition across sectors and markets, and","page_number":234,"box":{"x":69,"y":274,"width":813,"height":11}},{"id":"1a0f1d3c-f402-47e7-80e9-94639f1c76af","block_type":"box","text":"acknowledges the distinction between what company management can influence and what lies beyond its control. As","page_number":234,"box":{"x":69,"y":289,"width":833,"height":11}},{"id":"3e650041-1f2a-400e-9017-b8e0a57fc446","block_type":"box","text":"a result, voting decisions — on behalf of in-scope funds and SMAs — on similar proposals included on different","page_number":234,"box":{"x":69,"y":304,"width":799,"height":11}},{"id":"ce68d87d-4c0e-4c02-b8ee-a5ed980cc7e1","block_type":"box","text":"companies’ shareholder meeting agendas may vary depending on company, sector, or market-specific circumstances.","page_number":234,"box":{"x":69,"y":319,"width":837,"height":12}},{"id":"210eb364-b4a9-40d3-ae31-379048563abd","block_type":"box","text":"Consistent with the investment objective of each fund or account that has selected these Guidelines, the","page_number":234,"box":{"x":102,"y":342,"width":748,"height":11}},{"id":"214d5a51-73b3-421d-b298-e16fd0d62c6f","block_type":"box","text":"dedicated team will look to the companies to demonstrate the following:","page_number":234,"box":{"x":69,"y":357,"width":513,"height":11}},{"id":"642b416f-abe7-44af-ab6b-a7bfa01d759d","block_type":"box","text":"Corporate Disclosures","page_number":234,"box":{"x":69,"y":387,"width":160,"height":11}},{"id":"6c76d35a-7166-4b7f-b341-d304329c92ca","block_type":"box","text":"13","page_number":234,"box":{"x":230,"y":388,"width":9,"height":4}},{"id":"a0839734-5841-4920-b8be-60a0fd8393be","block_type":"box","text":"In the context of these Guidelines, the dedicated team looks for companies to provide sufficient disclosure to","page_number":234,"box":{"x":102,"y":410,"width":781,"height":11}},{"id":"21114b69-85e2-4a75-9be2-c97502c4a751","block_type":"box","text":"assess whether the company’s strategy is aligned with the low-carbon transition. As a general point, the team looks","page_number":234,"box":{"x":69,"y":425,"width":825,"height":11}},{"id":"28bd1f35-2fbb-4b56-a551-677c2287ff04","block_type":"box","text":"to companies that are impor tant to the transition to a low-carbon economy to explain the strategy and governance","page_number":234,"box":{"x":68,"y":440,"width":812,"height":12}},{"id":"8b498f8c-09d0-4ff1-8cd2-1abd592327d7","block_type":"box","text":"frameworks that they have determined most appropriate, which may include:","page_number":234,"box":{"x":68,"y":455,"width":545,"height":11}},{"id":"995a86ba-8d17-446c-91e0-dc25358bdc90","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit average global","page_number":234,"box":{"x":69,"y":476,"width":769,"height":11}},{"id":"e6e6b598-479f-4cca-934e-7c75c291fe11","block_type":"box","text":"temperature rise to 1.5°C above pre-industrial levels. This would typically include a long-term strategy to achieve","page_number":234,"box":{"x":101,"y":491,"width":800,"height":11}},{"id":"38575fe4-9a60-4125-9217-1704816149bf","block_type":"box","text":"net-zero GHG emissions by 2050, with appropriate near- and medium-term milestones to assess their progress.","page_number":234,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"c2c3466f-f149-4149-bb37-e292d349fd15","block_type":"box","text":"(2) low-carbon transition-related repor ting. Standardized disclosure of sustainability-related data suppor ts investors","page_number":234,"box":{"x":69,"y":526,"width":828,"height":11}},{"id":"3bd9381b-fd2c-4fff-969f-b1d8fa5b876c","block_type":"box","text":"in making informed decisions. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and","page_number":234,"box":{"x":102,"y":541,"width":787,"height":11}},{"id":"c47e81c0-33e2-485d-bc69-86e4dc343f2c","block_type":"box","text":"S2, represent one such approach to standardization that the dedicated team finds useful in its analysis.","page_number":234,"box":{"x":102,"y":556,"width":741,"height":11}},{"id":"0425442f-ff6b-4feb-802b-c5be5bb25584","block_type":"box","text":"14, 15","page_number":234,"box":{"x":845,"y":557,"width":25,"height":5}},{"id":"4a6af5c6-93aa-4754-845d-52f6a25797f9","block_type":"box","text":"IFRS","page_number":234,"box":{"x":877,"y":556,"width":30,"height":9}},{"id":"b908b04b-6fe5-4ed4-9cef-ed2574d8c9e5","block_type":"box","text":"S1 addresses the general requirements of sustainability repor ting and IFRS S2 sets out the disclosures that","page_number":234,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"817b8dea-ac66-4961-b53f-936b3503457a","block_type":"box","text":"provide investors with decision-useful information about a company’s most significant climate- and low-carbon","page_number":234,"box":{"x":102,"y":586,"width":781,"height":12}},{"id":"28d48ef1-ef7e-40a5-9642-53ee936b6545","block_type":"box","text":"transition-related risks and oppor tunities. This includes receiving independent, third-par ty assurances, as audit","page_number":234,"box":{"x":101,"y":602,"width":792,"height":11}},{"id":"a19ac758-93c7-40db-a979-7cddbd7cf8bb","block_type":"box","text":"and