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You may request a copy of the","page_number":15,"box":{"x":69,"y":415,"width":840,"height":12}},{"id":"ed689033-d331-495b-9bc7-1e3ef074990d","block_type":"box","text":"2026 Annual Financial Statements at no charge by calling (800) 441-7762 between 8:00 a.m. and 6:00 p.m.","page_number":15,"box":{"x":69,"y":430,"width":822,"height":12}},{"id":"6431889e-a08a-4e25-8d39-2383fe5a89c1","block_type":"box","text":"Eastern time on any business day.","page_number":15,"box":{"x":70,"y":445,"width":258,"height":12}},{"id":"52d9b471-8053-44d5-bdaa-5bf9327c8587","block_type":"box","text":"References to the Investment Company Act of 1940, as amended (the “Investment Company Act”), or","page_number":15,"box":{"x":103,"y":468,"width":767,"height":12}},{"id":"5e4f66b1-a7a4-4023-9bda-1a7ad2353997","block_type":"box","text":"other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or","page_number":15,"box":{"x":69,"y":483,"width":796,"height":12}},{"id":"69090369-98c4-46b5-a05b-3e31c32e470b","block_type":"box","text":"modifications by the Commission, Commission staff or other authority with appropriate jurisdiction, including","page_number":15,"box":{"x":70,"y":498,"width":837,"height":12}},{"id":"34b23352-6274-43f1-9c40-c090af87e94f","block_type":"box","text":"court interpretations, and exemptive, no-action or other relief or permission from the Commission,","page_number":15,"box":{"x":69,"y":513,"width":749,"height":12}},{"id":"ab02ab3a-dd06-4551-b788-12445198a20e","block_type":"box","text":"Commission staff or other authority.","page_number":15,"box":{"x":70,"y":528,"width":274,"height":12}},{"id":"32cef541-f99e-4f06-bb7f-2b704bd22ca6","block_type":"box","text":"Class","page_number":15,"box":{"x":69,"y":557,"width":31,"height":7}},{"id":"3b7cbc49-2235-4448-bf55-7355f373c28f","block_type":"box","text":"Ticker Symbol","page_number":15,"box":{"x":827,"y":557,"width":82,"height":9}},{"id":"c172e624-9e30-435e-b69e-d723a311835c","block_type":"box","text":"Investor A Shares","page_number":15,"box":{"x":70,"y":575,"width":124,"height":8}},{"id":"f0384b68-e5d3-4c3b-a8de-90069627627d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BDMAX","page_number":15,"box":{"x":199,"y":575,"width":695,"height":8}},{"id":"fc88bc44-96d3-402e-94ec-cc54dfc71a19","block_type":"box","text":"Investor C Shares .","page_number":15,"box":{"x":70,"y":590,"width":131,"height":9}},{"id":"8a83f7f8-ed58-4727-82e9-8d79cbdb4c0b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BDMCX","page_number":15,"box":{"x":208,"y":590,"width":687,"height":9}},{"id":"cb024267-d59b-450d-b728-1cdaf60beb7b","block_type":"box","text":"Institutional Shares","page_number":15,"box":{"x":70,"y":605,"width":137,"height":9}},{"id":"de6f0e5d-2d8a-442f-9063-883e2c169835","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BDMIX","page_number":15,"box":{"x":216,"y":605,"width":676,"height":9}},{"id":"c27ac621-9c31-414a-b810-072ed5ddbb64","block_type":"box","text":"Class K Shares","page_number":15,"box":{"x":69,"y":620,"width":109,"height":9}},{"id":"ee6818ec-74cf-460b-81ba-cc58888bb357","block_type":"box","text":"............................................................................","page_number":15,"box":{"x":183,"y":627,"width":613,"height":2}},{"id":"fb27f4b1-9713-4dd4-8796-934e7a441035","block_type":"box","text":"BGCKX","page_number":15,"box":{"x":845,"y":620,"width":48,"height":9}},{"id":"2f22278a-1477-4484-b47a-e2d621a15b9c","block_type":"box","text":"BlackRock Advisors, LLC — Manager","page_number":15,"box":{"x":260,"y":674,"width":460,"height":20}},{"id":"0b245942-74f5-4e0b-9b11-5ebdf0478df3","block_type":"box","text":"BlackRock Investments, LLC — Distributor","page_number":15,"box":{"x":222,"y":697,"width":536,"height":18}},{"id":"5456ac97-4041-4ce2-988d-ed77e13dcf20","block_type":"box","text":"The date of this Statement of Additional Information is August 28, 2026.","page_number":15,"box":{"x":214,"y":757,"width":550,"height":12}},{"id":"bbff10b3-4f2b-4460-8c3a-4dd9a3470e39","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":15,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"da5ef395-67db-40a3-89b3-ab39b7a56c34","block_type":"box","text":"TABLE OF CONTENTS","page_number":16,"box":{"x":411,"y":45,"width":155,"height":9}},{"id":"c5427317-228f-4e61-8056-15110184a67e","block_type":"box","text":"Page","page_number":16,"box":{"x":869,"y":73,"width":28,"height":9}},{"id":"785245e6-d9d6-44fb-ae35-d55cff56cebe","block_type":"box","text":"PART I","page_number":16,"box":{"x":69,"y":92,"width":47,"height":9}},{"id":"4edd9c8a-a063-4760-bc31-c517048a670c","block_type":"box","text":"Investment Objective and Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1","page_number":16,"box":{"x":70,"y":108,"width":839,"height":11}},{"id":"01a4e5a2-66ef-4de6-96ad-25632c96de6a","block_type":"box","text":"Investment Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-5","page_number":16,"box":{"x":70,"y":125,"width":839,"height":9}},{"id":"f729039b-b707-4272-a2e5-8a71d2bc4cb3","block_type":"box","text":"Information on Trustees and Officers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-7","page_number":16,"box":{"x":70,"y":141,"width":838,"height":9}},{"id":"ca058a42-a178-434b-b186-4e62ba1437d9","block_type":"box","text":"Management, Advisory and Other Service Arrangements . . . . . . . . .","page_number":16,"box":{"x":70,"y":158,"width":469,"height":11}},{"id":"00515d3d-232a-4bee-8206-97f6127cccd5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-19","page_number":16,"box":{"x":545,"y":158,"width":364,"height":8}},{"id":"e79352e8-3761-4f5c-993f-1a43283bba1d","block_type":"box","text":"Information on Sales Charges and Distribution Related Expenses .","page_number":16,"box":{"x":70,"y":174,"width":469,"height":11}},{"id":"816d3a3d-41a2-46a6-a820-0db8c16aea23","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I","page_number":16,"box":{"x":236,"y":418,"width":635,"height":9}},{"id":"4da7943f-7df1-4f3f-a0ee-cd7adeda2d4b","block_type":"box","text":"I-129","page_number":16,"box":{"x":874,"y":418,"width":35,"height":9}},{"id":"026827a6-dc54-4e07-b31d-73941745e1fe","block_type":"box","text":"Per formance Data","page_number":16,"box":{"x":69,"y":435,"width":129,"height":9}},{"id":"4a1fee0b-134c-4a0f-9a12-9f91bf9928f2","block_type":"box","text":"................................................................................. 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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":67,"width":770,"height":11}},{"id":"9fe9e788-63cb-4bd0-a4c6-37515b19e94c","block_type":"box","text":"2. Borrow money, except as permitted under the Investment Company Act.","page_number":22,"box":{"x":134,"y":90,"width":529,"height":11}},{"id":"c6a16703-3389-4e95-86c8-d53fa0bbf6a6","block_type":"box","text":"3. Issue senior securities to the extent such issuance would violate the Investment Company Act.","page_number":22,"box":{"x":134,"y":113,"width":694,"height":11}},{"id":"8bfa7e9d-8f57-4eac-a1f9-fb8375f051ac","block_type":"box","text":"4. Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that","page_number":22,"box":{"x":134,"y":136,"width":774,"height":10}},{"id":"07b7bea3-7aca-4119-9ea1-db855c63f114","block_type":"box","text":"are secured by, or linked to, real estate or interests therein, securities of real estate investment trusts,","page_number":22,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"fdba7e8b-8830-44d3-ae62-33134d5d8623","block_type":"box","text":"mor tgage-related securities and securities of issuers engaged in the real estate business, and the Fund may","page_number":22,"box":{"x":102,"y":166,"width":775,"height":11}},{"id":"70c06f85-ecba-4ccc-bedc-7303f96fec4b","block_type":"box","text":"purchase and hold real estate as a result of the ownership of securities or other instruments.","page_number":22,"box":{"x":102,"y":181,"width":666,"height":11}},{"id":"f0c819d2-170f-4d6c-a333-303610f20674","block_type":"box","text":"5. 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":203,"width":746,"height":12}},{"id":"5a4ac508-5e70-4507-9d3a-74bb7a75de6c","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":219,"width":627,"height":11}},{"id":"fce47859-ba77-48f7-9174-8ec23aadec53","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":241,"width":757,"height":11}},{"id":"c8a33cdb-82ff-4208-8a16-12094da69911","block_type":"box","text":"Act.","page_number":22,"box":{"x":101,"y":257,"width":25,"height":8}},{"id":"ce0ea3b1-2d72-404e-8c72-969f60dfc833","block_type":"box","text":"7. Make loans to the extent prohibited by the Investment Company Act.","page_number":22,"box":{"x":135,"y":279,"width":506,"height":11}},{"id":"49e48468-9f5d-484f-ac92-e60d3eb2e2ce","block_type":"box","text":"8. Make any investment inconsistent with the Fund’s classification as a diversified company under the","page_number":22,"box":{"x":134,"y":302,"width":729,"height":11}},{"id":"71d90dda-4529-43ed-aa69-2b8dc3871829","block_type":"box","text":"Investment Company Act.","page_number":22,"box":{"x":102,"y":317,"width":179,"height":11}},{"id":"fd72ac10-3573-4842-8128-f72b9f65e714","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":22,"box":{"x":70,"y":347,"width":494,"height":11}},{"id":"0720ab3d-91c4-4328-8626-e552d76875f7","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":370,"width":799,"height":11}},{"id":"907b7598-5d79-491c-ac48-a4890bcdaccb","block_type":"box","text":"subject to change without shareholder approval.","page_number":22,"box":{"x":69,"y":385,"width":341,"height":11}},{"id":"3e1d8d0c-9a37-4e0a-92ce-251d609abf57","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":407,"width":796,"height":12}},{"id":"517b7861-b212-4bc3-b660-26855cc0a36c","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":423,"width":811,"height":11}},{"id":"01b49393-55e6-4c37-b4c2-9dc8dc53580d","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":438,"width":833,"height":11}},{"id":"c27249a1-57af-41d9-91ea-d1217da1472f","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":453,"width":836,"height":11}},{"id":"7d06e5b0-7938-4da3-a79f-1b2c3245f0a8","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":468,"width":815,"height":11}},{"id":"30440731-b610-4d5b-99a4-317451781c1e","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":483,"width":813,"height":11}},{"id":"dd3e294f-cdf4-4d58-b650-53ec495221e5","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":498,"width":823,"height":11}},{"id":"ccfece84-88f5-4321-95ae-0a3febb9cab3","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":22,"box":{"x":69,"y":514,"width":809,"height":11}},{"id":"9b476b60-8fad-4db5-8142-9ae9f003e7b3","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":528,"width":772,"height":12}},{"id":"203b6104-6a58-4ea9-afdc-0990dc62111c","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":543,"width":824,"height":12}},{"id":"d0597ff5-1c0c-4f37-874e-c16417536bdf","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":559,"width":829,"height":11}},{"id":"7bfd3055-9436-4886-ad19-3bc338dbf919","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":574,"width":805,"height":11}},{"id":"fb183ef5-49ea-4403-88d9-0eb42e1c3c5e","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":589,"width":840,"height":11}},{"id":"c2e11b29-1cf2-4f4a-9ee9-f02635474650","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":604,"width":803,"height":11}},{"id":"4f75d538-b55a-4266-a6c2-82b920e31e06","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":619,"width":807,"height":11}},{"id":"909c0087-8feb-4b8e-a4e5-8f760e295e09","block_type":"box","text":"Fund as to how to classify issuers within or among industries.","page_number":22,"box":{"x":70,"y":634,"width":438,"height":12}},{"id":"250a919d-28a5-4df4-8480-f8bbea67254f","block_type":"box","text":"With respect to the fundamental policy relating to borrowing money set for th above, the Investment Company Act","page_number":22,"box":{"x":101,"y":657,"width":805,"height":11}},{"id":"138d8216-b4ca-44f8-ad88-92d6097ecc27","block_type":"box","text":"permits the Fund to borrow money in amounts of up to one–third of the Fund’s total assets from banks for any","page_number":22,"box":{"x":70,"y":672,"width":787,"height":11}},{"id":"58475c48-a81f-462e-b97d-bb3f83730640","block_type":"box","text":"purpose, and to borrow up to 5% of the Fund’s total assets from banks or other lenders for temporary purposes. (The","page_number":22,"box":{"x":70,"y":687,"width":836,"height":11}},{"id":"f7f33bf0-0b2b-46ec-a5ec-8d4d54569541","block_type":"box","text":"Fund’s total assets include the amounts being borrowed.) To limit the risks attendant to borrowing, the Investment","page_number":22,"box":{"x":70,"y":703,"width":816,"height":11}},{"id":"70bdc4bf-0280-43d9-b9a0-d978df225470","block_type":"box","text":"Company Act requires the Fund to maintain at all times an “asset coverage” of at least 300% of the amount of its","page_number":22,"box":{"x":69,"y":717,"width":812,"height":12}},{"id":"cbf768ab-6853-48b2-818d-36f099843869","block_type":"box","text":"borrowings. Asset coverage means the ratio that the value of the Fund’s total assets (including amounts borrowed),","page_number":22,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"c2834ea3-100a-453a-9d36-70cd592a26fd","block_type":"box","text":"minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Borrowing money to","page_number":22,"box":{"x":69,"y":748,"width":775,"height":11}},{"id":"27737ad5-8053-4167-959a-0ae8731da256","block_type":"box","text":"increase por tfolio holdings is known as “leveraging.” Cer tain trading practices and investments, such as reverse","page_number":22,"box":{"x":70,"y":763,"width":801,"height":11}},{"id":"0f93fbc5-5c47-41cb-a34b-89cacb347d3a","block_type":"box","text":"repurchase agreements, may be considered to be borrowings or involve leverage and thus are subject to the","page_number":22,"box":{"x":69,"y":778,"width":772,"height":11}},{"id":"2a44ae09-2f40-489b-8af6-4e29e49f373a","block_type":"box","text":"Investment Company Act restrictions. In accordance with Rule 18f–4 under the Investment Company Act, when the","page_number":22,"box":{"x":70,"y":793,"width":815,"height":11}},{"id":"d3b5aba1-24ab-493c-99ba-f5db7b280db5","block_type":"box","text":"Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may either (i) maintain","page_number":22,"box":{"x":70,"y":808,"width":828,"height":11}},{"id":"7d29d9c2-20dd-40e8-85ab-52d03dfae568","block_type":"box","text":"asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or","page_number":22,"box":{"x":69,"y":823,"width":803,"height":12}},{"id":"7bd4cfb4-810f-4347-87a5-26994d653e5d","block_type":"box","text":"(ii) treat such transactions as “derivatives transactions” and comply with Rule 18f–4 with respect to such","page_number":22,"box":{"x":69,"y":838,"width":751,"height":11}},{"id":"dcfe8a8d-53f3-4f5a-8425-2a448d8816b1","block_type":"box","text":"transactions. Shor t-term credits necessary for the settlement of securities transactions and arrangements with","page_number":22,"box":{"x":68,"y":853,"width":793,"height":12}},{"id":"aa402727-902e-456c-b630-1b503405bb35","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":869,"width":835,"height":11}},{"id":"616c6197-b46b-4345-9838-23d85632fe71","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":884,"width":643,"height":11}},{"id":"40f4a72d-cf1c-4808-b3f9-e11bfd9ca4b7","block_type":"box","text":"I-6","page_number":22,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"59dfd74a-2cad-4891-be56-8eecaf88fdbd","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":22,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4b8fea04-8735-4f55-855e-8b2acd922f1f","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":"c96afa1b-1fff-4d6a-8710-241984c25afc","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":"cf954704-eed0-461f-87b5-b04dd919d847","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":"5d1978e4-81e1-4a4a-b287-014c427e5f0f","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":"27aa17b2-cfc4-49b8-adea-df4982f0e1a7","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":"f32a7d12-be47-41d0-82d5-2588c214c806","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":"baef0b42-132f-4cf1-b31b-206cfb1a2f02","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":"9650ab21-ab70-4177-b927-181c6e9dc409","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":"b58f75be-63a7-4c37-a479-511db3dc6049","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":"08caf347-5e63-4f1b-8d87-8b87628507a9","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":"ce6e658a-424d-4e1c-ad97-91bd109866fa","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":"adb8bb67-2d8d-49ed-b83d-a55da4e1d056","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":"bff4c7f0-fd96-4dd3-8083-fa41ea0e21fa","block_type":"box","text":"extent permitted by applicable law.","page_number":23,"box":{"x":69,"y":226,"width":245,"height":11}},{"id":"49ddab71-9355-496d-9f2e-5fd00a6242e3","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":"b7846b88-c658-41be-8bd2-936df8e681a4","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":756,"height":11}},{"id":"65ff67df-5e4f-4292-a883-b69b54a5a260","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":"3eb800d1-74db-4878-b6ae-131ef9065873","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":"38f15a28-01c0-4187-b974-686ca99e3b28","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":"93edee2c-2f2e-497a-b1d3-484667fd26b6","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":"b22e03c6-77aa-4843-8b1a-6e6815e7d00d","block_type":"box","text":"loans.","page_number":23,"box":{"x":70,"y":340,"width":40,"height":8}},{"id":"fe416d95-619e-4bde-a69f-39c5dd272788","block_type":"box","text":"The Fund is currently classified as a diversified fund under the Investment Company Act. This means that the","page_number":23,"box":{"x":101,"y":362,"width":777,"height":11}},{"id":"608c20dc-d3b0-4194-be02-6e060567e8cc","block_type":"box","text":"Fund may not purchase securities of an issuer (other than (i) obligations issued or guaranteed by the U.S.","page_number":23,"box":{"x":70,"y":377,"width":751,"height":12}},{"id":"52dc6517-d07a-404c-8c7e-d128db4daaf5","block_type":"box","text":"Government, its agencies or instrumentalities and (ii) securities of other investment companies) if, with respect to","page_number":23,"box":{"x":69,"y":392,"width":813,"height":12}},{"id":"0828b159-0255-4769-84e8-5d5521322967","block_type":"box","text":"75% of its total assets, (a) more than 5% of the Fund’s total assets would be invested in securities of that issuer or","page_number":23,"box":{"x":69,"y":407,"width":827,"height":11}},{"id":"0bc94469-03d5-4384-9685-6230ae75d160","block_type":"box","text":"(b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. With respect to the","page_number":23,"box":{"x":69,"y":423,"width":781,"height":11}},{"id":"467959cb-6ddb-407e-9528-d22442c0ec5d","block_type":"box","text":"remaining 25% of its total assets, the Fund can invest more than 5% of its assets in one issuer. Under the","page_number":23,"box":{"x":69,"y":438,"width":759,"height":11}},{"id":"41c82212-c643-44ab-877b-f2e67e2ea208","block_type":"box","text":"Investment Company Act, the Fund cannot change its classification from diversified to non-diversified without","page_number":23,"box":{"x":70,"y":453,"width":774,"height":11}},{"id":"9e43bf83-d813-48b5-beb7-fd718e4b7f47","block_type":"box","text":"shareholder approval.","page_number":23,"box":{"x":69,"y":468,"width":153,"height":11}},{"id":"aad6ec76-60b9-4dce-a547-c58c1b2daadc","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder","page_number":23,"box":{"x":102,"y":491,"width":768,"height":11}},{"id":"b14148c2-a452-4f08-91bc-65588db695f9","block_type":"box","text":"approval, the Fund may not:","page_number":23,"box":{"x":69,"y":506,"width":197,"height":11}},{"id":"f1ebf2b8-2c3a-49a0-b60f-b0373b4d81a4","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":528,"width":742,"height":12}},{"id":"25b7a5ec-bba7-4b95-babb-e9bfc82f840e","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":543,"width":759,"height":12}},{"id":"bcb051fe-2eea-41b5-bed5-88e1c3e7a74d","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":559,"width":779,"height":11}},{"id":"bdb8a3be-1186-4db5-827f-48c1aaf2c113","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":574,"width":761,"height":11}},{"id":"5f06b91e-f597-4cd9-8218-1fac22d4af6f","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":589,"width":795,"height":11}},{"id":"1e7a297c-5a6c-4ab6-babb-ff84586b6857","block_type":"box","text":"12(d)(1).","page_number":23,"box":{"x":102,"y":604,"width":60,"height":11}},{"id":"72eff205-66f3-42b7-9f57-7cf4605835bb","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":627,"width":765,"height":11}},{"id":"fb755b04-ec40-4340-9914-ce6db19ecb46","block_type":"box","text":"Prospectus and SAI, as amended from time to time, and applicable law.","page_number":23,"box":{"x":102,"y":642,"width":509,"height":11}},{"id":"fa3b1a29-d4b0-4966-b8cb-ff25c97aefd1","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":102,"y":665,"width":771,"height":10}},{"id":"68214005-3662-46e5-b051-4aa73e5e843b","block_type":"box","text":"Company Act, all limitations under the Fund’s fundamental or non-fundamental investment restrictions apply only at","page_number":23,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"506998e7-f4a6-4e96-95a6-bf1abdf4f421","block_type":"box","text":"the time that a transaction is under taken. Any change in the percentage of the Fund’s assets invested in cer tain","page_number":23,"box":{"x":68,"y":695,"width":803,"height":11}},{"id":"dbc8595a-022f-47b4-a1b2-aef43c21f3da","block_type":"box","text":"securities or other instruments resulting from market fluctuations or other changes in the Fund’s total assets will not","page_number":23,"box":{"x":69,"y":710,"width":835,"height":11}},{"id":"c80979e2-abee-4d2b-8c43-8ba0074a9c3e","block_type":"box","text":"require the Fund to dispose of an investment until BlackRock determines that it is practicable to sell or close out the","page_number":23,"box":{"x":69,"y":725,"width":833,"height":11}},{"id":"a043f95f-a55e-4f72-8ec4-f4a884836930","block_type":"box","text":"investment without undue market or tax consequences.","page_number":23,"box":{"x":70,"y":740,"width":393,"height":11}},{"id":"3e14ab82-4d97-47ca-a044-f30d74ba9f94","block_type":"box","text":"III. Information on Trustees and Officers","page_number":23,"box":{"x":69,"y":770,"width":290,"height":9}},{"id":"3aa61731-2365-4c4d-8c84-1cf38f01bfc0","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":793,"width":788,"height":11}},{"id":"9a840dd1-9a5e-40c4-8157-9a8285d37d3f","block_type":"box","text":"the Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":23,"box":{"x":68,"y":808,"width":779,"height":11}},{"id":"999a0e0c-5d37-42dc-9982-e326ac65c76c","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":823,"width":837,"height":12}},{"id":"bd2be2d8-dfca-4140-bd8c-c17268fdb0b2","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":838,"width":793,"height":11}},{"id":"b7b698ba-8eb3-4354-a6d3-67203b0ea59b","block_type":"box","text":"Complex”). The Trust is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":23,"box":{"x":69,"y":853,"width":822,"height":11}},{"id":"a642f926-3bb7-45e0-a8ca-8fbda1ce8bfd","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":869,"width":837,"height":11}},{"id":"0b3c5fcc-bf66-4a3d-a1eb-abc2a3c726b8","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":23,"box":{"x":70,"y":884,"width":335,"height":11}},{"id":"0c84e1a0-9d2b-4b6a-9729-62387ea48f0b","block_type":"box","text":"I-7","page_number":23,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"e6d3e71d-d82d-4f61-8499-12912c7cc6e2","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":23,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7c95b661-2384-427d-b81c-d1ed69dfcb93","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and the Fund. The Chair of the Board is an","page_number":24,"box":{"x":101,"y":45,"width":769,"height":11}},{"id":"11790f64-1608-47b2-b465-ec61f9724e8d","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":24,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"fbe1d6a3-b9b0-4104-9215-4fa89df21c01","block_type":"box","text":"Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":24,"box":{"x":70,"y":75,"width":821,"height":11}},{"id":"97d1731a-236a-4700-8bb3-414df641577c","block_type":"box","text":"Committee, a Per formance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board","page_number":24,"box":{"x":69,"y":90,"width":835,"height":11}},{"id":"081e3bc0-1c4d-432c-91b0-be360f33de58","block_type":"box","text":"is to preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys and other","page_number":24,"box":{"x":70,"y":105,"width":830,"height":11}},{"id":"e8ad6b5d-2ddb-4279-9089-804f97dae89e","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee per forms a similar role with respect to the","page_number":24,"box":{"x":68,"y":120,"width":789,"height":12}},{"id":"b9005b12-6be8-4f15-a01f-a8061476fe60","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":24,"box":{"x":69,"y":135,"width":810,"height":11}},{"id":"2c3fb0c5-9c30-4108-a0d8-9afc46bd9950","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":24,"box":{"x":69,"y":150,"width":809,"height":12}},{"id":"6f99186e-a258-4df0-af46-3d737f4812d2","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":24,"box":{"x":70,"y":166,"width":794,"height":11}},{"id":"2e48b07f-d55d-45e1-81b9-09c997bb62ad","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":181,"width":816,"height":11}},{"id":"98c4d4c1-2c01-45b8-afd4-8e47b0f17dc3","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":196,"width":831,"height":11}},{"id":"b7a2fc73-7210-41b4-b7b8-e8763fb30d55","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":211,"width":811,"height":11}},{"id":"b1a64c27-d138-43d7-9131-5a7574a6474c","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":226,"width":809,"height":11}},{"id":"64a0ed8a-169f-4746-8f01-fea2fc3f6f4c","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":241,"width":825,"height":11}},{"id":"b3882ee5-9335-4e39-baf7-e16963291750","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":24,"box":{"x":69,"y":256,"width":441,"height":12}},{"id":"4a8304b2-a4fc-410f-8401-e1a69dc19be0","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":279,"width":777,"height":11}},{"id":"e3692490-11b8-4839-9a94-f35ecb5e71bf","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":294,"width":832,"height":11}},{"id":"eb794417-9280-4d21-8cef-da9cb98fba38","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Trust’s char ter, and the Fund’s","page_number":24,"box":{"x":68,"y":309,"width":820,"height":11}},{"id":"4a06fd81-9861-4dbb-bf56-73941daa6c6b","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":324,"width":812,"height":12}},{"id":"0626b172-ac44-4aab-9cea-ac1e0a6f9faa","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":339,"width":819,"height":12}},{"id":"1c90761c-6d13-49e4-aaa6-1f3d4be27529","block_type":"box","text":"the operations of the Fund.","page_number":24,"box":{"x":68,"y":355,"width":192,"height":11}},{"id":"809890eb-065e-4ce1-9ff3-0fe7771d0005","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":377,"width":785,"height":12}},{"id":"0dbb8f42-0ae2-428a-97df-221e00d1bd0d","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":392,"width":828,"height":12}},{"id":"c5314bed-d748-46d6-8497-377e40f0aabe","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":407,"width":832,"height":12}},{"id":"2bb4e6e2-15c4-4831-ac82-ae4f79521003","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":423,"width":820,"height":11}},{"id":"2c814dd2-1e04-41ad-8474-e513c721926b","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":438,"width":811,"height":11}},{"id":"bc32e4b8-c509-4499-bf6e-56cb6c8251f7","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":453,"width":767,"height":11}},{"id":"d9edf044-9ec2-4cc1-bc23-e4c2b90379b4","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":468,"width":815,"height":11}},{"id":"1031fb0c-3dbe-4fd0-bf0a-f05b19ff873b","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":483,"width":803,"height":11}},{"id":"3bdd6b6f-05fa-4390-ae83-0224faa0f564","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":498,"width":840,"height":11}},{"id":"d9f59a76-ae33-4af7-9757-61ddb035443e","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":513,"width":812,"height":11}},{"id":"82acbd2d-9376-469d-9a50-3a4a649c09c1","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":528,"width":817,"height":12}},{"id":"a83d47b6-b272-4a61-8102-bf0b912361bb","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":543,"width":812,"height":11}},{"id":"6c2fb375-127c-4779-bb89-dbbae125cd4e","block_type":"box","text":"testing of the Trust’s compliance program and repor ts to the Board regarding compliance matters for the Fund and","page_number":24,"box":{"x":68,"y":559,"width":818,"height":11}},{"id":"123c9c5e-946c-4c7b-9a73-8253b21436c3","block_type":"box","text":"its service providers. The Independent Trustees have engaged independent legal counsel to assist them in","page_number":24,"box":{"x":70,"y":574,"width":759,"height":11}},{"id":"9dc472f0-7a24-4e42-8a86-2dbdf689730e","block_type":"box","text":"per forming their oversight responsibilities.","page_number":24,"box":{"x":70,"y":589,"width":299,"height":11}},{"id":"245f8ce8-e1cf-4f9d-9681-cd09205cdf53","block_type":"box","text":"Audit Committee.","page_number":24,"box":{"x":101,"y":612,"width":122,"height":9}},{"id":"438fc922-0461-49e4-adb5-92976936428f","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":612,"width":673,"height":11}},{"id":"c02424e0-fb06-45ed-abb2-aea0328bea26","block_type":"box","text":"A. Cotty, Lori Richards, Kenneth L. Urish, Jeffrey Jarczyk and Claire A. Walton, all of whom are Independent Trustees.","page_number":24,"box":{"x":68,"y":627,"width":831,"height":11}},{"id":"8bbeab6e-e790-4a13-9f46-1eca39429a45","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":642,"width":820,"height":11}},{"id":"e8cbb705-248e-4dfd-a8dd-a1103286eabd","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":657,"width":823,"height":11}},{"id":"4a5de6a7-59f3-4789-89e8-3525b93f58c7","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":672,"width":830,"height":11}},{"id":"a87cd9fd-5375-4041-b160-0c5dde0e3592","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":687,"width":825,"height":11}},{"id":"92175d0c-706f-4054-9433-8f5c6de48c64","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":702,"width":807,"height":12}},{"id":"2fcb4f73-5255-4325-8868-9937a82c7095","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":717,"width":781,"height":11}},{"id":"51acaf23-6df0-4524-a346-5b8271397b2a","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":733,"width":834,"height":11}},{"id":"f3ed30df-3110-44b0-b6fe-ca0f502d5f68","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":748,"width":838,"height":11}},{"id":"09bed62a-c152-4a18-bbcd-e9130e791113","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":763,"width":825,"height":11}},{"id":"fd0b914d-3c63-4c0c-8879-e7366f4193af","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":778,"width":809,"height":11}},{"id":"b8685bec-4b15-49d8-bc76-02e592a11883","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":793,"width":815,"height":11}},{"id":"76fdd571-d06f-426d-bdd2-292af80f418f","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":808,"width":774,"height":11}},{"id":"83ae49ec-65dc-4ea4-b3af-4e0b29e11397","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":823,"width":815,"height":12}},{"id":"79c779ec-4582-4953-ac45-ecc63f25d2d3","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":838,"width":819,"height":12}},{"id":"c166e74f-c877-44bb-a22b-8af446a2a0fe","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":853,"width":812,"height":12}},{"id":"616e7206-3a9c-4627-9ff1-b3d07e8a2358","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":869,"width":576,"height":11}},{"id":"b641eda5-6c72-466f-a11f-393e3412caab","block_type":"box","text":"Governance and Nominating Committee.","page_number":24,"box":{"x":102,"y":891,"width":286,"height":12}},{"id":"fb3de379-0c3e-4e27-b83b-b21d8a75e8a1","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":24,"box":{"x":394,"y":891,"width":464,"height":12}},{"id":"f03186a4-4b59-40e4-be2d-41f53ed389e9","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Susan J. Car ter, Collette Chilton, Marc D. Stern and","page_number":24,"box":{"x":70,"y":906,"width":813,"height":12}},{"id":"0dbdafb6-42df-458b-b4dd-c4a616529013","block_type":"box","text":"I-8","page_number":24,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"c4f96327-9388-4b83-8bdc-3a290144074a","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":24,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6480ea84-1788-4e83-9649-0013e012adb9","block_type":"box","text":"Henry R. Keizer, all of whom are Independent Trustees. The principal responsibilities of the Governance Committee","page_number":25,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"ca9e1984-9379-4fc1-b5db-811acccd359f","block_type":"box","text":"are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and recommend Independent","page_number":25,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"0239ba2e-7699-4dd6-b192-9671b3ef4bd4","block_type":"box","text":"Trustee nominees for election by shareholders or appointment by the Board; (2) advise the Board with respect to","page_number":25,"box":{"x":68,"y":75,"width":805,"height":11}},{"id":"0caa9a96-e212-4734-8465-73d3d229b249","block_type":"box","text":"Board composition, procedures and committees (other than the Audit Committee); (3) oversee periodic self","page_number":25,"box":{"x":70,"y":90,"width":766,"height":11}},{"id":"7eed64f1-c836-4af1-bee9-b461909f9cad","block_type":"box","text":"assessments of the Board and committees of the Board (other than the Audit Committee); (4) review and make","page_number":25,"box":{"x":69,"y":105,"width":795,"height":11}},{"id":"55bd2db3-41d6-4791-bcdd-9fcb250aac20","block_type":"box","text":"recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters and","page_number":25,"box":{"x":69,"y":120,"width":793,"height":12}},{"id":"3610f583-b823-4ce9-87ca-0aab266d84e5","block_type":"box","text":"develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to Board","page_number":25,"box":{"x":69,"y":135,"width":815,"height":11}},{"id":"2f722226-5a99-4fda-873f-399c4e2ba9ec","block_type":"box","text":"policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as","page_number":25,"box":{"x":70,"y":150,"width":835,"height":11}},{"id":"d69488a9-3b70-446c-be50-9c0606d6917c","block_type":"box","text":"they relate to Independent Trustees; and (7) under take such other duties and responsibilities as may from time to","page_number":25,"box":{"x":68,"y":166,"width":815,"height":11}},{"id":"f83859b6-df40-40a0-ac89-f10fdb598863","block_type":"box","text":"time be delegated by the Board to the Governance Committee. The Governance Committee may consider nominations","page_number":25,"box":{"x":68,"y":181,"width":841,"height":11}},{"id":"45ef69be-b71d-469b-8d32-fdc89abb4531","block_type":"box","text":"for Trustees made by the Fund’s shareholders as it deems appropriate. Under the Trust’s Amended and Restated","page_number":25,"box":{"x":68,"y":196,"width":809,"height":11}},{"id":"1a07cdac-37f9-400a-a439-7d3e16db4e61","block_type":"box","text":"Code of Regulations (“Bylaws”), shareholders must follow cer tain procedures to nominate a person for election as a","page_number":25,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"b13f59f1-7562-4a0e-9e64-d011a44204e7","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":226,"width":792,"height":11}},{"id":"663da2ff-591f-4571-8add-d095767ca993","block_type":"box","text":"notice of the proposed nominee to the Secretary of the Trust must be delivered to or mailed and received at the","page_number":25,"box":{"x":69,"y":241,"width":798,"height":11}},{"id":"50dd6d33-10e8-4b03-bc5a-21acafadd428","block_type":"box","text":"principal executive offices of the Trust not later than the close of business on the fifth day following the day on which","page_number":25,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"9c0ba92b-bde7-4150-9518-64f793b672dc","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":271,"width":812,"height":12}},{"id":"ef7a13e2-f10c-4e00-b664-2519c435c6cf","block_type":"box","text":"first occurs. The Trust’s Bylaws provide that notice of a proposed nomination must include cer tain information about","page_number":25,"box":{"x":68,"y":286,"width":832,"height":12}},{"id":"19a16b1e-f7b0-4eb4-ae13-a6b3a6699b77","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":302,"width":820,"height":11}},{"id":"64498bd1-83d9-4d69-9b9e-08de09ef35ef","block_type":"box","text":"nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details. The Board has adopted a","page_number":25,"box":{"x":69,"y":317,"width":801,"height":11}},{"id":"96f13ed8-f75b-4095-a51d-4ab2739a5cc0","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":332,"width":767,"height":11}},{"id":"6a3c5ca7-f703-4e1f-ba67-d897f6bf36e6","block_type":"box","text":"Committee met eleven times.","page_number":25,"box":{"x":69,"y":347,"width":208,"height":9}},{"id":"f54984a7-99ae-479c-bd50-ef5e1e405a49","block_type":"box","text":"Compliance Committee.","page_number":25,"box":{"x":102,"y":370,"width":168,"height":11}},{"id":"0f1b5fd6-9bd6-4344-9af0-c7658e3d1097","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":25,"box":{"x":276,"y":370,"width":629,"height":11}},{"id":"b72e52d3-4648-4c75-8b89-bb8eca67aa72","block_type":"box","text":"Walton (Chair), Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards, Jeffrey Jarczyk and Kenneth L. Urish, all of","page_number":25,"box":{"x":68,"y":385,"width":828,"height":11}},{"id":"c79e787c-5a90-4e58-98c0-50dca1ef70f1","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":400,"width":771,"height":11}},{"id":"8b51d7ba-0c55-4740-ac06-2a0bbf91b106","block_type":"box","text":"responsibility to oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related activities of","page_number":25,"box":{"x":69,"y":415,"width":835,"height":11}},{"id":"efcf8b68-68f0-4c39-981b-b611ce1e0d6e","block_type":"box","text":"BlackRock and any sub-adviser and the Trust’s third-par ty service providers. The Compliance Committee’s","page_number":25,"box":{"x":70,"y":430,"width":754,"height":11}},{"id":"859bcd01-cab6-4383-afdf-b47799b359a7","block_type":"box","text":"responsibilities include, without limitation, to (1) oversee the compliance policies and procedures of the Trust and its","page_number":25,"box":{"x":69,"y":445,"width":834,"height":11}},{"id":"1e522bad-f675-442b-93a2-fcc4ca0958b2","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":460,"width":815,"height":12}},{"id":"8d1a2642-c437-40bd-80db-d05fdbaab8a7","block_type":"box","text":"and, where appropriate, recommend policies concerning the Trust’s compliance with applicable law; (3) review","page_number":25,"box":{"x":69,"y":476,"width":785,"height":11}},{"id":"7ec2127a-4c63-4701-8a0a-ddfc1eb3efc8","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":491,"width":811,"height":11}},{"id":"cfe0381b-0c28-4aad-9a58-33cd596f8074","block_type":"box","text":"regarding the Trust’s Chief Compliance Officer (the “CCO”), including determining the amount and structure of the","page_number":25,"box":{"x":69,"y":506,"width":812,"height":11}},{"id":"a888d941-41cc-4843-ac97-c0b9cddb314e","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":521,"width":812,"height":11}},{"id":"11f1dc85-27a1-4da2-91cc-9f5b5088650d","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":536,"width":825,"height":11}},{"id":"fcedf8ef-320f-44ac-bc81-05e4bc15671e","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":551,"width":811,"height":11}},{"id":"14c9c705-3baf-4e10-9538-8ccdbfa37b6f","block_type":"box","text":"year ended April 30, 2026, the Compliance Committee met four times.","page_number":25,"box":{"x":68,"y":566,"width":504,"height":11}},{"id":"090d1ea2-d793-44a3-9a7f-0f1749305170","block_type":"box","text":"Per formance Oversight Committee.","page_number":25,"box":{"x":102,"y":589,"width":248,"height":11}},{"id":"dd1e94a8-6171-4842-80aa-b2b0589d20da","block_type":"box","text":"The members of the Per formance Oversight Committee (the “Per formance","page_number":25,"box":{"x":356,"y":589,"width":531,"height":11}},{"id":"5ce5eb73-eaba-435c-b1a7-ddeab987ab38","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton, Marc D.","page_number":25,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"11230a7e-e579-4da5-b547-8a9e0979e356","block_type":"box","text":"Stern and Neil A. Cotty, all of whom are Independent Trustees. The Per formance Oversight Committee’s purpose is to","page_number":25,"box":{"x":69,"y":619,"width":838,"height":11}},{"id":"be40e05f-36b8-4a3c-9802-70d2e37c234d","block_type":"box","text":"assist the Board in fulfilling its responsibility to oversee the Fund’s investment per formance relative to its agreed","page_number":25,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"3de46db1-4f7a-40f4-8f3c-31302e65967e","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":649,"width":816,"height":12}},{"id":"25620e96-3fee-4d20-af4e-202ff93c1f90","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":664,"width":782,"height":12}},{"id":"a20f1355-cfce-4709-b717-957bc615d669","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":680,"width":829,"height":11}},{"id":"02ca7855-1afb-4d9b-aa46-964e83ac5d69","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":695,"width":816,"height":11}},{"id":"6e8d639b-7bd6-46d8-a90e-01bb4d48b3fb","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":710,"width":803,"height":11}},{"id":"9f47b9be-2209-4fa3-b256-924b9fdcd545","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":725,"width":827,"height":11}},{"id":"6ad77d5a-0b08-44ed-9ac2-b67da9168bb8","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":740,"width":811,"height":11}},{"id":"4c85c488-d79b-4e0f-a04e-b1b75d08e8e1","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":755,"width":757,"height":11}},{"id":"515fa9d6-e37f-45d7-a358-df0d43a0c75a","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":770,"width":835,"height":11}},{"id":"f2709fb0-086f-4bde-ab5e-4b1f4bb4ddfb","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":785,"width":800,"height":12}},{"id":"9f44951f-0cc1-4ab7-9fcc-5448c73d9b74","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":801,"width":780,"height":11}},{"id":"e710c4df-cec7-4e41-a0fe-5013330de03b","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":816,"width":838,"height":11}},{"id":"f00497ac-39ca-4bef-8dec-2795389e0651","block_type":"box","text":"ended April 30, 2026, the Per formance Oversight Committee met five times.","page_number":25,"box":{"x":69,"y":831,"width":546,"height":11}},{"id":"37398296-311c-4eb6-bd1f-6805d674f43d","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":25,"box":{"x":101,"y":854,"width":186,"height":10}},{"id":"bc9136c2-2627-495c-8af9-aec1d1ca92d3","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":853,"width":598,"height":11}},{"id":"a17cf426-8964-44e9-b69b-d39ad39bf42b","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":869,"width":817,"height":11}},{"id":"5c784fb8-139a-47f4-8620-d9d44f37e7ed","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":884,"width":795,"height":11}},{"id":"8213602b-51e7-49e4-ae2e-29b3c249d140","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":899,"width":788,"height":11}},{"id":"d1b31404-d298-4d33-a43c-35ea91252ade","block_type":"box","text":"I-9","page_number":25,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"fd70c8c6-1a2f-4394-a734-6696a0efa5d4","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":25,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"455d7210-e86e-46ef-9b88-de76f1970f9c","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":26,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"bf50b341-552a-404c-9e2c-1f088a45c135","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":26,"box":{"x":68,"y":60,"width":816,"height":11}},{"id":"61bd4f44-4742-4541-8477-76a3f10f8878","block_type":"box","text":"the fiscal year ended April 30, 2026, the Ad Hoc Topics Committee did not meet.","page_number":26,"box":{"x":68,"y":75,"width":577,"height":11}},{"id":"2d9cd9c7-16ee-4b9d-a862-a3bb08a92e96","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":26,"box":{"x":101,"y":98,"width":771,"height":11}},{"id":"5fcb033c-09cd-43a0-a705-afdf51f11e27","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":26,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"7a33bb69-81d4-41b2-9c7b-566e5039bae8","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":26,"box":{"x":69,"y":128,"width":830,"height":11}},{"id":"67e47fd5-ffbb-4f1f-8931-99504b2769fb","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Fur thermore,","page_number":26,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"0501ac16-7760-44d4-b021-77f54e3fe482","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":26,"box":{"x":70,"y":158,"width":807,"height":11}},{"id":"4bf478c1-17b1-4b64-b392-298f2e5f73e2","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":26,"box":{"x":70,"y":173,"width":787,"height":11}},{"id":"6d2ff150-9c77-4f93-9686-73adc04b40b9","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":26,"box":{"x":69,"y":188,"width":805,"height":11}},{"id":"8a1c0026-b2f5-4e0b-97cf-3e1abd1f68e9","block_type":"box","text":"which allow the Board to operate effectively in governing the Trust and protecting the interests of shareholders.","page_number":26,"box":{"x":68,"y":203,"width":794,"height":12}},{"id":"4f1cda9f-a73c-4232-96c1-f28d4f6d192b","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":219,"width":829,"height":11}},{"id":"ca8a7a47-1a44-4257-bb60-6c93feda85d4","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":234,"width":823,"height":11}},{"id":"c793594a-1f96-451e-b333-342aaa4f5572","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":249,"width":771,"height":11}},{"id":"f1e93ff9-03a9-45f9-9384-da5d24d52cb4","block_type":"box","text":"business judgment in the per formance of their duties as Trustees.","page_number":26,"box":{"x":69,"y":264,"width":473,"height":11}},{"id":"2e5aa392-0dbd-4dea-8966-4bcb937a4804","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":286,"width":792,"height":12}},{"id":"31ce372c-340e-4bbd-a760-e4d2d53f556c","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":302,"width":807,"height":11}},{"id":"f3481ecf-0dab-44d1-9db6-981c94e7e591","block_type":"box","text":"board member of the Trust and the other funds in the BlackRock Fund Complexes (and any predecessor funds), other","page_number":26,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"7d71b810-eefb-4893-904e-e2f44c153d50","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":332,"width":759,"height":11}},{"id":"96b23d31-a80f-43a1-8cf2-868772c84f4c","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":347,"width":685,"height":11}},{"id":"6d34212f-f28b-411e-a9b0-86fb90b6032c","block_type":"box","text":"ad hoc","page_number":26,"box":{"x":762,"y":347,"width":47,"height":9}},{"id":"2a5004d8-e1a0-4259-ae06-f91ef838457e","block_type":"box","text":"committees","page_number":26,"box":{"x":814,"y":347,"width":82,"height":9}},{"id":"a26673d5-cd57-4509-b7f8-5bdd622a22a0","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":26,"box":{"x":68,"y":362,"width":395,"height":11}},{"id":"327d7416-e2cf-4069-b4d7-99f8ba839bca","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":385,"width":751,"height":11}},{"id":"5aafe1f6-ced7-4d0f-a660-cceaf81cce03","block_type":"box","text":"suppor t the conclusion that each Trustee should serve on the Board.","page_number":26,"box":{"x":69,"y":400,"width":492,"height":11}},{"id":"bbef5ac1-339d-44bc-8149-12d1f4746d9a","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":26,"box":{"x":68,"y":428,"width":409,"height":9}},{"id":"30439483-174e-4c30-abfd-83425c8c6125","block_type":"box","text":"Independent Trustees","page_number":26,"box":{"x":70,"y":445,"width":154,"height":11}},{"id":"1c94e601-0d11-435d-845b-d075c17a97ce","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":460,"width":781,"height":11}},{"id":"b43fa7ef-fe00-4c6b-90d3-c0ec7f98bcd6","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":26,"box":{"x":265,"y":475,"width":604,"height":11}},{"id":"facd4e90-fa51-423f-8bf1-8f2b2a59f4dc","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":490,"width":623,"height":11}},{"id":"fcc2b0e9-951c-44ae-9b38-947fa765e381","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":505,"width":637,"height":11}},{"id":"ead8f2b2-b158-4f22-8385-56f6ce5c6157","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":520,"width":631,"height":12}},{"id":"144411bb-0a91-4a06-b24b-f90e6bf347f8","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":535,"width":626,"height":11}},{"id":"8bfe47a7-c19f-4687-bc00-9da8bad085b4","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":550,"width":639,"height":11}},{"id":"3fb2a61d-f28b-4b89-86a7-e3c102e49e43","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":26,"box":{"x":264,"y":566,"width":637,"height":11}},{"id":"9b50896a-8446-4275-96ca-07d5335c0169","block_type":"box","text":"exper tise across asset classes and strategies, and insight and perspective on the","page_number":26,"box":{"x":265,"y":581,"width":586,"height":11}},{"id":"a5517fbc-03a2-4070-ae71-52c11e4336ec","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":596,"width":640,"height":11}},{"id":"eb7126a5-2d5f-418e-9202-2788a2202c97","block_type":"box","text":"Committee and the Per formance Oversight Committee.","page_number":26,"box":{"x":265,"y":611,"width":389,"height":11}},{"id":"9a58b3ca-6fb4-45e0-b833-62b881494b37","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":634,"width":806,"height":11}},{"id":"3cb00539-c257-4e7b-b6c2-babb24bb4a01","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. 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She currently serves as Member","page_number":26,"box":{"x":265,"y":785,"width":634,"height":11}},{"id":"12304fe9-61fc-4db4-8382-1744e17efcaf","block_type":"box","text":"of the President’s Counsel for Commonfund. 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These positions have provided her with insight and","page_number":27,"box":{"x":265,"y":126,"width":595,"height":11}},{"id":"43cec136-148d-4d98-8fc8-338d65d8c971","block_type":"box","text":"perspective on the markets and the economy.","page_number":27,"box":{"x":265,"y":141,"width":323,"height":11}},{"id":"227baea5-3773-4c5c-bdac-e72f6976aca9","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry,","page_number":27,"box":{"x":70,"y":164,"width":798,"height":11}},{"id":"4bbe3cac-5972-414e-802b-ac34db86acb2","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":27,"box":{"x":265,"y":179,"width":631,"height":11}},{"id":"f2c01a58-d771-4894-89bd-5652da7a0a7a","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":27,"box":{"x":265,"y":194,"width":633,"height":11}},{"id":"1fae40cf-f227-4398-a15d-e1e540ec9741","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":27,"box":{"x":265,"y":209,"width":628,"height":11}},{"id":"522565f0-8d5c-4cf9-8790-73adbc1f64b0","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":27,"box":{"x":265,"y":224,"width":596,"height":11}},{"id":"5acef0fe-2614-4f4f-b253-98aea20d0abb","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial exper t, as such","page_number":27,"box":{"x":265,"y":239,"width":616,"height":11}},{"id":"b294c0de-98b0-4e14-80e7-5e303d8967e0","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":27,"box":{"x":264,"y":254,"width":368,"height":11}},{"id":"a625a70f-73a9-4fd0-bd51-b8bafe2b0bc1","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":277,"width":777,"height":11}},{"id":"d4a3e7db-66b7-47dc-9a23-790cd6995392","block_type":"box","text":"services industry, including over 19 years at Fidelity Investments, where he served, at","page_number":27,"box":{"x":265,"y":292,"width":613,"height":11}},{"id":"ea2104ee-1a51-4541-b13c-7d19bdd14ef1","block_type":"box","text":"different times, as the Chief Auditor and the Chief Accounting Officer of Fidelity","page_number":27,"box":{"x":265,"y":307,"width":563,"height":12}},{"id":"84015551-530f-4cae-af78-b082a59e1b6f","block_type":"box","text":"Investments’ parent company, FMR LLC. 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These positions have","page_number":27,"box":{"x":265,"y":338,"width":638,"height":11}},{"id":"1cca9850-b325-4b94-8cc8-af0a517db116","block_type":"box","text":"allowed him to work extensively with audit and risk committees and company executives","page_number":27,"box":{"x":265,"y":353,"width":626,"height":11}},{"id":"201ffa0b-a353-45d7-900b-35a2eca25014","block_type":"box","text":"helping to identify, manage and mitigate risks for financial services companies.","page_number":27,"box":{"x":265,"y":368,"width":563,"height":11}},{"id":"cc2383bd-f3d6-4eaa-a953-2feb1774ff93","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":383,"width":625,"height":11}},{"id":"4040c2e2-4989-4491-a03c-15ebc78dd54b","block_type":"box","text":"Independent Trustee.","page_number":27,"box":{"x":265,"y":398,"width":149,"height":11}},{"id":"8d637228-06ec-411f-a185-bf509bd7e9bc","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":421,"width":806,"height":11}},{"id":"283c5508-328c-4d8e-8ab2-8ef80781afa2","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":436,"width":584,"height":11}},{"id":"8f5e5670-364a-4ff4-88d6-54571f058a67","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":451,"width":622,"height":11}},{"id":"e45191cc-5365-45c7-ace4-b4139ad8572d","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":27,"box":{"x":265,"y":466,"width":638,"height":11}},{"id":"349ccc9c-a013-4e2f-a715-dd0fc340eff6","block_type":"box","text":"and exper tise in financial repor ting, accounting, auditing, risk management, and","page_number":27,"box":{"x":265,"y":481,"width":570,"height":11}},{"id":"3b87ff29-07c6-4c48-920e-f87ad4e68f2d","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":496,"width":642,"height":12}},{"id":"4480ba34-6f80-4f03-8bbc-5122c67370fd","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":27,"box":{"x":265,"y":512,"width":626,"height":11}},{"id":"1eb42e62-ac95-454a-a1e8-f3cd2633f43e","block_type":"box","text":"industries including professional services, proper ty and casualty reinsurance, insurance,","page_number":27,"box":{"x":265,"y":526,"width":630,"height":12}},{"id":"9eea744f-ee8a-473b-bc2a-4a025ab902ff","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":27,"box":{"x":265,"y":542,"width":602,"height":11}},{"id":"105130d9-37b8-499d-a9da-5da1c55ba7fd","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":557,"width":643,"height":11}},{"id":"fbf4e59c-1f8d-4c64-b8f9-12f447d59791","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":572,"width":639,"height":11}},{"id":"0fa08cb6-654c-46aa-a3cc-f3fc6efeaa54","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":587,"width":641,"height":11}},{"id":"14a45ca5-a104-4d35-93f4-3ae6f3654a7e","block_type":"box","text":"applicable Commission rules.","page_number":27,"box":{"x":265,"y":602,"width":208,"height":11}},{"id":"971a7a8f-97fb-498b-9c6d-1b48adb771aa","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":625,"width":769,"height":11}},{"id":"e50b6880-2d66-475e-929d-e95e3462e991","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":640,"width":621,"height":11}},{"id":"b532cc5a-05d7-4441-b67c-98319bcdb637","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":27,"box":{"x":265,"y":655,"width":599,"height":11}},{"id":"41f79425-0c62-4bb7-9220-da9ed3134c6d","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":670,"width":641,"height":11}},{"id":"aa85827b-9469-427f-8f3d-fd6db615ea29","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":27,"box":{"x":264,"y":685,"width":602,"height":11}},{"id":"0e902cd7-6ab1-4757-8657-3b7874979d28","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":27,"box":{"x":264,"y":701,"width":617,"height":11}},{"id":"b4924a06-2cc8-4ca3-98f6-b152dde80ed0","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":27,"box":{"x":265,"y":716,"width":629,"height":11}},{"id":"cc5f331b-fe95-4da6-b8da-6d7384f75c6d","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":731,"width":628,"height":11}},{"id":"57d5ded4-0ce9-4cd2-aa7a-a18f8b1d50fe","block_type":"box","text":"ar ticles and books on these topics.","page_number":27,"box":{"x":265,"y":746,"width":251,"height":11}},{"id":"30d576be-6501-4ca2-8750-a81297a378a7","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":768,"width":764,"height":12}},{"id":"d3b46005-9322-4c18-9cfc-283d2ffee0d9","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":27,"box":{"x":265,"y":784,"width":642,"height":11}},{"id":"fab4f73c-c7d9-4607-a85e-92824883cf36","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":799,"width":593,"height":11}},{"id":"e0d7f0df-c750-4872-aefe-77900001a573","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":814,"width":603,"height":11}},{"id":"b7d88d21-ad6f-4ba2-85cf-709805892965","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":27,"box":{"x":265,"y":829,"width":629,"height":11}},{"id":"3056ffe8-f7ee-43cc-b83e-3c6f6ce5aa6e","block_type":"box","text":"I-11","page_number":27,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"dc56a518-836d-4ebf-8a29-81ab55a811a4","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":27,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d0dab526-cf43-4143-a297-5a9264553cc9","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":28,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"93449019-b75d-40a8-8b00-c24b28e73d18","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":"146a24c9-6251-468e-8515-5bcd9c8227cb","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":"b0f80420-7732-48e7-a53f-47dc63e70475","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":"4d0f4fd3-2459-4b59-960c-2494ce95bc18","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":"a309c197-67f3-4b63-a9ad-27215f97fbd0","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":"7fd6a707-ed21-4a8c-95c2-cbf8cc3041c4","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":"ab9e3883-d91f-4a23-94a8-03ab9ae65f08","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":"ba954bac-ddf6-4d5d-88f6-595cc9cd146a","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":"ac073912-d8e7-4e56-9518-8becfd63e21d","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":"f013c636-9a33-496d-afd3-821ea57cfcfc","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":"8b24586a-e109-4d98-b150-fd7c5a64f3bd","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":"907c6e94-56ce-47b7-bf86-d59eb5982bb3","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":"cdafc5b3-b9cc-4e6c-b84f-cecb92235d26","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":"58659429-3f58-41cd-b991-8181667eddca","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":"873596b7-eda5-48a3-aa48-93fee0180452","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":"47f28bd3-13b7-41c9-9209-ebf3f7fdd06d","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":"357c935a-4505-4c2f-ae6f-d6086934014a","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":"cae0351c-8c96-4649-84d5-df1b1dd8a51d","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":"c1a920ae-0bf8-4ed0-bbba-0c1f76eed408","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":"3e97b075-8134-4e9d-9006-8f0080bb18fa","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":"61056185-d765-434f-b384-12ba51e02e21","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":"086e827c-a6c2-4130-8563-49a38c3f140f","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":"4f1795db-a4c8-40d0-90be-4eed98b38873","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":"f4543cc3-74cb-4e76-8d34-d7cb2d991052","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":"37641d70-1a85-465d-8d4b-abe4d642f115","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":"dddb7cb1-a432-4b2b-b849-91a27a6355d3","block_type":"box","text":"Senior Vice President and State Investment Director of First Investment Advisors. 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Cotty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,502 None","page_number":34,"box":{"x":79,"y":717,"width":654,"height":12}},{"id":"2e70654e-3d6a-4d56-87df-b63b07865fbd","block_type":"box","text":"$467,500","page_number":34,"box":{"x":817,"y":717,"width":72,"height":11}},{"id":"3affa348-8753-4da5-9d10-f970385c93d1","block_type":"box","text":"Jeffrey Jarczyk","page_number":34,"box":{"x":78,"y":732,"width":103,"height":12}},{"id":"cf9344c4-75ef-42c6-9b77-fd6544755292","block_type":"box","text":"2","page_number":34,"box":{"x":181,"y":733,"width":4,"height":4}},{"id":"d5236bbe-d03f-4889-946f-1d02b8c94a47","block_type":"box","text":".....................................","page_number":34,"box":{"x":195,"y":740,"width":295,"height":1}},{"id":"e905082b-8f44-4ea2-b7da-271e74666a6b","block_type":"box","text":"$685 None None","page_number":34,"box":{"x":559,"y":732,"width":312,"height":10}},{"id":"60c36070-cf81-4c81-ae70-0251a6f69023","block_type":"box","text":"Henry R. 