assurance standards are developed.","page_number":234,"box":{"x":102,"y":617,"width":290,"height":11}},{"id":"8b68579d-bee2-4ae4-8815-ff10ed8b1859","block_type":"box","text":"12","page_number":234,"box":{"x":69,"y":646,"width":9,"height":5}},{"id":"fa1c9362-daed-440a-9302-c4c6f07d0f70","block_type":"box","text":"These Guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide","page_number":234,"box":{"x":83,"y":646,"width":825,"height":11}},{"id":"36626e23-00a4-479f-825c-19f3b014b6d2","block_type":"box","text":"as to how the dedicated team will engage and/or vote in every instance. The Guidelines are applied by the dedicated","page_number":234,"box":{"x":69,"y":661,"width":833,"height":11}},{"id":"bf68a851-ba16-499b-940c-28f3ffcc91eb","block_type":"box","text":"team with discretion, on a case-by-case basis, taking into consideration the range of issues and facts specific to the","page_number":234,"box":{"x":68,"y":676,"width":830,"height":11}},{"id":"7262c206-02e5-446e-a317-a3fbe47ad0ef","block_type":"box","text":"company, as well as individual ballot items at shareholder meetings.","page_number":234,"box":{"x":69,"y":691,"width":486,"height":11}},{"id":"8298338f-ca14-4c8e-af55-ff7eb7f56058","block_type":"box","text":"13","page_number":234,"box":{"x":69,"y":709,"width":9,"height":5}},{"id":"51cf1017-9a79-4921-b736-7f86e64b7f12","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":234,"box":{"x":84,"y":709,"width":764,"height":11}},{"id":"eea0669a-0006-4da4-ba48-0bf400abc51b","block_type":"box","text":"repor ting methodologies are nascent. In addition, cer tain disclosures related to a company’s plans for adapting their","page_number":234,"box":{"x":69,"y":724,"width":834,"height":11}},{"id":"7c595ac5-172b-4645-a73d-c43ee60774d9","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":234,"box":{"x":69,"y":739,"width":651,"height":11}},{"id":"29b325dd-6b0b-4800-b751-33b66e2d9420","block_type":"box","text":"14","page_number":234,"box":{"x":69,"y":757,"width":9,"height":4}},{"id":"63cb5869-e0b3-4260-8124-1b449de97d3d","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":234,"box":{"x":83,"y":757,"width":744,"height":11}},{"id":"2d60251b-ea5a-4e84-811e-dc76e3ed6f4b","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":234,"box":{"x":69,"y":772,"width":828,"height":11}},{"id":"41b9f18d-2bf4-4dac-81a0-ff9942d165d0","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":234,"box":{"x":69,"y":787,"width":830,"height":11}},{"id":"8f3b2949-44c7-4dde-b2d5-1e5a4245edc1","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":234,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"5d5fd816-0c42-49fe-bd5c-9cfca0a76c9d","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":234,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"0495fac9-530f-48be-b3b4-39a85512fef7","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":234,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"198b11fb-aa59-4f6e-8d91-6ce910b6e10b","block_type":"box","text":"15","page_number":234,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"09703a66-640c-45d1-abbb-a4cb3a76041b","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":234,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"b6af1b79-d465-47c7-b0d5-5b62ccb18177","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":234,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"2b02600d-c441-4623-bf1f-96c9341d8d49","block_type":"box","text":"companies may repor t using different standards, some of which may be required by regulation. In such cases, we","page_number":234,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"c0088165-9069-454a-ad02-6c48036d6ddf","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":234,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"5213466b-ea86-4c76-9adf-32943611b510","block_type":"box","text":"may be phasing in repor ting over several years. We do not prescribe timelines regarding when companies should","page_number":234,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"eafc39f6-2c88-4857-b3a8-ea4a623ee310","block_type":"box","text":"BlackRock Investment Stewardship","page_number":234,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"16c1dcd8-79b9-4cb0-a040-e2191d8ecd32","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 5","page_number":234,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"77b379b4-9283-445d-a4be-bd63c09ffd36","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":234,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"850ea8bd-42b1-4420-aaa2-175e173ec44e","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":235,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"2e6587a1-7367-4092-9c3f-8fd2dc0b8abc","block_type":"box","text":"16, 17","page_number":235,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"a9a31c68-34ea-4eab-9916-550c1ffc6c4b","block_type":"box","text":"In addition, the dedicated team looks