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None None None","page_number":34,"box":{"x":203,"y":884,"width":668,"height":9}},{"id":"0e9eecbe-8f05-4b79-a6df-f213d800722d","block_type":"box","text":"John M. Perlowski","page_number":34,"box":{"x":78,"y":899,"width":127,"height":9}},{"id":"40aab836-4238-4a11-b862-b7cf4352898e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None None","page_number":34,"box":{"x":211,"y":899,"width":660,"height":9}},{"id":"5f560d82-5304-4e58-9f17-0ac8ab986702","block_type":"box","text":"I-18","page_number":34,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"2da91508-f17d-4884-835d-352a60845f18","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":34,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f3b12345-030c-4599-a87c-61144dd2db91","block_type":"box","text":"1","page_number":35,"box":{"x":69,"y":58,"width":3,"height":3}},{"id":"61133589-668e-4cc5-b4d5-6e2b6c8d968a","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Trustee receives compensation, see “Biographical Information” beginning on","page_number":35,"box":{"x":94,"y":58,"width":786,"height":9}},{"id":"1ef1f94b-9378-4deb-b0f0-00bb72ffb8cb","block_type":"box","text":"page I-14.","page_number":35,"box":{"x":94,"y":68,"width":55,"height":9}},{"id":"f4acff56-223b-4e15-a07d-aa2d243a5571","block_type":"box","text":"2","page_number":35,"box":{"x":69,"y":81,"width":3,"height":3}},{"id":"b54faeed-6c5e-4687-9420-058a65c4ac37","block_type":"box","text":"Compensation includes $685 earned as a consultant to the Independent Trustees for the period April 1, 2026 to July 1, 2026.","page_number":35,"box":{"x":93,"y":80,"width":724,"height":9}},{"id":"437a5764-3a92-451e-ad49-47ed422075ae","block_type":"box","text":"3","page_number":35,"box":{"x":69,"y":93,"width":3,"height":4}},{"id":"0f0cbbfc-d0d1-49db-a341-4a4c0bb09ff5","block_type":"box","text":"Chair of the Audit Committee.","page_number":35,"box":{"x":93,"y":93,"width":168,"height":7}},{"id":"64cd63e6-0588-44a3-a130-d086bb5af172","block_type":"box","text":"4","page_number":35,"box":{"x":68,"y":106,"width":4,"height":3}},{"id":"74c87d7b-8933-420a-980c-4ef422245c78","block_type":"box","text":"Chair of the Governance Committee.","page_number":35,"box":{"x":93,"y":106,"width":206,"height":7}},{"id":"1e8129b7-ab21-4e90-9ac6-d00fadc55e18","block_type":"box","text":"5","page_number":35,"box":{"x":69,"y":118,"width":3,"height":4}},{"id":"bedae162-2272-4823-a1ba-c4ee93684aae","block_type":"box","text":"Chair of the Per formance Oversight Committee.","page_number":35,"box":{"x":93,"y":118,"width":269,"height":9}},{"id":"8bbaf1cc-b562-499e-b21c-11668c505f4f","block_type":"box","text":"6","page_number":35,"box":{"x":69,"y":131,"width":3,"height":4}},{"id":"d622f997-401c-4b4a-a128-8933d12c2abe","block_type":"box","text":"Chair of the Board and Chair of the Ad Hoc Topics Committee.","page_number":35,"box":{"x":93,"y":131,"width":352,"height":9}},{"id":"147a8f4c-2d75-4e15-ab8c-cb265f1c1e7d","block_type":"box","text":"7","page_number":35,"box":{"x":69,"y":144,"width":3,"height":3}},{"id":"e567911a-81bf-41d4-8747-be5a1c56e049","block_type":"box","text":"Chair of the Compliance Committee.","page_number":35,"box":{"x":93,"y":143,"width":205,"height":9}},{"id":"fa7888c1-ac8b-402a-8b18-7242bcc41608","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":35,"box":{"x":69,"y":172,"width":432,"height":11}},{"id":"96b5a513-409f-4c9c-b030-345e58bb45f3","block_type":"box","text":"Management Agreement","page_number":35,"box":{"x":69,"y":202,"width":180,"height":11}},{"id":"77ec5e45-5d8a-4fb6-8605-50487a5f329b","block_type":"box","text":"The Trust, on behalf of the Fund, has entered into an investment advisory agreement with BlackRock pursuant to","page_number":35,"box":{"x":101,"y":225,"width":805,"height":11}},{"id":"45c7ed6b-f0c4-4584-9fa5-971b002a54f0","block_type":"box","text":"which BlackRock is entitled to receive fees for the services it provides (the “Management Agreement”).","page_number":35,"box":{"x":68,"y":240,"width":736,"height":11}},{"id":"60ee7430-a869-45cd-b50e-d652e1f80281","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any por tion of the Fund’s","page_number":35,"box":{"x":102,"y":263,"width":762,"height":11}},{"id":"96ce2878-6995-45d8-b3b1-2d3221084a12","block_type":"box","text":"assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange","page_number":35,"box":{"x":69,"y":278,"width":799,"height":11}},{"id":"bef247e3-8a87-4066-8222-eb9b28bf4237","block_type":"box","text":"traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":35,"box":{"x":68,"y":293,"width":726,"height":11}},{"id":"fcc3ad91-e1f9-434c-aeb7-e1747693a95d","block_type":"box","text":"June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of","page_number":35,"box":{"x":69,"y":308,"width":799,"height":11}},{"id":"99788eda-48ff-48bd-9dec-9815f687ac27","block_type":"box","text":"investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds","page_number":35,"box":{"x":70,"y":323,"width":780,"height":11}},{"id":"54e9ecf5-ab39-4849-b860-bb21376e1ce6","block_type":"box","text":"managed by BlackRock or its affiliates, through June 30, 2028. The contractual agreements may be terminated upon","page_number":35,"box":{"x":69,"y":338,"width":835,"height":11}},{"id":"4c8a24c3-3b8f-41a0-924d-00e974adbfd8","block_type":"box","text":"90 days’ notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting","page_number":35,"box":{"x":69,"y":353,"width":774,"height":12}},{"id":"56b9f2ba-bd78-4064-b58b-3d3e813dd2aa","block_type":"box","text":"securities of the Fund.","page_number":35,"box":{"x":69,"y":368,"width":158,"height":9}},{"id":"53b7e46c-f562-4989-9e6e-93d6b8e592dd","block_type":"box","text":"BlackRock has contractually agreed to waive and/or reimburse fees or expenses of the Fund in order to limit","page_number":35,"box":{"x":102,"y":391,"width":773,"height":11}},{"id":"80d8c5c5-6b75-4ca6-9e75-761a6eb1a000","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend","page_number":35,"box":{"x":68,"y":406,"width":787,"height":11}},{"id":"a880e233-0f68-4cf8-90d4-43dbe1aa5e8f","block_type":"box","text":"Expense, Interest Expense, Acquired Fund Fees and expenses and cer tain other Fund expenses (as defined in the","page_number":35,"box":{"x":70,"y":421,"width":811,"height":11}},{"id":"274b2b1c-df24-45b6-a7df-a56ccd0faffb","block_type":"box","text":"Fund’s Prospectuses)) as a percentage of average daily net assets to 1.59% for Investor A Shares, 1.34% for","page_number":35,"box":{"x":70,"y":436,"width":779,"height":12}},{"id":"317701fe-7411-4356-b622-f0141ba9634e","block_type":"box","text":"Institutional Shares, 2.34% for Investor C Shares and 1.29% for Class K Shares through June 30, 2028. The","page_number":35,"box":{"x":70,"y":452,"width":775,"height":11}},{"id":"cfe5b0c0-3269-4cb2-a50a-9c096b3271bd","block_type":"box","text":"contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees or by a","page_number":35,"box":{"x":69,"y":467,"width":808,"height":11}},{"id":"ccd02632-8607-49b1-8d99-691101f69462","block_type":"box","text":"vote of a majority of the outstanding voting securities of the Fund.","page_number":35,"box":{"x":68,"y":482,"width":468,"height":11}},{"id":"bbfe979c-df99-4fcd-87e7-5ea4b4ebc0b7","block_type":"box","text":"Pursuant to the Management Agreement, BlackRock may from time to time, in its sole discretion to the extent","page_number":35,"box":{"x":102,"y":504,"width":784,"height":12}},{"id":"8cc181e5-fa8a-4c05-9481-427e3d7c36f6","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of BlackRock, to","page_number":35,"box":{"x":70,"y":520,"width":838,"height":11}},{"id":"9bd40f3f-145f-4e40-a46d-a345759efdeb","block_type":"box","text":"per form investment advisory services with respect to the Fund. In addition, BlackRock may delegate cer tain of its","page_number":35,"box":{"x":70,"y":535,"width":810,"height":11}},{"id":"6eef79b3-bcb2-4a55-8374-b1d7e191859c","block_type":"box","text":"investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":35,"box":{"x":70,"y":550,"width":779,"height":11}},{"id":"f97db83f-d3fc-4bb0-a12e-7feeff3e900b","block_type":"box","text":"permitted by applicable law. BlackRock may terminate any or all sub-advisers or such delegation arrangements in its","page_number":35,"box":{"x":70,"y":565,"width":827,"height":11}},{"id":"1b1b56c2-adbf-4286-b336-ed5f7f65c580","block_type":"box","text":"sole discretion at any time to the extent permitted by applicable law.","page_number":35,"box":{"x":69,"y":580,"width":486,"height":11}},{"id":"3e33d1af-db55-4d33-8db6-d7f23cf412d6","block_type":"box","text":"BlackRock entered into a sub-advisory agreement with BlackRock International Limited (“BIL”), pursuant to which","page_number":35,"box":{"x":102,"y":603,"width":804,"height":11}},{"id":"755b4e11-a98d-4fec-bc83-0f78dcb35045","block_type":"box","text":"BlackRock pays BIL for providing services to BlackRock with respect to that por tion of the Fund for which it acts as","page_number":35,"box":{"x":70,"y":618,"width":817,"height":11}},{"id":"eae6c150-a858-49a6-b987-17596417e6de","block_type":"box","text":"sub-adviser a monthly fee at an annual rate equal to a percentage of the management fee paid to BlackRock under","page_number":35,"box":{"x":69,"y":633,"width":820,"height":11}},{"id":"288a8280-d64d-42ab-91d3-dc1bd886384e","block_type":"box","text":"the Management Agreement.","page_number":35,"box":{"x":68,"y":648,"width":206,"height":11}},{"id":"60968b9c-9fc7-4a6c-a4d8-9b8fd0283dc8","block_type":"box","text":"The table below sets for th information about the total management fees paid by the Trust, on behalf of the Fund,","page_number":35,"box":{"x":101,"y":671,"width":806,"height":11}},{"id":"019f7a47-6879-4ccd-ae50-290280387adc","block_type":"box","text":"to BlackRock (which includes amounts paid by BlackRock to BIL), and the amounts waived and/or reimbursed, for the","page_number":35,"box":{"x":68,"y":686,"width":839,"height":11}},{"id":"4b287f88-a854-4bae-b898-a45bedfd0a74","block_type":"box","text":"periods shown.","page_number":35,"box":{"x":70,"y":701,"width":105,"height":11}},{"id":"46e2929f-7b1b-4d94-9330-2f041f2864d7","block_type":"box","text":"Fees Paid","page_number":35,"box":{"x":586,"y":729,"width":55,"height":7}},{"id":"4fb72a59-33e1-464f-a950-d3029e637965","block_type":"box","text":"to BlackRock","page_number":35,"box":{"x":574,"y":740,"width":79,"height":7}},{"id":"3e9d5611-a475-4899-bece-df1d0e39fd89","block_type":"box","text":"Fees Waived","page_number":35,"box":{"x":700,"y":729,"width":72,"height":7}},{"id":"3ec8839a-88c0-4732-b3f9-806070919e36","block_type":"box","text":"by BlackRock","page_number":35,"box":{"x":696,"y":740,"width":80,"height":8}},{"id":"74323e46-6275-4b43-b4db-64149e7eb7ee","block_type":"box","text":"Fees Reimbursed","page_number":35,"box":{"x":810,"y":729,"width":99,"height":7}},{"id":"dca95221-2fa5-4a50-be51-3c588ca42922","block_type":"box","text":"by BlackRock","page_number":35,"box":{"x":820,"y":740,"width":80,"height":8}},{"id":"ad3360d5-3742-4d4b-b76a-b8fa4daba611","block_type":"box","text":"Fiscal Year Ended April 30, 2026 .","page_number":35,"box":{"x":70,"y":757,"width":244,"height":11}},{"id":"d0c67dec-a6a3-4fc3-86d9-214938889020","block_type":"box","text":"...........................","page_number":35,"box":{"x":320,"y":765,"width":214,"height":1}},{"id":"7a46c3db-fb3a-4171-a75c-3ea903d8fb52","block_type":"box","text":"$85,674,205 $ 36,458 $ 483,517","page_number":35,"box":{"x":566,"y":756,"width":336,"height":12}},{"id":"70036fe5-aca2-4a84-90f4-ab5a4474083f","block_type":"box","text":"Fiscal Year Ended April 30, 2025 .","page_number":35,"box":{"x":70,"y":772,"width":244,"height":11}},{"id":"a6de1028-733b-41ee-8c0f-5e2e723d5778","block_type":"box","text":"...........................","page_number":35,"box":{"x":320,"y":780,"width":214,"height":1}},{"id":"b89a4485-7353-4831-8bd9-5fde677f15e7","block_type":"box","text":"$33,900,911 $ 366,358 $1,061,493","page_number":35,"box":{"x":566,"y":772,"width":337,"height":11}},{"id":"ea5bbd00-e42e-417c-9719-f2f5d86ab066","block_type":"box","text":"Fiscal Year Ended April 30, 2024 .","page_number":35,"box":{"x":70,"y":787,"width":244,"height":11}},{"id":"906c638b-d52f-4e68-8e2f-c6239b143d41","block_type":"box","text":"...........................","page_number":35,"box":{"x":320,"y":795,"width":214,"height":1}},{"id":"207e5524-f251-41ab-ac4f-4f344266cd32","block_type":"box","text":"$13,225,648 $1,395,962 $ 412,187","page_number":35,"box":{"x":566,"y":787,"width":336,"height":11}},{"id":"f338da99-a261-4bfd-8ca4-7d703e90d5d1","block_type":"box","text":"Administration Agreement","page_number":35,"box":{"x":68,"y":819,"width":191,"height":11}},{"id":"2c1c5d11-a9f3-4dcf-97eb-01bd46c90475","block_type":"box","text":"BlackRock serves as the Fund’s administrator (in such capacity, the “Administrator”) pursuant to an","page_number":35,"box":{"x":102,"y":842,"width":711,"height":11}},{"id":"3355251d-742b-4db1-9430-ae8d863bcdad","block_type":"box","text":"administration agreement (the “Administration Agreement”). The Administrator has agreed to maintain office facilities","page_number":35,"box":{"x":69,"y":857,"width":838,"height":11}},{"id":"c8faa7e9-3b2d-4656-809a-405af47d624c","block_type":"box","text":"for the Fund; furnish the Fund with clerical, bookkeeping and administrative services; oversee the determination and","page_number":35,"box":{"x":68,"y":872,"width":830,"height":11}},{"id":"2bfa2947-ad5a-4765-9707-75e16b8b5326","block_type":"box","text":"publication of the Fund’s net asset value; oversee the preparation and filing of Federal, state and local income tax","page_number":35,"box":{"x":70,"y":887,"width":813,"height":11}},{"id":"8209b44c-89ff-43d0-938e-51b4763dcf73","block_type":"box","text":"returns; prepare cer tain repor ts required by regulatory authorities; calculate various contractual expenses; determine","page_number":35,"box":{"x":69,"y":902,"width":837,"height":11}},{"id":"1c616ad9-9c5f-4ffc-a4d0-286886df6f0f","block_type":"box","text":"I-19","page_number":35,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"ba15a899-e361-45a0-b6c6-ad65128d4cf1","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":35,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"16e8b870-2f86-4c29-8ead-6c9c0fc142e6","block_type":"box","text":"the amount of dividends and distributions available for payment by the Fund to its shareholders; prepare and arrange","page_number":36,"box":{"x":68,"y":45,"width":836,"height":11}},{"id":"27cd7c01-8317-4001-8a73-176a66b8ee9d","block_type":"box","text":"for the printing of dividend notices to shareholders; provide Fund service providers with such information as is","page_number":36,"box":{"x":68,"y":60,"width":785,"height":11}},{"id":"68ece043-cedb-4065-93e3-7c22cb439213","block_type":"box","text":"required to effect the payment of dividends and distributions; and serve as liaison with the Trust’s officers,","page_number":36,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"f690080b-dd23-4180-8e6e-2f3eac5c5ed5","block_type":"box","text":"independent accountants, legal counsel, custodian, accounting agent and transfer and dividend disbursing agent in","page_number":36,"box":{"x":70,"y":90,"width":819,"height":11}},{"id":"0146b335-1c53-4830-b78e-1aaca16fb748","block_type":"box","text":"establishing the accounting policies of the Fund and monitoring financial and shareholder accounting services. The","page_number":36,"box":{"x":69,"y":105,"width":818,"height":11}},{"id":"190a7640-0419-43e5-9de9-5d09192d0e92","block_type":"box","text":"Administrator may from time to time voluntarily waive administration fees with respect to the Fund and may voluntarily","page_number":36,"box":{"x":68,"y":120,"width":840,"height":11}},{"id":"5493e326-e811-4a5f-9f1a-ac0bf536068a","block_type":"box","text":"reimburse the Fund for expenses.","page_number":36,"box":{"x":69,"y":135,"width":238,"height":11}},{"id":"6322df62-72cf-460b-8653-71275646a417","block_type":"box","text":"Under the Administration Agreement, the Trust, on behalf of the Fund, pays to the Administrator a fee, computed","page_number":36,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"0a36e754-acc8-4c41-89f7-ac5ec6ec07a5","block_type":"box","text":"daily and payable monthly, at an aggregate annual rate of (i) 0.0425% of the first $500 million of the Fund’s average","page_number":36,"box":{"x":69,"y":172,"width":830,"height":12}},{"id":"9af79565-aaad-4039-a536-30041f64ff91","block_type":"box","text":"daily net assets, 0.040% of the next $500 million of the Fund’s average daily net assets, 0.0375% of the next","page_number":36,"box":{"x":69,"y":188,"width":788,"height":12}},{"id":"6c12d9f0-5fd1-4b01-b74d-35e0784f4be1","block_type":"box","text":"$1 billion of the Fund’s average daily net assets, 0.035% of the next $2 billion of the Fund’s average daily net","page_number":36,"box":{"x":69,"y":203,"width":785,"height":12}},{"id":"036729eb-5d97-4e88-aa20-0d5b4954af47","block_type":"box","text":"assets, 0.0325% of the next $9 billion of the Fund’s average daily net assets and 0.030% of the average daily net","page_number":36,"box":{"x":69,"y":218,"width":816,"height":12}},{"id":"f2015647-ef3a-4d83-8ff0-e8c0a7751565","block_type":"box","text":"assets of the Fund in excess of $13 billion and (ii) 0.020% of average daily net assets allocated to each class of","page_number":36,"box":{"x":69,"y":233,"width":805,"height":12}},{"id":"cb15b735-55cf-4642-a4c2-136e445ec746","block_type":"box","text":"shares of the Fund.","page_number":36,"box":{"x":69,"y":249,"width":137,"height":9}},{"id":"da1a3842-9751-4b5b-a429-e343f13f79ac","block_type":"box","text":"For the periods shown, the Trust, on behalf of the Fund, paid the Administrator administration fees and the","page_number":36,"box":{"x":102,"y":271,"width":760,"height":11}},{"id":"3662df77-8783-40d7-8ab7-d50b876ccdcb","block_type":"box","text":"Administrator waived and/or reimbursed administration fees, as follows:","page_number":36,"box":{"x":68,"y":286,"width":515,"height":12}},{"id":"ad9c2233-ef25-4b8d-a400-ae30f07180aa","block_type":"box","text":"Fees Paid","page_number":36,"box":{"x":525,"y":315,"width":56,"height":7}},{"id":"91645cb7-c034-4151-8fe9-17ea723a0775","block_type":"box","text":"to the Administrator","page_number":36,"box":{"x":494,"y":325,"width":118,"height":7}},{"id":"73a711fa-5cac-4bc0-85f3-c726a2370dbc","block_type":"box","text":"Fees Waived","page_number":36,"box":{"x":665,"y":315,"width":72,"height":7}},{"id":"aa76a4e7-9a8e-4427-9c94-ca2253ff5e5c","block_type":"box","text":"by the Administrator","page_number":36,"box":{"x":642,"y":325,"width":119,"height":9}},{"id":"4f94d998-ae6c-45e3-9a5f-69df005c38c8","block_type":"box","text":"Fees Reimbursed","page_number":36,"box":{"x":800,"y":315,"width":99,"height":7}},{"id":"8614c50c-301f-4fcb-84ab-eb64d89206b4","block_type":"box","text":"by the Administrator","page_number":36,"box":{"x":791,"y":325,"width":118,"height":9}},{"id":"1671dcce-9032-43d7-a697-48a43ad852c1","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . . . . . . . . . . . . . . . . . $4,112,739 $620,601 $0","page_number":36,"box":{"x":70,"y":342,"width":789,"height":12}},{"id":"1fcf069d-9587-4648-91b8-c61427895ecf","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . . . . . . . . . . . . . . . . . $1,640,295 $527,629 $0","page_number":36,"box":{"x":70,"y":357,"width":789,"height":12}},{"id":"1f7d551a-706d-4ad6-ba40-1b445436c029","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . . . . . . . . . . . . . . . . . $ 648,636 $213,201 $0","page_number":36,"box":{"x":70,"y":372,"width":789,"height":12}},{"id":"bd8c389c-7131-477a-9eab-9f3e533e9cfd","block_type":"box","text":"The Trust and its service providers may engage third par ty plan administrators who provide trustee,","page_number":36,"box":{"x":101,"y":397,"width":708,"height":11}},{"id":"de3c47c1-28d5-4ba0-8a0c-95e82f972fdb","block_type":"box","text":"administrative and recordkeeping services for cer tain employee benefit, profit-sharing and retirement plans as agents","page_number":36,"box":{"x":69,"y":412,"width":838,"height":11}},{"id":"f4d55dcb-bec8-4466-99a8-f3fd9cb89a28","block_type":"box","text":"for the Trust with respect to such plans, for the purpose of accepting orders for the purchase and redemption of","page_number":36,"box":{"x":68,"y":427,"width":800,"height":11}},{"id":"b94005f7-c146-4ecc-bf6b-f746aa3a944e","block_type":"box","text":"shares of the Trust.","page_number":36,"box":{"x":69,"y":442,"width":138,"height":9}},{"id":"3fc94fa2-6902-4561-b9be-9af4a25903ad","block_type":"box","text":"In addition, pursuant to a Shareholders’ Administrative Services Agreement, BlackRock provides cer tain","page_number":36,"box":{"x":102,"y":465,"width":740,"height":11}},{"id":"454a7559-dd3b-460d-851d-7050969df2c4","block_type":"box","text":"shareholder liaison services in connection with the Fund’s investor service center. 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.","page_number":36,"box":{"x":70,"y":604,"width":448,"height":11}},{"id":"4d556315-2dcd-4f1b-84f5-66f3fb8a5061","block_type":"box","text":".....................","page_number":36,"box":{"x":525,"y":611,"width":165,"height":2}},{"id":"876f1808-1535-488c-8204-daa523061440","block_type":"box","text":"$10,263 $7,183","page_number":36,"box":{"x":729,"y":603,"width":167,"height":11}},{"id":"326a622c-c0bb-429f-aa17-d0b24d8b8d72","block_type":"box","text":"Fiscal Year Ended April 30, 2025. . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":36,"box":{"x":70,"y":619,"width":448,"height":11}},{"id":"1c130606-f6ed-407e-bc97-4e8622c2f564","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . $ 6,509 $6,008","page_number":36,"box":{"x":525,"y":618,"width":371,"height":12}},{"id":"f9244b2a-5785-4894-af99-678ebc4c92b9","block_type":"box","text":"Fiscal Year Ended April 30, 2024. . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":36,"box":{"x":70,"y":634,"width":448,"height":11}},{"id":"afed1ace-b357-4eeb-bc64-4540013cbfbb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . $ 2,591 $2,591","page_number":36,"box":{"x":525,"y":634,"width":370,"height":11}},{"id":"ed8715c6-782e-4ef2-8c00-c7fe0fe8f695","block_type":"box","text":"Information Regarding the Portfolio Managers","page_number":36,"box":{"x":69,"y":666,"width":335,"height":11}},{"id":"8118e874-5d70-4685-9c63-d254ea094238","block_type":"box","text":"Raffaele Savi, Kevin Franklin and Richard Mathieson are the por tfolio managers and are jointly and primarily","page_number":36,"box":{"x":102,"y":688,"width":770,"height":12}},{"id":"68828e20-12d0-452b-960c-2f31b1c884c8","block_type":"box","text":"responsible for the day-to-day management of the Fund.","page_number":36,"box":{"x":69,"y":703,"width":395,"height":12}},{"id":"e3e5f5f7-d1a4-4929-9a58-ac32273d96c7","block_type":"box","text":"Other Funds and Accounts 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Billion","page_number":37,"box":{"x":329,"y":128,"width":570,"height":8}},{"id":"aa71226f-0a09-437f-82f1-f038a49370ed","block_type":"box","text":"Richard Mathieson 34 359 47 0 5 9","page_number":37,"box":{"x":74,"y":141,"width":788,"height":7}},{"id":"efaca409-2f10-4253-9969-0fd37579f0f9","block_type":"box","text":"$30.32 Billion $49.97 Billion $78.44 Billion $0 $3.36 Billion $14.94 Billion","page_number":37,"box":{"x":329,"y":153,"width":570,"height":8}},{"id":"66c473aa-e1a2-4a26-9840-eb915b985630","block_type":"box","text":"Raffaele Savi 37 68 19 0 11 3","page_number":37,"box":{"x":74,"y":166,"width":788,"height":7}},{"id":"c89e3d5a-a4b9-47d1-8824-b7670eb620be","block_type":"box","text":"$42.44 Billion $64.58 Billion $40.72 Billion $0 $27.86 Billion $4.68 Billion","page_number":37,"box":{"x":329,"y":178,"width":566,"height":9}},{"id":"0242a6d5-8e27-4bdf-9ee3-1d5b60b17c23","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":37,"box":{"x":69,"y":213,"width":304,"height":11}},{"id":"065f36e3-db4d-4f99-abed-38ade7413b55","block_type":"box","text":"The discussion below describes the por tfolio managers’ compensation as of April 30, 2026.","page_number":37,"box":{"x":101,"y":235,"width":658,"height":12}},{"id":"d5b34561-5104-4714-bcbf-8417a643f301","block_type":"box","text":"BlackRock’s financial arrangements with its por tfolio managers, its competitive compensation and its career","page_number":37,"box":{"x":102,"y":258,"width":774,"height":11}},{"id":"2a815060-a62b-451b-9c62-3c608f7a4d42","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":37,"box":{"x":70,"y":273,"width":837,"height":12}},{"id":"3f021406-067b-40e5-aca0-a433edeab8bf","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":37,"box":{"x":69,"y":288,"width":823,"height":12}},{"id":"4fabb5b9-d83e-4c2a-ac5a-d4c2556a97b8","block_type":"box","text":"compensation include a base salary, a per formance-based discretionary bonus, par ticipation in various benefits","page_number":37,"box":{"x":69,"y":303,"width":799,"height":12}},{"id":"8b3abd6a-982a-4ee6-8b4e-5c18e8dae695","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":37,"box":{"x":70,"y":319,"width":670,"height":11}},{"id":"1a31c534-a440-4f65-9202-dcd59f7e7027","block_type":"box","text":"Base Compensation.","page_number":37,"box":{"x":102,"y":341,"width":148,"height":11}},{"id":"97a4d1ea-0dcc-4b03-bd86-1572770986a5","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":37,"box":{"x":257,"y":341,"width":640,"height":12}},{"id":"42ffa6db-1e45-47fd-802b-e53a4c59f241","block_type":"box","text":"firm.","page_number":37,"box":{"x":68,"y":356,"width":32,"height":9}},{"id":"da21df70-0c3f-42a7-8faa-e0772b562f93","block_type":"box","text":"Discretionary Incentive Compensation","page_number":37,"box":{"x":69,"y":387,"width":277,"height":11}},{"id":"81eba6af-191f-4134-a52f-45a0b145bf69","block_type":"box","text":"Discretionary incentive compensation is a function of several components: the per formance of BlackRock, Inc.,","page_number":37,"box":{"x":102,"y":409,"width":792,"height":12}},{"id":"45a7538d-0419-4f8d-9281-8baf74d4e17d","block_type":"box","text":"the per formance of the por tfolio manager’s group within BlackRock, the investment per formance, including risk","page_number":37,"box":{"x":68,"y":424,"width":800,"height":12}},{"id":"f7cd4935-93cb-4e63-a6af-fa6485a34f52","block_type":"box","text":"adjusted returns, of the firm’s assets under management or supervision by that por tfolio manager relative to","page_number":37,"box":{"x":69,"y":440,"width":777,"height":11}},{"id":"2a0e31c6-a95e-4a02-97b1-56c7c9f5e924","block_type":"box","text":"predetermined benchmarks, and the individual’s per formance and contribution to the overall per formance of these","page_number":37,"box":{"x":70,"y":455,"width":817,"height":11}},{"id":"baec03cb-1272-4c68-acde-ba64a10ebf43","block_type":"box","text":"por tfolios and BlackRock. Among other things, BlackRock’s Chief Investment Officers make a subjective","page_number":37,"box":{"x":70,"y":470,"width":741,"height":11}},{"id":"09aa2914-3e46-449a-a6b4-448b35a1d457","block_type":"box","text":"determination with respect to each por tfolio manager’s compensation based on the per formance of the Funds and","page_number":37,"box":{"x":69,"y":485,"width":818,"height":11}},{"id":"6485ad40-14cf-4bbb-9ba6-4f18c9420256","block_type":"box","text":"other accounts managed by each por tfolio manager relative to the various benchmarks. Per formance is generally","page_number":37,"box":{"x":69,"y":500,"width":806,"height":11}},{"id":"dce9e9a1-fe12-42b5-bd40-75171e288183","block_type":"box","text":"assessed over trailing 1-, 3-, and 5-year periods relative to applicable benchmarks. The per formance of Messrs. Savi,","page_number":37,"box":{"x":69,"y":515,"width":836,"height":11}},{"id":"53b03da3-6821-4d83-b75e-0dbc68356a31","block_type":"box","text":"Franklin and Mathieson is not measured against a specific benchmark.","page_number":37,"box":{"x":70,"y":530,"width":503,"height":12}},{"id":"3fa6b180-0564-41e7-9afc-679fb00767b4","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":37,"box":{"x":102,"y":553,"width":389,"height":11}},{"id":"9fad4efe-0c19-452d-9580-db4773f4b028","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":37,"box":{"x":499,"y":553,"width":383,"height":11}},{"id":"17da1ab1-71f7-49f6-b346-ad2a3e06c1e5","block_type":"box","text":"por tfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":37,"box":{"x":70,"y":568,"width":815,"height":11}},{"id":"6f0767e5-fcd6-4766-be95-fa247367be26","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":37,"box":{"x":68,"y":583,"width":522,"height":11}},{"id":"df9e898b-efd4-4f6f-a289-129626326514","block_type":"box","text":"Por tfolio managers receive their annual discretionary incentive compensation in the form of cash. Por tfolio","page_number":37,"box":{"x":102,"y":606,"width":760,"height":11}},{"id":"3055f42a-6692-4029-939e-5c8ecef249b0","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":37,"box":{"x":69,"y":621,"width":795,"height":11}},{"id":"19373ff9-85e8-46ee-8ec6-2f13d77c39d8","block_type":"box","text":"awards annually as par t of their discretionary incentive compensation. Paying a por tion of discretionary incentive","page_number":37,"box":{"x":69,"y":636,"width":805,"height":11}},{"id":"4f70484a-e764-403a-a10b-bcf318c3f89b","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":37,"box":{"x":69,"y":651,"width":822,"height":12}},{"id":"9ef50c7a-9a3b-46a3-a869-6f05c17ba63d","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":37,"box":{"x":68,"y":666,"width":839,"height":12}},{"id":"36a60b14-f12e-434e-82dd-8baf8af18786","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":37,"box":{"x":69,"y":681,"width":802,"height":12}},{"id":"df565d8e-62db-4982-94de-1c1b7091e0d8","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate per formance. Deferred","page_number":37,"box":{"x":70,"y":697,"width":820,"height":11}},{"id":"3a584d37-bc31-4617-bcc0-158b2654f047","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":37,"box":{"x":70,"y":712,"width":801,"height":11}},{"id":"5d4d8ea1-1378-4eb3-812f-23188ddf6234","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":37,"box":{"x":70,"y":727,"width":831,"height":11}},{"id":"e89a0477-f20f-4e03-9e99-b928c4233b00","block_type":"box","text":"managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":37,"box":{"x":69,"y":742,"width":479,"height":11}},{"id":"9f6c2704-7165-4ec8-878a-e0b01cff0b93","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":37,"box":{"x":102,"y":765,"width":785,"height":11}},{"id":"bb9f98bb-0f0e-4d5e-8d2a-d830fd31bfb5","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":37,"box":{"x":68,"y":780,"width":836,"height":11}},{"id":"36dad758-93a9-4761-b4e6-4924b524fa90","block_type":"box","text":"which provides direct alignment of por tfolio manager discretionary incentive compensation with investment product","page_number":37,"box":{"x":68,"y":795,"width":821,"height":11}},{"id":"875b23a4-124c-4dcb-9017-547dabbe872f","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":37,"box":{"x":69,"y":810,"width":829,"height":11}},{"id":"420d6ac7-6948-4938-8c8a-70e01d1c06e9","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":825,"width":835,"height":11}},{"id":"8d312b96-0b88-4759-b972-1b3c1420f3c5","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":37,"box":{"x":69,"y":840,"width":414,"height":12}},{"id":"3aa8285e-6a28-4456-a01a-5b0362d9ada6","block_type":"box","text":"Other Compensation Benefits.","page_number":37,"box":{"x":101,"y":863,"width":218,"height":11}},{"id":"2d4e4c52-4c45-4f6f-9dcc-168a46a6d4fa","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":37,"box":{"x":327,"y":863,"width":552,"height":11}},{"id":"9d8386a0-d994-4870-bd96-f1ab864ea44c","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":878,"width":582,"height":11}},{"id":"9ba2c42e-e031-4ee1-a8ad-159fa92d9a46","block_type":"box","text":"I-21","page_number":37,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"a6d4bf9e-b260-408f-bf57-edaa15044b62","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":37,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d44b47cb-f1f5-4708-bf46-3aa8a6888eea","block_type":"box","text":"Incentive Savings Plans","page_number":38,"box":{"x":102,"y":45,"width":167,"height":11}},{"id":"a090895a-966c-49fb-8324-0a1c27abc2fb","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":38,"box":{"x":274,"y":45,"width":614,"height":11}},{"id":"c053826d-d9b0-4bef-8a34-9b9ad0b7b152","block_type":"box","text":"employees are eligible to par ticipate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":38,"box":{"x":69,"y":60,"width":831,"height":11}},{"id":"35acce02-5523-4cf5-a2b8-774dcf208ec0","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":38,"box":{"x":70,"y":75,"width":785,"height":11}},{"id":"9f7676e7-f2ee-4c37-8655-397df6d74247","block_type":"box","text":"company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a","page_number":38,"box":{"x":69,"y":89,"width":830,"height":12}},{"id":"3a1a2383-7c5b-4da1-8b92-9f7c50dbb88d","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":38,"box":{"x":69,"y":105,"width":799,"height":11}},{"id":"7f8a2217-bf0d-46ad-9920-ecefce825ac1","block_type":"box","text":"($360,000 for 2026). The RSP offers a range of investment options, including registered investment companies and","page_number":38,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"57ab6a19-a8e1-41b3-b63c-3b8a2a5e7ac3","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":38,"box":{"x":69,"y":135,"width":798,"height":12}},{"id":"b2a41e86-e005-4f61-9f6f-27ad766307f9","block_type":"box","text":"par ticipants for their own contributions or, absent par ticipant investment direction, are invested into a target date","page_number":38,"box":{"x":70,"y":150,"width":809,"height":12}},{"id":"ca850ae2-325d-4cfc-b39b-1e71fcf58247","block_type":"box","text":"fund that corresponds to, or is closest to, the year in which the par ticipant attains age 65. The ESPP allows for","page_number":38,"box":{"x":68,"y":166,"width":793,"height":11}},{"id":"bb4e530a-7907-4413-9c3f-86f485394593","block_type":"box","text":"investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date.","page_number":38,"box":{"x":70,"y":181,"width":832,"height":11}},{"id":"34e86882-8f8c-43cd-8569-1afb3584359b","block_type":"box","text":"Annual par ticipation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of","page_number":38,"box":{"x":68,"y":196,"width":805,"height":11}},{"id":"db77007e-1175-4dcd-a399-dea265770595","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":38,"box":{"x":69,"y":210,"width":808,"height":12}},{"id":"db15fad9-7be1-45d9-900e-9800c3c05d34","block_type":"box","text":"par ticipate in these plans.","page_number":38,"box":{"x":70,"y":226,"width":185,"height":11}},{"id":"474f367b-8436-42b9-b1b0-09a9a728cbda","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":38,"box":{"x":69,"y":256,"width":268,"height":12}},{"id":"3aed6a60-79c7-4235-85e8-3f6245ca7194","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":38,"box":{"x":101,"y":279,"width":733,"height":11}},{"id":"705aa1f1-8078-42b6-b358-4f874781afe9","block_type":"box","text":"beneficially owned by the por tfolio managers in the Fund is shown below:","page_number":38,"box":{"x":69,"y":294,"width":519,"height":11}},{"id":"8fa9397c-f85a-495e-b40e-b306dd13e44a","block_type":"box","text":"Portfolio Manager","page_number":38,"box":{"x":69,"y":332,"width":105,"height":9}},{"id":"00da612b-7dce-4859-ae90-e0e97129fe0d","block_type":"box","text":"Dollar Range of Equity","page_number":38,"box":{"x":758,"y":322,"width":129,"height":9}},{"id":"38d2ee3e-e9fc-40f8-be56-2d1fb7198672","block_type":"box","text":"Securities Beneficially Owned","page_number":38,"box":{"x":735,"y":332,"width":173,"height":9}},{"id":"f7ec59de-8565-4545-9ef6-70f4331d6385","block_type":"box","text":"Raffaele Savi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Over $1,","page_number":38,"box":{"x":70,"y":349,"width":750,"height":12}},{"id":"d6cd0902-3d59-41bc-87ca-6e488b9454ad","block_type":"box","text":"000,000","page_number":38,"box":{"x":822,"y":350,"width":62,"height":11}},{"id":"43b54d52-0e10-41bf-a001-f02c4a169fa4","block_type":"box","text":"Kevin Franklin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":38,"box":{"x":70,"y":366,"width":634,"height":8}},{"id":"36b40793-38a1-4222-81bf-bc2d5790a441","block_type":"box","text":"$500,001 - $1,000,000","page_number":38,"box":{"x":736,"y":365,"width":173,"height":11}},{"id":"509321fd-6408-40c9-a41d-54914d35c07e","block_type":"box","text":"Richard Mathieson . .","page_number":38,"box":{"x":70,"y":381,"width":145,"height":8}},{"id":"8f450b3c-01c3-4aa8-aa44-8a90018ff13a","block_type":"box","text":"............................................................","page_number":38,"box":{"x":221,"y":388,"width":483,"height":1}},{"id":"074df8ba-8522-4831-9158-cb9da9e8deec","block_type":"box","text":"$100,001 - $500,000","page_number":38,"box":{"x":743,"y":380,"width":159,"height":11}},{"id":"86f33516-8ae7-4313-9d41-9a10465d7af6","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":38,"box":{"x":69,"y":412,"width":403,"height":11}},{"id":"8bdd706b-1d67-4f23-8f6b-216479a70f29","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":38,"box":{"x":102,"y":435,"width":727,"height":11}},{"id":"20047ee6-6632-42ef-b2e6-2e97b657e62d","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":38,"box":{"x":70,"y":450,"width":814,"height":11}},{"id":"a64d114c-3830-416b-95d7-46fd1765d0ce","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment oppor tunities, execution of","page_number":38,"box":{"x":70,"y":465,"width":837,"height":11}},{"id":"6c1dcce4-c9a6-4aab-97b8-f25887bac2e5","block_type":"box","text":"por tfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":38,"box":{"x":70,"y":480,"width":810,"height":11}},{"id":"06c1452c-44a9-441b-b274-2e9ac5b104d3","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Never theless, BlackRock furnishes investment","page_number":38,"box":{"x":69,"y":495,"width":782,"height":11}},{"id":"beacabd3-2778-42ec-9d7d-634f8221218a","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":38,"box":{"x":69,"y":510,"width":830,"height":11}},{"id":"e8618cc3-c6fa-4674-8f0c-8cdb30175874","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":38,"box":{"x":69,"y":526,"width":828,"height":11}},{"id":"0cdb57fc-0db5-4968-b2ec-d5b3deddc73f","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":38,"box":{"x":68,"y":540,"width":834,"height":12}},{"id":"1e932b89-73c9-4faf-85f4-77b8d9376bf6","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":38,"box":{"x":70,"y":555,"width":777,"height":12}},{"id":"234710da-8da7-4ea7-91c0-c8f0fd4de6f9","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":38,"box":{"x":70,"y":571,"width":821,"height":11}},{"id":"8c2c2e34-8add-48e7-aa1a-5d4a7c3ec701","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":38,"box":{"x":69,"y":586,"width":819,"height":11}},{"id":"e19e0afb-bae2-417a-8137-9885a34e9bdf","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":38,"box":{"x":69,"y":601,"width":832,"height":11}},{"id":"ba4d634e-15f9-4fec-b74f-3a4065b4bed2","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":38,"box":{"x":68,"y":616,"width":804,"height":11}},{"id":"3eceed61-eadf-456a-a970-c63ec9727374","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":38,"box":{"x":69,"y":631,"width":760,"height":11}},{"id":"9bacf672-8fda-4502-b388-7882df791c2a","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":38,"box":{"x":69,"y":646,"width":834,"height":11}},{"id":"b56761ff-b791-40a0-9253-f0233852b0b4","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":38,"box":{"x":69,"y":661,"width":836,"height":12}},{"id":"693d1aac-5c2b-45d6-a70e-37a7d1ffffc2","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":38,"box":{"x":69,"y":676,"width":822,"height":12}},{"id":"328fbffb-1273-4987-b0ce-d4429b18ebef","block_type":"box","text":"public information. Cer tain por tfolio managers also may manage accounts whose investment strategies may at times","page_number":38,"box":{"x":70,"y":692,"width":835,"height":11}},{"id":"2c0f9d4f-44fc-41ea-8244-14bb94912892","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that Messrs. Savi, Franklin and Mathieson","page_number":38,"box":{"x":69,"y":707,"width":817,"height":11}},{"id":"1f94c1a9-3b45-4b2f-95ae-1037baa25a47","block_type":"box","text":"may be managing hedge fund and/or long only accounts, or may be par t of a team managing hedge fund and/or long","page_number":38,"box":{"x":69,"y":722,"width":834,"height":11}},{"id":"38c400ac-c806-4728-9833-4f41d245b4d8","block_type":"box","text":"only accounts, subject to incentive fees. Messrs. Savi, Franklin and Mathieson may therefore be entitled to receive a","page_number":38,"box":{"x":69,"y":737,"width":832,"height":11}},{"id":"5f4a0ab1-6964-48be-bdf3-ae4296f9bb51","block_type":"box","text":"por tion of any incentive fees earned on such accounts.","page_number":38,"box":{"x":70,"y":752,"width":390,"height":11}},{"id":"f1820eff-be26-4b53-bd81-95e1a562b33a","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":38,"box":{"x":101,"y":775,"width":788,"height":11}},{"id":"f190890e-1783-4f3c-8d50-4dd26d197d36","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":38,"box":{"x":70,"y":790,"width":839,"height":11}},{"id":"aaa00907-0681-4e44-8b40-eab5b3603602","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":38,"box":{"x":68,"y":805,"width":823,"height":11}},{"id":"8301cb1e-b1db-432d-8eed-d2e064cb56c9","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":38,"box":{"x":68,"y":820,"width":812,"height":11}},{"id":"d752fcca-018a-4288-85ed-fdd149a73bdc","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":835,"width":777,"height":11}},{"id":"575b1c42-54e9-4984-8eb5-9ca4bcd66c47","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":851,"width":826,"height":10}},{"id":"8de6c700-bc46-4da8-8fa1-88824bce9e82","block_type":"box","text":"I-22","page_number":38,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"bd369878-f3f0-4f05-8030-8a05a81bdba7","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":38,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bc4c7329-c9c4-484b-91ed-68d2b271d3be","block_type":"box","text":"Accounting Services","page_number":39,"box":{"x":68,"y":45,"width":150,"height":11}},{"id":"60908735-2038-4023-b06d-f42baed6beec","block_type":"box","text":"State Street Bank and Trust Company (“State Street”) serves as the accounting services provider for the Fund.","page_number":39,"box":{"x":102,"y":67,"width":791,"height":12}},{"id":"d2e623d3-703c-4dc5-9901-a1b5ad664ae5","block_type":"box","text":"State Street maintains the books of account and other financial records (other than those maintained by the Fund’s","page_number":39,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"e4d5de2e-b8da-4721-a4fe-701bca6bdddc","block_type":"box","text":"custodian); records general ledger entries; calculates daily net income; reconciles activity to the trial balance;","page_number":39,"box":{"x":69,"y":98,"width":779,"height":11}},{"id":"1ffb39ea-019c-41a6-a4d6-cf072c94101f","block_type":"box","text":"calculates and publishes daily net asset value; prepares account balances; and provides such other accounting","page_number":39,"box":{"x":69,"y":113,"width":796,"height":11}},{"id":"84202a93-50fc-4bba-8de9-22630e7e1a12","block_type":"box","text":"services as may be required. In connection with its accounting services, State Street also provides cer tain","page_number":39,"box":{"x":69,"y":128,"width":760,"height":11}},{"id":"f9d8d5ba-d634-4ea6-a9b0-a8705aec78c8","block_type":"box","text":"administration services.","page_number":39,"box":{"x":69,"y":143,"width":170,"height":9}},{"id":"9d64df1e-16c3-4585-a00a-c71858221097","block_type":"box","text":"The table below shows the amounts paid by the Fund to State Street for accounting services for the periods","page_number":39,"box":{"x":101,"y":166,"width":769,"height":11}},{"id":"b919dd03-acb0-4e39-a3bb-bb7d94f9e985","block_type":"box","text":"shown:","page_number":39,"box":{"x":69,"y":181,"width":48,"height":9}},{"id":"e7175174-0f4f-4a55-89bd-6dcce7ae351f","block_type":"box","text":"Fees Paid to State Street","page_number":39,"box":{"x":761,"y":209,"width":148,"height":7}},{"id":"5d98bf0e-9252-43cb-a2a8-1e30c1e40c35","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":39,"box":{"x":70,"y":227,"width":456,"height":11}},{"id":"5df28ee6-1f63-47a6-bd4e-b59f60572030","block_type":"box","text":".........................","page_number":39,"box":{"x":532,"y":234,"width":198,"height":2}},{"id":"a7782f59-7812-46a9-8163-38cfbb3128e2","block_type":"box","text":"$958,190","page_number":39,"box":{"x":799,"y":226,"width":72,"height":11}},{"id":"055a852e-257c-4292-94eb-0fa4130b95c4","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":39,"box":{"x":70,"y":242,"width":456,"height":11}},{"id":"99d92ea8-abf4-4fb8-ade8-86339cbd90e7","block_type":"box","text":".........................","page_number":39,"box":{"x":532,"y":249,"width":198,"height":2}},{"id":"b23c3fe4-9bab-4060-927b-e40cc6cf743a","block_type":"box","text":"$332,576","page_number":39,"box":{"x":799,"y":241,"width":72,"height":11}},{"id":"8d26f460-129c-49ac-88c1-65ffbf9fe58f","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":39,"box":{"x":70,"y":257,"width":456,"height":11}},{"id":"853ffe41-80f3-47e6-b5d5-dc107c98aa4a","block_type":"box","text":".........................","page_number":39,"box":{"x":532,"y":264,"width":198,"height":2}},{"id":"b69555db-ae74-441a-8867-bfdb043db9fa","block_type":"box","text":"$217,852","page_number":39,"box":{"x":799,"y":256,"width":72,"height":11}},{"id":"096e8774-1526-4538-9505-e6acfbf5a7c7","block_type":"box","text":"Custodian","page_number":39,"box":{"x":69,"y":289,"width":72,"height":8}},{"id":"2fb0e214-0270-49c1-8969-28a2b84eff4b","block_type":"box","text":"State Street (the “Custodian”), which has its principal place of business at One Congress Street, Suite 1,","page_number":39,"box":{"x":102,"y":311,"width":751,"height":11}},{"id":"09af733d-e504-4fdb-8984-6b6d77e14d08","block_type":"box","text":"Boston, Massachusetts 02114-2016, serves as the custodian for the Fund. The Custodian, among other","page_number":39,"box":{"x":70,"y":326,"width":749,"height":11}},{"id":"b772c602-a8db-4f5a-bbcf-aae87227dbd2","block_type":"box","text":"responsibilities, maintains a custody account or accounts in the name of the Fund, receives and delivers all assets","page_number":39,"box":{"x":69,"y":341,"width":820,"height":11}},{"id":"d2763360-03c4-4012-a86e-dd2dfa173ab1","block_type":"box","text":"for the Fund upon purchase and upon sale or maturity, and collects and receives all income and other payments and","page_number":39,"box":{"x":68,"y":356,"width":830,"height":12}},{"id":"c52f0116-63ae-4b23-8e08-1c0180b7572a","block_type":"box","text":"distributions on account of the assets of the Fund.","page_number":39,"box":{"x":69,"y":372,"width":359,"height":9}},{"id":"9180966a-8fd9-4de8-bad2-50ae1eef35e9","block_type":"box","text":"Transfer Agent","page_number":39,"box":{"x":68,"y":402,"width":107,"height":11}},{"id":"9172fce0-c695-45b9-b926-9a85a1f310ee","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc., which has its principal place of business at 118 Flanders Road,","page_number":39,"box":{"x":102,"y":424,"width":764,"height":12}},{"id":"0653c01b-a54b-4412-84d9-07bfde9e09d3","block_type":"box","text":"Westborough, Massachusetts 01581, serves as the transfer and dividend disbursement agent for the Fund.","page_number":39,"box":{"x":68,"y":440,"width":771,"height":11}},{"id":"4dfe7317-4211-4cd6-bc48-8a516ef7c3ff","block_type":"box","text":"Credit Agreement","page_number":39,"box":{"x":69,"y":470,"width":129,"height":11}},{"id":"7aa270cc-67f2-4db5-959d-f384525ceb95","block_type":"box","text":"The Trust, on behalf of the Fund, along with cer tain other funds managed by the Manager and its affiliates","page_number":39,"box":{"x":101,"y":492,"width":757,"height":12}},{"id":"e62305e3-7659-406b-9379-a5e2e81a48ca","block_type":"box","text":"(“Par ticipating Funds”), is a par ty to a 364-day, $2.4 billion credit agreement with a group of lenders, which facility","page_number":39,"box":{"x":69,"y":507,"width":817,"height":12}},{"id":"44e0a5ac-5a87-4632-9aae-ed3bdc163c45","block_type":"box","text":"terminates on April 8, 2027, unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":39,"box":{"x":68,"y":523,"width":743,"height":11}},{"id":"3fb0a49d-d6cf-48af-992b-f2d7f7fe229f","block_type":"box","text":"commitments designated for cer tain Par ticipating Funds, the Par ticipating Funds, including the Fund, can borrow up","page_number":39,"box":{"x":69,"y":538,"width":825,"height":11}},{"id":"95ff2aa6-f133-422c-ba7e-d3609646618c","block_type":"box","text":"to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other","page_number":39,"box":{"x":68,"y":552,"width":818,"height":12}},{"id":"affc22f5-a2cc-4737-8a1a-cb53ee322d8a","block_type":"box","text":"limitations as specified in the Credit Agreement. The Fund may borrow under the Credit Agreement to meet","page_number":39,"box":{"x":70,"y":568,"width":761,"height":11}},{"id":"bef25e56-a57f-45dc-a238-153341a49e1e","block_type":"box","text":"shareholder redemptions and for other lawful purposes. However, the Fund may not borrow under the Credit","page_number":39,"box":{"x":69,"y":583,"width":768,"height":11}},{"id":"50321223-48a0-4518-9c3d-1767ac206dcb","block_type":"box","text":"Agreement for leverage. The Fund may borrow up to the maximum amount allowable under its current Prospectuses","page_number":39,"box":{"x":68,"y":598,"width":825,"height":12}},{"id":"30f21c68-e4d9-4aa3-b3c7-e3341056cfea","block_type":"box","text":"and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest expense and","page_number":39,"box":{"x":69,"y":614,"width":805,"height":11}},{"id":"381a4021-8e1c-4562-9ed4-836e62410016","block_type":"box","text":"other fees and expenses for the Fund which may impact the Fund’s net expenses. The costs of borrowing may reduce","page_number":39,"box":{"x":69,"y":629,"width":838,"height":11}},{"id":"73c42dc5-04f6-4453-9016-504aa89b3e0f","block_type":"box","text":"the Fund’s return. The Fund is charged its pro rata share of upfront fees and commitment fees on the aggregate","page_number":39,"box":{"x":68,"y":644,"width":801,"height":11}},{"id":"906c6d97-8b4c-46fa-93ec-28aa4e291251","block_type":"box","text":"commitment amount based on its net assets. If the Fund borrows pursuant to the Credit Agreement, the Fund will be","page_number":39,"box":{"x":69,"y":659,"width":833,"height":11}},{"id":"ee5b09e3-9985-45b6-90b3-2ec9af6fdf52","block_type":"box","text":"charged interest at a variable rate.","page_number":39,"box":{"x":69,"y":674,"width":245,"height":11}},{"id":"100c7402-b31b-4ba9-a719-c8076029dd32","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":39,"box":{"x":68,"y":704,"width":491,"height":11}},{"id":"0e40acbc-8a3d-48c9-8bd2-a88d5676851e","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":727,"width":773,"height":11}},{"id":"a9bc2688-0d4c-48d8-b68c-8fa388fef330","block_type":"box","text":"received by the Fund, including the amounts paid to affiliates of the Manager (“affiliates”) for the periods shown.","page_number":39,"box":{"x":69,"y":742,"width":804,"height":11}},{"id":"28d7d7eb-066e-4bff-8c77-f7f475201816","block_type":"box","text":"BlackRock Investments, LLC (“BRIL” or the “Distributor”) acts as the Fund’s sole distributor.","page_number":39,"box":{"x":70,"y":757,"width":656,"height":11}},{"id":"131b3938-e299-41af-9b2a-d7c459861f02","block_type":"box","text":"Investor A 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BRIL","page_number":39,"box":{"x":641,"y":842,"width":44,"height":8}},{"id":"0d4f451d-1fa6-4ed4-8ffb-f86c6791abce","block_type":"box","text":"Sales","page_number":39,"box":{"x":742,"y":811,"width":32,"height":7}},{"id":"9f972cb1-fdd6-4537-ab3c-f3828fb99a4a","block_type":"box","text":"Charges","page_number":39,"box":{"x":735,"y":821,"width":47,"height":9}},{"id":"84a3558b-bdfc-408d-8e73-3cb1c3925222","block_type":"box","text":"Paid","page_number":39,"box":{"x":746,"y":831,"width":24,"height":7}},{"id":"11d7f32e-0c32-42a0-a936-f953e6948f75","block_type":"box","text":"to Affiliates","page_number":39,"box":{"x":724,"y":841,"width":68,"height":8}},{"id":"90b3b850-80c2-4a60-9664-243b9d95306f","block_type":"box","text":"CDSCs","page_number":39,"box":{"x":846,"y":801,"width":39,"height":7}},{"id":"e4910cbc-e330-4793-b9a8-12fb39daf218","block_type":"box","text":"Received 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.","page_number":40,"box":{"x":70,"y":108,"width":270,"height":11}},{"id":"c088bbe1-798c-421c-967e-b2400ccf2c08","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,524 $9,524","page_number":40,"box":{"x":346,"y":107,"width":541,"height":11}},{"id":"3d5de8a0-1f11-47f2-bb8d-e49f4718f84b","block_type":"box","text":"Fiscal Year Ended April 30, 2024. . . . .","page_number":40,"box":{"x":70,"y":123,"width":270,"height":11}},{"id":"3cf28d5b-1680-4a68-99d9-8f9efab71517","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 183 $ 183","page_number":40,"box":{"x":346,"y":122,"width":541,"height":11}},{"id":"b4ed1cbb-5aea-42ca-a412-0d2b1093a8a7","block_type":"box","text":"The table below provides information for the periods shown about the 12b-1 fees the Fund paid to BRIL under","page_number":40,"box":{"x":101,"y":147,"width":782,"height":11}},{"id":"f5531f15-5d3b-41e6-8bcf-e6e98ccda8e1","block_type":"box","text":"the Fund’s 12b-1 plan. A por tion of the fees collected by BRIL were paid to affiliates for providing shareholder","page_number":40,"box":{"x":68,"y":162,"width":784,"height":11}},{"id":"c4133a4f-f081-40db-8886-589825c161b9","block_type":"box","text":"servicing activities for Investor A Shares and for providing shareholder servicing and distribution related activities and","page_number":40,"box":{"x":69,"y":177,"width":837,"height":11}},{"id":"182fab99-4d7a-41c0-840b-a1f122c7d35c","block_type":"box","text":"services for Investor C Shares.","page_number":40,"box":{"x":69,"y":192,"width":219,"height":9}},{"id":"be890e8f-9a58-4668-b325-e91b590d9b27","block_type":"box","text":"Class Name","page_number":40,"box":{"x":69,"y":220,"width":68,"height":7}},{"id":"dd448f38-94a9-46fd-8017-9cc9732ea320","block_type":"box","text":"Fees Paid to BRIL","page_number":40,"box":{"x":806,"y":220,"width":103,"height":7}},{"id":"fdab2376-642f-4298-99dc-6553f00df52a","block_type":"box","text":"Investor A Shares .","page_number":40,"box":{"x":70,"y":238,"width":134,"height":9}},{"id":"39040d13-bf4a-4c48-8a60-f6f78beefb24","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,","page_number":40,"box":{"x":210,"y":237,"width":626,"height":12}},{"id":"d0f5faf6-642c-4c9f-9164-d62e44761b7d","block_type":"box","text":"450,580","page_number":40,"box":{"x":838,"y":238,"width":63,"height":11}},{"id":"99139a2b-88eb-42ae-89af-bc22c2d104d9","block_type":"box","text":"Investor C Shares . . .","page_number":40,"box":{"x":70,"y":253,"width":150,"height":9}},{"id":"15ab54e0-c12c-4049-b5a2-b5c035b9e768","block_type":"box","text":".................................................................... $","page_number":40,"box":{"x":226,"y":252,"width":596,"height":11}},{"id":"c5026517-7f55-4e9b-b8ab-62d11295d8b7","block_type":"box","text":"228,121","page_number":40,"box":{"x":839,"y":253,"width":62,"height":11}},{"id":"9e13c684-c4a9-4bea-9f6b-c37aa7c5ad4d","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":40,"box":{"x":68,"y":285,"width":318,"height":11}},{"id":"6623c83c-2ece-4c56-9e02-ba568686ad3b","block_type":"box","text":"An illustration of the computation of the offering price of the Investor A Shares of the Fund based on the value of","page_number":40,"box":{"x":101,"y":307,"width":805,"height":12}},{"id":"8f17314d-8474-4468-87ab-9cd1a1b436ce","block_type":"box","text":"the Fund’s Investor A Shares’ net assets and the number of Investor A Shares outstanding on April 30, 2026 is set","page_number":40,"box":{"x":68,"y":322,"width":825,"height":12}},{"id":"7479bce2-f3d0-4b64-8d82-a6e225233600","block_type":"box","text":"for th below.","page_number":40,"box":{"x":68,"y":338,"width":83,"height":9}},{"id":"b5c54443-067d-489e-8b5d-3f0f793aed64","block_type":"box","text":"Investor A","page_number":40,"box":{"x":827,"y":366,"width":58,"height":7}},{"id":"c13c7338-8fa0-450b-9dbb-36d8ab74222d","block_type":"box","text":"Shares","page_number":40,"box":{"x":836,"y":376,"width":39,"height":7}},{"id":"dfd2d6da-411a-46d2-ba3c-92c0e0a28a46","block_type":"box","text":"Net Assets","page_number":40,"box":{"x":70,"y":394,"width":76,"height":9}},{"id":"cdf4b98e-5032-4067-b7b5-09274aea8826","block_type":"box","text":".............................................................................","page_number":40,"box":{"x":150,"y":401,"width":621,"height":1}},{"id":"7a68eaf8-0224-48c4-9ddd-29cad98c0d09","block_type":"box","text":"$988,878,481","page_number":40,"box":{"x":803,"y":393,"width":106,"height":11}},{"id":"b5efc8eb-c213-401f-816a-57edc31a5710","block_type":"box","text":"Number of Shares Outstanding . . .","page_number":40,"box":{"x":70,"y":409,"width":245,"height":11}},{"id":"62d7bc09-7918-432f-a51e-884347081a15","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,","page_number":40,"box":{"x":321,"y":409,"width":524,"height":10}},{"id":"34a7bda9-1c9c-464c-a8c2-8d8e2dd8b760","block_type":"box","text":"715,997","page_number":40,"box":{"x":847,"y":409,"width":61,"height":10}},{"id":"4c3b21e0-15a7-498f-8317-ea0693b4f1ba","block_type":"box","text":"Net Asset Value Per Share (net assets divided by number of shares outstanding)","page_number":40,"box":{"x":70,"y":424,"width":571,"height":11}},{"id":"9cf5eb44-397d-45cf-9788-7cb516e9be0c","block_type":"box","text":"................","page_number":40,"box":{"x":647,"y":431,"width":124,"height":2}},{"id":"76db1fa1-78f8-48fd-9ec0-05470e413289","block_type":"box","text":"$15.28","page_number":40,"box":{"x":857,"y":423,"width":52,"height":11}},{"id":"ea80f910-70e0-44e5-a619-b12c6cc21ab6","block_type":"box","text":"Sales Charge (5.25% of offering price; 5.54% of net asset value per share)","page_number":40,"box":{"x":69,"y":439,"width":534,"height":11}},{"id":"0f8341bc-6c6d-4b92-95dc-1d608e76a706","block_type":"box","text":"1","page_number":40,"box":{"x":604,"y":439,"width":4,"height":5}},{"id":"bca08750-ca58-42d8-93f6-0391c985da88","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . $0.85","page_number":40,"box":{"x":615,"y":438,"width":294,"height":11}},{"id":"ef7ce8d6-da6a-44f3-af3b-2e720b5deca8","block_type":"box","text":"Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":40,"box":{"x":69,"y":458,"width":702,"height":12}},{"id":"22878943-6fb6-4dda-8538-823415fd01df","block_type":"box","text":"$16.13","page_number":40,"box":{"x":857,"y":458,"width":52,"height":10}},{"id":"b35c1d2d-6778-4ff4-af59-d5ed7ecd60a3","block_type":"box","text":"1 Rounded to the nearest one-hundredth percent; assumes maximum sales charge is applicable.","page_number":40,"box":{"x":69,"y":491,"width":566,"height":9}},{"id":"2c6b7d3d-b019-40aa-98f0-dfa0cf6b7b85","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":40,"box":{"x":101,"y":511,"width":787,"height":12}},{"id":"f55d2898-7b48-4399-9c7a-4c1a0a2cbdfd","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":40,"box":{"x":69,"y":526,"width":833,"height":12}},{"id":"df6149be-aa8c-4016-af18-570270467483","block_type":"box","text":"a CDSC on redemption. For more information on the purchasing and valuation of shares, please see “Purchase of","page_number":40,"box":{"x":69,"y":542,"width":813,"height":11}},{"id":"561c8df9-10dc-4193-b977-6de109a56cfd","block_type":"box","text":"Shares” and “Pricing of Shares” in Par t II of this SAI.","page_number":40,"box":{"x":69,"y":557,"width":377,"height":11}},{"id":"f48598a8-48fe-4f18-ab6b-b8c73457d375","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":40,"box":{"x":68,"y":587,"width":302,"height":11}},{"id":"f9811b24-69cd-4004-b6e2-3a72e2a10495","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":610,"width":609,"height":11}},{"id":"c7cb23af-ace1-477f-92a1-a400d79e2491","block_type":"box","text":"Information about the brokerage commissions paid by the Fund for the periods shown, including commissions","page_number":40,"box":{"x":102,"y":632,"width":782,"height":12}},{"id":"9cff9db5-bfdb-4308-b125-cb83c40110c9","block_type":"box","text":"paid to affiliates, is set for th below.","page_number":40,"box":{"x":70,"y":647,"width":252,"height":11}},{"id":"df141f81-6726-4ed7-be5e-dd5e0ed78701","block_type":"box","text":"Aggregate Brokerage","page_number":40,"box":{"x":613,"y":676,"width":125,"height":9}},{"id":"7d973bc8-26ba-4be6-9e3a-3165c0536ed1","block_type":"box","text":"Commissions Paid","page_number":40,"box":{"x":623,"y":686,"width":106,"height":7}},{"id":"cd01ad52-bc71-496c-910d-719b72aaef91","block_type":"box","text":"Brokerage Commissions","page_number":40,"box":{"x":769,"y":676,"width":140,"height":9}},{"id":"c9cbcddd-23a5-4e41-aa09-613f1bd09403","block_type":"box","text":"Paid to Affiliates","page_number":40,"box":{"x":791,"y":686,"width":96,"height":7}},{"id":"1023de72-2107-4893-b4dd-154377a5ed9b","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $964,189","page_number":40,"box":{"x":70,"y":703,"width":642,"height":11}},{"id":"7856e388-e65d-4190-99e9-480371a17513","block_type":"box","text":"1","page_number":40,"box":{"x":713,"y":704,"width":4,"height":4}},{"id":"b85fbb62-85dc-4976-99cb-9e446ebaf828","block_type":"box","text":"$0","page_number":40,"box":{"x":830,"y":703,"width":18,"height":10}},{"id":"c348a87e-0569-4426-a142-ff9c390eef84","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,781 $0","page_number":40,"box":{"x":70,"y":718,"width":778,"height":12}},{"id":"517cd381-d148-44b0-9272-3f88f7cdc0fe","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,933 $0","page_number":40,"box":{"x":70,"y":733,"width":778,"height":12}},{"id":"131d98e6-7b4a-4cf8-a6b8-f37f1ca9e753","block_type":"box","text":"1","page_number":40,"box":{"x":69,"y":758,"width":3,"height":4}},{"id":"8e277532-9c87-4688-8885-8099f083951f","block_type":"box","text":"The increase in brokerage commissions paid by the Fund as compared to the prior fiscal year was primarily due to market volatility and an\r\niid","page_number":40,"box":{"x":93,"y":759,"width":786,"height":10}},{"id":"baea627b-28d8-4c6b-9d77-2d3c841403d8","block_type":"box","text":"g\r\nincrease in assets under management.","page_number":40,"box":{"x":94,"y":768,"width":221,"height":9}},{"id":"1de3d3ce-f0a8-45f7-a8df-05bbcaf95b7c","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":789,"width":770,"height":11}},{"id":"63408301-dc84-49c2-8ca8-039d5b362c42","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":804,"width":814,"height":12}},{"id":"ddec2b38-8414-41b4-9178-7e38b84daf61","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":819,"width":831,"height":12}},{"id":"3a5d2308-5a44-4516-adb1-7dea8aa2aa46","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":835,"width":822,"height":11}},{"id":"9e38e318-d0ad-41eb-b88b-c3b1272e72e2","block_type":"box","text":"with such brokers.","page_number":40,"box":{"x":68,"y":850,"width":130,"height":9}},{"id":"10952d9f-4beb-4661-9cd0-6b0d49da93a7","block_type":"box","text":"I-24","page_number":40,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"884f68a5-c731-42e2-867a-e2128a5b310d","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"60897b6b-4427-42b8-990b-a2fb78e14827","block_type":"box","text":"Amount of Commissions","page_number":41,"box":{"x":318,"y":49,"width":141,"height":7}},{"id":"829feab8-2a52-41f0-b67c-e6a755ca2f5d","block_type":"box","text":"Paid to Brokers for","page_number":41,"box":{"x":335,"y":59,"width":109,"height":7}},{"id":"1d55bb87-f714-49fb-95ae-0adab394c9ec","block_type":"box","text":"Providing 28(e) Eligible Research Services","page_number":41,"box":{"x":265,"y":69,"width":248,"height":9}},{"id":"5c5b038f-3050-4e1b-b1bd-d8d9705f3785","block_type":"box","text":"Amount of Brokerage","page_number":41,"box":{"x":588,"y":59,"width":124,"height":9}},{"id":"82f07431-772f-4a1f-9461-c5788dd71647","block_type":"box","text":"Transactions Involved","page_number":41,"box":{"x":587,"y":69,"width":126,"height":7}},{"id":"a952e00a-21b4-40e1-8b6c-f11e993d56f1","block_type":"box","text":"$49,511 $120,883,266","page_number":41,"box":{"x":358,"y":86,"width":346,"height":11}},{"id":"f0d708b9-7036-4b58-8db2-b703198b7675","block_type":"box","text":"As of April 30, 2026, the value of the Fund’s aggregate holdings of the securities of its regular brokers or","page_number":41,"box":{"x":101,"y":111,"width":752,"height":11}},{"id":"df397c2a-9102-4487-a864-74d56082f587","block_type":"box","text":"dealers (as defined in Rule 10b-1 under the Investment Company Act) or their parents, if any por tion of such holdings","page_number":41,"box":{"x":69,"y":126,"width":837,"height":11}},{"id":"7241f228-21a1-4c6b-8242-96d026c56bcc","block_type":"box","text":"were purchased during the fiscal year ended April 30, 2026, are as follows:","page_number":41,"box":{"x":68,"y":141,"width":538,"height":11}},{"id":"86f1cdb7-6db5-4856-a420-76b5cad5eb4e","block_type":"box","text":"Regular Broker-Dealer Debt (D) / Equity (E) Aggregate Holdings (000’s)","page_number":41,"box":{"x":265,"y":169,"width":491,"height":9}},{"id":"7a9391ea-9d7f-4b47-95a3-0a8e9571b1d4","block_type":"box","text":"Citigroup Inc. E $32,635","page_number":41,"box":{"x":282,"y":186,"width":424,"height":12}},{"id":"5a6b62db-cb09-4438-9823-b900ac6fb8bf","block_type":"box","text":"Securities Lending","page_number":41,"box":{"x":68,"y":219,"width":135,"height":11}},{"id":"9998d638-1864-47d0-83bb-dab8ef7d70d3","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":41,"box":{"x":101,"y":241,"width":807,"height":11}},{"id":"452790f4-6cbe-4689-a7e8-fdff0ad4cbfb","block_type":"box","text":"exemptive order from the Commission permitting it to lend por tfolio securities to borrowers affiliated with the Fund","page_number":41,"box":{"x":69,"y":256,"width":817,"height":12}},{"id":"fa8e2ac0-7161-40b0-8e33-c6b32c497ad8","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":41,"box":{"x":69,"y":271,"width":813,"height":12}},{"id":"bdcbb688-8de7-4b21-b92f-52f8c8bf9ec3","block_type":"box","text":"lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for the Fund, subject to the","page_number":41,"box":{"x":70,"y":286,"width":838,"height":12}},{"id":"7c622443-50b1-4f25-b851-8f66b4e58140","block_type":"box","text":"overall supervision of the Manager, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":41,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"6d29eaf8-56f6-4072-879b-4e4433fd2667","block_type":"box","text":"BIM administers the lending program in accordance with guidelines approved by the Board.","page_number":41,"box":{"x":70,"y":317,"width":646,"height":11}},{"id":"d57a6065-bfd5-4e4e-b4ed-5b613d8e52b4","block_type":"box","text":"To the extent the Fund engages in securities lending, the Fund retains a por tion of the securities lending income","page_number":41,"box":{"x":101,"y":339,"width":800,"height":12}},{"id":"fe5f566c-1256-4b79-8dd8-eedc2a1acc2a","block_type":"box","text":"and remits the remaining por tion to BIM as compensation for its services as securities lending agent. Securities","page_number":41,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"ec9f3fb3-c53b-44c6-a9a9-dffa55a64115","block_type":"box","text":"lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and","page_number":41,"box":{"x":70,"y":370,"width":774,"height":11}},{"id":"3b566727-dbad-48f7-99ff-6be6be62f043","block_type":"box","text":"excludes collateral investment fees as defined below), and any fees or other payments to and from borrowers of","page_number":41,"box":{"x":69,"y":385,"width":801,"height":11}},{"id":"4daa2944-e122-40b0-bfd1-2497187f8b2a","block_type":"box","text":"securities. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund","page_number":41,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"7526fe9b-4509-48c1-9ef4-761b54e32ac1","block_type":"box","text":"is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money","page_number":41,"box":{"x":70,"y":415,"width":834,"height":11}},{"id":"bbe63f56-5c56-4d5c-bf83-97a74be586aa","block_type":"box","text":"market fund managed by BlackRock (the “collateral investment fees”); however, the securities lending agent has","page_number":41,"box":{"x":69,"y":430,"width":802,"height":11}},{"id":"ba20b707-3d1c-4d70-a72f-b8b9785114ff","block_type":"box","text":"agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral","page_number":41,"box":{"x":69,"y":445,"width":778,"height":12}},{"id":"7d8e6d97-e675-4b50-a830-18a7b29d67dd","block_type":"box","text":"investment fees the Fund bears to an annual rate of 0.04%. Such money market fund shares will not be subject to a","page_number":41,"box":{"x":70,"y":460,"width":828,"height":12}},{"id":"9e8df528-228d-42f5-bc02-8b8f6734217b","block_type":"box","text":"sales load, distribution fee or service fee.","page_number":41,"box":{"x":69,"y":475,"width":296,"height":11}},{"id":"875195ee-c454-4a30-b652-78f334059418","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":41,"box":{"x":101,"y":498,"width":776,"height":11}},{"id":"14398a2c-ad0a-4828-bda1-2949a3bfa830","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":41,"box":{"x":69,"y":513,"width":831,"height":11}},{"id":"2b95f92d-0db9-45a4-90f9-ba46a9c6b4c6","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":41,"box":{"x":68,"y":528,"width":812,"height":12}},{"id":"c267003a-f78b-432e-9fe9-55ed3e91b82f","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":41,"box":{"x":69,"y":543,"width":799,"height":12}},{"id":"03642e41-8a90-4c06-a83f-f485daeca819","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":41,"box":{"x":68,"y":559,"width":835,"height":11}},{"id":"179dea73-6e2d-4139-b37b-ffe3ac9010ca","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":41,"box":{"x":69,"y":574,"width":818,"height":11}},{"id":"158c25d3-f6fc-4876-ba24-56322f1c2e80","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":41,"box":{"x":68,"y":589,"width":789,"height":11}},{"id":"3a7d564a-c990-495d-aaa0-55140bbfd088","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":41,"box":{"x":69,"y":604,"width":829,"height":11}},{"id":"ce65133a-022f-4aef-a899-38c71d23e93a","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":41,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"d6a4964a-8587-4144-a22e-e70d353bee42","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":41,"box":{"x":69,"y":634,"width":802,"height":12}},{"id":"22060df4-aec1-4fdd-a2d4-2315df91ddd5","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":41,"box":{"x":70,"y":649,"width":830,"height":12}},{"id":"7033e0fc-9018-4d66-aca1-01d4d2e828be","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":41,"box":{"x":69,"y":664,"width":838,"height":12}},{"id":"b89e8bc2-4ced-48b4-a281-eb7ec78684a6","block_type":"box","text":"Fund’s returns on securities lending.","page_number":41,"box":{"x":70,"y":680,"width":258,"height":11}},{"id":"de1eb40c-70c2-48e0-9555-8461f3c324c3","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. 