to","page_number":235,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"2b763ad5-ec82-4120-9ca1-c70ccd70f7d2","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":235,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"dfdf66eb-2b62-4f3e-8d0b-1a09eeb15d1c","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":235,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"ac13c992-f9fc-43bc-900c-2b69577c89ca","block_type":"box","text":"scope 3 emissions reductions. Scope 3 information, including how a company is working with its value chain to","page_number":235,"box":{"x":102,"y":90,"width":792,"height":11}},{"id":"197e5802-b508-411b-81cc-8c61314624b2","block_type":"box","text":"accelerate reductions in GHG intensity, provides useful insight to investors focused on investing in the low","page_number":235,"box":{"x":102,"y":105,"width":760,"height":11}},{"id":"7edf8422-aa4f-4aaf-9b4c-1ffd72402522","block_type":"box","text":"carbon transition and understanding the impact of their investments on their decarbonization goals.","page_number":235,"box":{"x":101,"y":120,"width":709,"height":12}},{"id":"6cb26f4f-161f-421d-a235-c3895e069dde","block_type":"box","text":"18","page_number":235,"box":{"x":812,"y":121,"width":9,"height":4}},{"id":"9b37a7d8-5695-4314-bfd5-35d2588f1b16","block_type":"box","text":"However,","page_number":235,"box":{"x":827,"y":120,"width":62,"height":11}},{"id":"27a5856d-3adc-41c7-9adb-ae4e490d677d","block_type":"box","text":"the team recognizes that companies have varying ability to influence the emissions across the different par ts of","page_number":235,"box":{"x":101,"y":135,"width":802,"height":12}},{"id":"0338c3fb-c03e-4859-bdab-f29bd072279a","block_type":"box","text":"their value chain and, therefore, it is helpful when disclosures explain the implications for the achievement of","page_number":235,"box":{"x":101,"y":150,"width":780,"height":11}},{"id":"97b5b98c-f020-4e42-8df7-5dde04496426","block_type":"box","text":"their decarbonization targets. 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The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":235,"box":{"x":69,"y":648,"width":838,"height":12}},{"id":"8ef19f23-cb82-45fc-b50c-360a947a5099","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":235,"box":{"x":70,"y":663,"width":816,"height":12}},{"id":"70533494-9e32-428f-b1a3-1af4e35a6717","block_type":"box","text":"science-based and net-zero targets in line with the global 1.5°C goal.” Websites accessed in December 2025.","page_number":235,"box":{"x":69,"y":679,"width":784,"height":11}},{"id":"d1ea1c7d-9cfe-4690-bb94-c35be2a0bdee","block_type":"box","text":"18","page_number":235,"box":{"x":69,"y":697,"width":9,"height":4}},{"id":"a611c3d3-0734-4c4d-8e40-e7887d25313b","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly","page_number":235,"box":{"x":83,"y":696,"width":804,"height":11}},{"id":"15589df1-e37b-441e-aa52-6694dd41bfab","block_type":"box","text":"traded companies into the role of enforcing emission reduction targets outside of their control. Given methodological","page_number":235,"box":{"x":68,"y":711,"width":832,"height":12}},{"id":"17e98e13-5ca3-446e-b0e4-d4c6d4dd9624","block_type":"box","text":"complexity for scope 3 emissions and the lack of direct control by companies over the requisite data, we find it most","page_number":235,"box":{"x":69,"y":726,"width":832,"height":12}},{"id":"c1b0c69e-716d-47f3-898e-ff7142570dad","block_type":"box","text":"useful when companies focus their disclosures on those of the fifteen scope 3 GHG Protocol categories that are","page_number":235,"box":{"x":69,"y":742,"width":800,"height":11}},{"id":"26be94aa-e0b5-474f-bb43-d246c79d5d92","block_type":"box","text":"material to their business models.","page_number":235,"box":{"x":69,"y":757,"width":243,"height":9}},{"id":"975aca24-5b6f-4c22-a9de-6e42342ac28c","block_type":"box","text":"19","page_number":235,"box":{"x":69,"y":775,"width":9,"height":4}},{"id":"2f96f921-daa2-4b56-a0bd-61f3fe2a8281","block_type":"box","text":"International Financial Repor ting Standards, “IFRS S2: Climate-related Disclosures,” June 2023, accessed in","page_number":235,"box":{"x":84,"y":774,"width":777,"height":12}},{"id":"9b8797d2-fff9-4b6a-8679-e3a2e83a610c","block_type":"box","text":"December 2025.","page_number":235,"box":{"x":70,"y":790,"width":118,"height":8}},{"id":"d5ce03b5-d6ea-4dab-9e94-e55e4eb631c9","block_type":"box","text":"20","page_number":235,"box":{"x":69,"y":807,"width":9,"height":5}},{"id":"46428d7c-7b19-446c-a9dc-4e12a387e2e4","block_type":"box","text":"More companies are developing such plans, and public policymakers in cer tain markets are signaling their","page_number":235,"box":{"x":84,"y":807,"width":758,"height":11}},{"id":"d40823ac-c7cf-436d-ba9c-03ad99c809bf","block_type":"box","text":"intentions to require them or already have requirements in place, such as Australia, Brazil, and the European Union","page_number":235,"box":{"x":70,"y":822,"width":820,"height":11}},{"id":"057ad6a7-ae3f-43cf-ba5c-b613856d83bf","block_type":"box","text":"(please see the International Transition Plan Network for information). BlackRock views transition plans as a method","page_number":235,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"07915ddb-b65c-4a59-a63e-31c5846a47c3","block_type":"box","text":"for a company to both internally assess and externally communicate its long-term strategy, ambition, objectives, and","page_number":235,"box":{"x":68,"y":852,"width":829,"height":12}},{"id":"e486b484-8bea-4c8b-b3c7-d63ef5188afd","block_type":"box","text":"actions to create financial value through the global transition towards a low-carbon economy. Across the landscape","page_number":235,"box":{"x":69,"y":868,"width":818,"height":11}},{"id":"72f31c83-6871-42c9-b2c8-b3a64a27e2df","block_type":"box","text":"there remains divergence on the objectives of such plans and the details they should contain. 