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The increase in the Fund’s por tfolio turnover rate from the prior fiscal year was primarily due to","page_number":42,"box":{"x":70,"y":150,"width":818,"height":12}},{"id":"fdbc7e5a-3510-4827-9ac3-d48e47d53a9c","block_type":"box","text":"market volatility and an increase in assets under management.","page_number":42,"box":{"x":69,"y":166,"width":448,"height":11}},{"id":"b7b439d9-47be-4b78-9fe4-3ea64ccb2326","block_type":"box","text":"VIII. Additional Information","page_number":42,"box":{"x":68,"y":196,"width":195,"height":9}},{"id":"e6edf42c-adf3-47d9-813d-59b0e45aa456","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":42,"box":{"x":102,"y":219,"width":352,"height":11}},{"id":"780d9c87-cf98-49be-a4b6-0dd85ad94a07","block_type":"box","text":"Deloitte & Touche LLP, with offices located at 115 Federal","page_number":42,"box":{"x":461,"y":218,"width":412,"height":11}},{"id":"c146f50f-ab2c-40bc-9a66-fae4fa757e8e","block_type":"box","text":"Street, Boston, Massachusetts 02110, serves as the Fund’s independent registered public accounting firm.","page_number":42,"box":{"x":69,"y":234,"width":772,"height":11}},{"id":"043c0a93-ed3e-49e3-b842-95ce5743f8e9","block_type":"box","text":"Counsel.","page_number":42,"box":{"x":101,"y":256,"width":62,"height":9}},{"id":"9fb83cbd-ebe3-4de8-9d35-71a295c82a6e","block_type":"box","text":"Ropes & Gray LLP, with offices at 1211 Avenue of the Americas, New York, New York 10036, serves as","page_number":42,"box":{"x":170,"y":256,"width":736,"height":11}},{"id":"4ae36eee-8fcf-4931-bd99-4fbcf46b10f8","block_type":"box","text":"the Fund’s counsel.","page_number":42,"box":{"x":68,"y":272,"width":139,"height":8}},{"id":"a447174f-1542-49ae-a76d-3ca8bffab72b","block_type":"box","text":"Additional Benchmark Performance Information.","page_number":42,"box":{"x":101,"y":294,"width":351,"height":9}},{"id":"039d2bf0-737b-4cc4-a792-292b5e35e234","block_type":"box","text":"As noted in the Prospectus, per formance of the Fund’s","page_number":42,"box":{"x":458,"y":294,"width":392,"height":11}},{"id":"6f1c2215-76b7-49a2-92e4-287f422f142e","block_type":"box","text":"benchmark, the MSCI World Index (Net), shown in the Prospectus generally assumes the reinvestment of dividends","page_number":42,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"95f3ec8f-22ec-4d56-930c-f48398b4ee78","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":42,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"e3000777-9791-4cbf-a2ad-727e8d6c0258","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":339,"width":791,"height":12}},{"id":"43fb2960-58d5-4b88-903c-9362080b1c68","block_type":"box","text":"reflect the deduction of such maximum withholding taxes for the periods noted below:","page_number":42,"box":{"x":69,"y":355,"width":610,"height":11}},{"id":"cb98380a-0dc8-46d9-9ee7-ca0818360e31","block_type":"box","text":"For the periods ended 12/31/25","page_number":42,"box":{"x":69,"y":383,"width":193,"height":9}},{"id":"da887ac4-dcce-47f4-984d-81ba380c7768","block_type":"box","text":"Average Annual Total Returns","page_number":42,"box":{"x":68,"y":393,"width":173,"height":9}},{"id":"7f2bd809-6a25-489c-abc0-84eabf716de4","block_type":"box","text":"1 Year 5 Years 10 Years","page_number":42,"box":{"x":716,"y":393,"width":193,"height":7}},{"id":"385cd2ae-bfc6-4c4f-a335-2b898da06ac5","block_type":"box","text":"MSCI World Index","page_number":42,"box":{"x":70,"y":411,"width":123,"height":9}},{"id":"df8cf750-1892-4a59-9da3-bb92566df8b5","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) . . . . . . . .","page_number":42,"box":{"x":79,"y":425,"width":431,"height":11}},{"id":"2a5374d9-a14c-4e0b-b549-244df491f995","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . 21.60% 12.66% 12.74%","page_number":42,"box":{"x":516,"y":425,"width":401,"height":9}},{"id":"24a3ca20-713a-4c35-a6ff-6264c8f3ee49","block_type":"box","text":"The Trust","page_number":42,"box":{"x":68,"y":457,"width":69,"height":9}},{"id":"f66aac33-47c3-48da-905e-269abb97d291","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on December 22, 1988, and is registered under the","page_number":42,"box":{"x":101,"y":479,"width":807,"height":12}},{"id":"981c7065-d5c7-48fa-95ae-aa0f9db81e02","block_type":"box","text":"Investment Company Act as an open end management investment company. 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For simplicity, this SAI uses the term “Fund” to include both a Feeder Fund and its Master Por tfolio.","page_number":45,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"3161d0b7-26f6-43b8-a05f-adf7e6422378","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":45,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"594ced28-e82f-4893-8a4c-b308ffd57949","block_type":"box","text":"funds in the BlackRock-advised fund complex. 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Information contained in this","page_number":45,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"65021af3-58b1-46fe-9126-d5de626dd529","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":45,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"ba1a8975-6ea9-4daf-adf2-5e3e813ec5df","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":45,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"0781d925-1adb-42dc-ad2c-ed41b3a4d725","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":45,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"5d077e5b-d036-4e47-8a4d-7f8c133d4d36","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":45,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"0a34ff66-da09-40d9-8078-4f3afac26822","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":45,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"4b2a6d41-c58d-40a9-91c7-d9ec02e09656","block_type":"box","text":"Asset-Backed Securities.","page_number":45,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"ac6fc78d-ffd5-4db8-8645-033c50a3aaa6","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":45,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"eae0bd13-dd6a-477d-949d-94f031945a4e","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":45,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"d492dbdd-d99a-440a-9024-4724ee1712ee","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":45,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"77630950-1fc6-4b70-95b2-99a48630ad92","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":45,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"6ed60ebe-18e1-4dff-b18b-d2293b150e33","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":45,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"8d8af786-a8e8-4f02-971d-8ea4da273d04","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":45,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"c4c2587c-b4ff-4b7e-959e-e677f4cf21ff","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":45,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"8780db52-5897-4b1f-812a-e0f1a471d675","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":45,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"f25bbf49-1d4d-4f3d-bb67-fae160858e22","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":45,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"cda09d4f-b1ae-49fd-8fc5-7fed4d7158f3","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":45,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"ce2ffa6a-94f1-4489-b733-d45e2862c34c","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":45,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"e2284884-8108-4919-9d5d-af26015eac25","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":45,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"5050578e-4f5c-4f54-a6a7-3bee6fa6c787","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":45,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"530d6114-8f4a-41af-b14c-20b68ca22fa3","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":45,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"d7bad8b0-0f7b-4527-8986-7593617a38df","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":45,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"cfd368b9-b646-41ea-a188-d5db3c02189e","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":45,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"606b3370-b087-4f0e-b8ec-6ac6a7fe097a","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":45,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"b491480c-e0b3-472c-aca9-818dd676e148","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":45,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"795da0bb-c113-4462-9e1e-2c48493bbf8e","block_type":"box","text":"II-1","page_number":45,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"03e9d4a8-802a-4ab6-b733-995c786043cf","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"92ccc730-dad0-4eb4-904b-db9e0ee1c5b3","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":46,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"75e0a755-1e10-4167-ae60-76332bdf8d68","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":46,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"dc2c6237-0a03-4104-b904-6039da3b17f6","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":46,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"07f50dae-8b92-4aee-8756-7301a9072bcb","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":46,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"d4e1b742-a45d-40a7-92ca-b192c1e068ce","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":46,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"de3cc786-dc23-4b55-8aba-f5daa9e553cd","block_type":"box","text":"Asset-Based Securities.","page_number":46,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"6e5f2a4c-9ca7-4365-b20e-54c691c78207","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":46,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"8efdd98b-630d-4758-bf30-77490ea5f6b4","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":46,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"d28fe1f5-6b7b-415a-b19a-564350b25f95","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":46,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"7168acf1-0c7d-4af8-98f6-60256153518c","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":46,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"f78d1098-3be7-4bbc-bd80-9d2836807458","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":46,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"385e1203-c56b-4bf6-962c-4f8ebbd58eea","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":46,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"d114f970-8198-42b7-a048-c42434519d4b","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":46,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"6dffac56-d571-4774-b9e1-c902aeb29ad9","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":46,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"0a8d8725-ec5a-4552-b58c-48334e5ed1c4","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":46,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"a932e483-7034-4647-a2ec-1fee735a906d","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":46,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"d8b38049-999a-4789-b551-0fdc1e33ac3c","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":46,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"61168366-600a-4aae-b18a-8d69eb95436a","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":46,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"2826a993-4354-4318-91f2-62870e300f09","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":46,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"c1986bfb-1a6e-4ec4-9647-a683f63c25ed","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":46,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"888d32b5-454e-476f-9c96-973138665def","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":46,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"3ea08e09-b814-48b7-8105-14f7703f058d","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":46,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"26e69fa0-739a-4928-9fe5-a763b09ad911","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":46,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"74537912-6d62-4b80-b471-90c68197ae86","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":46,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"de24d4cc-48af-4bb6-b23c-b20664cee2bc","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":46,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"cc34e57c-fa08-4624-be9e-0645684945c9","block_type":"box","text":"appreciation in the underlying asset.","page_number":46,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"a7e0c3e2-7327-4169-b127-db23d64091cf","block_type":"box","text":"Precious Metal-Related Securities.","page_number":46,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"d7881113-3092-4765-82ed-5c185f7e53fb","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":46,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"cdfd774d-a138-464f-a555-6a6c671f9f84","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":46,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"4f910ee9-1299-44b1-986b-659092ce413e","block_type":"box","text":"e.g.","page_number":46,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"9dabb337-7ec7-4794-8cd5-f2b6073b6823","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":46,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"bc3925f1-fc67-4185-9496-4d76dd011f89","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":46,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"475cbb0c-192e-4926-9833-33af5cbb8613","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":46,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"157a378d-bb41-47bd-aa9e-25bf74b67271","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":46,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"c200bc3a-88c0-42f7-b6de-b34bcd15f2bd","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":46,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"3223641c-2138-4920-a7e1-ad7c6e144b8b","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":46,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"606b80c6-152b-440f-b3ec-ac80e984859f","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":46,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"6da261fc-b517-43f3-a4c7-c84713bd464b","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":46,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"714dc81d-c109-4fb1-99ae-9cf4b049f745","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":46,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"3afdf394-306a-4d25-88f6-b3fd265893c8","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":46,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"2dd85e4a-a28a-41fc-a642-bef951d8cccd","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":46,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"0b32bf96-762a-43ec-8163-47aeecef1d03","block_type":"box","text":"South African gold production.","page_number":46,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"6c37abef-d9b1-44fa-b2ac-925fab5778ab","block_type":"box","text":"Borrowing and Leverage.","page_number":46,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"905b25d5-9552-49eb-b1cc-3840466eae1a","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":46,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"e5903ed8-f882-42e9-956f-bf61bd83d5c7","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":46,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"37123679-863c-4ebe-9827-f72573694519","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":46,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"fddb3215-63ec-4a5d-8473-b4411e509410","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":46,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"d47ca5d2-f979-40b6-b3d2-e1a01abcc653","block_type":"box","text":"other securities transactions.","page_number":46,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"21816077-aed8-441b-8491-40b9b26e5fb9","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":46,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"8b3c882d-44ee-435e-b86c-e01d6f5fd91f","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":46,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"513cb3a2-05d3-4cb0-b1d7-51f5e5461d95","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":46,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"73a1e6e2-68c3-4dcb-8169-a786d3811c70","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":46,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"caa5b6ce-d3b3-463a-a168-ec720f5e6da9","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":46,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"40f7eb8c-aab6-495d-a1d9-57ceccbef273","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":46,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"8db202a7-9172-495d-a7f9-1eb539c7d3c6","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":46,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"c7ad5b89-9b48-444b-871b-aaabf6468f38","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":46,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"1dc4c312-1759-47fc-806b-492a53203db1","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":46,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"53871962-3b8c-4d4a-ac2a-3695078a3580","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":46,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"08c706e8-03a1-48e2-bc02-3c1780831a2e","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":46,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"f27483dc-4a00-4081-8512-4755943850fc","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":46,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"0dd65e1a-0fac-4af6-88c2-1b85152140b2","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":46,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"72c87130-dec3-4b07-b594-a2b0883e5d73","block_type":"box","text":"II-2","page_number":46,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"ca5e9b03-e37c-4667-9df6-e7c148a152f7","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b3ebb033-9052-4d91-b8fe-40cdba357172","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":47,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"e010067b-af34-4a70-a6da-2fa1013a02d3","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":47,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"190ac5c9-b489-411f-a25e-5d531a2a6354","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":47,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"4d1f7574-6d5d-4d28-bcaa-cce6fdea6fba","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":47,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"a3558518-0a15-4c30-87e4-b6e78ebae53a","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":47,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"3d4ff314-819d-4082-b127-2a9131830fb7","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":47,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"c07a2592-c654-40d1-91eb-6b4f51bffdb2","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":47,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"d52a2a39-b7db-4aa5-a393-1702e6a0fb16","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":47,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"8ca578ab-cddb-4651-a54c-5613b1a192e6","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":47,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"52bc0795-a855-4423-8f31-401ead667a0e","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":47,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"352bc680-404d-47f8-8c3d-a53578209e0e","block_type":"box","text":"Cash Management.","page_number":47,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"5133984b-d0f5-4c86-bf15-842d10f5c105","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":47,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"3704f6af-47c7-4a67-96c3-bc499866ebfd","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":47,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"13513e37-1df0-47a6-9579-07257662eddd","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":47,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"872b0295-0318-4077-9a1f-6f0fb6a02fe2","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":47,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"2773e612-9781-4c86-8948-2133740d119b","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":47,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"1c61a33a-bac3-4946-b390-5e2ab0f159e2","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":47,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"0b92494f-cc5f-471b-97aa-971f84059310","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":47,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"5644ac1b-e710-439d-b12c-8eb39864c0b6","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":47,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"1adf8a38-5591-43fe-9050-c1b66d2b7e9f","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":47,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"1975dd0e-66e2-46e7-b41c-f53e7e9ac564","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":47,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"4610c19e-4b3f-43c1-93ce-c527b0419dd7","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":47,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"0317f1d2-3985-4f49-ada5-7172bc65d850","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":47,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"7b1c9d8f-4e3c-4911-8221-08eef1cc6a69","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":47,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"3ac8f7be-9666-4492-a85b-3f8028df89ef","block_type":"box","text":"Collateralized Debt Obligations.","page_number":47,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"48af2b3b-49ff-424d-9a6e-b74f0d9541e2","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":47,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"60e76110-b0bd-4f59-bf61-de65c47dcd3b","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":47,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"f829eeaf-808f-47c1-a0bb-e4c5ebb2079c","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":47,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"4a9fd06f-dcf2-4a3d-bc19-fb217937fca8","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":47,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"7c2a47be-4bb9-454b-a355-4ac5d759aed9","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":47,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"a65d7c50-6aff-4536-9bc4-e15314622e84","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":47,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"efb9b48e-791a-48f7-9bfb-2ddc2f9d75bc","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":47,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"d7309537-58af-457e-86b4-8b740d43a2a1","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":47,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"2b2def0e-9e88-48d6-aaac-1a258bba44db","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":47,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"c9275741-aa78-474f-a97d-de9ee2987131","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":47,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"bbcdbe54-e9c7-4a0d-9215-1a7753337df8","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":47,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"b4b9e09f-0dc4-4fb5-bf0e-2c02883c9727","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":47,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"6c048e51-c5c5-467e-9cbf-c4b4eb2e6de4","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":47,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"67630b01-918c-49f0-ab08-5d7a16b10090","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":47,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"043b71a5-8af4-4829-8317-6b1ab85a545a","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":47,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"3f40b869-c552-405c-90b0-ebfb34b7fcca","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":47,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"3e5dfe12-d6a9-43b3-bcea-bd6abe95da4c","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":47,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"e5463ef9-8b67-44a2-b017-996e45c4a6c2","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":47,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"69bef1e1-d032-4d5b-8fd4-a7b2d52ab41b","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":47,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"43316184-81fa-4071-8256-e2f5db8ba832","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":47,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"f14f676d-4afa-48e3-baa1-943fff047bd5","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":47,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"d2c1932c-9cbb-4aed-91d1-bb32edd7cd38","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":47,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"08d019f1-4cc8-4cdc-b55f-6c459d51d4e5","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":47,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"f737d546-a721-4f03-b147-3f62aa68ca9f","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":47,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"e60b0d9c-f353-4d56-93ac-68e9bc3e1f54","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":47,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"7cba399d-1e71-4485-ba57-3c0c5702a0fe","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":47,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"7c2956e2-dc7d-4151-b2fb-2b739b8e529d","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":47,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"c77cea8b-b6f4-497d-a590-22cbdac1e578","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":47,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"2126f59e-0589-4ed9-9e47-e9bf35e8875a","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":47,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"e5dc5818-f029-467c-9689-e9dc73d9a659","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":47,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"f7bf427f-94a5-4c00-8560-13ac089951ff","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":47,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"8f4c4f3e-bbff-44b3-9d26-177231ac9616","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":47,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"b75d7484-5985-44df-a6f8-69b02c9643bf","block_type":"box","text":"II-3","page_number":47,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"b787e0ef-f719-4c9a-bd3c-99c410ac20fb","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"527cb623-2fac-49f6-ba82-0848f9fa2c81","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":48,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"5580e3a9-d8e9-4c70-9d91-b416179b82f8","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":48,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"46281163-25bb-469c-b090-70c4d17fd8fa","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":48,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"c41b4fa0-dfdf-47b9-8777-7431842f344d","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":48,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"7d90357b-6ac4-46d7-b822-15adc6a29cbc","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":48,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"aac003a8-c50b-400a-807b-4c5412af2ebc","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":48,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"c0c56431-bd26-4f51-b3eb-c7d9f4d40d86","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":48,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"08fbcee5-1dc0-4a3b-9b3f-8fc119a3be91","block_type":"box","text":"Commercial Paper.","page_number":48,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"4035c8a8-2ca2-4e6b-ab64-af8023bcf0aa","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":48,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"c16e7917-20be-4180-b396-28c89cb192fc","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":48,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"7a0a2b47-9d41-42ee-b107-968f220ff237","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":48,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"8f2b8966-6255-4649-944a-c7b36cb86cd1","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":48,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"d46a7b1e-8b84-424a-aa45-6faa32c08f0e","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":48,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"284d729f-3f6b-4a91-9248-2f759d9e794b","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":48,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"be742b6c-a94f-47a3-8f4e-e53518c4d6e8","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":48,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"f488ae57-d6ef-4b14-bf77-8622c2cc9c28","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":48,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"eabf2b44-57ed-4d5d-aad2-b51df2d50eda","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":48,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"66114eab-be16-4b15-b057-5fc31c48b234","block_type":"box","text":"Commercial paper is generally considered to be shor t-term unsecured debt of corporations. Like all fixed income","page_number":48,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"81b6d1e0-f11c-48cf-a4d4-71c0da5d2976","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":48,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"d4b80b11-d0b5-40bb-859c-0a7d8b300875","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":48,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"517cf3ca-e800-47b4-aecb-0141d75d59a3","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":48,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"11f32b2a-2c58-43ba-aa03-93a3c3b57579","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":48,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"ef75a282-7ca4-4319-aa3d-699d25970924","block_type":"box","text":"debt because securities with shor ter maturities typically have lower effective yields than those with longer maturities.","page_number":48,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"8adcc0d9-929e-4f62-9b4b-be4e39204e4c","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":48,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"fb7f925c-140c-4b66-8f55-7424affbaeaa","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":48,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"14f762aa-6213-4a07-8396-9e86f06f554a","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":48,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"044995c7-98f8-48f5-ad59-0ce74591a34c","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":48,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"39a5cd60-9e6e-4bdb-8137-f2ac1cf81588","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":48,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"3084c46b-ef11-4135-9e2d-9fa82d5d0bc9","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":48,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"a9eed321-12a0-474a-b8ce-4386f63a9196","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":48,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"06b51000-fc08-4ea7-9ce3-bd8db9563455","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":48,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"1942cd4d-7219-4ed8-874e-21527b46b67d","block_type":"box","text":"variable.","page_number":48,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"859044a1-5da3-4fb0-8f13-9b5847977e06","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":48,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"42601de9-fd05-4474-8bac-a9ff6f5d67db","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":48,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"b4bf1f03-aacd-48ef-a46c-f9ca32224107","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":48,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"df084095-2090-4003-83b9-f6c22706ed4a","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":48,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"4132d964-6dae-4f0e-933f-577eb25d018c","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":48,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"518a7098-3c67-4724-842b-e76537ac6ca9","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":48,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"5bca30f0-2c57-4422-82a4-d4210c9f8a3a","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":48,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"70ce1403-70ff-41b0-86e5-4c0e5cb66506","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":48,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"88fb4452-491a-443c-8623-f3cd0dd32bf5","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":48,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"57f85b3b-95cd-4756-a1d2-3122d9f5c741","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":48,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"7d5ca5c6-c486-4355-ada1-e81bb5a918b5","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":48,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"c2e37e75-6211-4d66-8273-052c841393a6","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":48,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"b2616df3-c0ea-470e-9b12-3f5ce288597f","block_type":"box","text":"correlation with stocks and bonds.","page_number":48,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"5edbf6c8-77ff-4638-bb9c-3e1755f6bfcd","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":48,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"d615bc60-abf1-450b-bb01-44c49f087877","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":48,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"f4c92629-5538-49cf-b6ca-dc41e205f1a0","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":48,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"a5dacc05-e16c-4af1-84d8-0306fe2f3e43","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":48,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"cc0e9a30-6d00-485f-92a0-fe3dde1a543a","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":48,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"18b309f9-4ed2-42cb-a45a-bdbf6c810618","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":48,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"696bb396-8222-410b-b32e-3291c9019298","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":48,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"6001060e-9407-43ed-8f9b-53901d8b1d97","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":48,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"47dfb658-b34c-4eda-bace-aa76e6fc9cc3","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":48,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"dd47be32-876a-4790-9ea7-f307f2102af6","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":48,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"6e1bfcc0-1f0e-493b-94e1-c69498f388bf","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":48,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"2822e1b6-da3f-4ebd-bc95-f33f9736eaf0","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":48,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"33e8451d-9590-498e-b77f-aaa068289d79","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":48,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"63b25ed5-590d-48d7-90c1-fea74d8b8123","block_type":"box","text":"II-4","page_number":48,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"35016c96-a11f-480b-bacf-a83ecaefde57","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f2d6b030-c4d3-48b2-8b1f-0b336c05c7cb","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":49,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"73afb494-ef42-4e1f-8c65-3856dd8ff1e5","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":49,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"f2911b44-fd8d-41a1-8605-903999ae8e65","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":49,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"afd602de-38c1-41ff-93cc-7cd6d314557b","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":49,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"b62c6fd5-1e49-489c-ad70-2675734dda8d","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":49,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"e85eedb3-0172-4db8-9f1f-97f53d24f884","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":49,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"9c13f76d-1c71-4bd5-8c15-7e9cebd2e680","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":49,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"cf28857f-4c37-4e59-9b17-7b198ed7c503","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":49,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"120e5adf-a469-4af7-819a-00e2cb9d5ce5","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":49,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"7f36b187-8ee8-4ce4-89fb-651ab6e3c8e9","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":49,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"8a659b1a-1f81-4a4e-b925-70cd7ce1e167","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":49,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"58b37721-7f1b-4be6-b231-9a1d353fa46a","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":49,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"9067e30e-b24f-4d30-ac82-efb901ccfbf2","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":49,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"ed723ae7-8ac1-4fa5-8a45-7c107ba8f7a6","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":49,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"f360ef20-80ce-40ac-aed9-c2613b9e08ff","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":49,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"903cf643-e6cd-43eb-a247-4a4c9b188c72","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":49,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"44aed17f-b954-4bb9-bd12-3548902d8f2e","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":49,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"7f949e01-9ccf-44a1-972e-d73780f13e43","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":49,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"3644c2bc-eba8-4bf0-ac43-5e2ff71b2cf0","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":49,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"b23d5fa9-86de-4b95-a1ab-360169b8c495","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":49,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"fc2a79b3-1a6a-45b9-a1d2-df9fc0aee08d","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":49,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"f4da6965-da32-42ab-9eaf-71b791710530","block_type":"box","text":"the Manager believes are relevant.","page_number":49,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"1a7431a2-4807-48c6-92bd-d5799faf4e88","block_type":"box","text":"Limitations on Leverage.","page_number":49,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"5530c337-f585-47f2-9d92-c8e04d29fb9c","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":49,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"d42d727d-44c7-4b06-9e31-1b8514462ab7","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":49,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"74487038-f7e9-4776-9d0a-04cf6e691d59","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":49,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"79ea1e69-8eff-421f-acfd-4828ba858689","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":49,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"9573df19-cd5f-4b71-a29d-5ed934f4bfcf","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":49,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"a924312b-4de7-493a-87ab-a704aa0acab4","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":49,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"4867d131-25bf-46b8-832e-29be726ff767","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":49,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"108d571e-4df7-4c49-9f05-0fe1e1dba53d","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":49,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"671f48b4-4e9c-4b5d-b884-1e5093c68d85","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":49,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"5741a780-a414-4083-85bf-804b2f72992f","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":49,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"359e12c3-1120-4d69-9c0c-157de9038d25","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":49,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"e198eb96-7db4-46ab-8cf7-bce15a76a230","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":49,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"8840c446-c0ca-4107-b6b6-89e164ca0484","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":49,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"6552a545-8724-4b1a-8b4b-f3ade41396fb","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":49,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"dd000477-d452-4e64-8069-783e015d63f7","block_type":"box","text":"Counterpar ty Risk.","page_number":49,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"882746b0-3ec8-4fc8-835b-c6eecc4b515d","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":49,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"d801ed50-8e1a-4a1f-a045-8b835d526ae9","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":49,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"e6e2e707-c9c6-495e-933d-d36ec5baceff","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":49,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"a8b22f8c-6335-48d0-aed4-f2eb8baca515","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":49,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"c8d9d15e-3921-431a-baa0-b0fdccb04311","block_type":"box","text":"e.g.","page_number":49,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"20ca3f15-b4d4-4d06-bf25-01f3ff2a12af","block_type":"box","text":",","page_number":49,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"97c663bb-6865-4ae0-b775-65c62be731b4","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":49,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"5be05cdd-675b-4556-83ba-3b754cd88280","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":49,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"d31854d6-df9c-4eac-9c65-9cffd18351a2","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":49,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"65e81a96-1882-4ab7-8c8b-5814631a4b32","block_type":"box","text":"obligations under the structured note.","page_number":49,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"bac5b080-8ba3-4c99-8d01-d2dc1072531f","block_type":"box","text":"Convertible Securities.","page_number":49,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"1feaf137-2859-477c-8601-32160abb2624","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":49,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"2ad65f89-2cb2-4136-8e17-10f0fbcb39cd","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":49,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"ea87ce22-1153-4791-908d-33fff3cc7b7c","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":49,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"3ffc5131-eb4a-4c38-ad0f-c8054b4af4b4","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":49,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"a008d489-a269-4b02-9828-060cdc695ec7","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":49,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"c62d4223-683f-4627-a2b5-d83c4851ee46","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":49,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"4105bcdd-dd95-413d-9669-0df1bdc0c12f","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":49,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"53294091-91de-43d4-8120-dc83ac5017f3","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":49,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"fb4b4571-6253-49d3-a97a-dbfccfc2d236","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":49,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"570881da-2b76-4345-8b1f-bc40fb3dc335","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":49,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"fea7b355-02ae-4656-9f37-3f1dbdd95cc4","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":49,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"02b556c7-597c-4f07-8fcb-c57661917120","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":49,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"6ee02e08-c7d3-4c18-a2ed-954ea4177b17","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":49,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"0521c3dd-fb48-482d-9923-d22a96c710f1","block_type":"box","text":"II-5","page_number":49,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"4d9933a1-4f1b-41f2-b881-2f28ea8736ae","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"22ef4cf4-d78c-4abc-86d4-9a64847b012f","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":50,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"91cff729-a7c2-4248-8a30-f917e5ae8782","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":50,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"6b3ec944-76cf-4461-907a-f40bcba594b2","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":50,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"81f07a22-f385-4026-898a-50688ed47462","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":50,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"2a92e698-4068-4deb-9adc-d4db09053b73","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":50,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"f3440759-2bec-4cee-9faf-7ccbc3e830db","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":50,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"b975bd5f-990e-4142-845f-6477d8938f0f","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":50,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"46f16970-e621-411a-899e-d0efe1283c58","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":50,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"64be4148-588c-4df4-a240-944d4e4b4318","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":50,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"0ea6ac79-a5b7-44e3-a954-32dbdcb06dd6","block_type":"box","text":"things.","page_number":50,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"2b3b87e9-76ad-45e4-88b4-9bdf8ea2a1ca","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":50,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"34609cd7-55bb-4cc6-b3ab-801836c42aef","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":50,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"924c1e21-a5f3-400a-a6e1-9264b27b6adc","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":50,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"4e532407-b898-4308-bc04-0d07914631e4","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":50,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"a1234867-a7e6-4b22-8964-f6949afb1d9e","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":50,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"487b9a73-b61d-4ec2-a976-34ce54958114","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":50,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"4839b61d-10d2-41b1-b8ae-779248ca09d6","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":50,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"2464c17f-07ee-4d03-a541-1b53d1df4f3f","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":50,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"f6f81c94-6c71-4559-94af-e31d73ae000c","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":50,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"a92c1b26-6264-414a-8696-fcf4a5f0d208","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":50,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"266958b3-f233-40f7-a2ac-ca7a69d667f4","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":50,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"e560b997-c203-416a-8f9b-b3b8abe0e7ea","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (","page_number":50,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"6b0aea79-c4f2-4f5f-9730-5e9a0a65a39f","block_type":"box","text":"i.e.","page_number":50,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"160680ca-0973-4045-bc09-1bd1a5719bb4","block_type":"box","text":", strictly on the basis of its yield) is","page_number":50,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"e7574555-854e-4a65-a67c-39796b9ccedf","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":50,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"91cde91f-2f0e-4495-81cb-891d799b923e","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":50,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"98f63328-a02d-43fd-87c7-19f122370073","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":50,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"fe921a43-fe6b-46f8-a4c2-b24d13d32bbf","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":50,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"bd2718b9-4979-4592-bae3-fd45f4b7a748","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":50,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"5420ba08-f3c9-4c01-af4d-ab205317c54d","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":50,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"05f9d72a-e67f-4994-913c-085057051d93","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":50,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"62bc55b4-c5e5-4585-956f-2d6b75c5ec9b","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":50,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"e30fa068-f092-40e3-9f09-c70a031f3f09","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":50,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"024f303d-7126-4315-b5f9-e6a10e6ccff4","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":50,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"9274c6de-3c46-4372-84c3-fd0f8e8b6322","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":50,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"9e805a87-1320-4e9a-93a0-2f7140718ce3","block_type":"box","text":"than the securities’ investment value.","page_number":50,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"b19a4e67-1bc6-4689-a2e9-accf8ec65c41","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":50,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"e1edaaf6-657a-47c9-86b3-7c1bfd248161","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":50,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"8f46ddf1-0c23-47cb-9242-62471963fa95","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":50,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"3e23ef46-3cac-4418-9252-0f08b02378c6","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":50,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"d2e43330-3e94-43a8-939c-cd9fc5f2eee9","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":50,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"5769f176-d173-4e15-95e9-f49573103678","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":50,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"268ea82b-cb68-4b3e-af8d-ac863662fdfb","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":50,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"55b33540-59c1-4093-857a-4e16ed4db34f","block_type":"box","text":"security under cer tain circumstances.","page_number":50,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"0d82e9c0-e4b3-4ad7-961a-b39b95d28104","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":50,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"51b52eba-722b-4b03-b693-214a057bce85","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":50,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"b76a50c2-84e0-4850-b7f6-faf0f5bf6df2","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":50,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"e0858018-be37-4bc7-ad88-513155158e04","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":50,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"8c91d909-6f6d-4967-b200-3ae18b21fcf0","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":50,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"a1d0fd0f-cceb-4ce2-ae60-54ae0fa232c7","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":50,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"ec28bf20-c0cb-476a-a119-3e9ec26b6229","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":50,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"342cfbe1-c92d-4e73-8b9b-238508091f4d","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security,","page_number":50,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"bb771039-c109-4992-89fd-913047a1b346","block_type":"box","text":"i.e.","page_number":50,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"654c5641-0d1d-4376-873b-c8c311c8f747","block_type":"box","text":", fixed-income (“fixed","page_number":50,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"473be790-8be3-450a-969f-e2a29be2e0a9","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":50,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"ea8d893c-78ad-4bcf-9261-67999d48a6b5","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":50,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"a10a3b4c-7381-4b59-a545-a9a4659fea26","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":50,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"7fd819e9-8372-4b24-83d5-3e0ab005ec2a","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":50,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"1fe88b36-3f96-46dc-865d-d62c1d528a1e","block_type":"box","text":"II-6","page_number":50,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"6160cea0-9e4b-40dd-9040-7f0b7248887f","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e903600a-ac62-4492-b18d-aa3401c27676","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":51,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"d5e98d51-8427-4e90-bb15-132f36c08e42","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":51,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"e73de5f0-1ee7-421b-a298-c81aa0496d0c","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":51,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"f690d1ab-4324-46f7-b813-6a7188a7dabb","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":51,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"3a4a7bd8-d367-4797-bf42-2d508b1f15b8","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":51,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"cfa19a1c-65d4-4ca8-8d0f-f0597cf7c11c","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":51,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"fb632246-9202-4a58-8c2d-a63e8ccafe8c","block_type":"box","text":"component.","page_number":51,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"33eb486e-ef83-491c-b3ff-41a1015462be","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":51,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"d53a75ee-0b62-41b0-807e-b6447590f68e","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":51,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"52ee24e6-2eb4-4912-b66e-1006709cc4d5","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":51,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"03af02ca-a27f-4183-8139-cddf15ec361c","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":51,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"7f02787d-4d44-4ec0-80f9-3df10d6b1968","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":51,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"0973ef4f-a7ce-4761-ad6b-e43fa7d34b3c","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":51,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"02b9bcf0-c075-4852-b499-837f1ea6c7fd","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":51,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"ba6811be-eff4-4089-95f3-25b8d266e521","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":51,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"ba3bc47f-a62e-4152-b2eb-6a6f25973167","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":51,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"d9709ace-d3d4-44b4-8003-84be7393b433","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":51,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"8ccc4c12-f2dd-4d10-a9e2-a575716821bd","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":51,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"686359f7-9fb9-4fc3-b184-2af540823cb8","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":51,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"9200d034-f621-43d0-8fa3-4e90b65ca0aa","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":51,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"fdf3f2cd-978e-4cec-aac0-a0cb99d8c51b","block_type":"box","text":"favorable market conditions.","page_number":51,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"00126890-7b84-44ac-8dfe-078d812a954b","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":51,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"bfa82f2d-bf9a-478f-b378-b7b774e3aaf2","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":51,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"f6d7d1b2-bf27-470f-89fa-8fedd3ef9c14","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":51,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"c66b6730-4e94-47c9-9a0d-01e6ed6bcc37","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":51,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"8c28a765-e51f-479d-9555-e6261b6b1314","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":51,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"62ff61f8-64bb-4e34-93cb-8aea97e7faab","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":51,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"af4c8390-b5b5-4b95-ad41-ff4fad1b8a91","block_type":"box","text":"Corporate Loans.","page_number":51,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"164218bc-5884-4474-98a8-ce1e86915867","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":51,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"da4ddd80-5194-4638-85d6-0649a164c586","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":51,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"003cf899-b015-4db2-8c69-08b41dfdc02e","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":51,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"d4acc2b2-1afa-499a-91f1-d606cffae45a","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":51,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"c4c0d5cf-c120-4318-a9b9-e3f014563981","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":51,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"24bdb613-72c4-4707-a913-2286153cdee3","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":51,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"61d4441c-0fe1-4663-922b-6878485cd368","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":51,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"d37a5da5-e655-4341-abf6-cfccc976905e","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":51,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"94349c1d-9996-4a48-89cb-c8b1cfaa7488","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":51,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"4c6b9efe-9178-4895-91ba-28bddb89f5cf","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":51,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"14c34684-6379-407b-b05e-d0e501bc329b","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":51,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"0eb12762-a748-4c1f-a38f-a267fcc894f3","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":51,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"02be776e-5a68-42c8-9fea-ac19d1a261a0","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":51,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"26581248-be4e-4722-baf5-dab5a2582bf4","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":51,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"b576f11b-0c8a-411e-bf05-becd2adf5132","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":51,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"659a83ce-f537-4f36-8343-e5942c957e5f","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":51,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"52f6dc3d-335f-40e5-8356-21234ed37221","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":51,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"d2284b10-c6f5-49bb-9209-6aacc573325d","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":51,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"fcf81bd0-b437-4414-b8ba-89c10effef89","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":51,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"d0dde7f6-bf14-4036-921f-a194aa915106","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":51,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"bf03c794-6cb8-4506-a424-f18eb2771df5","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":51,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"8f8ddea0-f57f-460b-994d-fdc78839ba1d","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":51,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"b6647077-639d-4f1b-bece-54f46ef03eee","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":51,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"e1239e00-2322-4148-9177-3e994a7736de","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":51,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"219ea8d4-7638-43e6-b5d4-3e73ec466f45","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":51,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"8cf1e6f3-4386-4035-8f82-b12d1974775a","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":51,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"8032bc33-d881-4fd1-9c71-8043d5567d3f","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":51,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"2cb856a0-a1d3-4f46-9a87-a43491240c5b","block_type":"box","text":"of the borrower.","page_number":51,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"c9cefbb1-4899-4ee5-9868-b038b92f25dc","block_type":"box","text":"II-7","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"7820dfe2-d77f-4a4f-905e-0a3f97132501","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d15632dd-3320-439e-b156-e7c8bc40bf5e","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":52,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"e52fa972-1f7f-4fbf-9f22-4d89f269e258","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":52,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"66ca4cbc-23ae-401d-9cf9-5466b1fd2420","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":52,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"ecae24f3-bdec-43cf-826a-4079893024b2","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":52,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"425c8efa-81e3-49d5-b33e-0b0d57030aed","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":52,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"60e6e54c-2ea8-4725-9118-907fb1ecd8e4","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":52,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"d5d2beb1-1784-457a-bb63-a668b6a3869d","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":52,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"4831a05e-9d55-4885-bc05-121532105c32","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":52,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"54f81f95-51a0-40dd-988f-a5977e09479c","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":52,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"7c09d1fe-caaa-49a9-8c5e-54debcc48e2c","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":52,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"828b19ff-0bef-4354-975f-f300e3264529","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":52,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"0de8c298-39b3-482c-9e47-89b4f6fede24","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":52,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"a2f8835e-edf8-482d-b3f4-66d014a956b3","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":52,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"3f259491-3f24-4e9c-9699-0011ce57047a","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":52,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"35e4a925-4c3e-439d-abc9-f181f71387eb","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":52,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"2f2394ac-3c0c-427c-95fe-c6b345aaa914","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":52,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"cead46c5-fb38-446e-bb86-f882aab9407f","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":52,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"9b32b448-e360-446c-bea4-7a959fd35ac8","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":52,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"f5a3e05d-704b-4ed0-a121-051b30d7559a","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":52,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"dd677298-65db-47d0-859c-91f500073c47","block_type":"box","text":"state law.","page_number":52,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"6ef8bc57-dc1b-416c-b8e7-471559164533","block_type":"box","text":"Direct