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Given for thcoming regulatory requirements in cer tain jurisdictions, some companies are voluntarily","page_number":236,"box":{"x":101,"y":420,"width":774,"height":11}},{"id":"883546d8-8c54-477c-b5cb-9d78ba0d5975","block_type":"box","text":"disclosing scope 3 emissions reductions targets and plans, setting out how they are working on decarbonization","page_number":236,"box":{"x":101,"y":435,"width":800,"height":11}},{"id":"465152db-221a-4c60-b7e9-8ed284483e24","block_type":"box","text":"with the different constituents in their value chain.","page_number":236,"box":{"x":101,"y":450,"width":358,"height":9}},{"id":"b3c6626a-937d-4d17-848e-442c843e8218","block_type":"box","text":"21","page_number":236,"box":{"x":461,"y":451,"width":9,"height":4}},{"id":"bcb7c1b4-9a42-4586-94af-3d45b0b13950","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":473,"width":6,"height":5}},{"id":"9686aac5-5737-487a-b8c9-2c4add8c9c7b","block_type":"box","text":"The company’s governance and oversight processes for managing material risks associated with corporate","page_number":236,"box":{"x":101,"y":470,"width":761,"height":12}},{"id":"1c3a73f8-d7ff-44dc-ade6-b6c085c9abcd","block_type":"box","text":"political activities including applicable policies and procedures where relevant.","page_number":236,"box":{"x":102,"y":486,"width":556,"height":11}},{"id":"7a7d5d5f-1bc6-4701-b16f-e43a46b40722","block_type":"box","text":"22","page_number":236,"box":{"x":660,"y":486,"width":8,"height":4}},{"id":"4fd6e868-2643-48a3-b17f-57c382b293af","block_type":"box","text":"The dedicated team looks for","page_number":236,"box":{"x":674,"y":486,"width":208,"height":9}},{"id":"4d747a78-b603-4800-8276-9d9851d89aab","block_type":"box","text":"public policy engagement to be consistent with a company’s stated strategic policy objectives, including those","page_number":236,"box":{"x":102,"y":501,"width":783,"height":11}},{"id":"16f874a3-460a-4e5d-a946-065ef8128046","block_type":"box","text":"related to the low-carbon transition.","page_number":236,"box":{"x":102,"y":516,"width":251,"height":9}},{"id":"0c9dbeed-471f-4c0d-afb5-8da58a4ccb68","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":236,"box":{"x":68,"y":546,"width":420,"height":11}},{"id":"0574b717-2d2b-40cc-a00e-a1b07c5680fc","block_type":"box","text":"In implementing these Guidelines, the dedicated team generally suppor ts non-executive directors standing for","page_number":236,"box":{"x":102,"y":569,"width":781,"height":11}},{"id":"bd9d23f5-571a-42bc-97c3-b325ba694f07","block_type":"box","text":"election where, in its assessment based on company disclosures and engagement, a company is executing on its","page_number":236,"box":{"x":69,"y":584,"width":811,"height":11}},{"id":"84963782-83f5-4a24-b909-b6ec197b3aaa","block_type":"box","text":"commitment to align with the transition to a low-carbon economy, as defined above. 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The directors most likely to be in focus are the chair of the board","page_number":236,"box":{"x":69,"y":629,"width":780,"height":11}},{"id":"21255d30-8fe0-4381-afe6-99a308838c0a","block_type":"box","text":"committee with low-carbon transition, climate or sustainability risk oversight responsibilities, other members of the","page_number":236,"box":{"x":69,"y":644,"width":817,"height":12}},{"id":"db70b175-bb5b-416b-b78d-164717b6f6e2","block_type":"box","text":"relevant committee, the lead independent director or the non-executive chair of the board. 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The research uses a definition of materiality from the GHG Protocol,","page_number":236,"box":{"x":69,"y":734,"width":813,"height":11}},{"id":"94771ef8-c8c9-4fc2-96d1-2615f57c7bf5","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":236,"box":{"x":68,"y":749,"width":828,"height":11}},{"id":"e9263a57-8e23-4421-b6b1-3b346c0ec58b","block_type":"box","text":"offer the most significant GHG reduction oppor tunities and are most relevant to the company’s business goals.”","page_number":236,"box":{"x":69,"y":764,"width":801,"height":12}},{"id":"7f54e2ac-7f5a-49cc-8e32-990ce3310dd4","block_type":"box","text":"Website accessed in December 