Lending.","page_number":52,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"2d122c3d-b666-43a0-8b9b-ec79a7aa5d5b","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":52,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"8e106435-249e-454d-9375-8b1b0fda7d80","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":52,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"bc05d4a2-3d9b-47ec-b374-4b48ee4465c5","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":52,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"bcfa5809-e1aa-45d2-bd63-9b02016dd2bb","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":52,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"acd43961-d98f-4b44-a642-260f85a73a3a","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":52,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"2387e23d-44e0-462e-9d8f-e68c55853485","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":52,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"076e0fe7-b9e6-45c1-ae1d-7e550d8758c8","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":52,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"73e2df5d-92be-4ece-ac87-f69534c1f6bf","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":52,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"57702fda-4fda-48b2-bbbc-4dcae826532f","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":52,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"7eabf39e-256c-4caa-8274-14a32a91a1db","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":52,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"7c3a8882-1df7-44b0-af6c-f1e6e84d6e63","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":52,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"3d416aa0-06cd-409b-a512-2d1afffed4d7","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":52,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"7d6ec98b-e01b-4fc0-9b0c-93ba9469d1f7","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":52,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"888827a9-0209-44db-ba93-619d1bf49e47","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":52,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"3b8d93f0-816f-47bd-97a8-ce965e78818b","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":52,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"5308ef8b-f6d4-46ef-8efd-0275c2cfdaa7","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":52,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"a6621d7d-3e3a-4fcc-98b5-9e437bf18e49","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":52,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"2d21def3-3a9d-4c9d-b369-13923de0e28b","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":52,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"151e9505-1f51-4e65-a845-718954ed74d4","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":52,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"c969c0ca-a9ce-4cba-be09-07d0b72b42e3","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":52,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"bdcecaa7-2741-4868-bd88-77882ab317ca","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":52,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"5546997d-bfc4-42b1-a918-b538d1f9c2dc","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":52,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"ba46682e-a04e-4894-88dd-36332afc2cb9","block_type":"box","text":"Credit Linked Securities.","page_number":52,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"5d1f17d8-bb89-4a8e-9acb-bcae6f91c6bd","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":52,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"e5d8db75-f16e-4f72-8e87-1f93b1822e9c","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":52,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"e313edc2-86ec-4544-831b-b5740e2793af","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":52,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"5901daa2-f8eb-4cbc-b343-5cf625545ed6","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":52,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"6bd4b203-0f0b-4666-a550-48b0bb0077fe","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":52,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"52261aec-3978-44e8-b5dc-a1aaeb1c9a90","block_type":"box","text":"traditional income producing securities are not available.","page_number":52,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"7968825e-e19d-4f6f-9291-bb8be01e6d50","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":52,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"d83ce12c-0fc3-4004-b038-f3607fb9e5ff","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":52,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"7a208d3e-fc21-48a8-a8ab-6d3b74f5cc67","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":52,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"c43382a8-6ed0-4bfd-b6ea-25be3ed0b1b1","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":52,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"a8495185-cef5-46f5-841b-4fd4cdd95bad","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":52,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"0dd65b69-f5b8-4eac-a3fb-b65b10326a02","block_type":"box","text":"II-8","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"aeaf5691-c152-41bc-a24c-428cbe3eba73","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f56e10eb-87b1-4266-b9f4-6eda163647e1","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":53,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"a2887470-efd4-442a-91b2-41e534cb9489","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":53,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"765bc26e-73ba-4f6e-aa3c-30f1c1b414cd","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":53,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"9797d17f-2729-46db-af2a-35ae8363dd06","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":53,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"f456abd0-c4a2-4ea2-b78d-fe9317a9dd35","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":53,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"c06c7dad-d75b-4c5a-9381-148b96e998f8","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":53,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"4b7d621b-7448-48ff-bb84-7428cbe5b069","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":53,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"6fa6595e-29c2-470d-af98-82d87e663708","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":53,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"c64f1038-7f0a-4739-989b-fe80dca4dc6d","block_type":"box","text":"investments.","page_number":53,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"7eaec2fc-b8b9-44b9-aad4-2ec1d996c885","block_type":"box","text":"Debt Securities.","page_number":53,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"6dd5b945-b365-45ad-a35e-fed3a35bca67","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":53,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"fda29850-a4ed-472d-a7c3-37a258d496c3","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":53,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"88823462-43d9-43aa-ad07-3fd2c8d8a131","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":53,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"cbe79b3e-d6b9-4574-a5a2-2c2a9964fb27","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":53,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"4cc3f093-bb21-423f-aa8d-97d6439e373a","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":53,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"e338c523-4680-4358-908a-143fd671d9e8","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":53,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"832ec2ed-0743-4946-b63b-001c6d45a0f2","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":53,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"3cf9e2cb-458e-4901-961a-ca9a59654847","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":53,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"141ef705-9f83-43e3-9d1a-874b7fa48440","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":53,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"9180f734-4edd-453a-901c-8e0317014870","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":53,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"73668589-46bd-484f-bf39-76ff1c01d582","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":53,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"44f8584b-07d6-4a59-97e0-96e4805bf0c7","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":53,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"d1d1fbed-162b-4f74-afed-8fdffe1414b9","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":53,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"5b4cd773-0f3e-4413-9c7d-1dbd4211d851","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":53,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"89caf64b-1e04-4749-9c10-9a8da94691eb","block_type":"box","text":"lose value. This is known as extension risk.","page_number":53,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"de38860a-1604-4cea-ab01-ac64c5287046","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":53,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"67fcfb89-3eba-4a28-8270-de52d4034ca6","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":53,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"c1606983-21fc-4d52-9837-925fa5c42487","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":53,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"220e77d4-60d8-4cad-86c1-b8f7ff7df14a","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":53,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"7643e8f6-233f-4dcc-acbb-0c1a6088b4e4","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":53,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"7aba7a4e-06d7-4cbc-81e0-352c4ebe8f00","block_type":"box","text":"Floating and Variable Rate Securities","page_number":53,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"84cefa15-6efa-4c77-86dd-edff1dd4a615","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":53,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"db1b0caa-32d9-4b90-95d5-eeea2d14f5c7","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":53,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"4d892c8f-bf55-4bfa-b5ba-526af126a966","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":53,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"61817832-fbf6-47f6-b8ed-2f1a67e6fdc1","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":53,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"b75dbcfd-33d8-4083-bec6-0d4f85060a30","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":53,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"d578b2a6-5f42-491c-8f19-d447de5d3285","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":53,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"5d474649-3e21-4a5b-88c0-dedda7ba5dc4","block_type":"box","text":"market interest rates.","page_number":53,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"b4782cb5-41ff-471b-a8fb-f826a536c0ea","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":53,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"287f7541-3168-4053-90f4-a8250be894f4","block_type":"box","text":"Cer tain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":53,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"eb726e0e-a74d-4c5d-9786-be9d503012ab","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":53,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"2164844e-0956-49ba-ab7d-6a8230afd53a","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":53,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"537f7768-b160-4408-83b5-91cf04fac451","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":53,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"72914f02-0fc6-4d42-aed3-ddc88ccf100d","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":53,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"9269ba85-0b83-42f5-b552-55996521aca7","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":53,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"93ddc1cf-6414-4ea3-869b-860c93258d27","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":53,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"f28276f9-a711-4f92-910f-5da59d7b757e","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":53,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"5a10e038-6ab3-4aac-8f6f-87f1de421c4c","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":53,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"e419d5a0-0d35-4dcc-9439-984f36eee0ca","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":53,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"754b85f0-e8c1-411c-94ea-dd164ac4653b","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":53,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"61e19b88-2eee-444d-8b08-a77d1e36bed9","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":53,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"faf327f5-eea4-41a6-8588-4bfd7b6a7f6a","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":53,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"f36155e9-f199-44a3-9c0b-c94fd46901a7","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":53,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"4a3c6525-5527-4e04-a341-3da5124d277e","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":53,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"0a26b260-4082-4427-8d4b-9e4edca12cf7","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":53,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"cc903f54-664a-4005-88c0-9b423edf4b2c","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":53,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"4fada18d-c840-4fae-b4e5-47bfb3c45ee2","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":53,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"a60639a8-de78-4c9a-9e85-54b4caea6415","block_type":"box","text":"II-9","page_number":53,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"186200f4-fdf9-45b7-9ada-06fee8c99438","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d1f9749f-d045-413d-bf5f-a9774f07411c","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":54,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"1d6d896a-abcb-4d14-9621-754e51a573ac","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":54,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"f6fca5a2-4169-4734-a927-a19982df7f90","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":54,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"fb75a211-75fa-408a-9fe4-c972c6b240dc","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":54,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"2800af96-5a03-40a0-af2f-40f98afcaed8","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":54,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"6f74e605-5d84-487e-994b-0b24896b5225","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":54,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"f6c40c4a-69d1-4f1e-8be5-a32cc43a1f45","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":54,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"56a3f690-4299-4587-83ef-32fb6ce412f8","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":54,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"25fcdbf3-f3a8-4574-ad6c-e990a1e427dc","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":54,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"6c98c12d-282e-47fa-a229-d70dab2083c1","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":54,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"b8e5d7d7-f95c-41c3-972c-0d328d112b71","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":54,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"5ffddcd6-68b2-4696-8884-fdbecd575c48","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":54,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"376520f4-5171-4d7d-846f-6a06d52891d3","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":54,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"74b2fdb3-678f-4c74-a421-4fda8d20c5ee","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":54,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"c8aab6a2-9115-431b-846a-8f6fd4279775","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":54,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"d55dd443-3e93-4833-b4ab-a89aea63f113","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":54,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"8d6a0637-275a-4956-b44c-4c441375d7e8","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":54,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"6fd73af4-ad04-4a59-84b7-7819e66b5ebc","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":54,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"fc465df7-2545-4ca4-a997-6696f510156d","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":54,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"ad9e06f6-2a85-4a01-9f8b-b8403ab52111","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":54,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"ba7a2451-e2ac-4669-9425-d7427d30f7c2","block_type":"box","text":"United States.","page_number":54,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"9c1f3e98-c5a9-4aaf-bc99-2ae29ed7c1d5","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":54,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"ab8f3083-23d1-4dfd-8ef7-f2cbc87cb601","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":54,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"e44485be-906b-46c4-a4d1-c9c5708b549c","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":54,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"79ea6e8c-35bb-444d-a477-756c7fb819ca","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":54,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"456f6bce-ff44-4aaa-a4a5-4f2f76474017","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":54,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"78cd01f2-30c6-461d-8a8e-0d50f437ac32","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":54,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"ec3a5ab0-a2d3-4e07-a020-5537d60c165c","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":54,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"76a3bf2e-dec2-424f-ac3a-8677b1709b46","block_type":"box","text":"i.e.","page_number":54,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"7a1e2b55-e648-4ced-bc70-3424ec7263e2","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":54,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"0e2a1578-54c0-4443-86be-7dea790c5bf5","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":54,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"e960e855-d6c0-466c-9cad-b7801eece92b","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":54,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"75e8a938-f67c-4732-ab46-0ecc0234ed66","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":54,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"5dcd31d6-1c1f-46cd-92c4-bbf3dd46e9e5","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":54,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"3ecba458-bebf-4759-92d4-f565843ce44c","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":54,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"d577d8a2-d1ed-4fed-a39a-b5ae1513612b","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":54,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"49286e6d-de77-4e8f-add3-d11b1c0c29df","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":54,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"53f7da51-2fe3-47cd-b331-a32ceeb75ede","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":54,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"e5b46b4e-c87a-4903-b24f-189dd217e979","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and oppor tunity","page_number":54,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"9725cda9-f7f1-46cc-a578-70ccdc5d9517","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":54,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"ed5174c6-1396-416b-bed4-b1dc0e6c1637","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":54,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"361896b4-a9c3-49ed-bc43-178c52a520c4","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":54,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"808ea67a-5f80-4c01-afc6-5a65b6c73a54","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":54,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"52576125-19a6-4405-add4-ac679100cf07","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":54,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"ed31e1ce-6e29-49b2-a7f8-ee42be2d101a","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":54,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"55ef23dc-ea8f-4d44-9f0e-795a0169ab36","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":54,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"04f5ff13-a252-4de2-beab-c496094e391e","block_type":"box","text":"risk than higher rated securities.","page_number":54,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"0bc49e7d-91f8-499d-9c35-44a64ec9e8af","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":54,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"d3e50e7e-1f47-4d81-9927-1e1a84976e63","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"bf3c8595-3a7b-4d68-9eb1-0b4251cd6d95","block_type":"box","text":"Junk bonds may be issued by less creditwor thy companies. These securities are vulnerable to adverse changes","page_number":54,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"06bedce4-7d17-4cb0-bab2-df542eb7b376","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":54,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"7a747031-d13b-45fb-980f-ad6a8f0062c1","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":54,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"e0a6f126-c6b3-4bbe-ae95-1a2e402e0b4d","block_type":"box","text":"unavailability of additional financing.","page_number":54,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"731bbc53-4aa6-44c9-899a-71cf461532fb","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"a12f4401-8e94-4238-865e-9c29fd338140","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":54,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"e58586c3-c6ff-48c9-8623-55554ad49583","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":54,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"510a489b-8073-458c-9d54-a58d014d76fa","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":54,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"27fa2e41-f3b3-485a-ba34-7679753a8819","block_type":"box","text":"II-10","page_number":54,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c6098902-22ee-43df-867d-e91dd939107b","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9af5cf0e-1400-41e9-b9d0-c4a70996a23f","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":55,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"f26e1240-685c-4276-9c58-e0e61bb36b7d","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":55,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"75e3ff5d-1f0c-4479-bddc-f67f5300e8de","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"febfe462-adcd-4d68-8f03-98f86f9a991a","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":55,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"b152ab08-c7bd-4abe-9f58-b9d34ddb9646","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":55,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"2e071a0b-5d91-4bd9-8be3-5a3f5adceccb","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":55,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"a36fa2e4-e6e6-4d18-aee6-38e747b80a0e","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":55,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"ec470f7f-34e7-46ed-a32e-8f818aa9f9dd","block_type":"box","text":"investors in higher rated securities.","page_number":55,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"69febeac-26b1-409f-9798-ffc35c3e477a","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"5a5f9913-ba58-417e-9d83-1a05f9e472fa","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":55,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"3db855e1-dad9-4e7b-a191-52919ee89261","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":55,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"94fb4f93-9359-45f8-85fc-a1568b55816a","block_type":"box","text":"lower yields and may lose income.","page_number":55,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"ab9a248f-2e63-48b7-a4ec-449e8e34bf73","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"8bcb9dcf-74e6-4878-b374-987d7ff44692","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":55,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"3e7bb2be-a530-4db8-bd97-bb9a5ba522b1","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":55,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"e5299a99-e7e9-4a99-b149-a5dfafae71ef","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"07883f24-b5c5-4749-bd49-e108029fc0f3","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":55,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"59271c82-8379-4da1-8570-b08e16379a3b","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":55,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"18e19a93-b7a8-440a-9cfb-bc3135d67014","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":55,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"33bf29dc-ef85-4c1b-953c-f5ffecdb338e","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":55,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"a27f218a-51b7-4c61-87d1-f5eeaa6b59a1","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":55,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"81c40b13-ece9-4840-85bd-2bc794b72479","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":55,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"fecb273f-de5b-4143-ab6a-6c64d753ad1d","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":55,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"00f02aa7-f667-462d-9efa-a0257b014746","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"061f3f75-94c4-4d56-881f-3db3cda93229","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":55,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"d6fd3ac3-fd0f-430a-ac03-b49faba3ef5b","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":55,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"da49fa8e-db37-4561-99e1-29279a4010b1","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":55,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"c79d74a2-cc86-4b29-8f17-5a17a2f6aad9","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":55,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"947b4882-12c7-4d53-80bd-d9b30fbc8a39","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":55,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"8a723fc3-6ca4-47b5-a322-771f4b73ccd2","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":55,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"89685b45-de70-4760-a171-2cb84c8de921","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":55,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"324390f6-2b05-46b2-b685-7e740e4dc1ff","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":55,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"6ddab758-6745-426f-8798-b792bab216f3","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":55,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"ee52cb22-299b-48da-83a5-3dc0b5548645","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":55,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"34bfec5e-d083-4e22-8300-3e5102c55e49","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":55,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"f83365f6-baa6-437e-8d49-14c5fa1ab1e7","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":55,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"d6af0edf-6c47-4902-9bc6-921359899874","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":55,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"af41aa43-db9b-4ca4-9ec2-f4224f1cb07d","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":55,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"b51cbd73-890d-409d-ad9e-6b5ff612bee2","block_type":"box","text":"role in determining such valuations.","page_number":55,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"1231fec6-3e5e-4e15-b6a8-394ca64a27e4","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"0142b0f9-1d96-4f94-a492-d10364014700","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":55,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"e8f8d7cf-ab06-4420-bdb8-d871a5d78054","block_type":"box","text":"a defaulting issuer.","page_number":55,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"90d13f35-0535-47c4-bc9c-bbb354023e69","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"288a9395-0139-41c6-9d5e-5ac15af463bd","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":55,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"90599df8-454e-4926-a7af-4a6ea95a69c0","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":55,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"f57c7430-cc0d-49ce-8d7a-fd9352d0bfe6","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":55,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"e058fa20-4699-473a-9c90-090f7102712d","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":55,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"add814e9-3715-4a13-ba86-7ad77d588989","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":55,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"30cf4592-a260-49f3-88b6-15e274005b5f","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":55,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"4653ae55-11aa-452c-9e76-c178fef07717","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":55,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"ca6cfe81-4fea-436b-8772-5f12cb962347","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":55,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"c2d2de1a-d88e-4150-b668-60cd029c97d4","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"32b0e743-4a74-4eac-9f5e-b41c18d6bc45","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":55,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"94d31613-ed91-4742-9df2-87ab8235947d","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":55,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"5856fcb5-b02e-48f1-bb1b-dc2ec2114248","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":55,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"35665099-039b-498f-b04c-d6246970eef4","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser per forms its own analysis of the","page_number":55,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"2fbda5df-5e17-42fc-8d5e-8468e83fa5ad","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s per formance may","page_number":55,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"b438607b-4f23-4509-a283-2f0dda001e5f","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":55,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"55997750-4e2f-4ef0-9c40-920b62085f4a","block_type":"box","text":"higher-rated securities.","page_number":55,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"75700805-0d6b-4184-ac02-b8e77875de66","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":55,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"767b2661-d8e9-4c09-a03f-a6e497b9c83c","block_type":"box","text":"relating to the creditwor thiness of issuers, the ratings and per formance of the securities, the protections afforded","page_number":55,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"5dbbfd31-61d0-42cf-95c8-3f2c507b3eab","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":55,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"000721bc-9238-4a24-acba-02093ec94fd8","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":55,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"405fc9d9-a87a-4c0e-8181-e37c9d50bc23","block_type":"box","text":"II-11","page_number":55,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b6530d98-117e-43c3-a783-b5231d27b891","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b7ac409b-b8cd-4a2c-91f0-fa48d0e40fca","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":56,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"3922da68-9e77-4ac4-a291-54985b442bca","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":56,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"bfe25b86-90fe-439b-aa3b-ec88d0360b9e","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":56,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"e30234f2-1fde-42b1-94d9-e9230ee01c32","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":56,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"fa1533e5-399b-472c-ba21-877f48541dba","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":56,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"12366ab9-656c-4e6c-a4b5-926b58eb4c64","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":56,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"5b3938d5-e5f6-4dd9-ac09-6a852da00c6c","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":56,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"a403e7c3-7a45-43c3-bbd4-812b71297cb2","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":56,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"4916d14d-ce11-4aae-8bc8-994ebb4482cd","block_type":"box","text":"Mezzanine Investments.","page_number":56,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"f695110a-dee6-461a-9600-a7ff1b6bff22","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":56,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"cc840217-7013-47d9-af64-fe1192769d24","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":56,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"9bbd6558-c345-422e-bc4c-51e77dc9a485","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":56,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"8bfe51ef-d07a-46f0-9bae-a6ed2e03092f","block_type":"box","text":"e.g.","page_number":56,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"ada60121-2243-4de6-a226-2bde64f99556","block_type":"box","text":", with","page_number":56,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"fe7ade89-75ba-4901-a203-43a25858197d","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":56,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"f3244a9f-e18a-4ba9-abaf-fef39d19fa1f","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":56,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"08c2b6b0-2384-4ac3-8bcb-883bc18be6c5","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":56,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"4fa619da-e68d-4c1a-8459-13434431a649","block_type":"box","text":"other obligations of the issuer.","page_number":56,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"2b47af9f-6f37-4dee-8db8-c2700caacf4d","block_type":"box","text":"Pay-in-kind Bonds.","page_number":56,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"33466c21-d745-422a-974a-5c76aa6f2482","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":56,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"9cddd1bc-2a36-481f-a62b-3503bd764271","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":56,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"aa10bdf7-7b60-4aa0-a716-c16d09108fdd","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":56,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"90a83c7a-a571-4e8b-8cff-bdfb6b7225be","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":56,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"d00d3640-25a2-4ea3-8d84-72583b97ea3c","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":56,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"831778b5-d33e-40c8-9101-551516f49908","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":56,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"330a21e2-c0a1-4fd2-a960-9fd0b216a403","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":56,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"ff7c6bc7-40fd-4889-9c52-556589f8e2cb","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":56,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"6ab20959-5f11-497e-8c7d-25e4eaf091e5","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":56,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"df8ed41d-3173-4a17-aa0d-26e91dfb1517","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":56,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"c23f7632-aac5-46c6-acf1-ee29df6c06cb","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":56,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"526bfe16-8f19-4362-9404-387c4ae7b48d","block_type":"box","text":"Supranational Entities.","page_number":56,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"815dffe1-60ea-479b-b3f0-e8c8fae60566","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":56,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"95027e01-d5ad-4b54-8c6d-890fa168ee79","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":56,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"847eadfc-5b30-43ef-b9d1-db13d93008a0","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":56,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"e03bd171-78f0-42fa-b46b-af6908eeabec","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":56,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"b940dab8-6860-449a-8b16-01cf2a8be22a","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":56,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"30842f7f-5319-4037-b740-1bf2dab3173b","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":56,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"6c9fb32b-e4a7-4a6a-88ed-ac2e8966fc97","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":56,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"63bd83c6-8ef4-4aee-913b-e4fee3b62355","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":56,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"bc3cbc68-f541-40c9-a028-2f8a443c8906","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":56,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"288bd9e2-0048-48ac-9caf-9952d0daf156","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":56,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"e6f856e7-1dd2-489a-b6bf-5e63f3617594","block_type":"box","text":"the form of Depositary Receipts or other securities conver tible into securities of foreign issuers. Depositary Receipts","page_number":56,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"82672c9c-184c-4ba3-95b1-f62cc987f23b","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":56,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"85c88dba-e3f5-4bba-805b-5cd0dda51e44","block_type":"box","text":"conver ted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":56,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"88744ad9-9f8b-4a86-a57e-8e8d881d3fb3","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":56,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"4a873d3a-4d40-4f39-9528-212b27428898","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":56,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"fcbaee33-845e-4377-a39a-88cd2436fa46","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":56,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"e8a1e9cf-a6fd-49b6-9edd-f26f0123625a","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":56,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"ad2ff97c-0ff3-4e18-b124-060dc68c3721","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":56,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"5dc21608-1972-4fea-bbe9-094193815422","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":56,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"3863ce83-4dd5-42db-9799-043794928b85","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":56,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"1fb254cc-1a83-4c2b-9502-fc7afb66a2be","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":56,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"3d252cd7-9f0b-4f90-9640-ed8b4c84d2f4","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":56,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"b358ddb4-7800-4326-8771-c9cded282291","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":56,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"d0d05fd8-6cea-41db-b128-da826de3855d","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":56,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"65f12815-8602-40e8-b361-ff48bf37a8f4","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":56,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"6350cc7d-13dd-48e6-afab-27bdad0f1d41","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":56,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"cb4831d5-caf7-47f6-af6d-ec4cdf86bbe9","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":56,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"f7a33018-21c7-4862-a4f6-681e3ab852ac","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":56,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"468c7ef0-f514-40c3-bf78-b1965751508f","block_type":"box","text":"into which they may be conver ted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":56,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"012a1b52-2b14-4e9f-ba83-7a205ef23e34","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":56,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"c3ad0abd-a15d-4d9f-b0d7-4a803a8a9999","block_type":"box","text":"II-12","page_number":56,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a3a2bad6-6ac9-40df-8189-7690fc85298a","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"614afb17-b68e-4703-8d5e-e7563626bc61","block_type":"box","text":"Derivatives.","page_number":57,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"60eed5d8-0416-42c6-b18b-e15e42d58615","block_type":"box","text":"General.","page_number":57,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"9426c94e-c7d9-4f60-8373-853beecbb580","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":57,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"30497768-bfa1-4dbc-9042-a01633152f56","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":57,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"a5ec4caa-ca75-43bb-b7b5-fb840a01ca2a","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":57,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"2e2872f5-6cb5-4ad7-8681-3be058e50363","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":57,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"9b210e21-a35e-421f-a2de-606df2abaeea","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":57,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"c964bec7-f612-467f-b9b5-768afcc15bc6","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":57,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"34152a79-8f1a-40f9-b218-ee36cd87f932","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":57,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"02b330f8-995f-4e46-89ae-d4959929ea09","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":57,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"e4ed6aa8-92f7-47f5-9b2b-77dbaf389a11","block_type":"box","text":"i.e.","page_number":57,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"5a29b6b1-957c-46a1-a614-e83d22797b24","block_type":"box","text":", the payment","page_number":57,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"8a34f692-c397-4539-8c2d-3d540be06cd5","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":57,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"9887c6e4-14a1-40c1-9533-75c143a1f456","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":57,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"bf5997a6-36a5-4e22-a2d6-0eb268e65240","block_type":"box","text":"Hedging.","page_number":57,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"d7e21071-0271-4d27-93f3-e480f57bfaca","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":57,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"cccb3da0-8d69-49e9-a7da-d15a76a9978b","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":57,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"ed3f6e63-fd36-4f8c-b640-19d36e998e89","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":57,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"2eff6efd-2dbb-4771-8d8e-33a214264e07","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":57,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"8b4e4616-4750-4234-a57c-98c1b8a91e95","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":57,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"b45f2905-2ec4-4e97-b216-77c581686ddf","block_type":"box","text":"correlation risk,","page_number":57,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"26c9f9e2-8651-43ae-88dd-91ac6b1eee46","block_type":"box","text":"i.e.","page_number":57,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"0b8db3c2-14f9-49a4-843d-29517b352d5d","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":57,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"425dc80f-d832-4a01-9bfc-1f9f252a7c9b","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":57,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"d6308d60-54ba-49c8-abd7-1e66b2d1a668","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":57,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"9e60340b-323c-4b7b-8657-501c35d94a26","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":57,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"cdde8f7a-e724-4bec-8515-a7b71c271f7f","block_type":"box","text":"Speculation.","page_number":57,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"bc67931a-18b8-42ac-b017-994917232a3f","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":57,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"73e82da7-b106-4d3a-9fc0-628e3cd386bb","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":57,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"c2cb09b0-1186-4754-9dff-b1f2d4d755d6","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":57,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"49fcf2d9-67c2-49f5-9f50-d3cf96cc5da9","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":57,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"1b3cc415-b1c1-4ac7-b199-71a0984f1588","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":57,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"fb417011-9bf1-4e49-838d-10816ad0e7f3","block_type":"box","text":"Regulation of Derivatives.","page_number":57,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"ec9c58f9-d4f1-4a98-9772-cf46d060c0ed","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":57,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"14075ae6-6493-4576-8826-35219026bc1e","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":57,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"952a495e-9fc2-4ee0-9232-8e794c110ab7","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":57,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"d1ba733c-eded-4e16-9541-132bddd3e86e","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":57,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"73400b8b-5b20-406e-a73f-700136511f30","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":57,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"765577b7-d037-48bf-bc02-74fa7d604366","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":57,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"4695f412-a465-42c4-93c9-41b658372171","block_type":"box","text":"coverage”).","page_number":57,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"a504ce64-2770-451b-97d9-ee883a38049f","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":57,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"ee84e4f8-5cbd-41f8-80c5-2d5e1b50eaa2","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":57,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"97a49942-5cb0-41f3-a6fb-dc1c0d6e1848","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":57,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"e5d62c75-7783-4762-b357-0ec0d0d2564c","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":57,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"96984a2d-ac9e-4a35-80df-29b7b4bbe271","block_type":"box","text":"settlement payment or otherwise; (2) any shor t sale borrowing; (3) reverse repurchase agreements and similar","page_number":57,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"d0c2e038-8e69-4950-a9b2-6803955e3e4d","block_type":"box","text":"financing transactions (","page_number":57,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"d5e4f5a8-67f2-4dc5-a9c4-0d19dd488874","block_type":"box","text":"e.g.","page_number":57,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"f71e82cd-3700-4357-936f-a7809c1b85b6","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":57,"box":{"x":263,"y":649,"width":646,"height":11}},{"id":"ae989b3c-0563-4014-b205-d427bb75081f","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":57,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"ed80b957-e8df-44e5-9fd5-b1f87ceb5274","block_type":"box","text":"securities (","page_number":57,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"dc467caa-cfa3-4a1b-ae2b-f5874f3687ee","block_type":"box","text":"e.g.","page_number":57,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"7e1cb198-6283-484f-9176-e5c6f9940991","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":57,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"568a61b4-2d4d-4c0b-8421-df5a188e6d49","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":57,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"f46c42c6-d818-4937-b542-78116f686be0","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":57,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"a1d886db-ca2d-4c42-bc51-3609325fcb07","block_type":"box","text":"Commitments”).","page_number":57,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"b9ee6005-ef7d-4225-9747-74651aa4c227","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":57,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"18ad3a22-5d54-4378-a36a-7e0a92dc1b57","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":57,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"72c78e64-bf1c-41c0-9d58-29f76e99cb35","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":57,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"2e89eec3-3cc9-4e60-bdee-5c05fef7e1a7","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":57,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"5bd8791f-20d8-404a-8bfe-7af7bc90f190","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":57,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"16df321a-8920-48fa-9f5c-b42099e4fc80","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":57,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"b89d0d5c-2a5a-4dcd-94a6-a7c638c41eae","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":57,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"afef35f4-350b-4b3e-a574-69d3145af915","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":57,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"12e742fe-f1a1-4501-9e5a-f01fbf40b072","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":57,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"592d9dfa-20ba-411c-afc3-6aefaac6450f","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":57,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"e40db3a4-fb17-4cb1-a0f3-8edc2cd84e44","block_type":"box","text":"II-13","page_number":57,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"12c4ad2e-5b79-4bbd-8545-38aa9653884c","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"33c8772e-6791-4778-91f7-9d36d85de681","block_type":"box","text":"Dodd-Frank Regulations.","page_number":58,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"f51a2fff-4a0f-47c9-975b-41bbeee67fef","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":58,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"f49a4cb5-25b4-4b53-8c74-e5ab36ad9a25","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":58,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"f74e10d8-768a-48fd-a7fd-80cea50797e0","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":58,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"7a3b3a57-b11a-4f56-b6b4-34a959f62897","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":58,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"b87bb35c-8e7a-4a3f-9c7e-d0b6f1356df3","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":58,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"ae8c352d-3ba2-4adb-b57c-d95bde845e24","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":58,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"f994d57d-3f97-4a35-9516-319c7a753266","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":58,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"ea53490a-f059-4d2b-ac68-3eb4f436adaa","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, repor ting, transparency, position limits,","page_number":58,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"83a730d2-ee3a-4c96-b428-6dd255afa912","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":58,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"c9ef5142-ae2a-4284-9e66-06ca27ac082e","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":58,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"12cd848e-b744-49a7-ac25-cbcd48d104bc","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":58,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"3668ca9a-55cc-443a-bd17-f9595f255ad8","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":58,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"e2cd161e-1325-42b6-96ee-b767fea5b186","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":58,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"2116b6bd-2f09-4f73-a85c-975cc0bb7a1e","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":58,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"1c3a8ca2-0f2a-4d82-b68b-38121f4c4c1a","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":58,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"6e44261f-9494-4b17-80c7-6664080eded6","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":58,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"bb852285-c4c2-463e-aed5-e2cf2e083d49","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":58,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"0180ebee-307b-46ac-b3fe-287700e97ea7","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":58,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"bea89a6f-a93d-42e2-9081-1bd19ea554d1","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":58,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"73426f23-e393-4f28-a4e9-2edc17fd2e94","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":58,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"ac5293b0-273d-41b3-9543-6d7472a83cac","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":58,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"cf7aa327-57fd-4045-b6cb-00d8fbeefdbe","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":58,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"5640a87f-9131-4281-bb38-e9ff07d9a370","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":58,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"e2166b0c-c679-4219-a827-deaa6e24bb70","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":58,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"9d2913e0-892b-4c1c-a5ed-2875f05122a7","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":58,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"3c9a7d8a-29a9-4f1d-bc8d-4b833a18676c","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":58,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"54b05fa5-f933-477b-80b3-faa5ccd52690","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":58,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"f35535b4-372b-46d9-aad1-d1a59341297f","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":58,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"77f1121e-9192-4066-b8ba-24c643687223","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":58,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"322373ab-ec98-44ad-8544-d5060517e0ca","block_type":"box","text":"member.","page_number":58,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"f3283ed3-6198-4266-b985-77c022ec2e79","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":58,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"0165a3be-124c-49eb-ac15-ecf21ac7b8ab","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":58,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"4c5fe436-d25a-4f4d-bd7b-b5136be3cc8d","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":58,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"35c0e57f-b036-4348-b7d4-feaa88b8205b","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":58,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"3bd36709-41b9-4f6a-b981-ab25a7ab3d91","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":58,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"97332ec1-2976-4ec9-926e-e1dc6276f381","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":58,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"df59b715-6c73-4272-b3d1-c7ef765de8a7","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":58,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"79062196-dc91-43f9-99d5-6beec8e433d0","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":58,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"120dfe0a-17c8-4f75-9bab-9de0cd2648b3","block_type":"box","text":"provide for non-cleared OTC derivatives. Fur thermore, customers, including the Funds, are subject to additional fees","page_number":58,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"23ca1e83-e213-4b20-bf59-a7be5c9299fc","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":58,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"576c2320-d016-412c-a779-66294ba85430","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":58,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"77e86f22-a7f5-4ff1-956a-0a11b5025623","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":58,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"13c6a2c5-015d-4c58-b279-4d0bec996785","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":58,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"d1b76a0f-239c-4a18-9b67-3eb806f07a46","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":58,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"972ce384-0e3e-4a10-96f3-2a15e90134df","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than cer tain","page_number":58,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"9caaf418-0ffd-444a-95c1-15c560c04dc4","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":58,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"e6a28800-296c-4744-8191-1d2502705f1a","block_type":"box","text":"The CFTC, cer tain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":58,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"49b14fdb-40a4-4353-a7bc-4606134d5285","block_type":"box","text":"and monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":58,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"b1628db9-883f-4bb4-ac18-c0dccb404806","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":58,"box":{"x":68,"y":816,"width":837,"height":11}},{"id":"e3a3db82-a4e4-4044-9fd1-4c94d64fdf13","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on cer tain agricultural, metals and energy","page_number":58,"box":{"x":69,"y":831,"width":789,"height":11}},{"id":"f57c98e6-82ab-4af7-9fde-a243314d61d7","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":58,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"a473bfbe-e01a-432f-b624-dfd81ec4069e","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":58,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"1f51c0ff-b141-4c5e-90f5-b22fcd5501ac","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":58,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"2d5a45a5-fc5e-478d-ad31-7ab4ca27298a","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":58,"box":{"x":69,"y":891,"width":827,"height":12}},{"id":"0311d4bb-51c4-4dee-a914-5fd293d61618","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":58,"box":{"x":69,"y":906,"width":805,"height":12}},{"id":"716a8051-eafd-4d0c-a741-6375a22f20f8","block_type":"box","text":"II-14","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9a16d8d3-ecf4-49a4-805d-24c83f5409bf","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f04884eb-585d-489d-8c92-50b228cd49b8","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":59,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"ec53b36f-25f5-46d1-94d2-42f341eda635","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":59,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"a44e92df-0f9f-428a-aead-baa9a40bb1a9","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":59,"box":{"x":69,"y":75,"width":785,"height":11}},{"id":"13630dcb-0120-4b5b-8456-48e76e2435f0","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":59,"box":{"x":70,"y":90,"width":350,"height":11}},{"id":"536467f1-4213-4541-9b42-0e83e9257caa","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":59,"box":{"x":101,"y":113,"width":256,"height":11}},{"id":"a93526c4-62b4-4b46-8fed-d898b351ac38","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":59,"box":{"x":364,"y":113,"width":513,"height":11}},{"id":"f4663eac-43af-4259-a667-6d1d1f5ea686","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":59,"box":{"x":70,"y":128,"width":757,"height":11}},{"id":"d4aa458c-3955-4961-80c2-b0259794d649","block_type":"box","text":"par ticipating in, or otherwise adversely impact the liquidity of, par ticipating in the commodities markets. For example,","page_number":59,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"3cf2118a-c705-446e-a194-6f80ef459386","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced cer tain","page_number":59,"box":{"x":68,"y":158,"width":762,"height":11}},{"id":"eb2b0268-6c0a-4645-82fc-3971aed79542","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":59,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"cd98cb46-cc13-4490-9380-1f1d081ca031","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":59,"box":{"x":69,"y":188,"width":798,"height":12}},{"id":"058c80a3-9911-4fb5-886f-c5bd469bb496","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) repor ting and recordkeeping","page_number":59,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"fd5abbc9-69a7-40cd-bfb0-2351e0bb7bef","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of fur ther example, the European Union Markets in","page_number":59,"box":{"x":69,"y":218,"width":787,"height":12}},{"id":"3517465d-c8f0-4cfa-87b7-6336d9afb0ac","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":59,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"720270f2-aaab-424a-93ca-c4243aab6dcd","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":59,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"00788b98-e480-45ac-839c-2ed61626b38b","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":59,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"37d900f2-6b3e-4586-a9a9-fa6f3240687f","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In par ticular, MiFID II requires European Union","page_number":59,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"5ed71e10-5972-41ef-aee1-59d1ab455f7a","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":59,"box":{"x":70,"y":294,"width":793,"height":11}},{"id":"d190b5c4-0b9c-4eda-b418-056bdfb3c9fb","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":59,"box":{"x":69,"y":309,"width":765,"height":11}},{"id":"6c6d40c0-d23b-4458-bc55-aa2188511f7f","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":59,"box":{"x":69,"y":324,"width":720,"height":11}},{"id":"52f5387d-12c6-4fa4-b0bb-3fd3662d6be3","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require cer tain prudentially","page_number":59,"box":{"x":102,"y":347,"width":802,"height":11}},{"id":"12f272f2-969f-46cc-8d71-bc25ab934ece","block_type":"box","text":"regulated entities and cer tain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":59,"box":{"x":69,"y":362,"width":762,"height":11}},{"id":"13e5915c-17f7-49ba-b45f-915c04ccbce6","block_type":"box","text":"derivatives contracts and cer tain other financial contracts, terms that delay or restrict the rights of counterpar ties","page_number":59,"box":{"x":69,"y":377,"width":810,"height":12}},{"id":"a4ee55ab-22e2-44e5-8455-b0df3f98303f","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":59,"box":{"x":69,"y":392,"width":812,"height":12}},{"id":"61b8f3d0-93a3-41a4-bef0-4a223eabda59","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":59,"box":{"x":68,"y":407,"width":787,"height":12}},{"id":"077ad8d2-5953-438c-a566-308c7a74c98a","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":59,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"87f4e287-fc6f-45e1-ad3a-d5c20c25393f","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":59,"box":{"x":67,"y":438,"width":795,"height":11}},{"id":"3b829bf5-2662-4a95-a9f8-5865dafd7c2a","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or conver t to equity the liabilities","page_number":59,"box":{"x":70,"y":453,"width":835,"height":11}},{"id":"c7cf1380-8e40-48dd-b7cd-b95a71430e2d","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":59,"box":{"x":68,"y":468,"width":839,"height":11}},{"id":"dc86e5d2-a012-4524-a33d-dea8a2fb78f3","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":59,"box":{"x":68,"y":483,"width":814,"height":11}},{"id":"a7a595d6-6629-455e-afa7-bd4049677525","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":59,"box":{"x":69,"y":498,"width":773,"height":11}},{"id":"5a76806d-f878-45c6-8743-dddeca0d7a7d","block_type":"box","text":"collateral received under such contracts.","page_number":59,"box":{"x":69,"y":514,"width":288,"height":8}},{"id":"c29882fe-9620-4624-ba4f-b0b4c1f507da","block_type":"box","text":"Risk Factors in Derivatives.","page_number":59,"box":{"x":102,"y":536,"width":191,"height":9}},{"id":"17a09a10-38f3-492f-b54d-9d20daeb8f25","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":59,"box":{"x":101,"y":559,"width":597,"height":11}},{"id":"fba1b39d-877e-4d4d-8173-44cfb3677fd0","block_type":"box","text":"Correlation Risk","page_number":59,"box":{"x":102,"y":581,"width":114,"height":9}},{"id":"1c47c0c3-cec3-4d41-9f80-bbac11c14d2d","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":59,"box":{"x":220,"y":581,"width":668,"height":12}},{"id":"e72b487e-bae8-41b4-988e-e27771f3ffcd","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":59,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"45643237-cea0-4b24-91cd-b439adabf423","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":59,"box":{"x":68,"y":612,"width":818,"height":11}},{"id":"5440aa00-a8f3-42b6-81ce-cf3e7fb33faf","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":59,"box":{"x":70,"y":627,"width":806,"height":11}},{"id":"ac9a67a7-e69c-4102-adab-fcff3d03c09e","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":59,"box":{"x":69,"y":642,"width":725,"height":11}},{"id":"2d8fdfa2-fedf-4145-9a3c-ea2962e70fa3","block_type":"box","text":"Counterpar ty Risk","page_number":59,"box":{"x":102,"y":665,"width":128,"height":11}},{"id":"777fc251-d8d3-4245-b567-74ee0fc83ca9","block_type":"box","text":"— the risk that a derivatives transaction counterpar ty will be unable or unwilling to make","page_number":59,"box":{"x":233,"y":665,"width":632,"height":11}},{"id":"1f01721c-19fa-4dea-87ff-56f5e07bb420","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":59,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"0632b4c6-3198-413d-b695-42b5a5408ada","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":59,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"5930e250-5597-46f5-b08b-d31cda21884d","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":59,"box":{"x":69,"y":710,"width":834,"height":11}},{"id":"83ca15f6-bee1-4d2d-aefe-1d46fa09fda6","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":59,"box":{"x":70,"y":725,"width":831,"height":11}},{"id":"8f497db1-b09c-4444-b6e5-eba0a4161d33","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":59,"box":{"x":69,"y":740,"width":806,"height":11}},{"id":"7bdbbc86-e94b-41fc-a65e-895e92ea5839","block_type":"box","text":"engaging in OTC derivatives transactions only with creditwor thy entities that have substantial capital or that have","page_number":59,"box":{"x":69,"y":755,"width":803,"height":11}},{"id":"dbd00234-18a0-4499-b404-fc4ee33beaea","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":59,"box":{"x":70,"y":771,"width":760,"height":11}},{"id":"10fe2517-0787-4a3f-816f-e61631936d00","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":59,"box":{"x":68,"y":785,"width":819,"height":12}},{"id":"8f08dcc1-2382-454c-9e07-ae936edcb428","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":59,"box":{"x":69,"y":801,"width":834,"height":11}},{"id":"7a34d86a-5d03-4e97-9a0a-c1151d46beff","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":59,"box":{"x":68,"y":816,"width":826,"height":11}},{"id":"65a36c40-0a01-4c81-b0e0-94534520f339","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":59,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"d18aed8a-3172-424c-9827-85d4ad4e3732","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":59,"box":{"x":70,"y":846,"width":824,"height":11}},{"id":"4c11d995-3c4f-46e1-bd78-7ee4a9f055bd","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":59,"box":{"x":70,"y":861,"width":816,"height":11}},{"id":"ac13091d-2bf0-4908-8242-5896eeb50dc3","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":59,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"a6ea2dca-f0db-40de-a7f5-7c53c48d6f2f","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":59,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"7b400a4d-27cb-4eac-b13a-465420187f05","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":59,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"04627247-6c17-42f4-8b70-4010fd96317b","block_type":"box","text":"II-15","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"81ee4cf8-002a-40f2-aa01-b60da298378b","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8f46797a-78ac-4a1b-99a3-142bd0ce6383","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":60,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"a8cb8e47-9287-439c-b897-87463bbe9cbc","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":60,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"3d36105e-6c94-4d5c-b9ff-4358b593b1c2","block_type":"box","text":"by the clearing member.","page_number":60,"box":{"x":69,"y":75,"width":169,"height":11}},{"id":"20f49a3d-08d9-44fe-8735-625500515271","block_type":"box","text":"Credit Risk","page_number":60,"box":{"x":102,"y":98,"width":78,"height":9}},{"id":"55b8468c-99c9-4087-b804-acdf1230aa66","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":60,"box":{"x":184,"y":98,"width":698,"height":11}},{"id":"6a0ae3f6-04c1-4c13-ad1e-91472ae78239","block_type":"box","text":"honor its financial obligations.","page_number":60,"box":{"x":69,"y":113,"width":213,"height":11}},{"id":"1b298598-f057-483d-b0d7-dd3a277648b3","block_type":"box","text":"Currency Risk","page_number":60,"box":{"x":102,"y":135,"width":98,"height":11}},{"id":"f3083bfd-3f43-4cca-a7be-d9449aedf874","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":60,"box":{"x":204,"y":135,"width":669,"height":12}},{"id":"079183aa-94b7-45ce-b142-845061337891","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":60,"box":{"x":68,"y":150,"width":300,"height":11}},{"id":"0f4b423d-7ad8-4239-91e3-fe8c8f0d67f3","block_type":"box","text":"Illiquidity Risk","page_number":60,"box":{"x":102,"y":173,"width":98,"height":11}},{"id":"c1ddaca4-ed03-446e-88f2-a1278a316fe7","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":60,"box":{"x":204,"y":173,"width":693,"height":11}},{"id":"1fd41ea1-daf4-45be-911e-d04a8e12be97","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":60,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"1323063b-2eac-44ab-b5ba-bce9b8d7b6a5","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":60,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"3831fe5d-a618-4ee6-bc4c-bb94de39a985","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":60,"box":{"x":69,"y":218,"width":799,"height":12}},{"id":"67330904-49bb-49c9-ae69-937fb252a616","block_type":"box","text":"incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve substantial","page_number":60,"box":{"x":70,"y":234,"width":824,"height":11}},{"id":"52fffec2-4028-4214-a1e0-ec3ffa5191fb","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":60,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"65219c55-310f-41cd-b0f2-da1ad7969d14","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":60,"box":{"x":70,"y":264,"width":762,"height":11}},{"id":"1b406698-c09c-46d6-86a9-479ac9a76eef","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":60,"box":{"x":70,"y":279,"width":827,"height":11}},{"id":"806cde62-ab5d-4069-9f10-f27fce65a973","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":60,"box":{"x":69,"y":294,"width":816,"height":11}},{"id":"3f2241d6-2847-4ee3-a74f-a4c9ec520a8e","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":60,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"38e7d4aa-a2e7-4229-b769-87197880122b","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":60,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"964d3b83-efb8-4c1f-a5b6-d8d4733996e3","block_type":"box","text":"the par ticipation of speculators, government regulation and intervention, and technical and operational or system","page_number":60,"box":{"x":68,"y":339,"width":809,"height":12}},{"id":"4e7e8d8a-af66-45e6-838d-ca0aa5d48618","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":60,"box":{"x":68,"y":355,"width":826,"height":11}},{"id":"f891b0ad-9064-47a0-9063-e34dda94c8dd","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":60,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"823b4867-363d-4a1f-a550-112eba9aa5d1","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":60,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"29c82d6e-57f4-4fd2-8bc5-38122e423559","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":60,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"44a2c365-bef4-4436-9acd-771c36d594a4","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":60,"box":{"x":69,"y":415,"width":828,"height":11}},{"id":"5516dfa3-6161-4ac0-813e-01b06ac55da3","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":60,"box":{"x":69,"y":430,"width":796,"height":11}},{"id":"4ced5e6f-27f5-4a0f-a4da-95ba49a0274f","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":60,"box":{"x":70,"y":445,"width":759,"height":12}},{"id":"b3b94f5b-e9cd-4189-b810-607d4c002198","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":60,"box":{"x":70,"y":460,"width":837,"height":12}},{"id":"68c9dd44-a9c3-459c-8dff-08574fd7169a","block_type":"box","text":"may be disadvantageous to do so.","page_number":60,"box":{"x":69,"y":476,"width":243,"height":11}},{"id":"6624d06d-1d92-4acb-b90b-a1d75a81d168","block_type":"box","text":"Index Risk","page_number":60,"box":{"x":102,"y":498,"width":73,"height":9}},{"id":"0c2c64bb-e872-41c5-ae0d-b58bea020f57","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":60,"box":{"x":179,"y":498,"width":714,"height":11}},{"id":"3925cb70-80fc-4f89-a3d6-a9acc15701b3","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":60,"box":{"x":68,"y":513,"width":800,"height":12}},{"id":"d1657b23-6796-4be1-ad20-ef9bf41cd881","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":60,"box":{"x":69,"y":528,"width":678,"height":11}},{"id":"0b77632c-d011-4974-9adf-499306aa93b1","block_type":"box","text":"Legal Risk","page_number":60,"box":{"x":102,"y":551,"width":73,"height":11}},{"id":"a89de011-a6c5-44a4-980a-bea40e7a52ad","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality","page_number":60,"box":{"x":179,"y":551,"width":717,"height":11}},{"id":"fbae8580-7001-455c-8c6f-0d34f5aa7fee","block_type":"box","text":"or enforceability of a contract.","page_number":60,"box":{"x":69,"y":566,"width":211,"height":11}},{"id":"1dea52c3-d1ca-4346-a558-aeac9a5ce1aa","block_type":"box","text":"Leverage Risk","page_number":60,"box":{"x":102,"y":589,"width":99,"height":11}},{"id":"65830f44-ab09-4e1d-a6a1-abadfc846069","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":60,"box":{"x":205,"y":589,"width":648,"height":11}},{"id":"44332ec6-be21-43ac-92f0-dbef23c3bf36","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":60,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"3cc365b0-bc1a-4ca1-83fb-71e8a0b7e9f0","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":60,"box":{"x":70,"y":619,"width":425,"height":11}},{"id":"59f81784-ea5f-4283-a02b-ddd9cf4efdb2","block_type":"box","text":"Market Risk","page_number":60,"box":{"x":102,"y":642,"width":85,"height":9}},{"id":"c7efea09-0c22-4339-baee-fb4cd89c3d05","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":60,"box":{"x":191,"y":642,"width":716,"height":11}},{"id":"963272b8-651e-4c11-926f-50ae5ca9592f","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":60,"box":{"x":68,"y":657,"width":833,"height":11}},{"id":"9290d6b3-de2d-4eef-bdc1-5dace892772d","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":60,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"ef4483dc-7ba8-43d1-9937-00b58059d1a8","block_type":"box","text":"affected.","page_number":60,"box":{"x":69,"y":687,"width":62,"height":9}},{"id":"5310450f-17d7-42ea-9ed0-19db17e8daaf","block_type":"box","text":"Operational Risk","page_number":60,"box":{"x":102,"y":710,"width":117,"height":11}},{"id":"2c292e1f-a065-4390-9a9e-39ba3a6808ae","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":60,"box":{"x":223,"y":710,"width":674,"height":11}},{"id":"3aba72a8-9d85-4629-aa03-ebc8c9c23826","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":60,"box":{"x":70,"y":725,"width":451,"height":11}},{"id":"9ecc70f2-37ea-4f2d-8e80-f17bc0f99bbd","block_type":"box","text":"Valuation Risk","page_number":60,"box":{"x":103,"y":748,"width":99,"height":9}},{"id":"5c21e8ea-faa5-4fd4-9bb3-32ec112971a9","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":60,"box":{"x":206,"y":748,"width":701,"height":11}},{"id":"f585e1b0-980a-45d1-b8f7-f491ce5ded35","block_type":"box","text":"possible especially in times of market distress, since many market par ticipants may be reluctant to purchase","page_number":60,"box":{"x":70,"y":763,"width":779,"height":11}},{"id":"046b478c-884d-4b4e-96ae-3391685fae2e","block_type":"box","text":"complex instruments or quote prices for them.","page_number":60,"box":{"x":69,"y":778,"width":329,"height":11}},{"id":"d7486f2c-4a7b-4918-a087-eb6e5f9f4583","block_type":"box","text":"Volatility Risk","page_number":60,"box":{"x":103,"y":801,"width":93,"height":11}},{"id":"8f9d1718-6d92-445f-b8b3-fe13ffe88371","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a shor t time period.","page_number":60,"box":{"x":200,"y":801,"width":652,"height":11}},{"id":"1169472a-5c55-432c-a7c7-179d85c90c79","block_type":"box","text":"Types of Derivatives Transactions.","page_number":60,"box":{"x":103,"y":823,"width":240,"height":11}},{"id":"97589c91-321f-4862-b384-69f335e0aad7","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":60,"box":{"x":101,"y":846,"width":771,"height":11}},{"id":"cd4f5dbe-c223-4a06-89b7-a90d5d3824a4","block_type":"box","text":"including the following:","page_number":60,"box":{"x":70,"y":861,"width":159,"height":11}},{"id":"452852e5-c7f6-43f2-84ae-386d1c090996","block_type":"box","text":"Futures.","page_number":60,"box":{"x":102,"y":884,"width":56,"height":9}},{"id":"b333c874-53a0-4536-9056-401be0cf1718","block_type":"box","text":"II-16","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"22831e32-7fa9-431d-8201-f6328ed3b747","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c0ac727a-d279-457c-a306-7d5859cda845","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":61,"box":{"x":101,"y":45,"width":791,"height":11}},{"id":"95e2e36c-ed24-4f1f-b822-d7b53d2d65c9","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":61,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"110918c3-50b7-4efa-a4f4-32b66abda5a8","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":61,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"2f490f20-9d01-43b6-98f7-3826b6576133","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":61,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"240dd0db-f67a-4cc9-be35-9cd4365a71cb","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":61,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"c0e40f11-76bd-4456-9195-6021a65cc5a8","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":61,"box":{"x":69,"y":120,"width":478,"height":11}},{"id":"f2b594ad-773c-48f6-8c76-c877bfedf8c6","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":61,"box":{"x":101,"y":143,"width":801,"height":11}},{"id":"e4ccc874-c959-48ff-9db9-9828126392b5","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":61,"box":{"x":69,"y":158,"width":829,"height":11}},{"id":"30f6fb9d-17dc-4f95-8964-083f9af73df2","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":61,"box":{"x":70,"y":173,"width":822,"height":11}},{"id":"d0d51808-2d00-431e-bcfa-5997c8f5edb0","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":61,"box":{"x":68,"y":188,"width":830,"height":12}},{"id":"4b67dae9-05b2-44f8-9b60-ce8138aae4c3","block_type":"box","text":"of the futures contract.","page_number":61,"box":{"x":69,"y":203,"width":162,"height":9}},{"id":"f20f5416-72cf-43c8-b5bb-18bc6b43e5a4","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":61,"box":{"x":101,"y":226,"width":756,"height":11}},{"id":"96be4b27-b0a1-4494-81ec-71094fc066b1","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":61,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"ab1abbb1-7b2d-40e5-ab08-ebe1faa97974","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":61,"box":{"x":69,"y":256,"width":789,"height":12}},{"id":"31e59342-f79d-45bd-9bb0-be3a36582750","block_type":"box","text":"relating to the futures position.","page_number":61,"box":{"x":69,"y":271,"width":219,"height":12}},{"id":"6ebf7d66-9da3-4faa-8881-f98046c64d6a","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":61,"box":{"x":102,"y":294,"width":757,"height":11}},{"id":"ab4020d0-02f9-4659-bd44-a2e53a072ebb","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":61,"box":{"x":69,"y":309,"width":797,"height":11}},{"id":"a354b4e1-2fbe-4f6d-a80c-45f82083283d","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":61,"box":{"x":70,"y":324,"width":816,"height":12}},{"id":"68951c2d-b326-4524-bf3c-eff533c54ce4","block_type":"box","text":"Regulations” above.","page_number":61,"box":{"x":70,"y":340,"width":140,"height":11}},{"id":"0bd8c3ed-26c0-4c1c-9ced-1c98125795f8","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":61,"box":{"x":101,"y":362,"width":799,"height":11}},{"id":"4403db1c-c8af-47f7-ace7-d1103b93ca5e","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":61,"box":{"x":69,"y":377,"width":818,"height":12}},{"id":"2a9e9d76-2a00-44c3-a8eb-5792124e35b2","block_type":"box","text":"(","page_number":61,"box":{"x":69,"y":393,"width":3,"height":10}},{"id":"30233c09-ae03-4761-ae41-e6dc48978c9a","block_type":"box","text":"i.e.","page_number":61,"box":{"x":74,"y":393,"width":21,"height":8}},{"id":"7794c1a5-0a12-4a3f-8fac-8c5344fadc58","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":61,"box":{"x":97,"y":392,"width":803,"height":12}},{"id":"e20c05f9-aef0-4afe-b42f-cadd97b5ed7b","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":61,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"b7ef95b2-ef07-4560-8baf-912d326c1f81","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":61,"box":{"x":68,"y":423,"width":835,"height":11}},{"id":"02c0604a-a614-43ab-b8be-bf28048b822c","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":61,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"e15767d1-8606-4785-84e6-9125db34452b","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":61,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"ed8dd4ea-623e-404d-b8e4-8f048423ab25","block_type":"box","text":"Fund intends to purchase.","page_number":61,"box":{"x":70,"y":468,"width":183,"height":11}},{"id":"3e54dd68-48eb-4cc4-bb91-dc2139303915","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":61,"box":{"x":101,"y":491,"width":768,"height":11}},{"id":"3832de11-e77a-4515-9f9d-13387854b7ce","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":61,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"aee0b7b2-fb66-4aee-8af4-61169c22a63d","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":61,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"e267f59d-ce54-4608-b1c8-486e1d82b356","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":61,"box":{"x":69,"y":536,"width":773,"height":11}},{"id":"101e1398-1d2d-429c-b4b1-51cf940da94e","block_type":"box","text":"illiquidity.","page_number":61,"box":{"x":70,"y":551,"width":63,"height":11}},{"id":"4d2359ba-75da-4d24-bab4-6a41751ec7c6","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":61,"box":{"x":102,"y":574,"width":757,"height":11}},{"id":"339316ed-4584-4063-904b-20af04f98e74","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":61,"box":{"x":70,"y":589,"width":807,"height":11}},{"id":"a6641473-7480-4c84-b31b-67d883e9d557","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":61,"box":{"x":70,"y":604,"width":269,"height":9}},{"id":"fa8c10fd-b50c-458e-978c-92703fa9dec2","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":61,"box":{"x":102,"y":627,"width":791,"height":11}},{"id":"802b5587-1428-488e-b358-79cf840194bc","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":61,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"08918067-b9d8-4db0-b67c-7db0ea0634a8","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":61,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"dbeec6cd-c7dd-47e4-a4e7-699c3fdf1f95","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":61,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"bc17d2f2-2a7f-46bd-aae3-38c6484caae9","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":61,"box":{"x":68,"y":687,"width":657,"height":9}},{"id":"e81a236e-88a7-46ae-9817-cd1322fd2e3e","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":61,"box":{"x":101,"y":710,"width":792,"height":11}},{"id":"3f1c46b1-b232-42cd-bce9-ec808dba71eb","block_type":"box","text":"for carbon futures contracts. Changes in law, market conditions and expectations, position limits, collateral","page_number":61,"box":{"x":68,"y":725,"width":764,"height":11}},{"id":"69067780-0f36-423f-b07f-dbe8ee024962","block_type":"box","text":"requirements, and other factors each can impact the supply of and demand for carbon futures contracts. The market","page_number":61,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"66c4b0de-cf5d-4ddb-9beb-a9559630c23a","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":61,"box":{"x":68,"y":755,"width":841,"height":11}},{"id":"9164e2f9-44c1-4f62-9a19-f3f01189eccc","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":61,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"e983f9f8-0281-4be1-8972-fc4ce8125a77","block_type":"box","text":"difficult to find a counterpar ty willing to transact at a reasonable price and sufficient size.","page_number":61,"box":{"x":69,"y":785,"width":637,"height":12}},{"id":"1ebc5f8d-c151-4386-a5d7-6223c3437071","block_type":"box","text":"Swap Agreements.","page_number":61,"box":{"x":102,"y":808,"width":131,"height":11}},{"id":"a35f8ea3-3ad6-4841-a17d-46ec3b52b88d","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":61,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"12d456c0-eea9-4706-b74f-46a7ddd6e5d9","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":61,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"034aa26a-c5bd-4b2c-9c33-6033a23e2a31","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two par ties agree to exchange the returns","page_number":61,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"8b0f261e-4ed2-42c7-bdb2-2c33351c4781","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":61,"box":{"x":69,"y":876,"width":792,"height":11}},{"id":"de940234-8b45-4b6a-b8e2-b78a48a37b54","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":61,"box":{"x":68,"y":891,"width":832,"height":12}},{"id":"1cffb8f6-71e4-4edf-8367-3b2e2e747b6c","block_type":"box","text":"a “notional amount,”","page_number":61,"box":{"x":69,"y":907,"width":147,"height":10}},{"id":"5f81d0d6-dc94-48ee-a773-c77d8ee62a47","block_type":"box","text":"e.g.","page_number":61,"box":{"x":223,"y":908,"width":25,"height":10}},{"id":"47be06cb-c13b-4341-bacf-00a57cb91f15","block_type":"box","text":", the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":61,"box":{"x":251,"y":906,"width":602,"height":11}},{"id":"f2f03a2c-80a2-4be0-a64d-73bccba66e2a","block_type":"box","text":"II-17","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c41f01e2-f8f1-4ea9-8985-f34ef81184f9","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d7e84c5d-bfba-4375-87e6-4b1fbe9a74a5","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":62,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"908b46c2-f7d6-48f8-825e-9fc19ef483e3","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":62,"box":{"x":69,"y":60,"width":762,"height":11}},{"id":"5969a19b-43ab-4422-8bcc-7a4791b31a94","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":62,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"5076bfbb-6d1a-4c98-8f24-26075b43a0d6","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":62,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"b63d7ec5-83ac-478e-b12e-27c9c30ba8f4","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":62,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"a20c34f5-843f-4935-8107-4fb94c5d1675","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":62,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"3ccd8f0e-4865-4f04-9a88-5d94023f9232","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":62,"box":{"x":69,"y":136,"width":827,"height":11}},{"id":"da03cfee-8c66-4914-b83e-b54766b341ff","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":62,"box":{"x":68,"y":151,"width":763,"height":11}},{"id":"b5b7d1fa-8276-4ba1-8399-91d91388d6cd","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":62,"box":{"x":102,"y":173,"width":329,"height":11}},{"id":"0ddf2cf1-2ec4-4696-92e3-b43ee87f34df","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":62,"box":{"x":438,"y":173,"width":439,"height":11}},{"id":"bc1f6430-7932-4e20-945d-3487552d3aa4","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":62,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"65a21671-12ad-4931-9c09-8d3d7c925ab7","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":62,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"8daf4cb4-ed38-4410-b8a1-94fbfcdd9543","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":62,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"a7934fb6-afe9-41b5-9690-d7e3262633fd","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":62,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"8302ff4e-ddfd-4aee-b38d-555e32cc675a","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":62,"box":{"x":68,"y":249,"width":798,"height":11}},{"id":"61d822a3-afbc-4aaa-9853-cba6e9e21a21","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":62,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"dd2176ea-1456-41ff-9659-2d5477eae464","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":62,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"f9a47609-7840-45cd-bd36-7136df0a639f","block_type":"box","text":"index CDS.","page_number":62,"box":{"x":70,"y":294,"width":75,"height":9}},{"id":"f1055fc6-fc3e-4c14-948c-89e0c8231538","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":62,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"2d7ca6ba-b4ba-4202-b3eb-1de99e62d4c5","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":62,"box":{"x":69,"y":332,"width":806,"height":9}},{"id":"7751573c-a852-48c3-bee7-c4f59e36b319","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":62,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"25c0c2e0-66e1-43bb-af0f-5fa370e4c428","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":62,"box":{"x":69,"y":362,"width":804,"height":11}},{"id":"ddf44750-0d68-45f8-a4d9-30c4b7c31646","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":62,"box":{"x":70,"y":377,"width":812,"height":12}},{"id":"b213dbe7-9ef2-4395-acec-e18d7b382be6","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Cer tain initiatives","page_number":62,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"3a94c4d9-cdb6-41f5-9be6-1638498a206f","block_type":"box","text":"adopted by derivatives market par ticipants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":62,"box":{"x":69,"y":408,"width":819,"height":11}},{"id":"1f1eaa35-9e59-4ccf-b711-89362eb65493","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":62,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"144e90bf-f9b6-4be7-9df2-e3b541858e7b","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":62,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"6f561a87-4414-4a86-9084-994d35941819","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":62,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"85ab19d6-d1e1-4471-ad15-1dc20a501d08","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":62,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"da4881b0-d673-4436-b2e4-65343c5d7d4a","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":62,"box":{"x":69,"y":483,"width":827,"height":11}},{"id":"ff33f18a-d076-444b-bfce-ec288728693a","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":62,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"ecd34719-8584-4bc4-af4f-a175addeb5a9","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":62,"box":{"x":69,"y":513,"width":778,"height":11}},{"id":"93ea35d0-e4f5-4e11-be2e-74244a5854d5","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in cer tain limited circumstances refrain from","page_number":62,"box":{"x":69,"y":528,"width":809,"height":12}},{"id":"1f73da1a-2b7b-4a0c-abcc-b97154cf3c7a","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":62,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"31a9e80b-804e-4b57-836a-d2512ad3d794","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":62,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"796fc45f-605f-4b95-aae9-76c8f516d467","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":62,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"3a615e4e-3ece-44df-8ce5-367202fc2939","block_type":"box","text":"into cer tain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":62,"box":{"x":70,"y":589,"width":711,"height":11}},{"id":"c27f73d0-eaef-437c-9396-04939c9bdc62","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":62,"box":{"x":102,"y":612,"width":757,"height":11}},{"id":"554129be-6c8f-48fd-8f9c-9450e40feab7","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":62,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"04ce4cc8-f1a5-423b-8b3c-eae04318f1f5","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":62,"box":{"x":69,"y":642,"width":830,"height":11}},{"id":"27b3d038-8290-4b3b-b981-2d5b32d88f10","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":62,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"ba3d7371-6cff-4e24-8658-995d3f3ad7a8","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":62,"box":{"x":70,"y":672,"width":817,"height":11}},{"id":"e0801c9f-ff4e-426b-a140-8c2c669496dc","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":62,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"b7cb12e8-e940-4fc6-b628-be886bcc01da","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":62,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"3b0c62f5-faab-400a-bbb7-3a3f9c34557e","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":62,"box":{"x":69,"y":717,"width":837,"height":12}},{"id":"669eef51-b9d5-43a2-96a4-1331865d6745","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":62,"box":{"x":68,"y":733,"width":820,"height":9}},{"id":"4c50e1d7-d553-42e6-98d5-460209d33a8c","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":62,"box":{"x":70,"y":748,"width":828,"height":11}},{"id":"ad34221c-be7b-4826-b0f4-aa9b93042afa","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":62,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"d38e5c77-89a1-454c-bba5-f96f53bb9e56","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":62,"box":{"x":68,"y":778,"width":814,"height":11}},{"id":"120f822f-6957-4961-aa17-edb19519b211","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":62,"box":{"x":69,"y":793,"width":766,"height":11}},{"id":"127978f0-c5ff-4192-9fdf-e06615470838","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":62,"box":{"x":69,"y":808,"width":840,"height":11}},{"id":"ac0d9cbb-8ed5-456e-9d37-5103f905190c","block_type":"box","text":"conditions.","page_number":62,"box":{"x":69,"y":823,"width":76,"height":9}},{"id":"4e8141fa-4ad9-4f8b-9241-f83786e99fb7","block_type":"box","text":"Dodd-Frank requires that cer tain index CDS be executed in regulated markets and submitted for clearing to","page_number":62,"box":{"x":102,"y":846,"width":762,"height":11}},{"id":"9f86ce69-6c33-4d69-87b3-7c04a089f2eb","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":62,"box":{"x":69,"y":861,"width":824,"height":11}},{"id":"a22b9b14-53a7-4c83-b97d-79f91328abd1","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":62,"box":{"x":69,"y":876,"width":727,"height":11}},{"id":"3abd1fac-2c8a-4532-9ef2-d00f73d49ae4","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":62,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"07ddb1b4-0f5b-489e-8316-51b1df9f58ef","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":62,"box":{"x":69,"y":906,"width":764,"height":12}},{"id":"efaad81a-f7bf-4ab1-ac8e-5fe3d8165f0d","block_type":"box","text":"II-18","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"25aa8428-184b-45f7-a3db-8fd19da39e1e","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fabd1df5-fd76-4e40-a0a6-871c268b4239","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":63,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"f5fd7002-845b-496d-ac42-d2a1fea1f3b8","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":63,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"66f68c2d-0a96-4fef-b33a-d063b2593586","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":63,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"350453d0-db3c-4c7d-aaa0-b82877425899","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":63,"box":{"x":70,"y":90,"width":828,"height":11}},{"id":"a96ebb12-a4d0-41a9-9b66-9f623486d9a1","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":63,"box":{"x":68,"y":105,"width":355,"height":11}},{"id":"e48eb544-88f6-43c8-99f1-dc8a30cf22ac","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":63,"box":{"x":102,"y":128,"width":750,"height":11}},{"id":"1e0ef6c7-3573-44fe-b5ab-eb3907d8d258","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":63,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"d7768e2e-dc51-4f4c-9643-ddf5f8e8f03b","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":63,"box":{"x":69,"y":158,"width":785,"height":11}},{"id":"bb712395-0205-461f-89a5-ce68de5b620c","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":63,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"de09c3d5-f974-49dd-aadc-4a27ab1bc7fc","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":63,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"bd2f27bf-d92a-471d-858b-31f3c1d07d15","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":63,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"60acf16a-8a65-4b54-befa-47f78c7c19e5","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":63,"box":{"x":69,"y":218,"width":495,"height":12}},{"id":"fa4b5305-56bd-4280-8cdd-17c4416fe760","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":63,"box":{"x":102,"y":241,"width":752,"height":11}},{"id":"fa2fc80e-c1c3-46fc-81ef-32ded00de2d7","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":63,"box":{"x":70,"y":256,"width":814,"height":12}},{"id":"7c83b5aa-23f5-4e6d-a40a-f098f48c7e36","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":63,"box":{"x":70,"y":272,"width":520,"height":11}},{"id":"fa191850-b700-44a5-80c6-cfd90c35852d","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":63,"box":{"x":102,"y":294,"width":273,"height":11}},{"id":"20340980-d443-471d-bc04-6d5c19f717de","block_type":"box","text":"Cer tain Funds may enter into OTC derivatives in the form of interest rate","page_number":63,"box":{"x":381,"y":294,"width":515,"height":11}},{"id":"dfc1facf-b5a7-47db-8fc1-0e362d16aa66","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":63,"box":{"x":69,"y":309,"width":755,"height":11}},{"id":"6a5a8610-7f73-4dca-a22c-5e049e2d803e","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":63,"box":{"x":68,"y":324,"width":788,"height":12}},{"id":"88399f89-ada1-4d6b-ae4b-17902ab37355","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":63,"box":{"x":69,"y":339,"width":768,"height":12}},{"id":"144b1f8c-d33a-43c8-8728-65814659f0ab","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":63,"box":{"x":70,"y":355,"width":461,"height":11}},{"id":"cabacc27-776b-4c14-99e4-9ba61eff6e54","block_type":"box","text":"Dodd-Frank requires that cer tain interest rate swaps be executed in regulated markets and submitted for","page_number":63,"box":{"x":102,"y":377,"width":748,"height":12}},{"id":"c8d061da-87e3-481e-931c-5086b143e3c3","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":63,"box":{"x":69,"y":392,"width":799,"height":12}},{"id":"c94cfee1-06c1-43ff-971d-e5a2da773c3b","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":63,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"383f9a19-1ca1-4125-9579-7d3f9b3e1f6b","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":63,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"22be3c65-4253-47e9-9cf1-a3522582ef8c","block_type":"box","text":"cleared interest rate swaps.","page_number":63,"box":{"x":69,"y":438,"width":198,"height":11}},{"id":"31ccba98-3c44-4576-be6f-7962bd14225e","block_type":"box","text":"The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared interest rate","page_number":63,"box":{"x":101,"y":460,"width":766,"height":12}},{"id":"50133e95-951f-4952-8af3-c8ab78062282","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":63,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"787f1ef2-7e32-462d-89a5-adaac42fd321","block_type":"box","text":"transactions are swap dealers and other creditwor thy entities that have substantial capital or that have provided the","page_number":63,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"7318c11c-4782-4875-91f5-6b65a9342f43","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":63,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"ef5a4f32-1fbb-4bde-bcdc-d054c78080d6","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":63,"box":{"x":70,"y":521,"width":824,"height":11}},{"id":"15bcfec3-d957-4f56-a63f-8fa53493dc36","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":63,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"23f7d528-dd25-4153-8844-7033e740a733","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":63,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"9feb29af-9b52-40cb-90f9-2d6622274bda","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":63,"box":{"x":70,"y":566,"width":480,"height":11}},{"id":"c23234f7-b88d-4b21-98c0-1862a307d811","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":63,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"9c64f186-5d73-4c7e-b9b9-b46557114441","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":63,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"2fd8da90-dc80-4654-9a74-3d21127cce86","block_type":"box","text":"or variable interest rate, index or asset.","page_number":63,"box":{"x":69,"y":619,"width":280,"height":11}},{"id":"415c1b3e-dbb3-4310-85bd-ec5b6bc9594b","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":63,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"fa4f403c-2cc0-422a-95d6-5462ab9e9419","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":63,"box":{"x":70,"y":657,"width":805,"height":11}},{"id":"524a793e-4edb-4a19-994c-dde3ebbdab27","block_type":"box","text":"such interest rate floor.","page_number":63,"box":{"x":69,"y":672,"width":165,"height":9}},{"id":"bf32fac0-72ac-4046-8080-61cb80bef1eb","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":63,"box":{"x":101,"y":695,"width":780,"height":11}},{"id":"be5cc5a4-e788-4c0b-a369-59df1e21766f","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":63,"box":{"x":70,"y":710,"width":805,"height":11}},{"id":"e365fb41-04c4-4b88-bae7-9c7677b2408d","block_type":"box","text":"such interest rate cap.","page_number":63,"box":{"x":69,"y":725,"width":159,"height":11}},{"id":"9a752428-84f1-4270-b30d-624fd86aa675","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another par ty their respective","page_number":63,"box":{"x":101,"y":748,"width":729,"height":11}},{"id":"804cab72-0982-4d6c-982d-b1465cea47b2","block_type":"box","text":"commitments to pay or receive interest,","page_number":63,"box":{"x":69,"y":763,"width":282,"height":11}},{"id":"7f4ebe65-d323-4b6d-b146-ff987a89e1df","block_type":"box","text":"e.g.","page_number":63,"box":{"x":359,"y":764,"width":24,"height":10}},{"id":"380dbc19-56cd-4e13-9ecf-395a548a677a","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":63,"box":{"x":386,"y":763,"width":482,"height":11}},{"id":"ab35ce26-4429-42f3-bc8f-a4f899522696","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":63,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"7756c347-4e4a-45a3-a91b-678009ea9a63","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":63,"box":{"x":69,"y":793,"width":823,"height":11}},{"id":"b538d477-c858-42ba-94a0-7a2d693ebfd9","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":63,"box":{"x":68,"y":808,"width":832,"height":11}},{"id":"3f79062b-22ae-42c2-9141-01743a7e2a2c","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":63,"box":{"x":69,"y":823,"width":807,"height":12}},{"id":"4e5ddc19-bbc4-45c5-9230-9c630c14e86a","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":63,"box":{"x":69,"y":839,"width":836,"height":11}},{"id":"7dbe58cf-2c86-4c97-a34f-56f1776f820e","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":63,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"4a16f560-8e10-4479-8031-65ba5cf5f645","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":63,"box":{"x":69,"y":869,"width":840,"height":11}},{"id":"b4d159ae-9360-4b0e-96a3-a3f16cd11c79","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":63,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"65ff9d61-9f54-4313-95c3-51eaf1a87b2e","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":63,"box":{"x":68,"y":899,"width":646,"height":11}},{"id":"5e6dd289-489c-438e-8a4f-e561d34877b8","block_type":"box","text":"II-19","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e9d1bc4b-ced8-45d3-92f0-a0024bc61b48","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8d31b879-a16b-4e63-ae3e-2cf580a04a3b","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":64,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"e79dc6fb-b949-4701-88d9-3cc3158cff3a","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":64,"box":{"x":70,"y":60,"width":490,"height":11}},{"id":"2a54b0c5-9687-4ca5-b246-ce227003e7a8","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":64,"box":{"x":102,"y":82,"width":791,"height":12}},{"id":"3b18ba85-4931-4cc8-8c23-a8c17f5cac04","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":64,"box":{"x":69,"y":98,"width":454,"height":9}},{"id":"80a3f673-d226-4237-b590-5213e4286dd8","block_type":"box","text":"Total Return Swaps.","page_number":64,"box":{"x":103,"y":120,"width":139,"height":11}},{"id":"aa07d61a-843d-481c-b757-7b24e1f13ab0","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":64,"box":{"x":249,"y":120,"width":634,"height":12}},{"id":"6408c83e-4c84-4f58-b904-174f3a01044a","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":64,"box":{"x":68,"y":135,"width":838,"height":12}},{"id":"ee3b4ceb-f39c-42c0-8168-7613562f9627","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":64,"box":{"x":69,"y":150,"width":764,"height":12}},{"id":"e95a130e-0d4d-4bea-8df1-62e3fbd62135","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":64,"box":{"x":69,"y":166,"width":791,"height":11}},{"id":"fb802331-46d1-4ac4-82f5-a114fe19cf33","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":64,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"0b929dff-0a80-45c4-b8ab-e5b3cb968897","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":64,"box":{"x":68,"y":196,"width":838,"height":11}},{"id":"ac15b197-d83f-4cef-bae8-1738214767a4","block_type":"box","text":"“contracts for difference.”","page_number":64,"box":{"x":70,"y":211,"width":184,"height":9}},{"id":"22003e8d-61ba-48cc-814b-5b2639e67f92","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":64,"box":{"x":101,"y":234,"width":770,"height":11}},{"id":"5676e364-f222-42ad-b731-49edfe60871c","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":64,"box":{"x":69,"y":249,"width":780,"height":11}},{"id":"13c31daa-5fc4-422a-8e08-c022893577b4","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":64,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"ba6285cd-b737-4404-bcfb-f36a25635041","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":64,"box":{"x":69,"y":279,"width":816,"height":11}},{"id":"c1d1d150-9784-4697-9156-164da80010ad","block_type":"box","text":"the notional amount of the swap.","page_number":64,"box":{"x":68,"y":294,"width":235,"height":11}},{"id":"0fa928c9-a847-468b-b141-8d61a7ffc977","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":64,"box":{"x":101,"y":317,"width":746,"height":11}},{"id":"7db9f42e-fa59-42b5-8834-4b6f43e8930f","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":64,"box":{"x":69,"y":332,"width":433,"height":11}},{"id":"d0dd14a0-a637-4239-a319-3834801d291e","block_type":"box","text":"Options.","page_number":64,"box":{"x":102,"y":355,"width":57,"height":11}},{"id":"8e5c3178-667f-456d-be8b-4252e07d372a","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":64,"box":{"x":102,"y":377,"width":319,"height":11}},{"id":"c95dd21f-1911-492d-94e9-809c0965c615","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":64,"box":{"x":427,"y":377,"width":418,"height":12}},{"id":"faac7edf-c0c7-4165-9ca5-0e4e20895975","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":64,"box":{"x":69,"y":392,"width":838,"height":11}},{"id":"e37e29ba-5bf8-4067-9abd-ffaf82269476","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":64,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"0e675e9e-b5f8-441b-8020-bcd586be735f","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":64,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"d96985d3-6274-4fd3-89ec-f647e7cd683c","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":64,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"1c44099c-4eef-4175-8142-98f6d40ab2a6","block_type":"box","text":"par ties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":64,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"60254c91-5d12-43f7-95a1-af25f9979261","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":64,"box":{"x":69,"y":468,"width":822,"height":11}},{"id":"675f9d56-aa96-4306-9daf-cbb736c5ee26","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":64,"box":{"x":69,"y":483,"width":366,"height":11}},{"id":"5ecc83ce-8088-4e7a-b45c-31896f8813e5","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":64,"box":{"x":101,"y":506,"width":743,"height":11}},{"id":"20e2d645-46be-4ccf-93a6-db988dc3785a","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":64,"box":{"x":70,"y":521,"width":804,"height":11}},{"id":"49537385-1736-45f8-91da-aaa9f26bf6f8","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":64,"box":{"x":69,"y":536,"width":827,"height":11}},{"id":"b4d524cb-c07f-4514-af9f-7a79d3d8bcdf","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":64,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"2bac0876-e67f-42b5-bdeb-e978fecfce59","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":64,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"507f2302-2da4-4a1b-a134-cca5738964ab","block_type":"box","text":"OTC markets.","page_number":64,"box":{"x":69,"y":581,"width":95,"height":9}},{"id":"0f0fc129-c39a-4a95-afb8-0a3d7ca5a304","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":64,"box":{"x":101,"y":604,"width":806,"height":11}},{"id":"fbb79d45-6918-4ec1-9ba1-ba03760df271","block_type":"box","text":"significant differences between the securities and options markets that could result in an imper fect correlation","page_number":64,"box":{"x":69,"y":619,"width":791,"height":11}},{"id":"814b9857-b87d-452a-a5b7-841e58bbe72d","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":64,"box":{"x":69,"y":634,"width":801,"height":12}},{"id":"7a60d0ed-793a-49be-935a-9d8e12a29084","block_type":"box","text":"par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":64,"box":{"x":70,"y":649,"width":831,"height":12}},{"id":"f9358c79-2d64-49ca-b0ed-463fb7cd8056","block_type":"box","text":"which include the following: there may be insufficient trading interest in cer tain options; restrictions may be imposed","page_number":64,"box":{"x":68,"y":664,"width":833,"height":12}},{"id":"ad246bc8-769b-4ed9-8cec-f75cf26d4d71","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":64,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"bca80a44-fde6-4ad7-8567-380770070771","block_type":"box","text":"restrictions may be imposed with respect to par ticular classes or series of options or underlying securities; unusual","page_number":64,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"44bfd4ab-8d72-403a-b240-8a10ae44a967","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":64,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"a2c62023-5eb3-49ce-bf46-02d987f629a1","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":64,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"e37821ea-7558-463d-ba1c-6e213b8f11e1","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":64,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"59542ba4-1179-44c1-afae-fcaf7be2f768","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":64,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"7200717d-91ed-47b8-baff-dd1bddf6a885","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":64,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"93d59627-cf83-4dad-8949-52331c6220f9","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":64,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"79553c3b-66ba-4d3b-aa21-ae27daa171c7","block_type":"box","text":"terms.","page_number":64,"box":{"x":68,"y":801,"width":45,"height":9}},{"id":"ea1458b4-9c70-4307-8f23-15500664adc0","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":64,"box":{"x":102,"y":823,"width":801,"height":12}},{"id":"7d3051e2-d208-43f0-bbfe-793d2193a997","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":64,"box":{"x":69,"y":839,"width":826,"height":11}},{"id":"a16c606c-8bfd-49dc-8a11-215994cdc1b1","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":64,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"d0146542-df1f-4979-86aa-7815bb737f08","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":64,"box":{"x":69,"y":869,"width":762,"height":11}},{"id":"e51ae0d8-7645-4a63-8cb3-596eca820c8b","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":64,"box":{"x":69,"y":884,"width":798,"height":11}},{"id":"327d0cd1-9487-4a02-acbc-23a65bb6213a","block_type":"box","text":"II-20","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0e974562-f356-447d-aa1c-d7adaeb8ed77","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ec2a4750-ebb8-4b93-b2dd-7f28133eefb6","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":65,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"9d2c9e2f-d69e-4191-8c8b-27055f94ba96","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":65,"box":{"x":69,"y":60,"width":491,"height":11}},{"id":"f6cd04f1-502d-4362-ae2e-cd6d7c6cfcd2","block_type":"box","text":"Call Options.","page_number":65,"box":{"x":102,"y":83,"width":89,"height":10}},{"id":"72f11e57-b772-4eed-80ec-7bffeb55450e","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":65,"box":{"x":197,"y":82,"width":694,"height":12}},{"id":"6c8787cb-b193-46ca-b330-d3552f01c9fe","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":65,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"3417ff1c-3df0-408d-a617-708887bab9f6","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":65,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"57109730-987c-4e41-88fe-d9ec3bf6c827","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":65,"box":{"x":70,"y":128,"width":795,"height":11}},{"id":"f58bd73a-b245-4331-863f-a3ac31b7d2ce","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":65,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"d49935c0-10f1-4470-86ce-effa3140591e","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":65,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"6a1b60f0-4d65-4414-aae4-d9ce57d72e53","block_type":"box","text":"of the option.","page_number":65,"box":{"x":69,"y":173,"width":93,"height":11}},{"id":"ad311203-1ef7-4081-9e9d-51e116e10fa4","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":65,"box":{"x":101,"y":196,"width":794,"height":11}},{"id":"ca3bff23-6376-4f2f-b90a-861c288ec746","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":65,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"931f30e0-3561-4da0-afc3-5f38fda8fe2a","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":65,"box":{"x":69,"y":226,"width":839,"height":11}},{"id":"2fa34761-f796-499c-9d95-05806952ef64","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":65,"box":{"x":70,"y":241,"width":778,"height":11}},{"id":"ac5f0d3b-115b-4dda-aa31-eebcb17a4bfc","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":65,"box":{"x":70,"y":256,"width":711,"height":12}},{"id":"41dd37c2-0857-4383-9d66-72655de4b834","block_type":"box","text":"A Fund may write (","page_number":65,"box":{"x":101,"y":279,"width":130,"height":11}},{"id":"fcdb343a-11f1-4395-969f-aba600fd17d4","block_type":"box","text":"i.e.","page_number":65,"box":{"x":233,"y":279,"width":20,"height":9}},{"id":"5e806cf2-d269-42ba-a27b-320601bf512c","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":65,"box":{"x":256,"y":279,"width":627,"height":11}},{"id":"80fd27e5-f9be-4760-bb00-a684600a6996","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":65,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"5bdad2bb-15a6-4328-bdc5-26de5b57a1cd","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":65,"box":{"x":68,"y":309,"width":827,"height":11}},{"id":"8d95e4d8-724f-4676-8ab0-df099e639d97","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":65,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"d2b72060-8d7e-4d5c-b4ea-5b7a0564ab80","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":65,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"9702751f-9023-40fa-ba49-2a8dedbbe11b","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":65,"box":{"x":70,"y":355,"width":823,"height":11}},{"id":"b52fcb7a-39dc-4c11-adfb-e33df157f07b","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":65,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"33877cd7-9099-45af-973e-62b4db32b854","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":65,"box":{"x":69,"y":385,"width":800,"height":11}},{"id":"6b90e4dd-627e-4171-9d2b-2c340f632ce8","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":65,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"bc59d863-3d0a-4048-bcb2-51a286a372b2","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":65,"box":{"x":70,"y":415,"width":826,"height":11}},{"id":"0d5d64da-463d-43e0-aad1-83901ff78cad","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":65,"box":{"x":69,"y":430,"width":760,"height":11}},{"id":"0afb09ab-0b45-46bb-a28d-6937ca081add","block_type":"box","text":"A Fund may write","page_number":65,"box":{"x":101,"y":453,"width":120,"height":11}},{"id":"b42f7f70-c134-46d6-948a-697b1f07a7ac","block_type":"box","text":"(i.e.","page_number":65,"box":{"x":228,"y":453,"width":25,"height":11}},{"id":"36bceaf1-13e9-49e4-b202-2b263efc5376","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":65,"box":{"x":256,"y":453,"width":628,"height":11}},{"id":"d5bb37d8-25ed-4734-9183-0d166f89e853","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":65,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"a506af47-9446-49fe-85e7-90435de0c3c3","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":65,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"a796547c-7832-4893-99ad-3103f337ef95","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":65,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"5b3670ce-165c-4349-96ca-d13297e5bed6","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":65,"box":{"x":69,"y":513,"width":818,"height":11}},{"id":"ba26b285-1b93-43e3-9421-41fba44a0969","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":65,"box":{"x":70,"y":528,"width":806,"height":12}},{"id":"6709c825-a583-437b-bd07-058efb562b1f","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":65,"box":{"x":69,"y":544,"width":839,"height":11}},{"id":"c9ce529f-6750-49ad-a3de-9a862e186a59","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":65,"box":{"x":68,"y":559,"width":793,"height":11}},{"id":"de887ba7-aa59-4f69-bd53-e475dfaed56a","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":65,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"fa3e2b04-4de9-4112-b3b5-4d9e4d095c72","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":65,"box":{"x":68,"y":589,"width":818,"height":11}},{"id":"f076eb9e-ce7a-48c5-bdb6-8a9aad719d41","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":65,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"10cde57c-0ab5-4ea4-9a93-e767553926bb","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":65,"box":{"x":69,"y":619,"width":326,"height":11}},{"id":"0fa44805-8bdd-4635-91db-f9baf7cd475e","block_type":"box","text":"Put Options.","page_number":65,"box":{"x":102,"y":642,"width":85,"height":11}},{"id":"6d0e7fb4-ef21-4a83-9690-e81b2b096e7d","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":65,"box":{"x":194,"y":642,"width":712,"height":11}},{"id":"ab176cd2-79c1-401c-a931-e92d4a815feb","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":65,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"e16fc565-6712-4acd-ad21-a686413ee8f5","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":65,"box":{"x":69,"y":672,"width":816,"height":11}},{"id":"30ed7fab-6247-4495-98c1-471eee8f404e","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":65,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"a8bc745c-5caf-4a2a-8043-f3587cae0a7f","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":65,"box":{"x":70,"y":702,"width":826,"height":11}},{"id":"d86a8723-cdae-4a89-bb3f-cf8e03affedf","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":65,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"43211171-d932-445d-814b-a7226d3c6a1b","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":65,"box":{"x":68,"y":732,"width":839,"height":11}},{"id":"a8567eaf-e478-4761-bfae-61629fd7d876","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":65,"box":{"x":68,"y":748,"width":841,"height":11}},{"id":"203d1b80-0148-4756-8156-6522764a9bdf","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":65,"box":{"x":69,"y":763,"width":785,"height":11}},{"id":"da596a54-a3f0-4e49-b3b5-7f60c61fb1ac","block_type":"box","text":"purchase uncovered put options.","page_number":65,"box":{"x":70,"y":778,"width":231,"height":11}},{"id":"bda44f5b-ca3e-4726-b1a6-aa17129288af","block_type":"box","text":"A Fund also may write (","page_number":65,"box":{"x":101,"y":801,"width":165,"height":11}},{"id":"85032d61-09e5-4626-bf52-89dd2f39832d","block_type":"box","text":"i.e.","page_number":65,"box":{"x":268,"y":801,"width":20,"height":9}},{"id":"45733537-f184-420d-a777-92d8bed01263","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":65,"box":{"x":291,"y":801,"width":591,"height":11}},{"id":"473bba5e-ee79-4568-bf54-ca13c2cbc24a","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":65,"box":{"x":70,"y":816,"width":675,"height":11}},{"id":"5d68c646-d255-4185-bd85-0a672cb5a1fb","block_type":"box","text":"A Fund also may write (","page_number":65,"box":{"x":101,"y":839,"width":165,"height":10}},{"id":"befc84b3-6a99-41b5-9c4e-b4cd2f714c39","block_type":"box","text":"i.e.","page_number":65,"box":{"x":268,"y":839,"width":20,"height":8}},{"id":"6e1705f4-5f66-4178-8f38-14317fb8f954","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":65,"box":{"x":291,"y":839,"width":593,"height":10}},{"id":"a4adf98b-d02f-481a-9a1e-ccca9932d792","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":65,"box":{"x":68,"y":854,"width":789,"height":11}},{"id":"63401a96-e663-48cc-a82d-c47c29043276","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":65,"box":{"x":69,"y":869,"width":773,"height":11}},{"id":"8c7c9dad-d156-414d-b503-7fd36f9ffaf2","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":65,"box":{"x":69,"y":884,"width":807,"height":11}},{"id":"3cb9a43f-0438-460b-92e5-fe52de2fff22","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":65,"box":{"x":69,"y":899,"width":835,"height":11}},{"id":"b7db5552-5d08-415c-ac9e-88cb4621bb59","block_type":"box","text":"II-21","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3f9b9ed8-c42e-4d1f-97b1-293cb94245bb","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2e022912-fb31-4e32-b7df-2aa9c5db5b93","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":66,"box":{"x":68,"y":45,"width":818,"height":11}},{"id":"b22e4f0f-a8f9-49e9-8882-8080e3a5afaa","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":66,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"9fafbc26-895c-4548-b1da-fc08cb21a9f5","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":66,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"e9164c9d-dd10-48b2-87a8-fbbf7706376e","block_type":"box","text":"the exercise price.","page_number":66,"box":{"x":68,"y":90,"width":130,"height":11}},{"id":"a84065a3-d954-46ea-94bd-e9f2205d7153","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":66,"box":{"x":102,"y":113,"width":556,"height":11}},{"id":"f4a4e6d2-5e26-4268-b0b1-e089640a842b","block_type":"box","text":"The following information relates","page_number":66,"box":{"x":664,"y":113,"width":232,"height":11}},{"id":"fb338d74-cc97-4cd8-be95-76c5ecfef295","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":66,"box":{"x":68,"y":128,"width":784,"height":11}},{"id":"e09aa063-48d4-4cb9-80e0-ce1de05311e6","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":66,"box":{"x":69,"y":143,"width":840,"height":11}},{"id":"50da5a67-9f47-45d5-8601-650d6ca2fbd5","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":66,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"042f5401-cafc-454e-8bc0-e42c5664f3a9","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":66,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"fce04218-6d4c-410c-b30c-2124cd78fa8f","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":66,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"1ac65ae7-c308-4980-9ea3-2cfb504d6cf3","block_type":"box","text":"market in order to maintain its “cover.”","page_number":66,"box":{"x":69,"y":204,"width":277,"height":8}},{"id":"d2bf7774-4a0d-4d35-8ea2-d52aa86862fb","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":66,"box":{"x":101,"y":226,"width":807,"height":11}},{"id":"55378068-3261-4c4e-9b2e-dd85ab4a2e5b","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":66,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"f77f9b59-db99-43d9-be79-3bd34cdc1ce2","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":66,"box":{"x":69,"y":256,"width":821,"height":12}},{"id":"b3c1acca-9daf-43a1-af97-2255aea508fa","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":66,"box":{"x":68,"y":271,"width":784,"height":12}},{"id":"72499788-a0a3-47e5-874b-dbc85a5f16b8","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":66,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"d7e864ec-edea-4099-aedb-5cbfe80e22f3","block_type":"box","text":"and incur transaction costs.","page_number":66,"box":{"x":69,"y":302,"width":197,"height":9}},{"id":"840cc91f-a234-465f-818d-fffca800aade","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":66,"box":{"x":102,"y":324,"width":235,"height":11}},{"id":"3a6df8a0-a4ec-4c28-ad0c-a10e9b408fae","block_type":"box","text":"A swaption gives a counterpar ty the option (but not the obligation) to enter into","page_number":66,"box":{"x":343,"y":325,"width":563,"height":11}},{"id":"5b664ee5-27b4-42d6-a035-3e8c79edb7ad","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":66,"box":{"x":69,"y":339,"width":763,"height":12}},{"id":"cca67646-d2b3-41ac-b6be-e18f95c48bfa","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":66,"box":{"x":69,"y":355,"width":439,"height":11}},{"id":"4de632c3-f376-4a44-9743-befc91cb3d36","block_type":"box","text":"i.e.","page_number":66,"box":{"x":510,"y":355,"width":20,"height":9}},{"id":"9af0f81d-8df2-4c19-8d0c-56af2cd06032","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":66,"box":{"x":533,"y":355,"width":309,"height":11}},{"id":"3a2af0d5-bdf2-4643-82e7-6b45152edde6","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":66,"box":{"x":70,"y":370,"width":826,"height":11}},{"id":"bb57d2a0-e700-43d1-b8c6-ee16601b025e","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":66,"box":{"x":70,"y":385,"width":793,"height":11}},{"id":"89649794-5e7d-4192-91c0-52c2b8e47728","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":66,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"b02fb6fb-9454-4643-bbc8-7a2b70fefc12","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":66,"box":{"x":68,"y":415,"width":836,"height":11}},{"id":"45474e30-cdab-4728-891d-c01d149d7c4a","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Cer tain swaptions are permitted, although not","page_number":66,"box":{"x":68,"y":430,"width":832,"height":11}},{"id":"d5278634-5357-4b39-810d-4301efcb0b59","block_type":"box","text":"required, to be cleared.","page_number":66,"box":{"x":69,"y":446,"width":165,"height":10}},{"id":"c263f5ac-715b-41f6-baed-f91ece00c802","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":66,"box":{"x":101,"y":468,"width":760,"height":11}},{"id":"5fb95526-c679-4219-9c16-f4f080c64d99","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":66,"box":{"x":70,"y":483,"width":830,"height":11}},{"id":"6df55fc0-823e-4e25-a424-6b95bf25cee3","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":66,"box":{"x":69,"y":498,"width":706,"height":11}},{"id":"1c285c61-d123-4ee7-b721-0ed2834856e2","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":66,"box":{"x":102,"y":521,"width":805,"height":11}},{"id":"baf51cb5-b499-43ef-bef9-8606a70ca131","block_type":"box","text":"Derivatives” above.","page_number":66,"box":{"x":70,"y":536,"width":135,"height":9}},{"id":"6663847e-4794-48a6-b8cd-526d7a8db062","block_type":"box","text":"FLEX Options.","page_number":66,"box":{"x":102,"y":559,"width":96,"height":11}},{"id":"53c3aaac-e084-4125-91fa-4700360c3b01","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":66,"box":{"x":206,"y":559,"width":702,"height":11}},{"id":"3c4eef93-0abc-42ab-a3ea-7ed11a8dc0e1","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":66,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"dad8e7ca-19af-45b3-b7ed-f2d8a19be561","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":66,"box":{"x":69,"y":589,"width":818,"height":11}},{"id":"1b367682-907b-436c-8de4-a5aec8202666","block_type":"box","text":"exercise prices, exercise styles (","page_number":66,"box":{"x":69,"y":604,"width":231,"height":11}},{"id":"4a62bd0d-eabe-4f09-928e-0a6e182890cd","block_type":"box","text":"i.e.","page_number":66,"box":{"x":302,"y":604,"width":20,"height":9}},{"id":"3163df26-6a00-4f71-a58d-3f44e6fde8ae","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":66,"box":{"x":325,"y":604,"width":561,"height":11}},{"id":"20ea1932-423e-4328-87ef-4e53c1d85d64","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":66,"box":{"x":69,"y":619,"width":768,"height":11}},{"id":"d07dad4a-3580-4840-b1a2-8cd9c87eb6b6","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterpar ty exposure of OTC options positions. Each","page_number":66,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"1a0a41f7-5963-4dd1-b0e8-2cb7e03030f8","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":66,"box":{"x":69,"y":649,"width":830,"height":11}},{"id":"a4902274-78d7-49aa-aa4f-6ca18aed2769","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":66,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"73b53fad-9e5b-44f8-b284-dce6dd4cc598","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":66,"box":{"x":70,"y":680,"width":802,"height":11}},{"id":"85e608dc-267c-4bd1-8758-391e44706cbd","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":66,"box":{"x":69,"y":695,"width":806,"height":11}},{"id":"3baacac3-a97a-49db-95d1-e257b47d55ba","block_type":"box","text":"FLEX Option’s expiration date.","page_number":66,"box":{"x":70,"y":710,"width":211,"height":11}},{"id":"0fae2c4b-b333-4ec5-b6c0-9d7a455e7e8e","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":66,"box":{"x":101,"y":732,"width":783,"height":12}},{"id":"c33b899b-c729-4394-a0d4-e38685782475","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterpar ty risk for clearing members and options traders.","page_number":66,"box":{"x":69,"y":748,"width":802,"height":11}},{"id":"9bfe0181-b1fe-44d2-91dd-2be502c8837d","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":66,"box":{"x":68,"y":763,"width":826,"height":11}},{"id":"00ca2270-35a4-435e-ace5-322a65e00f95","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":66,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"3c3defa4-4502-444d-95bb-215a51b0afbd","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":66,"box":{"x":69,"y":793,"width":822,"height":11}},{"id":"e198c6ed-68bc-4e15-9726-1a53d989998b","block_type":"box","text":"FLEX Options