2025.","page_number":236,"box":{"x":68,"y":779,"width":272,"height":9}},{"id":"50b1106d-866f-441c-b001-2802e5e15a74","block_type":"box","text":"22","page_number":236,"box":{"x":69,"y":797,"width":9,"height":5}},{"id":"68a6f104-3b64-41a9-86b3-0d4c93427eb2","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":236,"box":{"x":84,"y":797,"width":787,"height":11}},{"id":"ecb8f653-d719-4010-a4a1-5b9105a086e0","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":236,"box":{"x":68,"y":812,"width":500,"height":11}},{"id":"4d09e19e-bcf5-4c78-9e7c-1cf2124653df","block_type":"box","text":"23","page_number":236,"box":{"x":69,"y":830,"width":9,"height":5}},{"id":"5c333246-536f-4092-a6a8-29028a7c1c54","block_type":"box","text":"Board repor t votes are generally advisory and relate to repor ts issued by the board of directors that may contain","page_number":236,"box":{"x":84,"y":830,"width":801,"height":11}},{"id":"384f111b-6198-4175-a3c6-6a18d59f038a","block_type":"box","text":"information on a company’s sustainability effor ts, operational resilience, or financial condition, among others.","page_number":236,"box":{"x":70,"y":845,"width":782,"height":11}},{"id":"c14e4a8b-20af-4af3-8770-b18ba5bd69f5","block_type":"box","text":"BlackRock Investment Stewardship","page_number":236,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"d2993cb2-440f-48c3-8cd2-a33efd7a59f3","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 7","page_number":236,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"ce9e7f5f-ad93-4c75-b905-724e6a6417cd","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":236,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"4900925b-fdc4-448c-bb68-750101f2f922","block_type":"box","text":"Where the dedicated team has not suppor ted director elections over climate concerns in a prior year, and the","page_number":237,"box":{"x":101,"y":45,"width":780,"height":11}},{"id":"c31872ee-005d-42a2-ae9f-71f1921ff7cb","block_type":"box","text":"company has not subsequently made progress towards aligning with the transition to a low-carbon economy, the team","page_number":237,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"a95f78c8-ac77-47ec-a6d2-ad7e2eabc6c1","block_type":"box","text":"may escalate by not suppor ting the re-election of additional responsible directors.","page_number":237,"box":{"x":69,"y":75,"width":582,"height":11}},{"id":"16e91841-ef2d-4b26-acd4-4b23afbdfd8e","block_type":"box","text":"24","page_number":237,"box":{"x":653,"y":75,"width":9,"height":5}},{"id":"c333f392-d3e6-468a-8bde-6f981beb7724","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":237,"box":{"x":69,"y":105,"width":528,"height":11}},{"id":"54b823fb-54c9-4fc1-b21b-c569b98b5820","block_type":"box","text":"In cer tain markets, company management may submit proposals— commonly referred to as “Say on Climate” —","page_number":237,"box":{"x":102,"y":128,"width":807,"height":11}},{"id":"fac19ab5-d2f6-4b15-a629-9caed5bafd89","block_type":"box","text":"seeking shareholder approval of their climate action plans or progress repor ts. The Guidelines consider these","page_number":237,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"a3782f77-6ad7-46d9-b56f-783c0bd18ac7","block_type":"box","text":"proposals as a valuable governance mechanism that can enhance transparency, accountability, and investors’","page_number":237,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"514a04d3-2201-49f6-a671-ee8cf961c57e","block_type":"box","text":"understanding of a company’s climate strategy. The dedicated team generally suppor ts management’s climate","page_number":237,"box":{"x":69,"y":173,"width":787,"height":11}},{"id":"5742e93d-8223-4e55-b96d-049844f596e0","block_type":"box","text":"strategy proposal if, in the team’s assessment based on these Guidelines, the strategy is aligned with the low-carbon","page_number":237,"box":{"x":69,"y":188,"width":838,"height":12}},{"id":"20219529-c0c8-432d-86c1-d5e8efc9aee1","block_type":"box","text":"transition. Similarly, the dedicated team generally suppor ts management’s proposal on a progress repor t if the","page_number":237,"box":{"x":68,"y":203,"width":792,"height":12}},{"id":"baa9a075-e397-489a-9dac-824ed37fc7be","block_type":"box","text":"company has clearly explained its progress against, and any deviations from or changes to, its stated low-carbon","page_number":237,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"d2f2703c-8f61-4b1a-9d0b-24f6ec828556","block_type":"box","text":"transition plan and targets.","page_number":237,"box":{"x":68,"y":234,"width":193,"height":11}},{"id":"b164ee99-7055-4830-9082-c574e4ad7ed3","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":237,"box":{"x":68,"y":264,"width":495,"height":11}},{"id":"86170866-416c-41e4-804c-3005a72d7d51","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":237,"box":{"x":102,"y":287,"width":777,"height":11}},{"id":"8477ddb0-280d-4280-a239-f1037cc08132","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics and have varying degrees","page_number":237,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"ddc0bb16-9509-4413-86f6-b4ba264823f3","block_type":"box","text":"of relevance for companies across