contracts.","page_number":66,"box":{"x":70,"y":808,"width":166,"height":11}},{"id":"d69a6071-d2c8-46d2-b864-f9c77d681fa7","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":66,"box":{"x":102,"y":831,"width":748,"height":11}},{"id":"a207d839-661b-445b-bc2f-503b19b7696e","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":66,"box":{"x":69,"y":846,"width":822,"height":11}},{"id":"4c7e6721-0d7f-4c43-b1dc-fc5ba1a6f1b5","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":66,"box":{"x":69,"y":861,"width":759,"height":11}},{"id":"de720827-5fab-4bea-b5ed-b51f92af1891","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":66,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"38335fd3-cd64-4017-927b-57309bb92dde","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":66,"box":{"x":70,"y":891,"width":829,"height":12}},{"id":"3217685f-1c81-4e93-b36b-748bf5e42193","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":66,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"423a67cb-2e87-4446-9ee9-057107a7798e","block_type":"box","text":"II-22","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f96d0f61-f941-49f1-8b05-004cecc4ae4b","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"81e411ed-a2fc-4787-a760-414b10902e59","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":67,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"48535251-c5e8-4565-b04b-41f2f90645b1","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":67,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"74b3dc1f-a2b8-430b-8121-b05d9116d0ef","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":67,"box":{"x":68,"y":75,"width":753,"height":11}},{"id":"55d7e174-5642-47cb-b8de-db0f9917f60b","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":67,"box":{"x":70,"y":90,"width":806,"height":11}},{"id":"cc9218b5-183a-4e31-a420-b2a4bed4d9ca","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":67,"box":{"x":69,"y":105,"width":593,"height":11}},{"id":"058578d8-fd19-4e52-946c-67593aaaf6fd","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":67,"box":{"x":135,"y":128,"width":298,"height":11}},{"id":"55796da3-1f00-45ca-a9f1-8f48bc421cb0","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":67,"box":{"x":435,"y":128,"width":461,"height":11}},{"id":"052d7c3a-303f-4c05-a13f-bf273ffa45ca","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":67,"box":{"x":102,"y":143,"width":768,"height":11}},{"id":"a4e57430-7785-4f14-bc83-7ee22f0df200","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":67,"box":{"x":102,"y":158,"width":775,"height":11}},{"id":"8c7777ab-146f-47cd-aa08-dacc3c9a4ba1","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":67,"box":{"x":102,"y":173,"width":777,"height":11}},{"id":"f43e50de-5a5d-4de9-bb1e-2603cc8bb3a4","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":67,"box":{"x":102,"y":188,"width":799,"height":12}},{"id":"8065bf6e-da59-402f-bcf1-018599a531f5","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":67,"box":{"x":102,"y":203,"width":777,"height":12}},{"id":"8179b54c-1fd5-4517-98e1-e55fc94dc6fa","block_type":"box","text":"expire unexercised have no value.","page_number":67,"box":{"x":101,"y":219,"width":240,"height":10}},{"id":"8513cd3d-b9fd-4250-95d0-2c073bca8eba","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":67,"box":{"x":134,"y":241,"width":747,"height":11}},{"id":"aef29327-fc09-4322-afaa-2fb2081f7011","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":67,"box":{"x":101,"y":256,"width":792,"height":11}},{"id":"1ed06e40-76a0-430a-b3e8-7db8c8d11145","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":67,"box":{"x":101,"y":271,"width":786,"height":12}},{"id":"1958d062-d74c-4485-995c-6dba164bea66","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":67,"box":{"x":101,"y":286,"width":798,"height":12}},{"id":"252ffa90-e88c-429e-99ec-44d31489e473","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":67,"box":{"x":102,"y":302,"width":802,"height":11}},{"id":"0a71261f-06b7-4c9b-baae-5eecc75ee86a","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":67,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"284bec41-ac1f-4b53-941b-961ed31676ec","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":67,"box":{"x":102,"y":332,"width":774,"height":11}},{"id":"d56c6308-833e-477a-96a5-77e489fa2c75","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":67,"box":{"x":102,"y":347,"width":793,"height":11}},{"id":"4fddf3fe-f475-47b8-83cb-276a5bb4ad74","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":67,"box":{"x":102,"y":362,"width":764,"height":11}},{"id":"39db0ea8-c683-40d8-8ebd-b14c732f268a","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":67,"box":{"x":102,"y":377,"width":430,"height":12}},{"id":"186e7900-2807-45f6-80cf-ee436212dc17","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":67,"box":{"x":134,"y":400,"width":740,"height":11}},{"id":"a72a3ff6-4984-4bd8-84d2-582dfb1252be","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":67,"box":{"x":102,"y":415,"width":787,"height":11}},{"id":"71721570-c6ec-40aa-bbfc-9a527df75c5e","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":67,"box":{"x":102,"y":430,"width":790,"height":11}},{"id":"02cb0021-3a1f-47d8-a6e2-e27297159cb6","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":67,"box":{"x":102,"y":445,"width":793,"height":12}},{"id":"c64b40a3-b1ed-4457-857e-963377fc7984","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":67,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"5c3729cf-75d2-4822-96d4-cb8ce0383090","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":67,"box":{"x":102,"y":475,"width":635,"height":12}},{"id":"f162d0bd-e680-47dd-9a19-4f45e2d4107a","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":67,"box":{"x":135,"y":498,"width":297,"height":11}},{"id":"27e93704-7308-4ce9-a616-131c34ebba35","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":67,"box":{"x":433,"y":498,"width":448,"height":11}},{"id":"43f16cf6-da53-4588-af73-f7fcaca5a43d","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":67,"box":{"x":101,"y":513,"width":777,"height":12}},{"id":"b73fb7b6-2da1-44b2-b33a-f71844db6163","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":67,"box":{"x":101,"y":528,"width":753,"height":12}},{"id":"517467ce-68bc-4b22-934a-ed964c63d9d4","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":67,"box":{"x":102,"y":543,"width":780,"height":12}},{"id":"0e3255b4-f21f-4a90-830b-eb62b523ad16","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":67,"box":{"x":102,"y":559,"width":387,"height":11}},{"id":"850148c5-4f91-412f-a24f-69d412679a1c","block_type":"box","text":"Foreign Exchange Transactions.","page_number":67,"box":{"x":102,"y":582,"width":222,"height":11}},{"id":"235ba9b6-af54-4840-b053-9eb141eca7c0","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":67,"box":{"x":101,"y":604,"width":807,"height":11}},{"id":"69d93675-b22c-42f9-94f6-626b71dae1e6","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":67,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"d820069f-2fd7-4abe-a0d4-0d8eb79616bf","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":67,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"f1123c47-c146-4fc2-9a2e-e293b75d741d","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":67,"box":{"x":69,"y":649,"width":792,"height":12}},{"id":"1d4754c4-ca35-4bc8-87e0-9f0a7bd174a3","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":67,"box":{"x":102,"y":672,"width":790,"height":11}},{"id":"b91879c0-a10a-4625-836b-12b10fce8fa0","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":67,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"dddc5fc9-397b-4b29-a02b-6bb1de220a29","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":67,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"ffa7e0bc-dab4-4add-a80b-d6139bd8b736","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":67,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"83ccfd54-054c-4dfb-867f-fd89ea9fd721","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":67,"box":{"x":68,"y":732,"width":823,"height":12}},{"id":"6f84bd17-db0a-4f1a-84fb-73d007722363","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":67,"box":{"x":68,"y":748,"width":821,"height":11}},{"id":"3fc46fa3-a35f-4ff8-9148-c7469cd93381","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":67,"box":{"x":70,"y":763,"width":813,"height":11}},{"id":"e0de1bcd-0c1d-4881-a588-8b3802d0e1f3","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":67,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"704f34fa-5eda-4914-a8d2-2a9abe073f73","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":67,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"30da9730-4f04-4107-ba24-18261447f095","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":67,"box":{"x":68,"y":808,"width":836,"height":11}},{"id":"7a89125c-a1ba-4af8-8004-b983e9516103","block_type":"box","text":"transactions. Cer tain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":67,"box":{"x":68,"y":823,"width":794,"height":12}},{"id":"4d0d3475-f50a-42db-bfc3-13e1aed0e392","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":67,"box":{"x":102,"y":846,"width":805,"height":11}},{"id":"23f1532c-d826-41d3-9571-7f448dec010d","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":67,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"6bfc1873-c657-4450-94cb-fff3371123e5","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":67,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"c9e44fac-4c7d-473b-91e5-bd71912d2a58","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":67,"box":{"x":70,"y":891,"width":773,"height":12}},{"id":"7be29de0-0c55-44df-a2dc-bdc348740f04","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":67,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"613365ce-5480-4ab4-9756-bb898b31be36","block_type":"box","text":"II-23","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"752c3b05-efff-433e-9b98-9a55f39865c1","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0ac6548a-4d4a-4ef6-99d3-55fd1983c7cc","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":68,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"3807c08c-afb9-4eec-8be6-be901db02380","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":68,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"e48b7b6d-b3b4-4425-87f3-6a36c4b15011","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":68,"box":{"x":70,"y":75,"width":798,"height":11}},{"id":"cb97df4a-14a1-4884-822d-ffe0c2bb16cd","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":68,"box":{"x":69,"y":90,"width":493,"height":11}},{"id":"6e0945c9-b853-409f-9da1-00b3c99d3f88","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":68,"box":{"x":102,"y":113,"width":738,"height":11}},{"id":"93fcf486-d2e1-44b4-bb2a-f684bf24ed16","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":68,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"23fe39f1-1641-4fe0-b2be-02a8db481667","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":68,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"494f1c49-43e1-4aef-8ba9-00da38426687","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":68,"box":{"x":69,"y":158,"width":834,"height":11}},{"id":"f9896764-bcd8-4b6b-8577-cd0b8a46e44d","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":68,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"421e9dbe-26b6-4465-bce9-827d8daf323a","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":68,"box":{"x":69,"y":188,"width":794,"height":11}},{"id":"56bc4117-25c8-429d-8da2-688884017eab","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":68,"box":{"x":69,"y":203,"width":841,"height":12}},{"id":"567f1d38-b400-4e04-a22a-7ad394357397","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":68,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"9cacbdf5-e68d-4b50-8dbd-1bf7bd3d1d0d","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":68,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"1011e378-2306-4ff0-b4b5-aa9f7c2099b7","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":68,"box":{"x":68,"y":249,"width":401,"height":11}},{"id":"79ae6aee-49b2-460e-90bc-29f2ba6d58e8","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":68,"box":{"x":102,"y":271,"width":738,"height":12}},{"id":"ee671316-da15-4f5e-afe3-ecffce42d1e6","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":68,"box":{"x":69,"y":287,"width":837,"height":11}},{"id":"061f74dd-1cbb-42ad-94e0-475e0979b1b4","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":68,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"f628e09a-f5c6-42f4-9b2c-1d4710e4d9b0","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":68,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"44861d61-bb52-480e-9064-a9872c84d9e1","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":68,"box":{"x":68,"y":332,"width":829,"height":11}},{"id":"c11e6595-2ddc-44e3-bd5a-cddefc55eafb","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":68,"box":{"x":68,"y":347,"width":753,"height":11}},{"id":"82d0b46a-30c9-4992-b019-58571d80421c","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":68,"box":{"x":68,"y":362,"width":811,"height":11}},{"id":"eb24b10f-05c0-4dc1-9fed-8b0e9dec1d1d","block_type":"box","text":"involved.","page_number":68,"box":{"x":70,"y":377,"width":59,"height":9}},{"id":"32d2d3cb-0425-4a16-b5f1-4ec13c29764d","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":68,"box":{"x":101,"y":400,"width":803,"height":11}},{"id":"e9556fe7-2880-4012-888d-03fa3210bcbb","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":68,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"04d0adbd-1ff5-42d1-b6c2-978887717db9","block_type":"box","text":"denominated in such currency.","page_number":68,"box":{"x":69,"y":430,"width":216,"height":11}},{"id":"d8fd93fb-49a6-4aa1-8fa1-ad16626e9fa2","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":68,"box":{"x":102,"y":453,"width":254,"height":11}},{"id":"9a01e856-8a2e-44f4-bba9-9883befade7e","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":68,"box":{"x":364,"y":453,"width":527,"height":11}},{"id":"3e6a84f2-816b-4552-b41a-05fcf08f7436","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":68,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"c49889c0-c02b-484c-8d52-1824fd26b6b8","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":68,"box":{"x":68,"y":483,"width":798,"height":11}},{"id":"889f346d-9bd1-4600-90da-4d7104f79dba","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":68,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"45682ccd-ecb5-4407-8732-b55e4a47e097","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":68,"box":{"x":70,"y":513,"width":830,"height":11}},{"id":"111aea3a-dff2-4ef7-9721-fd556449af27","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":68,"box":{"x":69,"y":528,"width":774,"height":12}},{"id":"3d4154d9-96b0-4431-be37-a4decff4f5ec","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":68,"box":{"x":70,"y":544,"width":828,"height":11}},{"id":"f30de4de-b7d8-43b7-8b08-7b0bc9499c98","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":68,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"60c3ce31-6327-4d98-98d1-dee5f1a99f90","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":68,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"eba142b7-6845-4e73-add3-dd596b1953d8","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":68,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"507b3a85-fa75-471f-9719-4a12f0cdb482","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":68,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"85827d31-8a6b-48b0-a8c4-9ed6a99385bc","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":68,"box":{"x":68,"y":619,"width":819,"height":11}},{"id":"f1e7a28d-0554-4b4c-8deb-34de606b221f","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":68,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"768a71df-a7c6-47ed-8014-7ac8d293ed0a","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":68,"box":{"x":69,"y":650,"width":745,"height":11}},{"id":"d287ab37-3f7d-4c6a-8e6c-6d04de843aee","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":68,"box":{"x":69,"y":664,"width":832,"height":12}},{"id":"da66cc02-e306-46c1-b799-55678c7888bc","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":68,"box":{"x":69,"y":680,"width":428,"height":11}},{"id":"70d0f3dd-54f8-4d5c-bcda-d7d7d15dc302","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":68,"box":{"x":101,"y":702,"width":797,"height":12}},{"id":"3bbf0fbc-cc03-4350-9359-720be5e50576","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":68,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"7eff2589-6132-4eee-b58e-15f7f4e2d4f9","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":68,"box":{"x":70,"y":732,"width":838,"height":12}},{"id":"2ffe06e6-ac4c-464f-83fa-5a56af08072e","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":68,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"dc188186-0b0c-4737-84bc-e789776334c8","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":68,"box":{"x":70,"y":763,"width":827,"height":11}},{"id":"dbbff564-854d-43af-8de8-8a4d6aeb5465","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":68,"box":{"x":69,"y":778,"width":838,"height":11}},{"id":"f8f56fe6-5a26-4e12-b101-28939f93a656","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":68,"box":{"x":68,"y":793,"width":798,"height":11}},{"id":"1f0187ed-e5a6-4f71-84b3-b5f31f1841d4","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":68,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"0b1303c8-a77c-4a65-bce4-f55170ed0674","block_type":"box","text":"may not be present, including during the par ticular time that a Fund is engaging in proxy hedging.","page_number":68,"box":{"x":69,"y":823,"width":691,"height":12}},{"id":"6c0a0606-732f-44aa-ab49-6433e2b09d04","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":68,"box":{"x":101,"y":846,"width":785,"height":11}},{"id":"58357ef1-f8fc-4ded-bb05-fa82155fd5fb","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":68,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"be315ebe-6a41-414e-89e3-3036b3799860","block_type":"box","text":"have por tfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":68,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"50db6525-b0bf-4c80-9dfc-2c0c5beef97e","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":68,"box":{"x":69,"y":891,"width":829,"height":12}},{"id":"242d795b-86ab-4127-8ab1-0094f2be52e8","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":68,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"134a7a10-3202-4f8d-99a3-c7e9223ceda8","block_type":"box","text":"II-24","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9e5759b6-6055-4a85-b516-d2969c1c724b","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"19beb476-be52-4b0e-83d4-f1c81ee30f25","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":69,"box":{"x":69,"y":45,"width":818,"height":11}},{"id":"a91c48b1-1055-4675-8e3b-09569d309866","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":69,"box":{"x":68,"y":60,"width":372,"height":11}},{"id":"f48c4c01-c1f8-46ff-b87d-570ea44b5178","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":69,"box":{"x":102,"y":82,"width":768,"height":12}},{"id":"305575fb-997d-4901-93c3-ed45020070a3","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":69,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"6bde7dc6-dbc4-4d63-96c0-5d4fd8d0e314","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":69,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"56c93bd2-4264-4327-96a3-a76ac9596a9d","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":69,"box":{"x":68,"y":128,"width":806,"height":11}},{"id":"7d7a4fcc-ce6a-4134-9fb8-d6691ea894a2","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":69,"box":{"x":69,"y":143,"width":839,"height":11}},{"id":"fc44f2e7-adaa-4b5c-a1b1-eb5ae7ccc68a","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":69,"box":{"x":68,"y":158,"width":812,"height":11}},{"id":"1865294d-46e7-4a38-89e3-5798ad56c5fb","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":69,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"df5b9b1b-b26b-4a7f-ad2c-0b335ed3f464","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":69,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"d520060a-f907-4fcf-9831-cc6f6b823ed3","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":69,"box":{"x":68,"y":203,"width":802,"height":12}},{"id":"b05447a8-f78c-42d3-8e8b-528835ebaca4","block_type":"box","text":"traded.","page_number":69,"box":{"x":68,"y":219,"width":49,"height":8}},{"id":"3d7adc33-3d3e-4028-9bf2-578e744765b4","block_type":"box","text":"Currency Futures.","page_number":69,"box":{"x":102,"y":241,"width":123,"height":11}},{"id":"ece0165d-ab5c-44d2-8587-f2a5e42d58f7","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":69,"box":{"x":232,"y":241,"width":654,"height":11}},{"id":"8b35ebdf-8bdb-47dc-8bfd-6ff9dbf965a4","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":69,"box":{"x":68,"y":256,"width":782,"height":12}},{"id":"6def653c-42d2-414b-ac07-981f18cccaae","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":69,"box":{"x":69,"y":271,"width":774,"height":12}},{"id":"1d568574-8f43-4651-ba8c-1c06245c2241","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":69,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"d18f3e99-aa7f-4a9c-8438-fdb0722ce214","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":69,"box":{"x":69,"y":302,"width":269,"height":9}},{"id":"73d7ed75-e20b-48fd-bce8-310220e14345","block_type":"box","text":"Currency Options.","page_number":69,"box":{"x":102,"y":324,"width":125,"height":11}},{"id":"f53ca449-d091-4302-87e2-443f82d580a9","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":69,"box":{"x":233,"y":324,"width":654,"height":12}},{"id":"9b371f46-152f-4f87-9021-b3eca5ff97f5","block_type":"box","text":"through the use of currency options. Cer tain Funds have fundamental investment restrictions that permit the","page_number":69,"box":{"x":68,"y":339,"width":776,"height":12}},{"id":"1644ad5e-62b5-47c7-84d4-6b7fb941ddd2","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":69,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"25223c89-b31a-4cd7-b7c8-8b40764d5ad3","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":69,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"9dde2f95-5f03-4cc7-b7f5-2cdc22921507","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":69,"box":{"x":68,"y":385,"width":820,"height":11}},{"id":"791be1b7-3488-4f44-840b-6c1471184108","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":69,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"ba86b1c7-60dd-4927-867b-ec50a5d34280","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":69,"box":{"x":69,"y":415,"width":790,"height":11}},{"id":"d52c1219-2fc9-4e7f-aeea-e0cf73fb904f","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":69,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"7fa3e631-89ea-44c4-9ba7-ac27cd955b9f","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":69,"box":{"x":69,"y":446,"width":826,"height":10}},{"id":"9728bb2a-b6f5-4b6a-a254-60018610909b","block_type":"box","text":"on up to 100% of the currencies in its por tfolio. See “—Options” above. Currency options involve substantial","page_number":69,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"ed6280f8-49a3-488c-841a-8752d300d74e","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":69,"box":{"x":69,"y":476,"width":483,"height":11}},{"id":"049708f1-76af-45ec-badc-5b577b4cff37","block_type":"box","text":"Currency Swaps.","page_number":69,"box":{"x":102,"y":498,"width":117,"height":11}},{"id":"80b2ef1e-479f-42a9-aa7f-be203ec612ba","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":69,"box":{"x":225,"y":498,"width":652,"height":11}},{"id":"9d2fa920-7e4b-4b18-9307-5ce114a1d060","block_type":"box","text":"hedge por tfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":69,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"544b9bed-b116-477c-b2ae-e6293cfff190","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":69,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"33538f47-a70b-4a14-b5d7-c016005b2519","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":69,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"e6f0c97d-671e-4638-b338-a9cb50b7021c","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":69,"box":{"x":69,"y":559,"width":800,"height":11}},{"id":"67594d85-a328-49e9-9697-982f7eb1b482","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":69,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"3e5360be-181d-4bcb-bb00-bdfaa1fb5fa9","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":69,"box":{"x":69,"y":589,"width":393,"height":11}},{"id":"a2f57f74-72f0-4c91-aed2-4c73b9595d40","block_type":"box","text":"Distressed Securities.","page_number":69,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"b1e268ad-148a-420f-a724-76311765567d","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":69,"box":{"x":267,"y":612,"width":633,"height":11}},{"id":"80408a28-ae26-452d-8af6-a63568be14e6","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":69,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"99a4a698-5da0-43cf-8adf-1ccf7f21c27c","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":69,"box":{"x":70,"y":642,"width":827,"height":11}},{"id":"f0c2d446-5f84-4bd3-b68c-213d1ade47b4","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":69,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"cf8195f6-b076-424b-9a8e-d79ad0b5e492","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":69,"box":{"x":69,"y":672,"width":784,"height":11}},{"id":"cf75358d-a856-446a-bc55-05adb6152c9b","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":69,"box":{"x":70,"y":687,"width":569,"height":11}},{"id":"c8878351-f0ea-47e2-9c7e-85c719f69214","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":69,"box":{"x":101,"y":710,"width":766,"height":11}},{"id":"06846d80-635f-4f7e-bedc-3fd988a6d3ac","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":69,"box":{"x":70,"y":725,"width":795,"height":11}},{"id":"da6381eb-6a0c-45af-992d-56e641dee09e","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":69,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"daa691ec-4023-4200-991b-18abe3610b24","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":69,"box":{"x":69,"y":755,"width":794,"height":11}},{"id":"a8c5c1f8-b18b-4d3c-99f5-f099bacfeb30","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":69,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"68b7d89b-5040-492a-b42d-d1851d6ab223","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":69,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"21ea4b70-5602-4e1d-872b-5e4f765c87e1","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":69,"box":{"x":69,"y":801,"width":789,"height":11}},{"id":"66bb9d1c-8519-4392-b953-1aca6fa8c060","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":69,"box":{"x":69,"y":816,"width":810,"height":11}},{"id":"bbb67030-0bfa-45b4-8129-6c27de4c83d3","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":69,"box":{"x":70,"y":831,"width":831,"height":11}},{"id":"939cd56f-2864-4c5b-9451-82bbdae2080c","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":69,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"5d98b934-a014-4c70-9358-8f75b45c438f","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":69,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"c0fac9be-893f-4a81-add6-751b5acf25a3","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":69,"box":{"x":68,"y":876,"width":834,"height":11}},{"id":"071f8a7a-620a-470f-be47-b0fdeb6f33a9","block_type":"box","text":"satisfied (","page_number":69,"box":{"x":69,"y":891,"width":70,"height":11}},{"id":"0c9f93d1-d003-40f8-b971-de296b0986e6","block_type":"box","text":"e.g.","page_number":69,"box":{"x":140,"y":893,"width":25,"height":10}},{"id":"49678844-c198-4aed-8f15-8530a0f7dfb2","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":69,"box":{"x":168,"y":891,"width":729,"height":12}},{"id":"0ada9d74-2141-47d6-9351-7851f485fba2","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":69,"box":{"x":69,"y":906,"width":807,"height":12}},{"id":"3b0619af-babf-4164-98ec-d0e0a0bbab00","block_type":"box","text":"II-25","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4ae6f23a-475f-4c71-ba68-74f1d4444be4","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"acfaf307-0b70-4f20-a148-999942a0124f","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":70,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"85688902-0195-4d92-b89a-d2a88ba608be","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":70,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"ed39abe1-2ed2-41c2-a75b-1d5f1c581369","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":70,"box":{"x":69,"y":75,"width":821,"height":11}},{"id":"f2eba20e-fb08-40f1-9ee4-af9b5b81c461","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":70,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"81bb1e31-eeed-434a-899c-5857acc71323","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":70,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"4d653d0a-e3de-49f3-9be2-ff6685bb0d83","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":70,"box":{"x":69,"y":120,"width":770,"height":12}},{"id":"48908f43-1b98-4eeb-99ef-06968113f7ca","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":70,"box":{"x":69,"y":135,"width":809,"height":12}},{"id":"c2c30fd9-6399-4c68-9352-c632750eb4e7","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":70,"box":{"x":70,"y":150,"width":839,"height":12}},{"id":"50807328-798d-4189-a5b0-cc2c06e48226","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":70,"box":{"x":70,"y":166,"width":787,"height":11}},{"id":"ebfb56b3-6eba-4ff8-a031-ffd548468689","block_type":"box","text":"affairs.","page_number":70,"box":{"x":69,"y":181,"width":49,"height":9}},{"id":"b30397d2-6ee9-4b5c-8e65-5499d084b6f9","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":70,"box":{"x":102,"y":203,"width":428,"height":11}},{"id":"a470f75d-bf75-49a3-a806-edad38f1dad2","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":70,"box":{"x":531,"y":204,"width":341,"height":11}},{"id":"b881ba1b-2fa7-4e45-ba40-5f25d5df8185","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":70,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"5fbdfb72-4987-4bf9-a3ed-ba341f5ad927","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":70,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"4f0db99e-aca5-40a4-b0ad-8e30d73319e6","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":70,"box":{"x":70,"y":249,"width":827,"height":11}},{"id":"07427db7-12f2-4429-92b1-0e7bb88604bb","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s par ticular investment","page_number":70,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"f7dd974b-e5b0-4488-a997-27db9c55d63d","block_type":"box","text":"strategies and may include consideration of third-par ty research as well as consideration of proprietary BlackRock","page_number":70,"box":{"x":69,"y":279,"width":812,"height":11}},{"id":"bbf19971-d147-42da-9899-1876da3e88ef","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":70,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"25fae938-a043-4440-8479-75eb15d0de9c","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":70,"box":{"x":70,"y":309,"width":800,"height":11}},{"id":"11abceaa-3ab6-48cb-b04f-98eca23012fb","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":70,"box":{"x":69,"y":324,"width":377,"height":12}},{"id":"23f156f3-27e8-41de-b0bf-80e77b7b8f26","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":70,"box":{"x":102,"y":347,"width":778,"height":11}},{"id":"85761353-9988-4590-bc00-bb5527ca07cc","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term per formance,","page_number":70,"box":{"x":69,"y":362,"width":800,"height":11}},{"id":"5f488073-fe29-4225-8c30-849bb5f7502c","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":70,"box":{"x":68,"y":377,"width":400,"height":12}},{"id":"5becbf64-bf42-49c6-b50c-fc92c6c42ce0","block_type":"box","text":"Equity Securities.","page_number":70,"box":{"x":102,"y":400,"width":127,"height":11}},{"id":"99440496-fe3d-4525-b856-6bdd7779d545","block_type":"box","text":"Cer tain Funds may invest in equity securities, which include common stock and, for cer tain","page_number":70,"box":{"x":235,"y":400,"width":648,"height":11}},{"id":"7a1ad367-40ec-4c73-b2a1-aee05eeaf482","block_type":"box","text":"Funds, preferred stock (including conver tible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":70,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"58ddd2c6-7795-4b4c-98f1-8ff264a3fc95","block_type":"box","text":"interests in trusts; general and limited par tnerships and limited liability companies; and depositary receipts. Stock","page_number":70,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"c1ef99f6-b833-47e3-a731-2305faa5ac3c","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":70,"box":{"x":69,"y":445,"width":819,"height":11}},{"id":"6794f755-c153-4f73-a60c-e0aa127b9953","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":70,"box":{"x":70,"y":460,"width":813,"height":12}},{"id":"356c2b98-4e8e-44c2-8e0b-cbbd5543e17b","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":70,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"71069f1d-cef3-429a-b389-243668ab7f74","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":70,"box":{"x":68,"y":491,"width":775,"height":11}},{"id":"d7143b34-21c1-48bb-bda8-3adb3000c066","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":70,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"3d3f1087-2ab2-46b5-9f89-1f3fcc02dc96","block_type":"box","text":"shor tages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":70,"box":{"x":69,"y":521,"width":837,"height":11}},{"id":"7e639be0-4c4c-42e3-8246-22d2ecbc8631","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":70,"box":{"x":69,"y":536,"width":831,"height":11}},{"id":"6689911a-06e5-4c7e-95a7-f1213fc1908f","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":70,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"969452e4-da81-4b2b-bed7-89724ba00676","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":70,"box":{"x":69,"y":566,"width":325,"height":11}},{"id":"aac96eab-9b97-4c27-845f-501801c70cb1","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":70,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"78fb2c40-d323-4162-9dbf-b9f602189565","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":70,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"32835bb8-a952-49d5-9609-3e3c46a5537a","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":70,"box":{"x":69,"y":619,"width":824,"height":11}},{"id":"9f4f0e0f-b5c8-42b8-a104-885b7289886a","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":70,"box":{"x":68,"y":634,"width":834,"height":12}},{"id":"da6d8b5f-b306-42f0-a90a-30a51de850ad","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":70,"box":{"x":70,"y":649,"width":782,"height":12}},{"id":"b63e0a57-fbe7-413f-99f8-b0318905c18f","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":70,"box":{"x":69,"y":664,"width":790,"height":12}},{"id":"93aca1d7-422d-4dee-b4c0-2b41972d9a92","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":70,"box":{"x":70,"y":680,"width":823,"height":11}},{"id":"1cf90bb5-3b2e-42fa-99e4-508af1467a64","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":70,"box":{"x":69,"y":695,"width":805,"height":11}},{"id":"34202862-7864-47ff-9c9a-b9a4d5af5721","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":70,"box":{"x":70,"y":710,"width":836,"height":11}},{"id":"ec4251b7-7cf2-427b-82a1-43373bed3a10","block_type":"box","text":"initial public offering.","page_number":70,"box":{"x":70,"y":725,"width":147,"height":11}},{"id":"d7b0332e-72db-4371-82da-29e60d7a84ba","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":70,"box":{"x":101,"y":748,"width":777,"height":11}},{"id":"310539ff-3276-47a7-9fb0-5f4cf817696a","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":70,"box":{"x":69,"y":763,"width":838,"height":11}},{"id":"834ddcfa-1fb5-4343-b8c9-60825aaa37f1","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":70,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"5479d9e0-2490-4097-93c1-147b35f6be39","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":70,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"9b4cd5e1-2191-4167-8318-6d202a7b979d","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":70,"box":{"x":70,"y":808,"width":831,"height":11}},{"id":"6c3793f4-e97d-4325-b031-0428683e9252","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":70,"box":{"x":69,"y":823,"width":826,"height":11}},{"id":"1c7c36dd-6711-4547-82f4-82b685e589f2","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":70,"box":{"x":68,"y":838,"width":810,"height":12}},{"id":"be5c3f43-819c-4e44-a296-6765be49f532","block_type":"box","text":"more established companies.","page_number":70,"box":{"x":69,"y":854,"width":209,"height":10}},{"id":"5eba07b1-6d24-4243-8073-56ea0c43eb25","block_type":"box","text":"II-26","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7c5b323b-3ab3-43f9-af53-cfb660a413ef","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"45a98346-2fe9-4c81-8996-fb3eceaf809b","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":71,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"1448d3ba-4a7d-4076-b66d-6e9c482b1000","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":71,"box":{"x":70,"y":60,"width":810,"height":11}},{"id":"a34efe7b-4529-42ac-bfa4-4b4bcfbf02a5","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":71,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"0970de6f-0578-4218-a52c-72ab7f394181","block_type":"box","text":"below.","page_number":71,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"ce44c91e-413f-4c9f-84db-b58b5b8a49f0","block_type":"box","text":"Real Estate-Related Securities.","page_number":71,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"b1e13029-ca94-4f9f-9fc4-c2896205905f","block_type":"box","text":"Although no Fund may invest directly in real estate, cer tain Funds may invest in","page_number":71,"box":{"x":327,"y":113,"width":565,"height":11}},{"id":"7e213b61-1a43-4a88-9ee1-5d6c5ec57bca","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":71,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"6e97128c-f201-4c26-9f65-929e16e7ce8b","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":71,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"8680b98f-385e-40cb-b635-d93efb757940","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":71,"box":{"x":70,"y":158,"width":796,"height":11}},{"id":"12d34544-0064-4d97-b880-06797f2d6372","block_type":"box","text":"conditions; possible lack of availability of mor tgage funds or other limitations on access to capital; overbuilding; risks","page_number":71,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"7ceae883-7ca7-4edb-bd03-c9b3a21df630","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of proper ties; increase in competition, proper ty","page_number":71,"box":{"x":69,"y":188,"width":795,"height":12}},{"id":"8e97ba11-edd5-4493-9978-e3db223da17b","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":71,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"2d570d15-f9b9-4a62-93af-f9237653a084","block_type":"box","text":"resulting from the clean-up of, and liability to third par ties for damages resulting from, environmental problems;","page_number":71,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"9a6f15d6-08ac-4efb-bc47-bd1d4d43e052","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":71,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"59bdb9a2-ec30-45d7-bc8b-d329e7c9987b","block_type":"box","text":"ear thquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":71,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"1d9cdb15-08b8-4e26-999f-38cd5b8b74b6","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":71,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"b638e7f2-0275-429a-8d7a-46e8f1258636","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by proper ty","page_number":71,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"26e265f6-0a0e-4310-b85b-9a5f8c5c37fb","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":71,"box":{"x":68,"y":294,"width":785,"height":11}},{"id":"043772b6-0bc5-4370-ae56-6d447bc73ff0","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":71,"box":{"x":70,"y":309,"width":836,"height":11}},{"id":"a103db53-ef7b-4d87-ba67-c0bdf6f55cab","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":71,"box":{"x":68,"y":324,"width":381,"height":12}},{"id":"5ba13d9e-d298-4b2a-9231-e8c06ecf333f","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":71,"box":{"x":102,"y":347,"width":797,"height":11}},{"id":"73d46828-6b39-40a2-9e0a-6cdc18fcfcce","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":71,"box":{"x":69,"y":362,"width":829,"height":11}},{"id":"a5770eb6-3d05-4d15-be4e-914767932c84","block_type":"box","text":"its tax status as a regulated investment company because of cer tain income source requirements applicable to","page_number":71,"box":{"x":70,"y":377,"width":794,"height":12}},{"id":"943c05df-3d90-468b-a52b-0abf518ee99b","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":71,"box":{"x":69,"y":392,"width":730,"height":12}},{"id":"b1588258-a4a6-46fd-a926-56b68a6231c8","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":71,"box":{"x":102,"y":415,"width":381,"height":11}},{"id":"e0236065-32fe-4440-b371-5411260fe9ac","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":71,"box":{"x":490,"y":415,"width":376,"height":11}},{"id":"ef08469b-b631-45bd-af39-63bd66b0049b","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":71,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"5031cad2-9293-4a0e-af05-9b3e95426f37","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":71,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"45509174-cdaf-4bfe-a7a8-3ada69db162c","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":71,"box":{"x":69,"y":461,"width":804,"height":11}},{"id":"a1ca2d81-cffc-4d52-b6e2-577b03a777d4","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":71,"box":{"x":69,"y":475,"width":647,"height":12}},{"id":"80e7464b-5fe0-4d5a-b180-7a1eb136e571","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":71,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"2deb6741-3d3b-40b8-b4e4-b8094b2adbf0","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":71,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"c0368bdc-d0f8-4424-a93f-defebe90bcd9","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":71,"box":{"x":102,"y":536,"width":797,"height":11}},{"id":"38a95775-24b3-4147-b0b4-b708616b3592","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":71,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"68f8cfa3-f0b2-408a-b88f-8c52bbaa354a","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":71,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"31b9cb9d-d6a2-4dab-94a5-e2f6cb9083e5","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":71,"box":{"x":69,"y":581,"width":825,"height":12}},{"id":"5988775b-9a9d-429c-8ad5-da19af99ae76","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":71,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"caa367c0-66dc-4eb7-84e6-685fed39cae7","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":71,"box":{"x":101,"y":619,"width":758,"height":11}},{"id":"0d663b03-87b8-41f6-97aa-3a01e59c4d57","block_type":"box","text":"investment results. Careful initial selection is par ticularly impor tant in this area as many new enterprises have","page_number":71,"box":{"x":70,"y":634,"width":787,"height":11}},{"id":"7f02ebb2-0fab-4570-b7b9-2877ab1fcd74","block_type":"box","text":"promise but lack cer tain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":71,"box":{"x":70,"y":649,"width":789,"height":12}},{"id":"cd193d67-8e48-472d-bd7f-de514b47a34c","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":71,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"70277733-d082-41b2-b236-60236f5a10b9","block_type":"box","text":"Fund management believes that relatively small companies may have the oppor tunity to develop into significant","page_number":71,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"5d2f76c0-adc9-405d-85ab-89b1809a2962","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":71,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"deeeba6e-28ea-4e60-a3ca-cbed1cac23e7","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":71,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"45aec85f-d2c5-435f-b66e-a5d3103ff473","block_type":"box","text":"Equity securities of specific small cap issuers may present different oppor tunities for long-term capital","page_number":71,"box":{"x":102,"y":740,"width":729,"height":11}},{"id":"aec0f7f5-caf8-4050-bad4-c9a1d08d04d7","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":71,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"8cf2a185-d07c-4c99-b1ef-7e6542a07610","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":71,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"6bbf0ef3-814f-4f0f-9943-a8d1c0ca3837","block_type":"box","text":"cycles.","page_number":71,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"5b57b0b4-4632-4aa9-8996-6050fe3a2e0e","block_type":"box","text":"Tracking Stocks","page_number":71,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"c6c7bb10-cf5b-4670-9717-b778d36ed0c3","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":71,"box":{"x":214,"y":808,"width":640,"height":11}},{"id":"0e809dd4-b682-4de7-8340-3a0565df1e6f","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":71,"box":{"x":69,"y":823,"width":791,"height":12}},{"id":"a299a7c3-1059-41bc-bf03-f6cd145b745d","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":71,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"90bf949b-563a-4216-ade9-e14082be6def","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":71,"box":{"x":68,"y":853,"width":801,"height":12}},{"id":"3255f91a-3b69-4653-9fa4-446526970d22","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":71,"box":{"x":69,"y":869,"width":740,"height":11}},{"id":"df4650b4-859c-42c5-85e1-f7c832d6eba4","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":71,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"c0d6ff96-3f95-4ee3-a9ce-36388d1bb1a9","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":71,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"65f90d98-c988-4d99-b46c-0afc7bd940d5","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":71,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"79a543a8-f393-45c8-8589-a2cad171a0d0","block_type":"box","text":"II-27","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2e94263a-a781-4582-8bdc-e83208119b07","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1149ba7b-0b6e-4d6c-bb9d-5dd4e7b22542","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":72,"box":{"x":69,"y":45,"width":774,"height":11}},{"id":"349bc803-7834-4277-aea1-982b6460f291","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":72,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"cbb9caca-d0e0-4ba5-97b7-8e2cbd9894f2","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":72,"box":{"x":70,"y":75,"width":831,"height":11}},{"id":"2aa51c86-4eb9-4c14-a336-dc21907c882d","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":72,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"54cb6907-97a4-4dd0-8d09-3ac4658f4086","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":72,"box":{"x":69,"y":105,"width":654,"height":11}},{"id":"8ffc0e63-f57d-4a68-b7fa-883e26621e76","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":72,"box":{"x":101,"y":128,"width":794,"height":11}},{"id":"5b8a6cea-af8b-4566-a863-9ce7e1edfa6b","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":72,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"c65bbf40-dcb6-4e41-aa6c-81065d94a499","block_type":"box","text":"per formance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":72,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"6e16e651-709c-40bc-911b-f3036fdec6e9","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":72,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"44068fe0-b5a8-417d-a1c6-78f4c15d5714","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":72,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"b04ed6e6-0aa4-48e1-a89d-f7e308a4481f","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":72,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"76f175ba-26b5-4e0e-9ba3-0d9769ccb8aa","block_type":"box","text":"ETN.","page_number":72,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"586da3e1-269a-4727-935c-dd50f1f0d5ce","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":72,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"9b79a4e2-5acb-4b61-b8a9-1dcbe4f1ead1","block_type":"box","text":"ETNs also incur cer tain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":72,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"fca8d6bd-28e4-42d9-bcb1-a5b22adffa8f","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":72,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"69ca6c16-60d8-44c2-9267-cb57a98d8db4","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":72,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"21f25413-03e0-4d1e-84be-af8970bbe1af","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":72,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"b3d60eec-05d5-48eb-bbbc-d2500cafe172","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":72,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"7d78924c-af98-4b5d-bd56-6d0d5cd9924d","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":72,"box":{"x":102,"y":340,"width":774,"height":11}},{"id":"c0557695-b545-4280-9bbb-68f270881613","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":72,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"35ec7858-8f30-4cb5-b380-9f1f7b865239","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":72,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"5ecb990c-dfeb-4638-b0d5-8bc68cb6354c","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":72,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"eb75ee2d-7556-48e8-95b2-9e12ed2a4038","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":72,"box":{"x":68,"y":400,"width":766,"height":11}},{"id":"88dcc657-469b-43f5-ad25-0cb022c8a7fb","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":72,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"7f5fb903-9b0e-4355-bb0e-3b3bcc5a6b6a","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":72,"box":{"x":101,"y":438,"width":791,"height":11}},{"id":"90f8a055-b3c4-42bd-b3f5-dbbff99eff23","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":72,"box":{"x":69,"y":453,"width":818,"height":11}},{"id":"cb1be644-2c9f-4ece-9c85-5781b4903652","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":72,"box":{"x":69,"y":468,"width":547,"height":9}},{"id":"d41d939b-c814-426b-93f6-796f8ed76adf","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":72,"box":{"x":102,"y":491,"width":807,"height":11}},{"id":"9df0dbd0-f690-4db3-a90d-78ca467d4392","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":72,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"53d6b1ba-0ea6-41e1-be16-6b2fde2a047e","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":72,"box":{"x":69,"y":521,"width":581,"height":11}},{"id":"c5506785-89f0-4d01-b829-18ec512eae15","block_type":"box","text":"Foreign Investments.","page_number":72,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"7ba2bdc7-c14e-412e-b4d1-93f1f99b4e70","block_type":"box","text":"Foreign Investment Risks.","page_number":72,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"e74a8de5-5b7f-402c-b5ac-2c4e5e91ec52","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":72,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"32697a7e-c76d-41b5-8a84-c414f64e2fae","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":72,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"7b594881-db2a-4fee-be0e-47365357f32b","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":72,"box":{"x":70,"y":596,"width":774,"height":12}},{"id":"d5e5002b-10a7-4e48-800c-3711810389a9","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":72,"box":{"x":69,"y":612,"width":738,"height":11}},{"id":"d6f1a41e-00e8-4169-8545-1c260a9aa0b0","block_type":"box","text":"Securities issued by cer tain companies organized outside the United States may not be deemed to be foreign","page_number":72,"box":{"x":102,"y":634,"width":782,"height":12}},{"id":"4b685125-f9a3-492f-a4b6-530c9589807b","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":72,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"2df239a9-4e13-47c3-9eb9-7425d63c3920","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":72,"box":{"x":70,"y":665,"width":771,"height":11}},{"id":"eaa85ace-0181-46d3-a880-f378d4f13f3f","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":72,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"5adf3263-fcc5-4030-b0a4-ad2b51c223e0","block_type":"box","text":"benchmark index.","page_number":72,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"c059f11f-9a87-4710-9893-fc5bdb04bba7","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":72,"box":{"x":102,"y":717,"width":767,"height":12}},{"id":"9c2cf34b-35b5-4f26-83f2-e9859945265c","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":72,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"24751d5b-a518-4dc3-9ce5-73822e94926c","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":72,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"45d68268-bcb9-47c2-ba3c-44058cd971d7","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":72,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"128664ca-e6d1-4484-a53f-42f20cf7748f","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":72,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"19eb81c2-0351-485d-90d5-2039b0930cbe","block_type":"box","text":"securities and commercial paper. Such securities may include loan par ticipations and assignments, conver tible","page_number":72,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"e8d3e9f7-1b2b-49a1-8bcf-8a7f0b7000c5","block_type":"box","text":"securities and zero-coupon securities.","page_number":72,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"a07b126d-81ba-40ec-b87d-782ca651dc87","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":72,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"a6e1a16e-fcf7-4fcc-8b60-8b3cba99f175","block_type":"box","text":"taxes.","page_number":72,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"4ad27074-e6da-403c-a714-ab08266f74e6","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":72,"box":{"x":101,"y":869,"width":798,"height":11}},{"id":"efada08b-e181-417f-8416-77959bd91626","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":72,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"97595fc2-bcf2-4ed0-bb67-3d50f2695904","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":72,"box":{"x":70,"y":899,"width":792,"height":11}},{"id":"31e3eefd-9d73-4752-9702-78bf6c6d7111","block_type":"box","text":"II-28","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0351aa41-fa9e-4d41-80f4-39d1fc1a1840","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"be95ac53-3d88-4697-8782-e5512a027387","block_type":"box","text":"underlying security (","page_number":73,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"3cda4b7c-9def-4099-aa9a-aa5bc9e0982a","block_type":"box","text":"i.e.","page_number":73,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"16fc28d3-c666-4d92-a40d-28c1d0c254fd","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":73,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"20dd5749-3401-40c2-a010-04aaad19d633","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":73,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"66fed9d1-0af1-4243-a747-6335c995181a","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":73,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"905e738c-f781-4d78-a84f-bed781ceb899","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":73,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"114a0234-42ec-4a33-ba88-1e911eec0d1f","block_type":"box","text":"Foreign Market Risk.","page_number":73,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"49e37a3e-fbf4-4dd6-b7ce-bcd234620c98","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":73,"box":{"x":254,"y":113,"width":652,"height":11}},{"id":"05f0de03-529b-4ef1-ba85-942aec4afd0e","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":73,"box":{"x":70,"y":128,"width":797,"height":11}},{"id":"a848f259-08dd-4fb0-9e5e-94faef8191ed","block_type":"box","text":"always) per formed differently from securities traded in the United States. However, such investments often involve","page_number":73,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"45346bf3-9a10-4995-836d-b9a532daccb8","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":73,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"fa516eeb-110e-442f-80f4-283ab45352e9","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":73,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"e9ba72fb-e56d-406d-a214-d88eedf497db","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":73,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"213cfba3-f70b-44a5-ab71-ab153499c0f2","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":73,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"baf01712-af10-40b7-8260-b942186ea85a","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":73,"box":{"x":68,"y":218,"width":826,"height":12}},{"id":"b4dc2685-e21b-4efd-966b-a638553fa6c5","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":73,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"c9c58eeb-a326-4c86-8df7-f9ae02d1208e","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":73,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"41dc62f0-7c98-412e-b9ff-062e402998bb","block_type":"box","text":"U.S. Government with respect to cer tain countries, prohibiting or imposing substantial restrictions through capital","page_number":73,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"723c9ff6-fa6c-4c38-ab8b-af3df13a7c1f","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":73,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"ae41a74f-a4d5-4487-b5b1-090f96ccafe8","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":73,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"50a797cb-e969-4ed8-91ab-ef66cc352497","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":73,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"4c984a7c-187c-4f8c-9fcf-5a4e6b27239e","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":73,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"06272d38-8f76-413e-9632-c4848de2578b","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":73,"box":{"x":68,"y":339,"width":782,"height":12}},{"id":"dd9397ba-9ee3-4dd4-950d-a97ddb3bf81c","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":73,"box":{"x":68,"y":355,"width":796,"height":11}},{"id":"5726c13c-c34e-492b-abf1-7a0c1cf717c2","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":73,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"9653013c-0d96-46ad-a936-feb3cb2b1f91","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":73,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"a91307f9-a08a-4319-922c-94a136d70b80","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign cour ts, and political and social","page_number":73,"box":{"x":68,"y":400,"width":813,"height":11}},{"id":"f18bf81c-80a4-4d5d-b0b2-aa13f35664a0","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":73,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"05fb4fc0-0703-4b01-83a9-f7b85136cd22","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in cer tain","page_number":73,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"72e1919e-9b52-4f69-a8cb-24e8dca45ca2","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":73,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"ff976ad5-c759-433d-9846-b1ee6278d792","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":73,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"202e3853-cd44-43a3-8771-a211627370e4","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":73,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"95c48319-8d8f-4060-9a49-befbf24276fc","block_type":"box","text":"Fund’s operations.","page_number":73,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"c0032f2e-6796-4f78-817d-9010ea64fe67","block_type":"box","text":"Foreign Economy Risk.","page_number":73,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"3e57811d-a54a-4a0f-9278-7cd305eab80e","block_type":"box","text":"The economies of cer tain foreign markets often do not compare favorably with that of the","page_number":73,"box":{"x":267,"y":513,"width":636,"height":12}},{"id":"3f251b68-adbb-451e-9e0c-783be377837b","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":73,"box":{"x":70,"y":528,"width":812,"height":12}},{"id":"f68f288d-40bd-4543-b082-2dc58aefc89b","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":73,"box":{"x":69,"y":543,"width":835,"height":12}},{"id":"a2430da4-0ae2-4559-bccb-0a99bdaab87d","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a par ticular","page_number":73,"box":{"x":69,"y":559,"width":795,"height":11}},{"id":"822ffcc7-1f0f-4255-8c0e-9100462733bd","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":73,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"6f17d4c3-723c-46db-8cd7-8d4451501774","block_type":"box","text":"measures.","page_number":73,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"018d9d6a-a57d-40f4-aaf7-5590dd940fa9","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":73,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"3abe04ef-7c25-4858-9058-37dcdbe09c93","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":73,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"ea3e5939-d775-4144-a3a5-257672ee62f3","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":73,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"b4506849-c798-4ff6-8aae-14de545f1e85","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":73,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"546ea573-58ec-458f-8674-5b559c7df6d4","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":73,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"ef5a4b56-76cc-4c33-bf18-6222c3c1cc36","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":73,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"edc0e849-2db8-4c6b-9682-f4b554be30ea","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":73,"box":{"x":68,"y":687,"width":816,"height":11}},{"id":"29ff0530-eca9-48aa-b132-b498c74528f6","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":73,"box":{"x":69,"y":702,"width":814,"height":12}},{"id":"ed7b8488-f49a-4dfe-a4b4-bc0a2bd30cec","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":73,"box":{"x":68,"y":717,"width":771,"height":12}},{"id":"247e31bc-baa5-43ae-b851-540a7fab34e1","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":73,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"46525cc7-3d80-424c-ba65-3871feb964b4","block_type":"box","text":"United States or abroad.","page_number":73,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"6d2806bd-e68a-40fe-a7b6-6bf2638f7e9e","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":73,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"080242f9-68e2-462b-9c2b-204c6e7b5b5f","block_type":"box","text":"Many foreign governments supervise and","page_number":73,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"29288cad-dc27-465d-94b9-106be2a9f63f","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":73,"box":{"x":69,"y":785,"width":828,"height":12}},{"id":"1499fd10-aa9c-432c-bb7d-99502b1a546d","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":73,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"4e355ade-a88e-4707-afff-26979cae7830","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":73,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"db3e9478-2abd-47a9-8c9a-6378eaf2dc81","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":73,"box":{"x":69,"y":831,"width":794,"height":11}},{"id":"0f289947-046b-4973-ab48-7b0b42331517","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":73,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"6620824d-0c28-4876-90fb-773f5d3ea636","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":73,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"38466fad-04b3-49f0-9212-6bcaea2de1b5","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":73,"box":{"x":69,"y":876,"width":760,"height":11}},{"id":"1272a2d7-1914-4fb4-ab3a-f7b13a9c6387","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":73,"box":{"x":69,"y":891,"width":803,"height":12}},{"id":"40587743-3f24-4354-b8b9-8ddcc6dcc49b","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":73,"box":{"x":69,"y":906,"width":798,"height":12}},{"id":"c950c48b-0bf6-49b7-807a-09adb4d72b65","block_type":"box","text":"II-29","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a84bd972-3f9a-4240-ae9e-5b43df35f2c1","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b3aad825-2a7d-488a-9cbd-0c456f53e68c","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":74,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"ba3135c4-8969-4c93-b6d2-26e6b21364bf","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":74,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"8c05f3c1-cf2a-44d9-bcfc-757a1fd58ead","block_type":"box","text":"investments.","page_number":74,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"0c001b39-82b2-42a0-8ea6-cbacdc5e151f","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":74,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"db957d19-4fb4-4409-a32c-535d3e78ba3d","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":74,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"287e053d-bbeb-48d2-8578-31d07eb97afd","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":74,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"6cdd7233-3f78-4c5e-a94c-2857497614cd","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":74,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"21a8022d-247d-4f13-8050-6f851750b353","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":74,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"49224e22-9b72-4466-8fef-4fab7936b694","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":74,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"4ba07adb-ae5e-4e11-a488-79688988bf49","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":74,"box":{"x":68,"y":173,"width":777,"height":11}},{"id":"3dc8f933-e4f5-46fe-984c-7da45af004ad","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":74,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"7db812d6-92b0-48e5-879f-422f3d40c069","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":74,"box":{"x":70,"y":203,"width":828,"height":12}},{"id":"96db6e8c-ce03-41de-9818-dca9d7c4890d","block_type":"box","text":"States.","page_number":74,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"7497ebeb-2f8c-4371-abe0-2e58c867dda1","block_type":"box","text":"Publicly