sectors, locations, and business models.","page_number":237,"box":{"x":69,"y":317,"width":543,"height":11}},{"id":"a067fe31-65b0-48a5-88a3-b7cd29131a1a","block_type":"box","text":"Each shareholder proposal is evaluated on a case-by-case basis, focusing on its merit while considering the","page_number":237,"box":{"x":102,"y":339,"width":767,"height":12}},{"id":"745ad021-a451-438a-a65a-7d4597176cef","block_type":"box","text":"company’s individual circumstances. When the dedicated team votes in suppor t of a proposal, it is not necessarily","page_number":237,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"83a0005b-faac-40ba-ac07-c2135d517732","block_type":"box","text":"endorsing every element of the proposal or the reasoning, objectives, or suppor ting statement of the proponent.","page_number":237,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"41c703f4-a1fd-454e-81b9-d7818b1e1139","block_type":"box","text":"In addition to financial materiality, the Guidelines consider the proposal’s relevance to the company’s low-carbon","page_number":237,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"6d2ddb6e-3cdf-4341-a5b6-c6d784a56516","block_type":"box","text":"transition strategy and targets. The dedicated team assesses the implications for, and the relevance to, the","page_number":237,"box":{"x":68,"y":407,"width":770,"height":12}},{"id":"0da4a09c-0c5e-4014-8470-37719a85b48c","block_type":"box","text":"company’s stated low-carbon transition strategy and targets. Under the Guidelines, the team may suppor t","page_number":237,"box":{"x":69,"y":423,"width":754,"height":11}},{"id":"5f453588-a01d-4689-bf8c-18d09647057f","block_type":"box","text":"shareholder proposals that, for example, ask a company to:","page_number":237,"box":{"x":69,"y":438,"width":425,"height":11}},{"id":"7da6b802-1c75-47b6-a957-38eb3c3d4839","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"8ec84213-f6c7-455a-ae6e-e8ab4282cfde","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average global","page_number":237,"box":{"x":102,"y":458,"width":719,"height":11}},{"id":"a3dfe61a-5120-4295-a72f-40b4bda90ab0","block_type":"box","text":"temperature rise to no more than 1.5°C above pre-industrial levels","page_number":237,"box":{"x":101,"y":473,"width":474,"height":11}},{"id":"b03c31ff-085a-4a93-92c8-535318e96e18","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":496,"width":6,"height":5}},{"id":"a07e433f-97cc-431b-b823-a476f687c7f8","block_type":"box","text":"Align scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a long-term","page_number":237,"box":{"x":101,"y":493,"width":807,"height":11}},{"id":"81afe864-eac3-47ab-ab9a-5b86842f82c0","block_type":"box","text":"goal of the company achieving net zero GHG emissions by 2050","page_number":237,"box":{"x":101,"y":508,"width":457,"height":12}},{"id":"fee634ee-3ba2-431d-a028-c493170bbd13","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":531,"width":6,"height":5}},{"id":"ea27669d-4c6b-43ed-b0c3-281d52e3f533","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":237,"box":{"x":102,"y":528,"width":712,"height":12}},{"id":"54e1fb1c-3c4f-411a-be24-2b6befc25451","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":551,"width":6,"height":5}},{"id":"6ecb72da-5c35-4f0e-a11f-4e0d2ae1d3b9","block_type":"box","text":"Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with","page_number":237,"box":{"x":102,"y":549,"width":794,"height":11}},{"id":"fd640ce1-b4f6-4bab-a1fa-c380ac80a450","block_type":"box","text":"its strategic policy positions, where existing disclosure is insufficient","page_number":237,"box":{"x":102,"y":564,"width":489,"height":11}},{"id":"0c8d53c7-6e9c-4174-948c-da7e12422c4d","block_type":"box","text":"25","page_number":237,"box":{"x":592,"y":564,"width":9,"height":5}},{"id":"ba96bcd6-fd0c-406a-b613-c50c7bdb80dd","block_type":"box","text":"The dedicated team does not suppor t shareholder proposals that seek to constrain board or management","page_number":237,"box":{"x":101,"y":587,"width":758,"height":11}},{"id":"1e03c1b3-3675-4014-b55e-0cb3a9db2ff4","block_type":"box","text":"decision-making or direct specific business or strategic decisions.","page_number":237,"box":{"x":69,"y":601,"width":468,"height":12}},{"id":"7c4d5995-563b-4815-a546-74c08a995f7a","block_type":"box","text":"RELATED MATTERS","page_number":237,"box":{"x":419,"y":632,"width":140,"height":9}},{"id":"1464401b-c903-47ab-bb87-65fd085f4ca3","block_type":"box","text":"There are other business items not covered above that may be put to a shareholder vote that could address","page_number":237,"box":{"x":101,"y":655,"width":771,"height":11}},{"id":"5d6c661d-fee4-40cc-afb1-00f515ca655a","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. Under these Guidelines, the dedicated team engages,","page_number":237,"box":{"x":69,"y":670,"width":808,"height":11}},{"id":"ff7b4dea-9222-48de-9d7e-d8f3d79d3b06","block_type":"box","text":"where appropriate, to enhance its understanding of a company’s approach. Generally, voting on these matters