Available Information.","page_number":74,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"8da022f1-1892-4921-bb9a-4bbe2b03d8b9","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":74,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"ddb42f5b-575b-4334-a88a-ab5587d57f24","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":74,"box":{"x":68,"y":256,"width":779,"height":12}},{"id":"f3d37667-162d-4a1c-9dd2-58db90032bbf","block_type":"box","text":"accounting and financial repor ting requirements applicable to issuers in the United States. While the volume of","page_number":74,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"fa328113-4872-43dd-87c4-3f57a2a6f08a","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":74,"box":{"x":68,"y":286,"width":834,"height":12}},{"id":"8b7950d0-921f-4444-9a08-41d4ecb42f57","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":74,"box":{"x":68,"y":302,"width":841,"height":11}},{"id":"4af057d4-25a6-4b40-b6a9-9a1ea4777243","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":74,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"7cae1253-6491-4c32-ba9c-3e633f84a803","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":74,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"1899f6bc-b620-415e-b1b2-002c4c964f6b","block_type":"box","text":"United States.","page_number":74,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"47107b8e-4a69-4f93-a387-7fb05a93f635","block_type":"box","text":"Settlement Risk.","page_number":74,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"5f3e2f41-a300-4847-8d2b-d4708969013b","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":74,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"c78c9c79-4619-43e2-bf6f-d68ec2c18590","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":74,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"557fe98d-0f16-47be-b3a3-54db2f8978c2","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve cer tain risks (such as","page_number":74,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"2aa16119-7b65-44ed-b3c4-ad7aff0a0141","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":74,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"a6975d93-c907-414d-bf62-d40f23decce1","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":74,"box":{"x":102,"y":438,"width":781,"height":11}},{"id":"bdfd43ae-4313-4978-9db8-1c6ac329d1d4","block_type":"box","text":"risk of delayed settlements or losses of security cer tificates in markets that still rely on physical settlement.","page_number":74,"box":{"x":69,"y":453,"width":771,"height":11}},{"id":"e0b71037-afa4-447d-9e0a-b651d814d48c","block_type":"box","text":"Settlements in cer tain foreign countries at times have not kept pace with the number of securities transactions;","page_number":74,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"566f3839-fe03-4078-908b-26caf1172c04","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":74,"box":{"x":68,"y":483,"width":802,"height":11}},{"id":"f9087b95-62ba-468c-84fe-94ced0f5dc76","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":74,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"345982c7-0957-41e6-96e5-2b39b1be0d30","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":74,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"e02ca637-2a56-4d23-8d45-f50ae3cb8992","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":74,"box":{"x":69,"y":528,"width":816,"height":12}},{"id":"7f2a3a21-6fe9-4049-a26d-01845d75ff5f","block_type":"box","text":"another par ty, the Fund could be liable to that par ty for any losses incurred.","page_number":74,"box":{"x":69,"y":543,"width":539,"height":12}},{"id":"b3cfcc21-5f30-4d1e-b27c-3a8ab5d4879e","block_type":"box","text":"Because of uncer tainties in the operation of settlement systems in individual markets, competing claims may","page_number":74,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"260bc6c7-80ec-4b5e-8b87-45011163e2cc","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":74,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"05939728-da75-4476-a78f-96f1663142dd","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":74,"box":{"x":69,"y":596,"width":601,"height":11}},{"id":"0baa36c9-a426-4072-82a5-863703c98f6e","block_type":"box","text":"Sovereign Debt.","page_number":74,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"6f5c3376-fd5f-4b73-b2d3-fa5245bf8d95","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":74,"box":{"x":221,"y":619,"width":653,"height":11}},{"id":"6cda5155-e4e4-4844-abf0-f6b5c414942d","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":74,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"42e0e160-4c4d-4e87-88b3-029815a52a42","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":74,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"d1ce81c2-62e2-448b-82a3-353ce69e83bc","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":74,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"7ac6fca8-bdbd-47fc-aa02-4ed4d6b0ce17","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":74,"box":{"x":69,"y":680,"width":809,"height":11}},{"id":"0b358965-e2fe-42f9-b51a-d1ce16a67463","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":74,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"ba6a0b8a-ce60-45a6-97f5-ad323d0333bb","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":74,"box":{"x":69,"y":710,"width":790,"height":11}},{"id":"49be0f7a-8a41-440c-b45d-b9e1a7369463","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":74,"box":{"x":69,"y":725,"width":831,"height":11}},{"id":"4465588d-a731-4d4a-92cb-f3a32d7e4948","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the par t of these governments, agencies and","page_number":74,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"6a7e433c-ac34-4a4b-beac-cb530667d22e","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":74,"box":{"x":69,"y":755,"width":772,"height":11}},{"id":"8f161e4a-60db-44c4-b0d7-c19fbcf83eaa","block_type":"box","text":"economic per formance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":74,"box":{"x":69,"y":770,"width":789,"height":12}},{"id":"52ec4f83-1e33-4a23-8144-a81afd9f0c99","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":74,"box":{"x":69,"y":785,"width":839,"height":12}},{"id":"e2dffb77-a79f-4efe-a523-7d959976634b","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":74,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"66261873-88b3-4fa3-b951-b1d37dbd3f65","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":74,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"d28c1bfc-d818-4d4b-95e4-b88ec880eac1","block_type":"box","text":"debt.","page_number":74,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"762f9a20-bc39-44d0-8b26-c6c2140b8d09","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":74,"box":{"x":102,"y":853,"width":807,"height":12}},{"id":"df66f783-1c18-4484-9c3b-1a4b116bcefb","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":74,"box":{"x":70,"y":869,"width":814,"height":11}},{"id":"2475c6b1-6706-49be-bd64-2e86c1d04478","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":74,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"0b05735b-136c-488b-991f-fa434be52c9f","block_type":"box","text":"II-30","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b2baa69b-7c19-402d-9b4d-eb45841e6bac","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"271aea34-335c-4ea5-808a-34f3fbb91967","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":75,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"b59af4bd-c1f9-4fee-a28a-bc401f6d70a9","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":75,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"14e82dee-2411-4c3d-9efd-ee56e7316246","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":75,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"c2a3e974-da4c-4802-8478-fdf019a41195","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":75,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"fe7ddcb9-130c-4ab5-ba4f-b0f4a2559540","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":75,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"a5287e6d-8208-4154-97a0-ed1b920fc268","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":75,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"e0802bbe-8555-42d4-9392-68d1c37fe1e6","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":75,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"7d2ecf3f-7324-47c2-af06-2393edd9d372","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":75,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"2297f7ad-f1f2-406c-a345-9fc4142732ff","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":75,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"b2e2153f-34c5-487a-b7e6-9bf496bb528a","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":75,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"8e05e016-c72f-487a-b424-197af3596de3","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":75,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"bab54d85-cea0-445b-a216-1c5e6b8a89f7","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":75,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"2bab2f19-ae0f-4b3c-8b04-01a52242694c","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":75,"box":{"x":68,"y":211,"width":835,"height":11}},{"id":"bd6576cd-727e-4c95-87a0-6fb942cffbaa","block_type":"box","text":"in the Fund’s net asset value.","page_number":75,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"46f07e84-c3dc-418f-97b6-fa0469a1feab","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":75,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"29a56fe9-8aed-4036-97b3-f5aba51193c5","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":75,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"bb315bc0-0ce0-4a5b-9c8b-a0c9370000bb","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":75,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"276447c0-d0c9-4516-a318-83faafc4b639","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":75,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"9b4e430d-2adb-42bb-9ee3-606f63fb21f8","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":75,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"ef3f7f28-b287-4797-bd2b-ca43345704ac","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":75,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"f4965655-809c-498a-8a25-7b29a76677bd","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":75,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"3f423225-a561-4d89-ac9c-fd7d2764c039","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":75,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"01aab122-1076-4e6b-b90b-308d32c171f7","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":75,"box":{"x":68,"y":355,"width":746,"height":11}},{"id":"46bcd772-461e-46b6-af47-5bc340c37df9","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":75,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"d015727b-c58f-4cc7-b478-b2ddaaf17283","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":75,"box":{"x":69,"y":392,"width":827,"height":11}},{"id":"546cb1bd-d801-468b-9749-1381a90ac01d","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":75,"box":{"x":70,"y":407,"width":817,"height":12}},{"id":"6a992cea-e01a-477f-99c6-a6ef9c69cb4a","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":75,"box":{"x":70,"y":423,"width":791,"height":11}},{"id":"87cce138-6526-4798-9389-a3db2741093f","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":75,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"f0b776bc-d0ef-475c-88cb-48febd589b72","block_type":"box","text":"Fund may invest.","page_number":75,"box":{"x":70,"y":453,"width":117,"height":11}},{"id":"d86afa0a-389f-4258-b52e-b989d9b908d2","block_type":"box","text":"Funding Agreements.","page_number":75,"box":{"x":102,"y":476,"width":154,"height":11}},{"id":"a1cce807-7a77-4728-9460-c2339ade0145","block_type":"box","text":"Cer tain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":75,"box":{"x":262,"y":475,"width":584,"height":12}},{"id":"89b0e642-17d7-45ab-a5bd-72565496a6b0","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":75,"box":{"x":69,"y":491,"width":773,"height":11}},{"id":"7851e2e3-5084-4507-a8d8-5bb7a8b9af82","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":75,"box":{"x":70,"y":506,"width":761,"height":11}},{"id":"9838228b-7238-47b2-a3e3-ef6e87195999","block_type":"box","text":"guaranteed interest, which is based on an index. The funding agreements provide that this guaranteed interest will","page_number":75,"box":{"x":68,"y":521,"width":817,"height":11}},{"id":"a81849af-958b-46e1-a15c-2f0e91703790","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":75,"box":{"x":69,"y":536,"width":794,"height":11}},{"id":"9d46e2fc-621e-4798-89ce-8b07420d988b","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":75,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"8fc76c92-a399-4210-906e-ea6eceb2611a","block_type":"box","text":"Generally, funding agreements are not assignable or transferable without the permission of the issuing insurance","page_number":75,"box":{"x":69,"y":566,"width":806,"height":11}},{"id":"f2158520-1af6-4b70-9d02-4bae9456c20b","block_type":"box","text":"companies, and an active secondary market in some funding agreements does not currently exist.","page_number":75,"box":{"x":69,"y":581,"width":700,"height":12}},{"id":"7575f495-ad0f-4a57-b3e5-895f96d998eb","block_type":"box","text":"Guarantees.","page_number":75,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"9a909fc5-3e49-4e70-bf1c-eee7dadcefa3","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":75,"box":{"x":194,"y":604,"width":685,"height":11}},{"id":"3966d6a3-2296-482b-8895-3b4816a78f48","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":75,"box":{"x":70,"y":619,"width":797,"height":11}},{"id":"eed11cf9-36b3-447f-b32a-14aa7736a0d8","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":75,"box":{"x":70,"y":634,"width":488,"height":12}},{"id":"43b5e0c9-c5d2-4a06-8e58-bd83db22da98","block_type":"box","text":"Illiquid Investments.","page_number":75,"box":{"x":102,"y":657,"width":146,"height":11}},{"id":"41a4a728-c80f-4048-9a41-8ba2b24d5fe6","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":75,"box":{"x":255,"y":657,"width":630,"height":11}},{"id":"e597e0be-2826-41bc-8a08-e397207c5d57","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":75,"box":{"x":70,"y":672,"width":787,"height":11}},{"id":"56388b18-52fa-4435-a97c-fa30cadd8e4d","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":75,"box":{"x":70,"y":687,"width":792,"height":11}},{"id":"1f64bc29-c6e0-4627-8130-4ebaf56eeb9f","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":75,"box":{"x":69,"y":702,"width":834,"height":12}},{"id":"d915fa54-71ea-4efe-9052-913b129679aa","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":75,"box":{"x":70,"y":717,"width":838,"height":12}},{"id":"1da0468d-1e20-44f3-9315-e2f75b72373d","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":75,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"1d01edfc-4abc-45b5-b095-745ede5bc25d","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":75,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"1abcf37d-b220-4c7e-be32-07b9d859b912","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":75,"box":{"x":70,"y":763,"width":816,"height":11}},{"id":"ff7f0c9f-fa87-411e-9483-b417690440a5","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":75,"box":{"x":68,"y":778,"width":832,"height":11}},{"id":"1fe4be45-96e1-4d1f-9c08-bc7baeb86acb","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":75,"box":{"x":70,"y":793,"width":803,"height":11}},{"id":"625ec069-4fcc-4bf3-a604-34360bbfb6e5","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":75,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"c7b6661e-8c6c-4ef4-a5ac-9c46bae79da7","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":75,"box":{"x":69,"y":823,"width":781,"height":12}},{"id":"79932f08-ea6f-4d6c-80f4-262e6a59965a","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":75,"box":{"x":70,"y":838,"width":822,"height":12}},{"id":"a2ae3403-9a51-4b84-9fd2-23afc735a5c2","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":75,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"9a409755-ad75-45f9-aceb-9aadf37bbaa2","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of the","page_number":75,"box":{"x":69,"y":869,"width":813,"height":11}},{"id":"394ebbb8-958b-49ed-abb7-9570d93080ea","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":75,"box":{"x":70,"y":884,"width":814,"height":11}},{"id":"086cadd7-dd0c-4631-9383-1aead620a8ef","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":75,"box":{"x":69,"y":899,"width":833,"height":11}},{"id":"9ea17cba-c12c-4904-9aac-d5ebafcca1d1","block_type":"box","text":"II-31","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2899c486-55fb-4afc-9f2b-f5d0fd883497","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"48f08eb1-490e-446b-937a-212dcd9ec84d","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":76,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"9a208cbf-aac9-4dc5-b842-ac517494025c","block_type":"box","text":"shor t-term cash requirements or incurring capital losses on the sale of illiquid investments.","page_number":76,"box":{"x":69,"y":60,"width":651,"height":11}},{"id":"b201be61-a1f3-41f8-87c6-a0de63e45352","block_type":"box","text":"Index Funds.","page_number":76,"box":{"x":102,"y":83,"width":91,"height":8}},{"id":"bb030dc1-354e-4415-a404-4fc0cc5455b1","block_type":"box","text":"Cash Flows; Expenses.","page_number":76,"box":{"x":102,"y":105,"width":162,"height":11}},{"id":"daa9618c-29c7-436b-854c-3c5f8afb10c3","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some extent on","page_number":76,"box":{"x":270,"y":105,"width":613,"height":11}},{"id":"01a7097f-1879-4431-ada8-4f918d5a8e3e","block_type":"box","text":"the Manager’s ability to manage cash flow (primarily from purchases and redemptions and distributions from the","page_number":76,"box":{"x":68,"y":120,"width":803,"height":12}},{"id":"73760e07-c5aa-481f-b597-e7793733dc2c","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":76,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"34f2e60f-1e97-47a3-b358-0d9e7114c2cd","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":76,"box":{"x":68,"y":150,"width":823,"height":12}},{"id":"19bae579-533d-4cb2-b8d3-b51e996b5044","block_type":"box","text":"the investment per formance of each index is a hypothetical number which does not take into account brokerage","page_number":76,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"dcc147d7-21a1-4ac2-960c-ec15540c6e64","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":76,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"3af6c736-4191-49e6-baa4-f5525e323a69","block_type":"box","text":"(","page_number":76,"box":{"x":69,"y":196,"width":3,"height":11}},{"id":"cda01065-b181-4e17-8f1a-9cd4331a0182","block_type":"box","text":"e.g.","page_number":76,"box":{"x":74,"y":197,"width":25,"height":10}},{"id":"e812544f-0b5d-4b9b-b8e9-17bad248ae04","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":76,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"3cf368db-79d3-4a7f-925d-fd84f305752d","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":76,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"e98c3e71-188e-498a-a668-1000efa80dfe","block_type":"box","text":"par ticular security as an investment.","page_number":76,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"a4f20e76-de2f-4799-a654-77c1ee554bac","block_type":"box","text":"Tracking Error Risk","page_number":76,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"3840ccd2-6f8b-4e24-bdab-a4f6c7c78f4d","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s per formance","page_number":76,"box":{"x":236,"y":249,"width":658,"height":11}},{"id":"7e48f27f-97f5-4006-8746-32cc75f61351","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":76,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"8ebe64b3-8ba6-4eda-b559-2b7db34c7db9","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":76,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"7552affa-6ef1-4349-b781-47f8a379a716","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":76,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"7ccb2910-de6c-4de0-9c13-14da03873fc8","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":76,"box":{"x":68,"y":309,"width":797,"height":11}},{"id":"2740faee-f7b2-40ff-825d-c9a4e83bd5cf","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":76,"box":{"x":70,"y":324,"width":787,"height":12}},{"id":"4f0019bc-045e-438a-9722-06444df5228b","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, por tfolio transactions carried out to","page_number":76,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"dd56edf7-ccd1-4285-a1ce-418022e12820","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":76,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"191ab192-064a-4ab1-8831-0c42a9f40e38","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":76,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"d3f47c84-dfe4-4629-8be6-b96d4199da2e","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":76,"box":{"x":70,"y":385,"width":801,"height":11}},{"id":"d228e71d-72ef-46a8-bb06-fe858b819a4b","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":76,"box":{"x":70,"y":400,"width":487,"height":11}},{"id":"2fd70b5c-3e0f-4071-83ac-d46f779f1534","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":76,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"aa0f17c0-b37a-4837-9bfb-1595dc3a3dc4","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":76,"box":{"x":69,"y":438,"width":803,"height":11}},{"id":"898f3a52-531e-402c-a52f-ced448f6a889","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":76,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"bf64dc12-4749-4dc6-a8c8-f7d8695e0c3f","block_type":"box","text":"the issuer, unusual or significant shor t interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":76,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"b3a775bf-8281-478b-9c0b-add807946351","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). If it","page_number":76,"box":{"x":68,"y":483,"width":778,"height":11}},{"id":"95b99821-008d-450c-a433-01823f01903b","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":76,"box":{"x":70,"y":498,"width":816,"height":11}},{"id":"174cb3ed-3dd1-4f7e-a89b-44fa405fdc6b","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":76,"box":{"x":70,"y":513,"width":836,"height":11}},{"id":"a892eaf8-48c2-4cb7-b64a-78ca067e8069","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":76,"box":{"x":68,"y":528,"width":819,"height":12}},{"id":"f1e555b9-3170-47f9-a361-27cdfe3e4a94","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":76,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"93a15f50-90ce-42fc-bd3f-4e0413ee8f9d","block_type":"box","text":"error due to the divergence in the securities included in its por tfolio from its underlying index. The application of the","page_number":76,"box":{"x":69,"y":559,"width":825,"height":11}},{"id":"46f058c6-b9f1-4ff1-852a-70106ad188c5","block_type":"box","text":"abovementioned analysis and screening to a Fund and its Underlying Index is in the sole discretion of the Manager","page_number":76,"box":{"x":69,"y":574,"width":818,"height":11}},{"id":"17355c8f-950e-4bac-9627-266f41e5da4e","block_type":"box","text":"and its affiliates (without any guarantees). The analysis and screening may not exclude any or all high risk securities","page_number":76,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"7358c9fe-fddd-4203-9e38-dfc1af3d845f","block_type":"box","text":"from an Underlying Index or a Fund’s por tfolio, and the inclusion of such securities will result in an adverse impact to","page_number":76,"box":{"x":68,"y":604,"width":835,"height":11}},{"id":"8564dd79-e67a-4489-ae1a-6fca5e7540d7","block_type":"box","text":"the Fund’s net asset value if one or more such securities declines in value.","page_number":76,"box":{"x":68,"y":619,"width":536,"height":9}},{"id":"529b44ac-c060-4648-b230-0e73656cc0aa","block_type":"box","text":"S&P 500®","page_number":76,"box":{"x":102,"y":642,"width":64,"height":9}},{"id":"91e89f43-b925-4e3a-b853-be99a9e36d8a","block_type":"box","text":"0®","page_number":76,"box":{"x":166,"y":642,"width":6,"height":5}},{"id":"4e2dcd8f-8bd0-470b-b5c2-e9b266f99d5b","block_type":"box","text":"Index (“S&P 500”).","page_number":76,"box":{"x":178,"y":642,"width":134,"height":11}},{"id":"232c370f-d6ee-421d-8e64-502d74d517ec","block_type":"box","text":"“Standard & Poor’s","page_number":76,"box":{"x":320,"y":642,"width":136,"height":9}},{"id":"0b22ee24-61ce-45bb-a7b6-6efc47fddcfd","block_type":"box","text":"®","page_number":76,"box":{"x":457,"y":642,"width":6,"height":5}},{"id":"d4925e87-505f-401c-b78d-fa9c779ed516","block_type":"box","text":",” “S&P","page_number":76,"box":{"x":465,"y":642,"width":53,"height":10}},{"id":"1a54c797-4288-46d2-ae1c-013b428ba535","block_type":"box","text":"®","page_number":76,"box":{"x":518,"y":642,"width":6,"height":5}},{"id":"5e81e1ca-e6d2-4048-b184-204a362f72ab","block_type":"box","text":",” “S&P 500","page_number":76,"box":{"x":526,"y":642,"width":87,"height":10}},{"id":"e084759b-d224-477d-bfe9-a0fc151b55b4","block_type":"box","text":"®","page_number":76,"box":{"x":614,"y":642,"width":6,"height":5}},{"id":"3e244948-3981-4c32-aca1-19bb37939556","block_type":"box","text":",” “Standard & Poor’s 500,” and “500”","page_number":76,"box":{"x":621,"y":642,"width":280,"height":10}},{"id":"9463f5e2-a873-4e04-a931-beea401b7312","block_type":"box","text":"are trademarks of S&P Global Inc. and have been licensed for use by cer tain mutual funds sponsored and advised by","page_number":76,"box":{"x":69,"y":657,"width":837,"height":11}},{"id":"e1095ebd-67d4-4fbc-9fa3-ef19e19cb825","block_type":"box","text":"BlackRock or its affiliates (“BlackRock Funds”). No Fund is sponsored, endorsed, sold or promoted by S&P, a division","page_number":76,"box":{"x":70,"y":672,"width":836,"height":11}},{"id":"39f81751-b94b-44ab-a5f6-83473f473c26","block_type":"box","text":"of S&P Global Inc. S&P makes no representation regarding the advisability of investing in any Fund. S&P makes no","page_number":76,"box":{"x":69,"y":687,"width":818,"height":11}},{"id":"a7db3d7d-e2c1-417c-9b04-eb0edd679fff","block_type":"box","text":"representation or warranty, express or implied, to the owners of shares of a Fund or any member of the public","page_number":76,"box":{"x":69,"y":702,"width":783,"height":11}},{"id":"d558b842-5e23-4bf8-ac3e-86f51c7e40fa","block_type":"box","text":"regarding the advisability of investing in securities generally or in a Fund par ticularly or the ability of the S&P 500 to","page_number":76,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"5740bcda-dae0-418f-afcf-cb6a8dc9bf90","block_type":"box","text":"track general stock market per formance. S&P’s only relationship to cer tain Funds is the licensing of cer tain","page_number":76,"box":{"x":68,"y":732,"width":769,"height":12}},{"id":"ef4b2aae-157b-474d-be39-27c241462226","block_type":"box","text":"trademarks and trade names of S&P and of the S&P 500 which is determined, composed and calculated by S&P","page_number":76,"box":{"x":68,"y":748,"width":804,"height":11}},{"id":"d3ae28dc-3ff4-404b-bcb7-aa301bec6fde","block_type":"box","text":"without regard to the Funds. S&P has no obligation to take the needs of a Fund or the owners of shares of a Fund","page_number":76,"box":{"x":68,"y":763,"width":811,"height":11}},{"id":"e6a00a24-ea40-40d1-9f59-e79b87655b3e","block_type":"box","text":"into consideration in determining, composing or calculating the S&P 500. 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A Fund may also invest in so-called “inverse floating obligations”","page_number":78,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"b3e88f06-64a0-43a5-aaec-0efc9d6c094b","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":78,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"c32f7ac9-ed69-4b59-9f61-ec9a00c3f148","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":78,"box":{"x":70,"y":370,"width":838,"height":11}},{"id":"344c612e-6067-4ebc-9047-e57c9ea448e7","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":78,"box":{"x":70,"y":385,"width":771,"height":11}},{"id":"867ec397-f5fd-4f37-a843-4503a349b750","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":78,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"869a7087-584b-4467-86fc-ffa6308b0c3d","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":78,"box":{"x":70,"y":415,"width":835,"height":11}},{"id":"86152e76-4120-47b8-8972-6c166f72c5a6","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":78,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"e5737e1a-32aa-461f-bbeb-80031e55a6a1","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":78,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"ce134237-ba8b-43bf-a893-cdec3900cdd2","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":78,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"0f78e478-3218-47d5-a92f-db46d454dd32","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":78,"box":{"x":69,"y":475,"width":838,"height":12}},{"id":"6e2e050d-76a5-4d50-83a1-9359bf8ebb48","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":78,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"d4435f83-ef35-4109-a0d0-e11f974bd528","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":78,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"d2ac3f74-fc32-4025-8145-1c9d0d148361","block_type":"box","text":"por tfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":78,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"6139d8e9-e19d-40de-81e7-96f9b52f4dfd","block_type":"box","text":"por tfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":78,"box":{"x":70,"y":536,"width":834,"height":11}},{"id":"76676664-7da6-459c-a381-97f54e49d283","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":78,"box":{"x":70,"y":551,"width":839,"height":11}},{"id":"0ce4bf43-2f94-4cee-9972-0ac86e1dd127","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Fur thermore, where such a security","page_number":78,"box":{"x":69,"y":566,"width":781,"height":11}},{"id":"4e3487df-a6bc-4fe2-8c20-4851d18e88b4","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":78,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"b2ecb077-0a7f-4489-a773-964ba53f5ca4","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":78,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"fb8770c1-7225-4bf9-9ea0-b885393506e2","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":78,"box":{"x":101,"y":619,"width":741,"height":11}},{"id":"9ba97364-d81d-4ee0-84cf-405c38d83edb","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":78,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"43ab29c6-aac0-46c1-9b07-6b1a5ba81cc8","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":78,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"6ab65638-f6b5-4ac9-ba4a-b38e1f8c794e","block_type":"box","text":"when shor t-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":78,"box":{"x":68,"y":665,"width":805,"height":11}},{"id":"1334a055-d2c0-48c6-af39-5b9824c8b056","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":78,"box":{"x":70,"y":680,"width":813,"height":11}},{"id":"c58918bf-a778-4b24-bd11-db41fd53939a","block_type":"box","text":"Inflation Risk.","page_number":78,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"15f3cb2e-4297-4853-ad95-d2843cd27410","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":78,"box":{"x":209,"y":702,"width":663,"height":11}},{"id":"a847dc58-3aab-4ccc-8303-bfa4f48316aa","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":78,"box":{"x":68,"y":717,"width":820,"height":12}},{"id":"c23c58ca-5022-4469-af61-abd9e83ecc89","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":78,"box":{"x":70,"y":732,"width":792,"height":11}},{"id":"d4d6cd23-49ed-449f-b812-c7a91b5b79d2","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":78,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"0b3ce5d5-fb2a-4bcd-973b-1dcb36cbbc83","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":78,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"0872f7e7-6f66-4690-9e32-8300f4b0cfc8","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":78,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"c6842d4f-13a2-4853-8012-910cbe843924","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":78,"box":{"x":361,"y":785,"width":540,"height":12}},{"id":"78ffdc7f-ad78-4e96-a04f-fe741c95399f","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":78,"box":{"x":68,"y":801,"width":836,"height":11}},{"id":"f9b2b53b-cd86-46f3-a3ac-b7592a14633a","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":78,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"e1a85c76-7159-4a0c-b78c-ff9f26fae0a0","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":78,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"86713bcd-cf04-4d1f-a892-e052c701573e","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":78,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"4f67f64f-1ec5-400e-9412-0ab032fef308","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":78,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"d2877a95-943e-4fa5-ba01-23e0817fb2b9","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":78,"box":{"x":70,"y":876,"width":813,"height":11}},{"id":"ebe8e5ba-2487-44ee-aee2-1b71bce1e340","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":78,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"91f7363a-784f-4ae2-bfdb-7c6c9b9a4767","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":78,"box":{"x":68,"y":906,"width":802,"height":12}},{"id":"7ac6d2dd-ae03-4dae-90f6-13e768645a51","block_type":"box","text":"II-34","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a8f382dc-aa26-4c9f-82c2-2c02662b43cf","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"17522bb7-91a8-4f8b-b4fc-25ef343b0fd9","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":79,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"995ca2cc-b6a2-4370-a526-9d846aa1834a","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":79,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"dd1a9adc-a93d-4af3-b132-957fe49db048","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":79,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"dd9cf7b7-d91b-4db0-bdbf-7b97305801fb","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":79,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"7e7df422-435d-4423-9be9-2b8c5607dce4","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":79,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"3f53f046-12cf-4104-b54b-5b2aae992ad4","block_type":"box","text":"be available for very limited periods.","page_number":79,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"bf386ffc-bbb0-4f47-b2b9-e554939a3ef2","block_type":"box","text":"Investment in Emerging Markets.","page_number":79,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"b6ed3541-b850-4bfa-8458-93a7ed2357dd","block_type":"box","text":"General.","page_number":79,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"80278e91-abc1-4ca1-b008-e00a28972518","block_type":"box","text":"Cer tain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":79,"box":{"x":102,"y":188,"width":748,"height":12}},{"id":"27b531bd-43f3-4a20-929f-894f500d9abf","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":79,"box":{"x":69,"y":204,"width":840,"height":11}},{"id":"c79597aa-6363-4e85-a47a-da8ccbe9eb07","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":79,"box":{"x":68,"y":218,"width":813,"height":12}},{"id":"e80cbb0d-e528-454b-a754-c5fd4dc85195","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":79,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"4015c1e0-53cf-43ae-9280-05ea9ef83346","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":79,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"01fcbc60-c76e-4f8a-bfd4-857394af5909","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":79,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"510dfb73-84d0-420e-9358-5759d34fa273","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":79,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"dca9f910-d85c-4d7d-be03-ff52956e6fbc","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve cer tain","page_number":79,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"13bd0a22-d565-4bba-882d-f9d3cc6496d4","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":79,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"6db54f56-5ddb-45d7-bb74-f9659d1afeb6","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":79,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"32e10aa0-4a94-4ed1-8f2a-c8139808a23e","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncer tain","page_number":79,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"78987236-dc78-4c96-9cb8-d7dc0de6d2a3","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":79,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"7840d001-19e6-4117-8fd4-8a27397512c7","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":79,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"e624ef34-7733-4e6c-8984-df437394aa7a","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":79,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"7199a125-c0aa-4d21-ad4a-239a27265eae","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":79,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"7361e277-802d-434f-acdf-ac2de3166ddc","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":79,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"b9459413-1d2c-415f-b12f-643b82c6cdf9","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":79,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"4ef535ea-5f67-47b6-867f-942e96113f1c","block_type":"box","text":"private and foreign investments and private proper ty. In addition to withholding taxes on investment income, some","page_number":79,"box":{"x":70,"y":453,"width":813,"height":11}},{"id":"77ef7f5a-d1dd-4bfb-935c-e9dc5710130d","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":79,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"a00ea0e4-6486-4c37-bd3d-958ed8111b20","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":79,"box":{"x":102,"y":491,"width":767,"height":11}},{"id":"857f7d62-7316-4e66-adc9-ef542b0a1eb6","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":79,"box":{"x":69,"y":506,"width":814,"height":11}},{"id":"887272b6-9e38-42af-a949-2187600e13b8","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":79,"box":{"x":69,"y":521,"width":792,"height":11}},{"id":"db6ad797-40cb-4869-8ae4-290785c279a1","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":79,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"9ac24db3-8f07-4a6c-911a-8c732d4bd6b4","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":79,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"8c1bd32a-611c-44cb-bdea-73111d5b4d8a","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":79,"box":{"x":68,"y":566,"width":816,"height":11}},{"id":"b46f71a7-25c8-4576-bf35-2fc2c4ac9f54","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":79,"box":{"x":70,"y":581,"width":802,"height":11}},{"id":"105fb9db-0fb8-461f-9624-5b7f44a961ab","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":79,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"4533eac7-0037-420e-b85f-05f6c37d2739","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":79,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"3935aed7-37bd-4c48-82c5-002d2a9df482","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in cer tain of these countries and","page_number":79,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"89822bb2-dbff-4cbb-a435-6721bba6b1c4","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":79,"box":{"x":68,"y":642,"width":838,"height":11}},{"id":"5abece73-f03d-4334-af15-f836e72081e3","block_type":"box","text":"volatile than investments in more established markets.","page_number":79,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"9938231d-577b-4fd3-8223-fcc5a79e2115","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":79,"box":{"x":101,"y":680,"width":805,"height":11}},{"id":"64cb138c-72ae-4698-96f6-f3bb6d6fe5c0","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":79,"box":{"x":69,"y":695,"width":818,"height":11}},{"id":"ab6b6c31-9d41-4cc7-90e6-895bea3a9724","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":79,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"e81ffe51-50b4-4865-b23a-a842066886da","block_type":"box","text":"countries with emerging capital markets, repor ting standards vary widely. As a result, traditional investment","page_number":79,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"45f1f193-4c5e-4341-88f8-4099117bf767","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":79,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"b11b66f5-a343-4a2b-a541-cfe593892ddf","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":79,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"91b7c935-415b-4420-afa3-f46f7ad11f85","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":79,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"b34878a0-8eaf-4e30-936c-d850e7736150","block_type":"box","text":"acquisition or disposal of securities.","page_number":79,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"dab41052-dffe-4082-a11a-0bc22e39efb9","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":79,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"942973a4-1629-41d8-8db9-a0056f74179e","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":79,"box":{"x":70,"y":823,"width":769,"height":11}},{"id":"9227a4eb-6f3f-49c1-85cb-ecfed84b921d","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":79,"box":{"x":69,"y":838,"width":798,"height":12}},{"id":"15024e49-db6c-4b04-a736-cbc503d32915","block_type":"box","text":"negligence, undue influence being exer ted by the issuer or refusal to recognize ownership exists in some emerging","page_number":79,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"0be1b364-7a27-4916-9311-1526e92ff35c","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":79,"box":{"x":69,"y":869,"width":804,"height":11}},{"id":"eba18f7f-1c72-4456-b3ae-054bb51a5e10","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":79,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"1b9818c1-56e4-40b9-80e9-8def58c238be","block_type":"box","text":"II-35","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"943171fe-c652-476b-832e-fc7eb5849ee4","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"98a09c7a-030e-4da8-aa72-422a83376fbd","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":80,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"282b37ec-cc18-4349-9c0d-c1066464e530","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":80,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"7cabc34c-ce7f-428f-b53a-ebba7ecc784c","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":80,"box":{"x":68,"y":75,"width":797,"height":11}},{"id":"7aadd13a-d78b-4f31-b323-3aa23ea8c5e3","block_type":"box","text":"characteristics of futures contracts. In addition, cer tain Funds may engage in foreign currency exchange transactions","page_number":80,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"072b58c4-c0dc-4cce-9a2b-dc3ae2e26eef","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":80,"box":{"x":68,"y":105,"width":799,"height":11}},{"id":"0e40fdc6-ff60-477f-8a45-b6dad76e5e13","block_type":"box","text":"per formance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":80,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"f11ab898-095a-4567-8966-fc15f1c6bb18","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":80,"box":{"x":68,"y":135,"width":740,"height":12}},{"id":"484b7e68-4536-44dd-aba9-f96a5db8b39b","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":80,"box":{"x":102,"y":158,"width":305,"height":11}},{"id":"f2ddc107-68c4-4507-82f5-c667dd04aefd","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":80,"box":{"x":414,"y":158,"width":485,"height":11}},{"id":"2c0bd3d1-9e2f-45de-ab02-71e0da687d09","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":80,"box":{"x":70,"y":173,"width":832,"height":11}},{"id":"69886c1e-22b0-46c0-8823-a14a02b8f91b","block_type":"box","text":"additional or specific risks. Cer tain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":80,"box":{"x":69,"y":188,"width":808,"height":11}},{"id":"37565836-3969-4261-8588-b3cc014cc4a4","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":80,"box":{"x":68,"y":203,"width":838,"height":12}},{"id":"dcd6d7ea-ab1c-4167-ab20-7e01e2d6402d","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":80,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"5f293457-fba6-4212-9115-46512058b4f6","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":80,"box":{"x":70,"y":234,"width":791,"height":11}},{"id":"705ad457-4faf-4b55-97db-f1639243a52d","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":80,"box":{"x":69,"y":249,"width":804,"height":11}},{"id":"49c039e0-3ff9-4501-a871-68a941f9114d","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":80,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"f1f729eb-4570-468f-929f-216aef210c93","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":80,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"d1f7a739-e936-499a-8176-f25f15608bc8","block_type":"box","text":"in potentially fewer investment oppor tunities for a Fund and may have an adverse impact on the investment","page_number":80,"box":{"x":70,"y":294,"width":766,"height":11}},{"id":"e0eae4d9-270c-48a8-8311-43ec10c0f7dc","block_type":"box","text":"per formance of the Fund.","page_number":80,"box":{"x":70,"y":309,"width":179,"height":11}},{"id":"a2f1a2b3-6866-4fa4-a49b-c858addd3cc7","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":80,"box":{"x":102,"y":332,"width":784,"height":11}},{"id":"321f9718-33c3-450a-adef-ce42021666c3","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":80,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"82ed336c-f726-4ee1-bfce-9417554fb4d7","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":80,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"b1a3c18c-a150-4fad-8783-3c7770930143","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":80,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"dac93d2f-7e84-4390-99c0-d4b80a4eaf7c","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":80,"box":{"x":68,"y":392,"width":823,"height":12}},{"id":"40f1fd4b-6e70-4f1d-9cc2-94bd5243c736","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":80,"box":{"x":68,"y":407,"width":822,"height":12}},{"id":"9844878e-258d-44e9-978d-8c31fef90652","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":80,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"ca1e2fc8-25a1-4e29-b977-8494901ccef9","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":80,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"3489d6ab-053f-42b8-8292-41cc533463e4","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":80,"box":{"x":70,"y":453,"width":827,"height":11}},{"id":"7c6f4f03-4ccf-4292-8119-1fd06d668732","block_type":"box","text":"in cer tain countries, as do environmental problems. Cer tain economies also depend to a significant degree upon","page_number":80,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"fbc872ff-5b2d-486d-8d38-22e22bb8c268","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":80,"box":{"x":69,"y":483,"width":824,"height":11}},{"id":"03506fa4-e21c-4c4d-bc5b-b0f157364e07","block_type":"box","text":"affected by a variety of factors.","page_number":80,"box":{"x":69,"y":498,"width":220,"height":11}},{"id":"e4aab643-31bf-4f53-bb91-cbf3be794f6c","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":80,"box":{"x":101,"y":521,"width":785,"height":11}},{"id":"3b78af3c-479b-441c-8b2f-d510be6fede5","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":80,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"37bf30c7-e7c3-46ed-ac65-f2b0452ce6ba","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":80,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"eedd85f4-2d48-4a2c-9ac7-66125fba2159","block_type":"box","text":"clear in cer tain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":80,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"a23f689f-a7ab-4e41-89ce-a15b97ef653c","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":80,"box":{"x":69,"y":581,"width":777,"height":11}},{"id":"46dcc6d3-ad24-4739-9583-c56839e1a1a3","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":80,"box":{"x":70,"y":596,"width":652,"height":12}},{"id":"33dfc9bb-64ee-4126-bbc6-92a07e04eb6f","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":80,"box":{"x":102,"y":619,"width":737,"height":11}},{"id":"381c1995-ecd1-44e2-9710-87dfb17ed14e","block_type":"box","text":"substantial influence over many aspects of the private sector. In cer tain cases, the government owns or controls","page_number":80,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"214c04a7-d8fc-41e2-9a26-d3869fdd682d","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":80,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"c67f005a-a49d-4ad3-98dc-dc79bcbc9fc3","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":80,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"e44e76a5-ad23-4aaf-83de-77c521f16bef","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":80,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"2668770d-84e5-4c2c-8cb9-18dcc86e6144","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":80,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"75092677-775d-4ce6-8c8e-c9d7c88fefe5","block_type":"box","text":"nations.","page_number":80,"box":{"x":69,"y":710,"width":56,"height":9}},{"id":"f97ca359-9b64-4186-b854-cec462cdde0d","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":80,"box":{"x":102,"y":732,"width":794,"height":12}},{"id":"f474c64b-f4b3-4bc4-9a35-578b0fd0f6f5","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial repor ting","page_number":80,"box":{"x":68,"y":748,"width":773,"height":11}},{"id":"7d2164ef-b0f1-4977-95ed-6702e3e35457","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":80,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"0e579c86-3e86-44bf-bc4d-e0c695292f5a","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":80,"box":{"x":69,"y":778,"width":791,"height":11}},{"id":"c0eb9872-9dbd-4062-9391-b70dd68ae51b","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":80,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"fa1fcebe-c7d2-4147-a879-e797033cd15c","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for cer tain developing","page_number":80,"box":{"x":69,"y":808,"width":790,"height":11}},{"id":"84e9830f-50d2-464e-bd6a-e7e7ff8f2bb5","block_type":"box","text":"market Asia-Pacific companies.","page_number":80,"box":{"x":69,"y":823,"width":220,"height":11}},{"id":"330b58e2-381b-4926-a0e2-41cdf64aff72","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":80,"box":{"x":102,"y":846,"width":780,"height":11}},{"id":"2dbed374-5f6f-4146-b584-fd84e0ee8aef","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transpor tation and custody","page_number":80,"box":{"x":69,"y":861,"width":829,"height":11}},{"id":"71405738-0c52-4c55-89a8-3482d7fa0ac1","block_type":"box","text":"services for such securities outside such countries.","page_number":80,"box":{"x":69,"y":876,"width":367,"height":9}},{"id":"557fcb3c-32c4-4183-84a0-77ec6cb12d9b","block_type":"box","text":"II-36","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"62246b59-2d11-4de5-b46a-496f9bf4ecd5","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"821ec439-2de0-42a9-ba02-dbaffb3fb4f5","block_type":"box","text":"Cer tain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":81,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"1a20e41b-5ade-4f06-9f7a-832a8abe25d9","block_type":"box","text":"to commercial banks and foreign governments.","page_number":81,"box":{"x":68,"y":60,"width":335,"height":11}},{"id":"b4ce76ff-47a1-4f5d-950f-cf7c5d371b33","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":81,"box":{"x":102,"y":82,"width":788,"height":12}},{"id":"19e06101-d54d-4ee6-8479-a3e44c8ade0f","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":81,"box":{"x":69,"y":98,"width":830,"height":11}},{"id":"772d299b-e326-4531-be69-2248ca038556","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":81,"box":{"x":68,"y":113,"width":450,"height":11}},{"id":"f6a2a750-2bf1-4830-af89-fdbd1b811ea1","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":81,"box":{"x":102,"y":135,"width":782,"height":12}},{"id":"b17ff598-eed8-4bbd-96b3-4e8bf84baf36","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":81,"box":{"x":70,"y":150,"width":819,"height":12}},{"id":"8e1453f9-3f87-4145-ac87-358d56357914","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":81,"box":{"x":68,"y":166,"width":711,"height":11}},{"id":"bff2d6e3-9754-4ed8-a393-c16cb0a1fce0","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":81,"box":{"x":102,"y":188,"width":435,"height":12}},{"id":"f5e9eb06-1d54-454b-8b16-3433c934e85f","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":81,"box":{"x":543,"y":188,"width":355,"height":12}},{"id":"0441c735-b7d7-4c8f-bc23-f0b9b8b3f5fb","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, par ticularly their equity markets, by foreign","page_number":81,"box":{"x":70,"y":203,"width":817,"height":12}},{"id":"c0b30c35-b4b4-4239-9154-18a85fda9b5f","block_type":"box","text":"entities such as a Fund. As illustrations, cer tain countries may require governmental approval prior to investments by","page_number":81,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"a5313e43-0c77-4fc0-82c3-16cef2656628","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":81,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"9cc6ccfe-bf77-4a59-81c9-3aca24a5b63a","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":81,"box":{"x":69,"y":249,"width":794,"height":11}},{"id":"7ead4b5f-f8e9-45de-a03d-7363c03156d9","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":81,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"dc84554e-ca08-4085-9036-78ca7cb0a178","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":81,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"53045fa5-8fd1-445a-b199-fad45efeaddd","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":81,"box":{"x":69,"y":294,"width":820,"height":11}},{"id":"d333290c-9514-4bfd-b192-4ded2e46d2cd","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":81,"box":{"x":69,"y":309,"width":788,"height":11}},{"id":"71915da0-6eb7-4bcc-8cab-11dcdd9117d4","block_type":"box","text":"issuers or industries deemed impor tant to national interests.","page_number":81,"box":{"x":70,"y":325,"width":434,"height":10}},{"id":"4b9919c0-12a2-4ee2-a14e-773b14a4ace4","block_type":"box","text":"The manner in which foreign investors may invest in companies in cer tain developing Asia-Pacific countries, as","page_number":81,"box":{"x":101,"y":347,"width":787,"height":11}},{"id":"06ce5ba7-04f0-4df5-8491-2a17614a7baa","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":81,"box":{"x":68,"y":362,"width":833,"height":11}},{"id":"0f44b181-7f69-4942-8b90-db4d2b5fa47b","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":81,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"119c84f0-927a-4207-8a07-e186232202f6","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":81,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"4df40101-8c72-4404-af4a-dd7c3c9f39bb","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":81,"box":{"x":68,"y":407,"width":834,"height":12}},{"id":"2e4eee1e-5d89-47ff-9d83-b5a3da4999bb","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":81,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"92e2ebc0-7f84-40d4-9f84-1caea20a477b","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":81,"box":{"x":69,"y":438,"width":800,"height":11}},{"id":"74e96d59-ea70-4819-9549-55aa613f9120","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":81,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"f7b8b49e-afe6-419c-bfed-bbce3fe37c95","block_type":"box","text":"investment at that time.","page_number":81,"box":{"x":70,"y":468,"width":168,"height":9}},{"id":"44d91e81-9e13-45e3-afa8-290f37b59190","block_type":"box","text":"Substantial limitations may exist in cer tain countries with respect to a Fund’s ability to repatriate investment","page_number":81,"box":{"x":102,"y":491,"width":774,"height":11}},{"id":"7104670b-7360-450a-bce8-6465f237d9b7","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":81,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"e892bc73-1597-4869-a34c-69508d952042","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":81,"box":{"x":69,"y":521,"width":789,"height":11}},{"id":"c3b9bc8f-70b6-4447-b933-2cda7779179f","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":81,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"7bc336c8-7e29-478b-869c-da60ee8ee3a8","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":81,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"5c061e3d-d960-42be-af7b-ab4a775c610d","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":81,"box":{"x":68,"y":566,"width":826,"height":11}},{"id":"99ab64bb-5774-47b9-b25a-17ff2ed20f9c","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":81,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"59eec542-a4d1-4b6c-ab12-465681060f4b","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":81,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"8d795e6e-356a-4b8b-be22-d1642a323b04","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":81,"box":{"x":68,"y":612,"width":798,"height":11}},{"id":"def5cb93-b055-40e7-9c10-71448c4ba356","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":81,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"c4b7ba63-059d-4220-8cff-5c3344f12adf","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":81,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"4544f968-3c11-4551-b070-8c3d8184d7b1","block_type":"box","text":"government).","page_number":81,"box":{"x":68,"y":657,"width":92,"height":11}},{"id":"2359429a-eee0-48e1-b348-077b2d99025a","block_type":"box","text":"In cer tain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":81,"box":{"x":102,"y":680,"width":790,"height":11}},{"id":"0372cf25-c1b8-4394-94e3-1ee96f50dea9","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":81,"box":{"x":68,"y":695,"width":828,"height":11}},{"id":"c4f802a7-4585-4368-b70b-de108ed67428","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":81,"box":{"x":69,"y":710,"width":808,"height":11}},{"id":"89886512-47a9-4b94-afb2-4f8aff9331d8","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":81,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"2ee6abc9-7822-4e39-a13d-20cff7f72cdc","block_type":"box","text":"foreign banks and other financial institutions.","page_number":81,"box":{"x":68,"y":740,"width":322,"height":11}},{"id":"3eb926e9-2fd0-4882-9d14-6af9dd6e1412","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":81,"box":{"x":102,"y":763,"width":767,"height":11}},{"id":"fc49c8bb-3cca-42ea-b8f7-6aee56e5b8d6","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":81,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"3a6561fd-53de-46f4-af98-9a95db6f7b6c","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":81,"box":{"x":69,"y":793,"width":809,"height":11}},{"id":"36788892-c4ae-4e32-ae6f-fc091d82a6a5","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":81,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"394919e9-d7f6-4133-af23-c2ef14686586","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":81,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"efafa8a0-b6ba-471b-b6c2-bb3d5b6ec8e2","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":81,"box":{"x":69,"y":838,"width":788,"height":11}},{"id":"94e705ab-c165-444c-ab2e-4cd0eaf943a1","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":81,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"f7f49721-52ac-4a12-a254-a2d949ee9a9e","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":81,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"b96aa1a9-5ac3-457e-b1bb-370890e3643b","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":81,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"f80637c7-8cf0-4808-8570-8544bcb31d35","block_type":"box","text":"II-37","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"64a7e266-15ab-456f-81fd-9a9a14cb352e","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5bf95a37-9878-49f3-a9fa-86c3189b0415","block_type":"box","text":"little financial or accounting information available with respect to issuers located in cer tain emerging market","page_number":82,"box":{"x":70,"y":45,"width":771,"height":11}},{"id":"4b10c9fb-7257-40f5-b308-bce785debd0a","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":82,"box":{"x":69,"y":60,"width":711,"height":11}},{"id":"56074cc1-c794-4f01-87f2-c46aeb44b098","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":82,"box":{"x":101,"y":82,"width":779,"height":12}},{"id":"a270e5bd-d702-4146-83d0-2c441e2e6fd8","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":82,"box":{"x":68,"y":98,"width":840,"height":11}},{"id":"9a7d37fc-5825-47a1-8653-ac9f9d0534ac","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":82,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"48da7359-2599-439e-bd5b-550dc2421f3e","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":82,"box":{"x":68,"y":128,"width":802,"height":11}},{"id":"9e6d0cea-1f2d-47b2-a64d-c3b1f27141a5","block_type":"box","text":"foreign securities.","page_number":82,"box":{"x":68,"y":143,"width":127,"height":11}},{"id":"1460fafb-01d4-485e-9435-19a52b2ad0fb","block_type":"box","text":"Risks of Investments in Russia.","page_number":82,"box":{"x":102,"y":166,"width":224,"height":9}},{"id":"695ce2f6-ae8e-4a9f-8d47-d22eb8384d24","block_type":"box","text":"A Fund may invest a por tion of its assets in securities issued by companies","page_number":82,"box":{"x":332,"y":166,"width":539,"height":11}},{"id":"4c2add91-839e-47c1-837c-7c3e74331766","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":82,"box":{"x":70,"y":181,"width":826,"height":11}},{"id":"d849201c-2fe0-4d5c-b9f2-f4db02b5d05c","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":82,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"2192a364-6e7d-4a30-b873-edea47cae231","block_type":"box","text":"and a substantial por tion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":82,"box":{"x":69,"y":211,"width":812,"height":11}},{"id":"67aea2a4-9bdc-45ea-865b-d6697bcea2b2","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":82,"box":{"x":68,"y":226,"width":824,"height":11}},{"id":"a693a6a4-71fc-4818-96e8-d529d3424e73","block_type":"box","text":"make obtaining accurate prices on por tfolio securities from independent sources more difficult than in more","page_number":82,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"e90602f0-a9f3-42b6-aa88-08f7c5a6c4b2","block_type":"box","text":"developed markets.","page_number":82,"box":{"x":69,"y":257,"width":138,"height":10}},{"id":"9b200ce6-8251-419c-bf31-a1a4c0e366f7","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":82,"box":{"x":102,"y":279,"width":751,"height":11}},{"id":"23e9ccb5-7c15-45db-a105-a6b5e3f7d2b1","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":82,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"a62555d4-1874-4b8b-9f67-adc2d05e5f53","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":82,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"de24b8f2-f6e2-458e-bbb8-d4157e0fab02","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":82,"box":{"x":69,"y":325,"width":831,"height":11}},{"id":"b5fa799f-7d8e-48ba-b1a9-e2f02f5b2592","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":82,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"7547620d-abd8-4585-ab99-cfef5ba514d4","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":82,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"267171f2-f9cc-49ee-aef7-b1d65012937a","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":82,"box":{"x":68,"y":370,"width":833,"height":11}},{"id":"bb719000-2e91-4be1-803b-23961074aac6","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, loss still","page_number":82,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"d084b066-b92c-46c7-930e-2e852461e11a","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":82,"box":{"x":69,"y":400,"width":797,"height":11}},{"id":"3c7e5599-2d38-4ddf-bab7-b40bbb6fffaf","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":82,"box":{"x":69,"y":415,"width":832,"height":11}},{"id":"ac73b7a4-e6b5-4fcc-9e3c-d0527e9d2998","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":82,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"d4dfa8e0-a674-41b8-9a75-0e77d8ae977d","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":82,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"4dc07ed4-f7bb-4d12-a9db-b202369d9059","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":82,"box":{"x":69,"y":460,"width":813,"height":12}},{"id":"b011586e-f0ae-4dae-9208-493ccc04ffa4","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":82,"box":{"x":69,"y":475,"width":836,"height":12}},{"id":"c60c8e0c-8f3e-4cf8-b313-2b3cbfeadcee","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":82,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"a5aa3a6d-8744-4124-b82e-1da7adb36720","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":82,"box":{"x":68,"y":506,"width":723,"height":11}},{"id":"0f1fa5ed-5f92-400a-a163-1b22e9133dec","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":82,"box":{"x":102,"y":528,"width":801,"height":12}},{"id":"f5d429bf-95ec-477e-abb9-797aeb055f13","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":82,"box":{"x":69,"y":543,"width":826,"height":12}},{"id":"07aa2802-92ad-4432-a1ad-e2cbb1c4d94a","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":82,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"a6826151-2ee2-4bba-84c9-aef92805f25d","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":82,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"25e80732-2e96-4f61-b764-3bf992293cf8","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":82,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"b2adaa0d-6700-4ee8-baae-34b1a1efdd04","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":82,"box":{"x":69,"y":604,"width":827,"height":11}},{"id":"fd817f5e-9eae-4d3c-86a6-f38f927904cf","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":82,"box":{"x":68,"y":619,"width":824,"height":11}},{"id":"f0cb1359-632b-4402-9383-98b2375e66d2","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":82,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"2c14ec0f-6cf4-47c1-8b38-604814768d8d","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":82,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"79e161ab-fd0a-4ff3-86a3-60c0c538c4a6","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":82,"box":{"x":69,"y":664,"width":814,"height":12}},{"id":"1fdd387c-9548-4ced-87d9-4d4418679474","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":82,"box":{"x":69,"y":680,"width":816,"height":11}},{"id":"1b2a5783-7bdc-437f-a9ca-fa0a37826c66","block_type":"box","text":"threatened