would","page_number":237,"box":{"x":68,"y":685,"width":831,"height":11}},{"id":"e44a2ee5-3aeb-4d0c-8f0a-d72e06b0952a","block_type":"box","text":"be covered by BIS’ Benchmark Policies.","page_number":237,"box":{"x":69,"y":700,"width":280,"height":11}},{"id":"9f11078f-03a8-4a56-a148-16da5388c8bc","block_type":"box","text":"Executive compensation","page_number":237,"box":{"x":69,"y":730,"width":177,"height":11}},{"id":"f3f00aa3-eb95-49cf-926f-1b171a156e9f","block_type":"box","text":"The dedicated team looks to company boards to put in place a compensation structure that incentivizes and","page_number":237,"box":{"x":101,"y":753,"width":772,"height":11}},{"id":"857c2119-17e9-47f1-a5e6-b7c154969c1c","block_type":"box","text":"rewards executives appropriately. Some companies, in light of their long-term strategy, may decide to include relevant","page_number":237,"box":{"x":69,"y":768,"width":837,"height":11}},{"id":"a06bb56e-a092-401a-af9f-149a4c633efc","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the","page_number":237,"box":{"x":69,"y":783,"width":826,"height":11}},{"id":"2a832f25-92e7-423c-b8bd-86bbc7cd484a","block_type":"box","text":"dedicated team would engage to understand the alignment between those metrics and the company’s stated climate","page_number":237,"box":{"x":69,"y":798,"width":834,"height":11}},{"id":"09757eda-9953-42de-81b1-85cfebf4fb3f","block_type":"box","text":"24","page_number":237,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"7b1365d3-b2fe-4260-a344-ec5212804baa","block_type":"box","text":"While the dedicated team may escalate voting by not suppor ting additional management proposals, principally","page_number":237,"box":{"x":83,"y":827,"width":787,"height":12}},{"id":"f4478744-7768-4ec1-8717-2a391ad8162f","block_type":"box","text":"director elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using","page_number":237,"box":{"x":69,"y":842,"width":832,"height":12}},{"id":"0e3ab97a-e867-4ef3-8e14-b6567278d29d","block_type":"box","text":"the media to amplify concerns as appropriate courses of action. The dedicated team will continue to take a","page_number":237,"box":{"x":68,"y":857,"width":765,"height":12}},{"id":"421edb06-80ec-4d5a-9809-2fe47f6c577f","block_type":"box","text":"constructive, long-term focused approach, to engagement and voting on behalf of clients under these Guidelines.","page_number":237,"box":{"x":69,"y":873,"width":805,"height":11}},{"id":"e4ca7843-d588-405f-a782-d5a5ba1e12fc","block_type":"box","text":"25","page_number":237,"box":{"x":69,"y":891,"width":9,"height":4}},{"id":"2db47138-827f-4529-807b-b1f61288dc2c","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":237,"box":{"x":84,"y":890,"width":787,"height":12}},{"id":"15bdce9d-25d8-4c14-8420-b0ebbeb0c9e3","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":237,"box":{"x":68,"y":906,"width":500,"height":10}},{"id":"71862b95-0a2f-441c-a104-19054e41d9c1","block_type":"box","text":"BlackRock Investment Stewardship","page_number":237,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"4d05a0f7-3764-4aaa-b45e-c32e8186282c","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 8","page_number":237,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"d7d15b3b-96e2-42f1-b451-8054e6453e8b","block_type":"box","text":"BNM1026U-6032383-19202701","page_number":237,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"1d2b6592-c491-4e1a-88d1-017c371f77fe","block_type":"box","text":"strategy. Clear disclosure also helps investors assess whether pay structures are consistent with long-term climate","page_number":238,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"2f28c2a6-c4d1-46d5-823a-e2f8d31f23d9","block_type":"box","text":"strategy and risk management.","page_number":238,"box":{"x":69,"y":60,"width":219,"height":11}},{"id":"d6026c63-63e0-4e23-99a8-aa4a79bb2b69","block_type":"box","text":"Auditors and audit-related issues","page_number":238,"box":{"x":68,"y":90,"width":240,"height":9}},{"id":"18d0f173-f710-4e8c-86a7-28709d346cd6","block_type":"box","text":"For companies with material climate or transition risks or oppor tunities in their business models, the dedicated","page_number":238,"box":{"x":102,"y":113,"width":793,"height":11}},{"id":"a5b4bf00-745f-447c-80aa-7430246c89ca","block_type":"box","text":"team is interested in understanding whether the company considers and, if relevant, quantifies, and accounts for","page_number":238,"box":{"x":68,"y":128,"width":807,"height":11}},{"id":"67a65cca-90b7-4018-8fa3-1c4465464207","block_type":"box","text":"material climate-related risks in its financial statements, including if the company explains such risks within the","page_number":238,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"0f0ceab7-6570-4a41-af32-3e063e49edad","block_type":"box","text":"context of its audit repor t. The team notes that assurance of corporate disclosures related to climate risk and the","page_number":238,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"79ff2d8c-1069-4965-a85c-0bef4355dfab","block_type":"box","text":"transition to a low-carbon economy is still nascent.","page_number":238,"box":{"x":68,"y":173,"width":361,"height":11}},{"id":"041a1dc6-96ca-4ff5-88bb-8e12426b6c6a","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":238,"box":{"x":69,"y":203,"width":463,"height":11}},{"id":"b83a527a-7962-4e18-b0cc-c771d129bb90","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate","page_number":238,"box":{"x":102,"y":226,"width":783,"height":11}},{"id":"93fcda03-8b8e-4770-943a-fc1a01ad64f3","block_type":"box","text":"related factors under these Guidelines where a transaction may significantly alter a company’s climate strategy or a","page_number":238,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"49a5528c-7a78-4078-9c6d-7377f054227c","block_type":"box","text":"shareholder activist has proposed governance, strategic or operational changes that may impact its climate strategy.","page_number":238,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"9f09f185-4d6c-42bc-a27b-322b8f078e8e","block_type":"box","text":"The dedicated team does not promote changes in corporate control or engage in shareholder activism.","page_number":238,"box":{"x":68,"y":272,"width":731,"height":11}},{"id":"ee01182e-308a-4130-9ed7-2175e8aafd08","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":238,"box":{"x":69,"y":302,"width":503,"height":11}},{"id":"83c45f1a-421b-4558-8b4a-0828a2266da7","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material","page_number":238,"box":{"x":102,"y":324,"width":762,"height":11}},{"id":"91afdf55-11e7-4668-a0c7-2afb3730b63f","block_type":"box","text":"sustainability-related risks and oppor tunities that may be relevant to a company’s business model and long-term","page_number":238,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"45503c04-626b-438b-80ce-4c56364df8e7","block_type":"box","text":"financial per formance. These include a company’s impacts or dependencies on natural capital and key","page_number":238,"box":{"x":68,"y":355,"width":734,"height":11}},{"id":"0e7ba521-1029-48a2-b33a-4a70a70fe9cc","block_type":"box","text":"stakeholders.","page_number":238,"box":{"x":69,"y":370,"width":95,"height":9}},{"id":"8f308129-c2c5-4adb-ba59-607d7ce7ed87","block_type":"box","text":"26","page_number":238,"box":{"x":166,"y":370,"width":9,"height":5}},{"id":"b2876594-e9b7-47c5-8949-7ce0fe78c0d8","block_type":"box","text":"In the context of these Guidelines, the dedicated team may engage companies to better understand","page_number":238,"box":{"x":182,"y":370,"width":710,"height":11}},{"id":"bbd22b58-a3de-425e-a3f9-9814385a0662","block_type":"box","text":"how they are managing the impact on people (e.g., employees, suppliers, customers and communities) of any","page_number":238,"box":{"x":69,"y":385,"width":783,"height":11}},{"id":"5e9da2d7-c30b-467c-80d1-4865738b1022","block_type":"box","text":"strategic or operational changes they are making in relation to their transition to a low-carbon economy. 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The economic transformation is being driven by changes in","page_number":239,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"b5c57f84-0023-4f40-9dfd-d61cf2416297","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":239,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"4fee214a-ab75-46fe-8ee1-b40fd2056a91","block_type":"box","text":"change (e.g., extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":239,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"9451a2e1-2dc3-4e3a-90a4-6641eca621b0","block_type":"box","text":"Decarbonization:","page_number":239,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"1580ba95-0fc6-400e-923a-419403503b88","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":239,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"75d57406-90a4-49b3-b447-c76b273436ff","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":239,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"8d13c169-7122-446d-a59f-96b627091165","block_type":"box","text":"individual consumers. 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[It] is defined as electricity [steam,","page_number":239,"box":{"x":70,"y":566,"width":807,"height":11}},{"id":"4dd1fe9a-cfe5-4b40-adb5-dac3b99b72ef","block_type":"box","text":"and heating/cooling] that is purchased or otherwise brought into the organizational boundary of the company.","page_number":239,"box":{"x":69,"y":581,"width":781,"height":12}},{"id":"7afd70ae-2fbc-4139-b609-4b850945e45e","block_type":"box","text":"30","page_number":239,"box":{"x":852,"y":582,"width":9,"height":4}},{"id":"c1182c8e-f4d9-44f2-bd00-4aa95bc0a3ea","block_type":"box","text":"Scope 3:","page_number":239,"box":{"x":101,"y":604,"width":63,"height":11}},{"id":"0fc69936-8301-490f-9510-d1e543df1a7d","block_type":"box","text":"Other indirect GHG emissions. Scope 3 is an optional repor ting category that allows for the treatment","page_number":239,"box":{"x":171,"y":604,"width":725,"height":11}},{"id":"c40849eb-a0a9-4cd0-a4e0-f7d7f910813c","block_type":"box","text":"of all other indirect emissions. 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