responses to such military action may also impact the markets for cer tain Russian commodities, such as","page_number":82,"box":{"x":68,"y":695,"width":836,"height":11}},{"id":"ab956a6b-5d63-4b3a-a49a-8cb8c5a936b5","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":82,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"086d9ac7-a29c-4407-a1b8-bed298a33f74","block_type":"box","text":"sectors globally.","page_number":82,"box":{"x":69,"y":725,"width":112,"height":11}},{"id":"8ae0daa8-0733-479c-862a-1cc67b330616","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":82,"box":{"x":102,"y":748,"width":745,"height":11}},{"id":"4d7c3527-a226-4e63-992b-b7accdb387fd","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting cer tain securities trades, cer tain private transactions","page_number":82,"box":{"x":70,"y":763,"width":826,"height":11}},{"id":"aa03e235-7425-4c38-9a5b-5b86c53c5b9e","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against cer tain Russian individuals, including","page_number":82,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"eb94452e-6ad3-4eaa-a281-7c6de253fae6","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":82,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"dcde8f54-12f5-4f83-ba4a-ce9f6d018e93","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":82,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"2f3f9ecd-7d5c-4b37-a0ca-e25ce76ae2e3","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":82,"box":{"x":70,"y":823,"width":782,"height":11}},{"id":"f12b6483-1756-4e30-a6f6-b87926ff41be","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":82,"box":{"x":70,"y":838,"width":802,"height":12}},{"id":"339d9c33-ccf8-4d1d-9d74-fd9aed593554","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":82,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"86fb3f0c-efaf-434a-8245-f5ce64f52f86","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":82,"box":{"x":68,"y":869,"width":804,"height":11}},{"id":"01241707-1d21-4062-9910-4b4275b48633","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":82,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"75c0ae0e-ade1-4fba-94e5-c3fe3b0a273d","block_type":"box","text":"fur ther impair the value and liquidity of Russian securities.","page_number":82,"box":{"x":68,"y":899,"width":417,"height":11}},{"id":"56d0bb3f-5240-4332-975f-f06578282feb","block_type":"box","text":"II-38","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"85cb273b-3ee0-453c-ae05-a86f6481351a","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2823f9da-968b-407c-b6e6-a37b8166af1b","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":83,"box":{"x":102,"y":45,"width":241,"height":11}},{"id":"7eac834f-4dc3-4ce9-b2fc-695631195e41","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":83,"box":{"x":350,"y":45,"width":523,"height":11}},{"id":"243e6f47-2dbe-419c-9565-1a241c0bd8ac","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":83,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"b80f0cb4-7d1b-47e5-9243-98ab7ce7f0eb","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":83,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"87803f2f-6bb1-4fbb-8392-705cf9198ce3","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":83,"box":{"x":68,"y":90,"width":793,"height":11}},{"id":"6dd03c34-4424-4746-82ce-ddb927608a54","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":83,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"d931a051-7196-4785-808e-e455a73fb9aa","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":83,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"58a13a0b-686c-452c-8a9e-81a7d054ef9a","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":83,"box":{"x":70,"y":136,"width":803,"height":11}},{"id":"c9d4e60b-24db-44c4-b8f3-91d1451f9d2a","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":83,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"f70ad66b-8a27-4a17-a3cd-36f1ee5427ab","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":83,"box":{"x":69,"y":166,"width":765,"height":11}},{"id":"9760a74a-55c7-4233-8516-ab4a9755fb5f","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":83,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"c4afbffb-aa57-49f0-9ff0-eff15902e683","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":83,"box":{"x":69,"y":196,"width":805,"height":11}},{"id":"8ce672d6-dbf1-4629-855d-abbe021ec190","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":83,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"ed57eafc-c287-494a-8483-a37f3b2199b2","block_type":"box","text":"of assets and proper ty or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":83,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"90f0d524-4d81-4fe4-8178-753512ce8199","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":83,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"f3a95bd4-8465-4d15-ad12-52a6354cd29f","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":83,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"a11fc5d6-1834-497e-8672-9ec3f29da7c8","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":83,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"c446e85e-4a4d-44bf-8f6d-6ed299cdb9f6","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, cer tain entities and industries. Newly privatized","page_number":83,"box":{"x":68,"y":286,"width":781,"height":12}},{"id":"b693c29f-bd8a-464f-a10e-861b1daf47bd","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":83,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"6bd02608-b39a-4e60-80db-34894cb9aee2","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":83,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"e11b52bd-49d0-41b9-b211-42ea24297b0a","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":83,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"deee4898-be7e-439c-9b43-8cb5a488a806","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":83,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"e7150482-90b0-42fd-b0a2-2450e0b3c102","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":83,"box":{"x":69,"y":362,"width":791,"height":11}},{"id":"0bad68c1-0f4f-4fbb-b01d-0c2680d5ac89","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":83,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"ae06bfac-63ad-4015-a5e0-db4a1838f10d","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":83,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"d3c7799f-383b-41df-80f0-473dc621445c","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":83,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"39300f9a-d9ae-4ab7-9abc-5978af60a76b","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":83,"box":{"x":68,"y":423,"width":818,"height":11}},{"id":"207da564-eea6-4258-90a6-5e7f0117c79f","block_type":"box","text":"impacted.","page_number":83,"box":{"x":70,"y":438,"width":67,"height":11}},{"id":"71408e26-3757-49a7-b01a-8d0d8d481d62","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":83,"box":{"x":102,"y":460,"width":773,"height":12}},{"id":"62fc2e5d-b51c-42ee-afe8-d1a520a5da44","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":83,"box":{"x":69,"y":475,"width":812,"height":12}},{"id":"b58887b1-5cc3-431b-aabb-fc4fdd8d4ad0","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":83,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"4712c7f3-bfa4-4769-9a53-b80370beaf80","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":83,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"f72c56ce-11fc-4daf-856b-fc1b5007d7f8","block_type":"box","text":"Arabia has historically experienced strained relations with economic par tners worldwide, including other countries in","page_number":83,"box":{"x":68,"y":521,"width":826,"height":11}},{"id":"9d426581-0b62-4490-9735-842091a4259d","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":83,"box":{"x":68,"y":536,"width":809,"height":11}},{"id":"016688b8-b62f-4f4d-b9f4-58beb8b5049f","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":83,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"6890aeaf-734b-4643-bf89-8e5d4ff8040c","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":83,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"8ec2e504-7bab-49be-97b0-551ed0ad7ce7","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":83,"box":{"x":68,"y":581,"width":781,"height":11}},{"id":"26330ec3-6d3f-49f9-ae4d-86a68aebb3fc","block_type":"box","text":"por tfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":83,"box":{"x":70,"y":596,"width":836,"height":12}},{"id":"e34db4d8-3f54-48de-b481-860b56d1054c","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":83,"box":{"x":69,"y":612,"width":837,"height":11}},{"id":"d3a1dddd-c24b-4a37-9694-c07f7bdc94a3","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":83,"box":{"x":69,"y":627,"width":838,"height":11}},{"id":"15ff0026-7b7a-4a53-89ad-662ea3136c4e","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":83,"box":{"x":69,"y":642,"width":790,"height":11}},{"id":"eaa36ed7-a097-4f63-80ce-f7979632b4fc","block_type":"box","text":"economy.","page_number":83,"box":{"x":69,"y":659,"width":65,"height":9}},{"id":"414cc2da-f501-4b22-8c7e-b9d930617138","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":83,"box":{"x":101,"y":680,"width":747,"height":11}},{"id":"a2e32859-b793-4ea2-b9be-f64d26e16f33","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":83,"box":{"x":69,"y":695,"width":776,"height":11}},{"id":"85e4e0e1-db84-4d41-94a2-95664e76e084","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncer tainty regarding the existence","page_number":83,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"89fd0071-06e1-47c0-b98a-5ec13090318f","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of cer tain Saudi Arabian","page_number":83,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"fd7a16ea-7010-40b2-b869-0c66becd2d61","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":83,"box":{"x":69,"y":740,"width":813,"height":11}},{"id":"9c653708-234b-4c7e-a3cf-d73a672ee15a","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":83,"box":{"x":70,"y":755,"width":822,"height":11}},{"id":"f48edf02-6332-45d7-868e-b4e652acd852","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":83,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"3fd9afc9-1223-44db-ba7e-3d3311a42491","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":83,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"1d984138-477a-4c3d-9706-1eedffb07edd","block_type":"box","text":"typically the case for investment managers.","page_number":83,"box":{"x":68,"y":801,"width":309,"height":11}},{"id":"c944fa12-d6d4-4437-84f3-0893e1610987","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":83,"box":{"x":101,"y":823,"width":806,"height":12}},{"id":"64041b17-0662-45a0-a859-73fda1915ee2","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":83,"box":{"x":70,"y":838,"width":828,"height":12}},{"id":"0daca88e-ff55-4c62-bf4e-2ef9c7102eed","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":83,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"e82b341f-500c-4c3c-a1bd-05ef0fc08a13","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":83,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"babfd193-84a7-4b3a-abc4-a3a661786467","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by cer tain groups in the","page_number":83,"box":{"x":70,"y":884,"width":830,"height":11}},{"id":"ad1797f5-36f7-4aa0-b06b-f6d6ca7ced57","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Fur ther developments in U.S. relations","page_number":83,"box":{"x":70,"y":899,"width":827,"height":11}},{"id":"cedbb350-8489-4f46-b3a5-fb07d3f03e80","block_type":"box","text":"II-39","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"15dbba98-6081-4d75-8bc4-fee9cdcd3f36","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b58dcab5-be6b-4d23-a5b0-49d775c11441","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":84,"box":{"x":68,"y":45,"width":764,"height":11}},{"id":"013208d7-ecbd-4eb7-a071-7f5a222f6ff7","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":84,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"c9d3db26-bad2-40b8-99aa-5266388d9228","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":84,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"818c0f38-f7d8-417a-8a7d-85675db49617","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":84,"box":{"x":70,"y":90,"width":829,"height":11}},{"id":"e1a41a13-9190-42a3-b325-1b5a6696e06c","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":84,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"9fce6813-eec8-439c-8eb9-3db16c1e07cc","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":84,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"f1de1f26-61ce-42a4-a7f8-c3012776f377","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":84,"box":{"x":70,"y":135,"width":797,"height":12}},{"id":"3fb93e4a-1576-4a52-8d5e-9bbbe5a58ce0","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s por tfolio.","page_number":84,"box":{"x":69,"y":150,"width":510,"height":12}},{"id":"8a32d344-d3d8-4e88-a75f-719bd8222e2d","block_type":"box","text":"Cer tain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":84,"box":{"x":102,"y":173,"width":773,"height":11}},{"id":"5d97ce70-5eb7-4458-8987-da650e82c22d","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":84,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"e0daab8e-0cc3-4d42-acf5-e2dc18646d59","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":84,"box":{"x":69,"y":203,"width":787,"height":12}},{"id":"5e36e9af-18df-4a30-a763-36d548ee4803","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":84,"box":{"x":70,"y":218,"width":837,"height":12}},{"id":"b6cc0d0b-8607-4e56-a5f0-2a4853547f57","block_type":"box","text":"will be indirectly subject to those risks.","page_number":84,"box":{"x":68,"y":234,"width":277,"height":11}},{"id":"60daecc0-6b6a-4db3-85c0-d2481762cffd","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":84,"box":{"x":102,"y":256,"width":223,"height":12}},{"id":"a4b9a2e8-7077-4bd7-a2ea-8239e1679eca","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":84,"box":{"x":332,"y":257,"width":521,"height":11}},{"id":"fdcf8313-96c7-4f6f-80c3-7cf1f8325403","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":84,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"e797cd76-2d98-42a7-827a-57775292f668","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas, and its economy is heavily dependent","page_number":84,"box":{"x":70,"y":287,"width":837,"height":11}},{"id":"8d957060-0205-43c1-9f33-63ca14f0c0cc","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":84,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"d20000ac-6846-4038-8adf-39a2c9ee5b00","block_type":"box","text":"key trading relationship that disrupts the production or expor t of natural resources will likely negatively affect the","page_number":84,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"405bfd5f-505d-485f-8589-4cf0d6fae0ac","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":84,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"144c0811-f113-4d9d-abfe-d8009357e7e5","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":84,"box":{"x":68,"y":347,"width":758,"height":11}},{"id":"fc410616-df70-4525-92ad-7bd198983e47","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":84,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"fd727020-806d-409f-971e-63298f9f5141","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncer tainty. Friction continues between the","page_number":84,"box":{"x":69,"y":377,"width":804,"height":12}},{"id":"d1890cdf-8587-489a-9117-4b452d77c85e","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":84,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"09610787-09e8-42b1-bee0-f50249529aae","block_type":"box","text":"and sectoral sanctions, on cer tain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":84,"box":{"x":69,"y":408,"width":827,"height":10}},{"id":"c3875962-10c3-4b84-8ab1-62f5ac4d2329","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":84,"box":{"x":68,"y":423,"width":814,"height":11}},{"id":"2b8b21f5-963e-47ad-82da-04ef28bc9e4d","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":84,"box":{"x":69,"y":438,"width":787,"height":11}},{"id":"c0e2f21a-bfe2-47d7-80e9-1fd89aef7817","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":84,"box":{"x":69,"y":453,"width":766,"height":11}},{"id":"2533c7e4-9ac8-4687-9acd-b878580c116d","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":84,"box":{"x":68,"y":468,"width":804,"height":11}},{"id":"2fb8e917-875b-43af-a74f-a7631bed31e9","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":84,"box":{"x":69,"y":483,"width":838,"height":11}},{"id":"ed2cdedd-cd29-427f-9cc8-c4460b9dbd3a","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":84,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"7a26d989-c6e5-46ff-84ec-81a8445eef77","block_type":"box","text":"impact on a Fund’s investments.","page_number":84,"box":{"x":70,"y":514,"width":230,"height":10}},{"id":"0163dc86-2efe-445e-bf90-bf03ad0f10a7","block_type":"box","text":"Brady Bonds.","page_number":84,"box":{"x":102,"y":536,"width":92,"height":11}},{"id":"69339102-34cd-4081-9e2c-82bfd4a955de","block_type":"box","text":"Cer tain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":84,"box":{"x":201,"y":536,"width":689,"height":11}},{"id":"478796a7-8149-4598-81c6-cd7f4f174a4a","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":84,"box":{"x":69,"y":551,"width":815,"height":11}},{"id":"8a4116c5-1df9-4168-abef-eb71b7f7c1e6","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":84,"box":{"x":69,"y":566,"width":766,"height":11}},{"id":"ab7d030a-aee7-439b-9d01-5b85af749d1d","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":84,"box":{"x":69,"y":581,"width":784,"height":12}},{"id":"ed3f60b9-7f1d-458b-8874-bf421f324709","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":84,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"01741da2-75a2-43fc-b5f0-9f4ef000b3cd","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":84,"box":{"x":69,"y":612,"width":839,"height":11}},{"id":"53c38ee7-26cf-4fb8-8b87-8ca5af013b57","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":84,"box":{"x":70,"y":627,"width":786,"height":11}},{"id":"b3f752df-1f3c-42e2-ad65-1169a9adf870","block_type":"box","text":"2000s, cer tain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":84,"box":{"x":69,"y":642,"width":814,"height":11}},{"id":"34c39022-d072-47bd-a3fe-d61af9196828","block_type":"box","text":"Venezuela.","page_number":84,"box":{"x":68,"y":657,"width":75,"height":9}},{"id":"bf662603-dc3b-4759-8a59-12fc4a889e6a","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":84,"box":{"x":102,"y":680,"width":798,"height":11}},{"id":"11ca159c-40a2-4471-9977-bccbb0afc679","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":84,"box":{"x":69,"y":695,"width":780,"height":11}},{"id":"a4b77b74-3e6f-44b2-ad62-4b4faab375b6","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":84,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"9e78259c-a04e-49e7-8e24-db836b34bb4e","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":84,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"b8098014-e227-406a-8af1-7663310e161d","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":84,"box":{"x":69,"y":740,"width":812,"height":11}},{"id":"ec47e18f-2e7c-4b86-b37d-056149af1d07","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":84,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"ef8a9800-c523-4d49-b593-81e258fe2357","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":84,"box":{"x":68,"y":770,"width":833,"height":12}},{"id":"b33f6150-b9bc-4241-ae47-aa8374b85732","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":84,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"7239b64c-e752-42fa-b2d0-f55e314f7716","block_type":"box","text":"Cer tain Brady Bonds are entitled to “value recovery payments” in cer tain circumstances, which in effect constitute","page_number":84,"box":{"x":69,"y":801,"width":818,"height":11}},{"id":"95e31a10-3a83-47a3-bc64-f56c08ff44b4","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":84,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"c794cfb0-0333-47b1-909e-0f4a00e8f66c","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":84,"box":{"x":68,"y":831,"width":832,"height":11}},{"id":"47bbf616-1fa1-4fcb-8cf4-36cd245b2d4e","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":84,"box":{"x":70,"y":846,"width":828,"height":11}},{"id":"2bb44e05-ae2a-4281-bab7-fd07dc5e80de","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":84,"box":{"x":69,"y":861,"width":430,"height":11}},{"id":"ed43f25d-1cc6-46b4-857e-5914a35d9573","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":84,"box":{"x":102,"y":884,"width":807,"height":11}},{"id":"2792a7d0-7c2f-437d-af16-26120b44f25e","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":84,"box":{"x":68,"y":899,"width":838,"height":11}},{"id":"4fed83aa-2caa-43b6-a28e-23488bfeea9e","block_type":"box","text":"II-40","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"999c68a4-6be6-4ddb-a5d7-e58ae38f1e78","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2aa086a5-017d-4602-86bb-bfab4b43a987","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":85,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"a2183e56-3762-4069-89d8-92c277ba37c7","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":85,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"9e66c576-86d1-4cb9-8536-ce228d080974","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":85,"box":{"x":68,"y":75,"width":841,"height":11}},{"id":"8ef5f4d1-9829-443b-9b0a-4829af19b668","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":85,"box":{"x":70,"y":90,"width":351,"height":11}},{"id":"d66a7538-6960-49e0-becb-f14cb2b81942","block_type":"box","text":"China Investments Risk.","page_number":85,"box":{"x":102,"y":113,"width":171,"height":9}},{"id":"62b11946-19ec-4d40-99a6-f198b9d59310","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":85,"box":{"x":102,"y":135,"width":763,"height":11}},{"id":"fb5cce61-708a-4ddb-acee-7ec26197786f","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":85,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"dd764d64-a50d-4822-aece-4cc00adb584c","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":85,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"67659947-fcec-45a7-ac2f-a50512e6d8cb","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":85,"box":{"x":69,"y":181,"width":809,"height":11}},{"id":"a9c93dd1-db04-4ecb-aeeb-df44a07af103","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":85,"box":{"x":69,"y":196,"width":713,"height":11}},{"id":"ada0c2bc-5d78-44c8-a71c-f23e30d80ae7","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":85,"box":{"x":102,"y":218,"width":762,"height":12}},{"id":"61504f69-9ee2-4159-aef1-266493fc84a7","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":85,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"3a4be813-7b5b-46b4-a1a6-6cc369c9f481","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":85,"box":{"x":69,"y":249,"width":820,"height":11}},{"id":"c87df852-1b6c-4916-9737-34160f3465d0","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":85,"box":{"x":68,"y":264,"width":777,"height":11}},{"id":"43c0c364-bb3d-4ca2-b3fe-74424ba10bd3","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":85,"box":{"x":69,"y":279,"width":809,"height":11}},{"id":"0fe96a2a-1b54-4b49-92c7-caebbbba2e89","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":85,"box":{"x":69,"y":294,"width":805,"height":11}},{"id":"2d732483-592a-4b41-ae07-1f2173742164","block_type":"box","text":"Kong may cause uncer tainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":85,"box":{"x":70,"y":309,"width":770,"height":11}},{"id":"ea0eabad-95cf-4f48-aae7-946cc7759975","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":85,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"e5088062-499d-4cb1-962e-83cadb6704e4","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":85,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"1f808bee-816c-4764-b8fb-4100a2d6acdb","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":85,"box":{"x":68,"y":355,"width":812,"height":11}},{"id":"bd860db5-16a6-446a-8167-826259dd5015","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":85,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"32bb0ba1-50e3-4eec-9157-3c412011130f","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":85,"box":{"x":69,"y":385,"width":769,"height":11}},{"id":"3bd05958-59c1-45b6-9cac-598d427a9ef6","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":85,"box":{"x":70,"y":400,"width":836,"height":11}},{"id":"6e22acc6-f8c8-4a92-81c6-d0815e466173","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":85,"box":{"x":68,"y":415,"width":810,"height":11}},{"id":"ad8fdf30-c7f3-4869-a072-54a784da1048","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":85,"box":{"x":70,"y":430,"width":813,"height":11}},{"id":"2f791582-a731-490b-ba93-6b784817222b","block_type":"box","text":"military conflict. Additionally, China is alleged to have par ticipated in state-sponsored cyberattacks against foreign","page_number":85,"box":{"x":69,"y":445,"width":811,"height":12}},{"id":"92d3d412-3e21-4f43-b94b-769f48f99339","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":85,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"72339bf2-00f1-4937-b00a-4929916c94b4","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":85,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"0f4cf49c-ee86-4a48-8a98-0c3c6b0bf1dd","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":85,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"7abb1ec9-f48d-4df5-a415-0d4dbe98d154","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within Nor th Korea. These situations may","page_number":85,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"57b416ec-2525-4047-b943-4f1b982f63cd","block_type":"box","text":"cause uncer tainty in the Chinese market and may adversely affect the per formance of the Chinese economy.","page_number":85,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"212afcdd-14f2-4aea-9b87-e09914ee0f53","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":85,"box":{"x":101,"y":543,"width":792,"height":12}},{"id":"be58bbf3-8978-4222-91db-ce6773f24db3","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":85,"box":{"x":70,"y":559,"width":818,"height":11}},{"id":"947da19f-c1b4-442a-bddd-0fd686f5ae7a","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":85,"box":{"x":68,"y":574,"width":835,"height":11}},{"id":"a3630404-a8a8-489e-8222-fa6c5728c576","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":85,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"e87a695b-a91b-4329-b7b0-7b6106130d7b","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":85,"box":{"x":70,"y":604,"width":763,"height":11}},{"id":"f88ca223-61c4-4b2c-907a-8cf8a72ca7bf","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":85,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"ba50af41-dd56-4b1a-bcc4-0c3382243668","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and proper ty or","page_number":85,"box":{"x":70,"y":634,"width":813,"height":12}},{"id":"b2640524-2900-4f7a-b8da-74737f4fcfa6","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":85,"box":{"x":68,"y":649,"width":653,"height":12}},{"id":"28d3bc43-bb57-4a23-8def-8b0f4851c907","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":85,"box":{"x":101,"y":672,"width":783,"height":11}},{"id":"cfcb47c4-9e08-44c9-b3bd-a8fc1defd1e0","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":85,"box":{"x":69,"y":687,"width":805,"height":11}},{"id":"d570e44b-0ecb-4f4a-a838-f5d384a67726","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":85,"box":{"x":69,"y":702,"width":827,"height":11}},{"id":"9a67bb2a-62ba-494a-b38a-8577e079764a","block_type":"box","text":"Funds. Fur thermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":85,"box":{"x":70,"y":718,"width":821,"height":11}},{"id":"3b35d00c-4c7b-4900-be83-2cd8f40c4be3","block_type":"box","text":"affect the per formance of the securities markets and as a result the per formance of the Funds.","page_number":85,"box":{"x":69,"y":732,"width":683,"height":11}},{"id":"7070dc73-4575-4162-a1e8-52ec44d0e0e1","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":85,"box":{"x":102,"y":755,"width":797,"height":11}},{"id":"35e29079-9f59-4380-90b4-69fdaca75634","block_type":"box","text":"brokers and other par ticipants than in the United States. Accordingly, issuers of securities in China, including","page_number":85,"box":{"x":69,"y":770,"width":779,"height":12}},{"id":"602e615b-f907-4169-aeda-21c3f021d951","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":85,"box":{"x":69,"y":785,"width":822,"height":12}},{"id":"1015e324-801a-446a-8fa9-b6d8c805b8f8","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":85,"box":{"x":70,"y":801,"width":836,"height":11}},{"id":"bd8facf6-09e4-4b81-947a-bfaaa12ddf54","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":85,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"e79e99a1-a6f5-4a0d-93c3-40646ec05a7a","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":85,"box":{"x":70,"y":831,"width":803,"height":11}},{"id":"875365b2-9ef0-4655-8796-686dbc8d49d4","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":85,"box":{"x":68,"y":846,"width":816,"height":11}},{"id":"ef059bfd-e631-4406-a9ae-6f89165485b4","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":85,"box":{"x":68,"y":861,"width":816,"height":11}},{"id":"4fa2b79c-48ad-4046-9db1-6fefb89baacb","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In par ticular,","page_number":85,"box":{"x":69,"y":876,"width":798,"height":11}},{"id":"7400d1d8-de6b-4dd5-8c6c-9bc5f953f0eb","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":85,"box":{"x":68,"y":891,"width":826,"height":12}},{"id":"e88c04ef-9802-4493-8641-7db4dae5fbb7","block_type":"box","text":"sub-custodian.","page_number":85,"box":{"x":69,"y":907,"width":102,"height":8}},{"id":"6c572460-3100-4d95-9297-78584980b6b3","block_type":"box","text":"II-41","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"12f5ff0d-61a7-4b86-97ce-03f43bc5d60d","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ebb1a360-d9c4-4093-9008-7e827c26264c","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":86,"box":{"x":101,"y":45,"width":801,"height":11}},{"id":"005daf66-6455-4e88-af2c-d5daf99b19c6","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":86,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"0e261edf-994c-4d17-a0f9-a44ea0992aab","block_type":"box","text":"on investor protection considerations.","page_number":86,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"cce662cf-958b-4540-9e6e-c2330a1a4f36","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":86,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"6f6c9ee5-a521-46cd-8ad6-1d878086c31a","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":86,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"fae5d3e4-443a-4191-9ee9-72e5fefff61a","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":86,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"9626032f-a923-49fe-a545-91e86145c4a3","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":86,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"fb431df0-627b-4440-90df-2a82ec964395","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":86,"box":{"x":68,"y":158,"width":774,"height":11}},{"id":"3fa1fef0-e042-4a72-a9a6-a23a48de002f","block_type":"box","text":"headquar tered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":86,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"d57135fe-6832-4838-9c9d-89e0fc1d4916","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":86,"box":{"x":69,"y":188,"width":788,"height":11}},{"id":"af1c1643-655b-49f4-8640-ceeb77b8f18e","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":86,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"895ca024-c316-4e76-9c8d-1975a41b5836","block_type":"box","text":"per formed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":86,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"e91a183b-12c7-49c8-96fb-e5e9654f52b3","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":86,"box":{"x":70,"y":234,"width":820,"height":11}},{"id":"83e1e5bc-7750-4372-a436-c3703f408b90","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":86,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"46a2bdd5-7d51-47e8-a40e-3c54250d35c9","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":86,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"aeb7d63e-66cc-404e-9c78-d5b8bd6d31bb","block_type":"box","text":"accounting firm.","page_number":86,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"690d77bf-d798-4855-9c1e-6043823ed932","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely conver tible currency and is subject to foreign exchange control","page_number":86,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"b9b57141-49e1-44e2-9c4e-696c38675b75","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":86,"box":{"x":70,"y":317,"width":815,"height":11}},{"id":"2a0f9d45-c7e8-4f9f-95d1-b6d2095de325","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":86,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"94461e7c-dcfc-462e-bdd6-6d5ca502ab7a","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":86,"box":{"x":69,"y":347,"width":787,"height":11}},{"id":"400eaff0-faa1-445e-9e7d-3dee764fe1bf","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":86,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"793c5d98-c6cd-4f2d-8f14-b212ac1de2d4","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":86,"box":{"x":68,"y":377,"width":825,"height":11}},{"id":"5770f6c2-8b52-49e3-a5a3-92681f0a15fd","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":86,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"236bb188-2130-4e07-b9f7-e6b554b52bf7","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":86,"box":{"x":70,"y":408,"width":812,"height":11}},{"id":"2ddbdaf6-cf7d-4f8b-ad28-4a606df132fe","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":86,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"94b4278a-4a15-453a-b274-5dd198200dc2","block_type":"box","text":"RMB (“CNH”).","page_number":86,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"efcbe95a-077b-470d-9701-3adb59578feb","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":86,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"db3ce2ac-06d4-4033-847e-24dbdd537130","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":86,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"575539df-bd6d-4033-9e44-1441f13aa61c","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":86,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"a5a380d4-2511-4b62-86bd-e67f6618b6a4","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":86,"box":{"x":70,"y":506,"width":775,"height":11}},{"id":"6f9dd5b2-4850-470f-8f71-a9bf8f2fe57a","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":86,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"2d7c0331-1841-46ba-afc8-f26f14712c90","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":86,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"55365ac1-c705-491b-8fa2-3395dda65ded","block_type":"box","text":"represent equity ownership in the operating company.","page_number":86,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"4f99e348-a0e9-4b42-a44b-2927624f9d72","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":86,"box":{"x":101,"y":574,"width":801,"height":11}},{"id":"bbe2e8e2-e827-4fa1-b66e-8df9ed1fab40","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":86,"box":{"x":68,"y":589,"width":833,"height":11}},{"id":"8fb8aa98-bd96-43d8-96d2-fe9922079d6c","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":86,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"0843ea42-8c3e-408f-9add-42ff51966e20","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":86,"box":{"x":69,"y":619,"width":832,"height":11}},{"id":"fa30dac9-e3c4-4e98-97a1-1fb4d286e83a","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":86,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"e7aca979-fce1-4768-9c14-190095c75b39","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":86,"box":{"x":69,"y":649,"width":770,"height":12}},{"id":"2224e700-d228-4212-b8ba-e9ec1113afdc","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":86,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"5f481f3e-050c-4fbc-b443-fee4e2752648","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":86,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"028ca8da-89eb-4dfc-9c9e-7641ee393067","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":86,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"013e54b6-e211-49d5-a1c3-b82623bb4939","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":86,"box":{"x":69,"y":710,"width":802,"height":11}},{"id":"24d133fc-6eab-432b-b295-52b7e22a6138","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":86,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"f0d31e3a-a7a8-4fd9-9056-afe0d5bcdeae","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":86,"box":{"x":69,"y":740,"width":833,"height":11}},{"id":"ae06b11f-7998-445c-b9eb-ce6918e410bb","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":86,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"68b18471-1bd8-4d7f-9b85-c1b1e0ff2203","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":86,"box":{"x":68,"y":770,"width":798,"height":12}},{"id":"2f9fbf29-3c2b-4131-bad1-25accdc983be","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":86,"box":{"x":70,"y":785,"width":833,"height":12}},{"id":"4c8f6801-2482-42a9-87d9-ed3909beb7aa","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":86,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"c3c3012e-d1e8-419f-b894-f428b768b784","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":86,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"323f6f0a-5008-42b1-b9fd-ab4a9c02f5b0","block_type":"box","text":"losses to a Fund.","page_number":86,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"dadb8abe-982d-4872-8451-15f0eef1a0f9","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":86,"box":{"x":101,"y":853,"width":760,"height":12}},{"id":"b94f0f14-e09e-4550-b86f-dd6d90b3ee05","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":86,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"d5940f64-c45c-4dbe-8ff8-0f1229195c98","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":86,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"e62dc764-6c9e-4625-b822-534db4f77521","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":86,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"03d88580-7124-4b96-8130-dbc840e8657f","block_type":"box","text":"II-42","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"da95b88d-7c37-469e-9659-138e7af52b81","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f3b76fd4-8457-48bf-acc3-1488a8602b85","block_type":"box","text":"expor t growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":87,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"727121d1-b3a9-4a56-b3d1-fab515d53469","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":87,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"ceff0e9b-7c37-4652-900d-4b27ef492a24","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":87,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"d3056447-6c8d-4c06-a90b-451ab9a08125","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":87,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"4eeca014-56bd-42af-8b5b-50c852152306","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":87,"box":{"x":70,"y":105,"width":816,"height":11}},{"id":"5fc77efd-a5bb-4880-a713-7223a9bb23d0","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":87,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"3ee53378-47a3-4112-a147-7b36fd83aa9f","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":87,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"7d0172ae-9b14-4df0-8ce5-5a271edf9355","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":87,"box":{"x":69,"y":150,"width":798,"height":11}},{"id":"a6e8629e-43ec-40ff-9cc5-fbe6e20071d7","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":87,"box":{"x":68,"y":166,"width":805,"height":11}},{"id":"610b9e90-2619-4495-a842-d6ca0fd8f2fd","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":87,"box":{"x":69,"y":181,"width":817,"height":11}},{"id":"d9c9601d-f247-4104-81a3-dfa6e51798e5","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could inter fere with orderly trading, delay settlement","page_number":87,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"ed628e14-9ca0-4fa8-823f-829be1dbecd4","block_type":"box","text":"or cause market disruptions. Cer tain companies may be subject to economic or trade restrictions (but not investment","page_number":87,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"09cc67aa-5173-4b91-8130-8edc23c59b0c","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":87,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"fd122f58-2d95-4b70-ae65-9eff38bad7ed","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":87,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"40406e80-198c-46b3-abb9-ee1dfb8466d2","block_type":"box","text":"such companies.","page_number":87,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"624147ca-c60f-4442-94d8-3e3cc9664477","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":87,"box":{"x":101,"y":279,"width":792,"height":11}},{"id":"0c4b6f1b-5f93-48bd-b916-d2a291387be0","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":87,"box":{"x":69,"y":294,"width":840,"height":11}},{"id":"70e02752-ced2-4d28-abd5-609c48148521","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":87,"box":{"x":68,"y":309,"width":815,"height":11}},{"id":"f4276867-4ece-47a0-b325-80e8f0747252","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":87,"box":{"x":69,"y":324,"width":823,"height":12}},{"id":"56b74e50-ea07-4126-9aa1-71eaf1ab61ee","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":87,"box":{"x":69,"y":340,"width":812,"height":11}},{"id":"d2b8796d-f618-4e6f-a4ee-82fdd4786b41","block_type":"box","text":"addition, the accounting, auditing and financial repor ting standards and practices applicable to Chinese companies","page_number":87,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"63855602-3c6e-4e69-9baa-ecc5cdf8cdc0","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":87,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"e0efca76-3c9c-4a33-a93d-88c469803bf0","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":87,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"f1df5296-9f17-4540-a8b3-d18a1a5111d6","block_type":"box","text":"standards.","page_number":87,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"fc25c3ea-933a-4216-ba5e-fff69fe84353","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":87,"box":{"x":102,"y":423,"width":794,"height":11}},{"id":"47c5f4ea-17ec-47db-bb3e-4357234aab5d","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":87,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"765718ff-ab73-423a-8665-46f866fbc31e","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":87,"box":{"x":69,"y":453,"width":803,"height":11}},{"id":"937da794-25bb-49a4-b379-9be75e006365","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":87,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"102d717f-972d-4c3a-84ae-487175091c2d","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":87,"box":{"x":69,"y":483,"width":548,"height":11}},{"id":"47932069-7435-4cc6-9d75-c9c68cd2a0c1","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":87,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"7a429279-07d4-46b1-84e8-17a3de8e50a9","block_type":"box","text":"General","page_number":87,"box":{"x":102,"y":529,"width":55,"height":8}},{"id":"5dc090bf-18ae-4e9b-8805-a657586e774f","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":87,"box":{"x":158,"y":528,"width":704,"height":12}},{"id":"2d4f93b3-55b1-4be1-a43d-6a3e741a0700","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":87,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"03ee27f6-a747-4647-95dc-6e50654bf357","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":87,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"5eb5586a-05c6-41a5-b512-04034d33810a","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":87,"box":{"x":68,"y":574,"width":833,"height":11}},{"id":"a9bb439d-862a-4428-994d-89169243bda5","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":87,"box":{"x":69,"y":589,"width":744,"height":11}},{"id":"2be7848d-3f62-48df-bacf-fff5ab066a44","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":87,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"b7f74d6c-8a31-4bf8-a780-5f019d164798","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":87,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"a8c3deb4-7e0d-4ec8-945f-21ced044ff69","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":87,"box":{"x":70,"y":642,"width":834,"height":11}},{"id":"704a4b43-25fd-4df3-b032-90e7eb12871d","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":87,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"2c83ec84-a887-4136-b0a4-a99e72b23242","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":87,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"e68cd807-5cdd-47e3-a628-907cb0489413","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":87,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"9886fd4d-a71e-4ac5-9199-0242c46bfa23","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":87,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"e705c1f7-aab4-426c-949c-74e0276e4115","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":87,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"d1bc0b57-223b-4f92-a45b-8ad88c6c8eb8","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":87,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"3bf63c88-1025-4ebc-a9cb-7dfde47c2929","block_type":"box","text":"company established by SEHK.","page_number":87,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"9c740382-b8ab-43ed-829b-542948d61bfc","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":87,"box":{"x":101,"y":770,"width":794,"height":12}},{"id":"02aca205-693a-435e-b5da-17393dff4cb9","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":87,"box":{"x":68,"y":786,"width":839,"height":11}},{"id":"0e885aa9-6f90-484c-a0ab-ec1cbfa1395f","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":87,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"f40826c8-35f6-4d35-8ac9-dea2ffd29eae","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":87,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"a6609fee-68c9-44bc-88dc-7a487fc17cf6","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":87,"box":{"x":70,"y":831,"width":827,"height":11}},{"id":"3ce20f84-91f2-4fb1-94da-055b7b72ac7e","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":87,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"e6578c18-240b-4281-8dc7-fc3e92f632a4","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":87,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"fa57f80d-38fc-4df5-8b99-81e5f2183d8f","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":87,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"a460388d-bd10-48c8-bb3b-0b59f39e7d3b","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":87,"box":{"x":68,"y":891,"width":821,"height":12}},{"id":"de9deb76-79d2-43f0-9c76-7a6be7fa5373","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":87,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"f4692148-1267-4286-89a9-2334357d2fe3","block_type":"box","text":"II-43","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"29f40666-0b2a-4d99-908c-60ef7eaa4c38","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"24f9d64e-8c27-49cf-933b-1338aa7e794e","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":88,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"3ece159b-4dac-430e-b6c6-72a6262b5748","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":88,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"1b41eca0-1866-4319-b0fc-ba80cc23a2c4","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":88,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"f2a44a62-c48a-4c06-b891-ab8d73821518","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":88,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"13db58b3-d32a-4021-8c12-e74012f5a9eb","block_type":"box","text":"i.e.","page_number":88,"box":{"x":349,"y":90,"width":21,"height":9}},{"id":"1772f6b3-463e-46d4-af15-5591c2fa1e1f","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":88,"box":{"x":372,"y":90,"width":524,"height":11}},{"id":"7c95f24e-2eff-43f1-bdc0-f35736014b58","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":88,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"e9d5f946-d970-407c-a5cd-326d0755a4a4","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":88,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"08d0026a-92d0-45e7-9fa2-713a5795d118","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":88,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"ae94dd7a-bccb-4903-ac3a-efb76a2aa991","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":88,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"84b7f7de-25e5-45fd-bd8a-21f9b38a44d1","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":88,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"73dd0e2e-684f-47b4-a1f6-d8579f0c7da5","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":88,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"2924359a-2db0-4461-a363-a7adb73df070","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":88,"box":{"x":68,"y":196,"width":820,"height":11}},{"id":"ace3c652-2edb-418b-adf7-73096d2d3cee","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":88,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"cc6a5050-76f7-4d0b-ba7f-188f46400238","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":88,"box":{"x":69,"y":226,"width":811,"height":11}},{"id":"06261fd7-747d-4d04-93cd-2583cb632ec6","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":88,"box":{"x":68,"y":241,"width":815,"height":11}},{"id":"b61e03bb-35b4-4a5d-835e-5004dea8c7a5","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":88,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"f574cbcc-79eb-4809-b7c2-176a08e1be8f","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":88,"box":{"x":70,"y":271,"width":777,"height":12}},{"id":"ed438e06-8ce5-4c10-8614-1aa219022d6d","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":88,"box":{"x":70,"y":287,"width":582,"height":11}},{"id":"6409e6a0-87c3-4f0b-92af-70557964be2f","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":88,"box":{"x":102,"y":309,"width":802,"height":11}},{"id":"4684581a-5a2e-4380-8f9b-676b87c50b6a","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":88,"box":{"x":69,"y":324,"width":784,"height":12}},{"id":"5427d1ac-a9be-4d68-995f-8f175d16a37b","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":88,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"642b3202-6258-4603-8cbb-19c758f62b4b","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":88,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"01edfe4f-e7db-4f9a-be0e-17920add11d2","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":88,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"688fa6e0-7175-4e93-adac-6e1d4dc967a9","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":88,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"2f59ea17-05df-4610-af45-39eedcb55189","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":88,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"167b5878-428a-47b2-a221-e772e3fae65e","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":88,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"61262545-1f0a-4290-8a14-871463cdf175","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":88,"box":{"x":70,"y":430,"width":774,"height":11}},{"id":"155468f1-f87a-4310-899b-51aa184067a2","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":88,"box":{"x":70,"y":445,"width":816,"height":11}},{"id":"7a1a8310-49b9-4283-ac93-fe0ef8ecac0a","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":88,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"17b86779-be94-4960-afd5-2d1f4a032337","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":88,"box":{"x":68,"y":475,"width":779,"height":11}},{"id":"b0d36dba-f484-4eea-8036-dcee3068e5e5","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps par ticipants of Central Clearing and","page_number":88,"box":{"x":69,"y":491,"width":788,"height":11}},{"id":"fb5794f8-0ed7-44d8-920f-3ba7001fa831","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS par ticipants to take steps in","page_number":88,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"bfa6c466-fbf8-47a5-8bbc-ede0a80ebb8f","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":88,"box":{"x":69,"y":521,"width":811,"height":11}},{"id":"1bc638a6-4469-414c-8599-11109cc18891","block_type":"box","text":"HKSCC through par ticipants of CCASS. All voting instructions from CCASS par ticipants will be consolidated by","page_number":88,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"a7a8d8d3-fa59-4415-bfb5-d2be14c189bc","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":88,"box":{"x":70,"y":551,"width":826,"height":11}},{"id":"27c4db40-2d95-45f0-9968-1e19b5dc81a5","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":88,"box":{"x":69,"y":566,"width":752,"height":11}},{"id":"22c62d3c-496e-42fa-a3c3-7ecde22ff7aa","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":88,"box":{"x":102,"y":589,"width":804,"height":11}},{"id":"1cff7210-34a3-4af4-a284-b58c77c0dfdb","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":88,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"cec110d5-316b-44c1-93c0-0c6e33243241","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":88,"box":{"x":68,"y":619,"width":769,"height":11}},{"id":"c6e00ba5-e5ec-491e-ab40-aa86e53da968","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":88,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"d23b5229-4807-47f4-a99e-ff0c16e6dcc1","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":88,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"01d52131-a74c-4a27-956b-58359ed943c6","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":88,"box":{"x":68,"y":664,"width":822,"height":12}},{"id":"b8f2a494-794f-42c6-9e13-f8a09088db2d","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":88,"box":{"x":69,"y":680,"width":829,"height":11}},{"id":"c8c5fe65-2400-4dc5-9924-5dc5043ee3ad","block_type":"box","text":"PRC.","page_number":88,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"f307f8f2-b15f-4287-a616-967bf7f50290","block_type":"box","text":"Market par ticipants are able to par ticipate in Stock Connects subject to meeting cer tain information technology","page_number":88,"box":{"x":102,"y":717,"width":796,"height":12}},{"id":"8899ed6b-abdf-471f-909c-d1bf277f59ad","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":88,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"f1ce9540-0848-488b-aee6-b4f0b154781d","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":88,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"4647c7e7-562f-43e6-9fa5-cd9ca8dc8360","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":88,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"ece85798-5a5a-4ed3-b72c-343b4efb2bd5","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":88,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"ae8051ab-8ba7-47b7-8513-372bfb51b686","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":88,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"4ca0a831-9a45-4e8d-8ecb-c68d3a8ea7ef","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":88,"box":{"x":68,"y":808,"width":695,"height":11}},{"id":"dafc7951-b013-4ca0-a71f-937004169a02","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":88,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"be66c8e8-d0c6-4862-ba4d-24cf7ee825c2","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":88,"box":{"x":69,"y":846,"width":810,"height":11}},{"id":"546039ad-8116-43e1-aa59-11513adb4019","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":88,"box":{"x":70,"y":861,"width":798,"height":11}},{"id":"59deb306-ed4b-46e2-b6de-e546d8d0c7c6","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":88,"box":{"x":70,"y":876,"width":786,"height":11}},{"id":"5645188f-6250-442c-ab29-3ea50e2b0825","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":88,"box":{"x":69,"y":891,"width":821,"height":11}},{"id":"c692fe58-f8fd-4ea3-86ca-197dba8aac8f","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":88,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"9981265f-69a8-4816-9aec-a29420091435","block_type":"box","text":"II-44","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1360b870-7972-4e1b-98ad-ab2f36294334","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7a2e8e46-7b39-488c-812d-3e23bad07cc8","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":89,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"13941942-fb65-42f9-8c3e-0ed191311226","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":89,"box":{"x":68,"y":60,"width":814,"height":11}},{"id":"b0a5c0d7-275d-4b93-b3d6-678bb881e037","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":89,"box":{"x":69,"y":75,"width":793,"height":11}},{"id":"0ddc42df-1ea7-4083-a0e2-82680ca06dac","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":89,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"a6c19da1-39af-4e85-89f5-6bc9c119bc87","block_type":"box","text":"other restrictions. Fur ther, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":89,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"2dae96ab-b938-4969-87ad-4b5abaf0dd07","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":89,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"ebd164df-1f44-42c7-8464-d86238fb647c","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":89,"box":{"x":68,"y":135,"width":596,"height":12}},{"id":"bec3b6de-75b3-4417-b7f9-9d0255ab4c9c","block_type":"box","text":"Suspension Risk.","page_number":89,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"62351ff4-8626-4030-956b-581fa69f191f","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":89,"box":{"x":231,"y":158,"width":675,"height":11}},{"id":"30a59eee-7da8-4a5d-ad34-7a523cd69767","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":89,"box":{"x":68,"y":173,"width":829,"height":11}},{"id":"cfc94bc3-de03-4b46-b362-144df88d376c","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":89,"box":{"x":68,"y":188,"width":823,"height":12}},{"id":"031fda9e-14cc-437a-a371-727777cf38c5","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":89,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"c03b1299-d00c-48b1-84f4-732a0fb4ec8f","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":89,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"e252b26d-8c40-4593-9903-b0482b904ace","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":89,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"7fc76931-c0f4-492e-9fa0-84ee9efab17a","block_type":"box","text":"Nor thbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":89,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"63380210-ca80-4dcb-b582-6f83f60c6605","block_type":"box","text":"measures to halt or suspend Nor thbound trading. Where a suspension in the Nor thbound trading through Stock","page_number":89,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"546a9af7-a307-4021-bfc0-ca9c191c835c","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":89,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"3f6dddff-b574-4af7-8e85-b0193bfe2b93","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":89,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"bc57ac15-3fa0-477f-9bcf-61d134ead920","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":89,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"39688d10-f29b-44bb-90da-bf8e1775e5b1","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":89,"box":{"x":69,"y":324,"width":815,"height":12}},{"id":"0bcb7e10-897a-45e3-8961-41c932f5aff9","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":89,"box":{"x":69,"y":340,"width":833,"height":11}},{"id":"c02fce4a-9124-4b9b-a1b8-b1be232dd78b","block_type":"box","text":"exist for any par ticular SSE Security or SZSE Security or for any par ticular time.","page_number":89,"box":{"x":69,"y":355,"width":563,"height":11}},{"id":"a3fb9bf2-6f89-41b9-ba12-ce1be57abf65","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":89,"box":{"x":102,"y":377,"width":542,"height":12}},{"id":"94bff23f-9f67-4aec-8b11-b8523b1d2691","block_type":"box","text":"A Fund may invest directly in the","page_number":89,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"6233b311-ae9c-4dd5-a705-01dfb76cdcf5","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the nor thbound trading of Bond","page_number":89,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"b2ba70e7-bd7a-46d5-a902-3376ce69c00e","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":89,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"5d0953e5-7bc7-4331-b38e-1c3932a47fd8","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":89,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"16bec885-9e2a-4c08-bf77-afd40aa81ba7","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":89,"box":{"x":70,"y":438,"width":832,"height":11}},{"id":"32a3eb6a-755f-43cd-adc3-de5c1d00f939","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":89,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"8b6f6f38-85b3-4565-97c8-ae2d8164b053","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":89,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"0d7b93fb-e332-465f-9acf-6e7d3e9b9907","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":89,"box":{"x":70,"y":483,"width":825,"height":11}},{"id":"c4087d1c-b861-4b20-8fd3-1c88480b5d1c","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":89,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"84330142-cd02-4e5e-9079-ef67a696601d","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":89,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"9e5c9683-f25d-4512-ae41-570183f6f6c8","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":89,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"abe82da0-eb88-4eea-b979-2da0897899d4","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":89,"box":{"x":68,"y":543,"width":788,"height":12}},{"id":"a09f5aba-8c95-4441-a2c8-c054415ce3e4","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":89,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"53b5b34f-b8f8-41bf-b6f8-c6acc0842476","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":89,"box":{"x":69,"y":574,"width":570,"height":11}},{"id":"92cbc2d2-74be-4018-b77c-c6c6a4db3302","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":89,"box":{"x":101,"y":596,"width":773,"height":12}},{"id":"ed00bc7c-71d1-4edd-ab57-998dc1648cf7","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":89,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"528ce893-3367-4c64-a4fe-1763b826e6f5","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":89,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"ff645cd5-92b6-44dd-b6ef-f70216beefad","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":89,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"59256da3-c27c-46b4-afa2-e459ea07d658","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":89,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"e962620a-93c9-4dca-a6a9-1dacdad02885","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":89,"box":{"x":69,"y":672,"width":787,"height":11}},{"id":"9220f974-add9-498b-b441-9540ce492bde","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":89,"box":{"x":69,"y":687,"width":788,"height":11}},{"id":"461f94ff-c43f-4e52-b073-5f241dbb74f8","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":89,"box":{"x":69,"y":702,"width":820,"height":12}},{"id":"9ecf8b68-4fee-4d5f-bb1a-e31564964f79","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":89,"box":{"x":68,"y":717,"width":500,"height":12}},{"id":"6c56141c-a36a-4177-9b53-4d6f7b23a416","block_type":"box","text":"i.e.","page_number":89,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"45d937e8-8c4f-4fe8-95d4-e12fc18233bb","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":89,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"5c6b2ea0-66b1-4c99-94aa-3586ee54d8c0","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":89,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"4162aad3-cbf8-485b-bd45-24e67887f71b","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":89,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"43ffc463-52ef-4537-bf65-bab6b0162ccd","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":89,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"120f3d71-f880-4ed4-a5e7-fe646af5487f","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":89,"box":{"x":68,"y":778,"width":822,"height":11}},{"id":"da3a3a2c-2788-4218-8d4b-96e95492d3d0","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":89,"box":{"x":69,"y":793,"width":793,"height":11}},{"id":"a1ff75b2-55ea-462d-871c-b6bd9c7b53dc","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":89,"box":{"x":68,"y":808,"width":802,"height":11}},{"id":"82e6e637-9734-4550-a6a1-1ea427f82ad7","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":89,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"1face222-7f00-45fc-a8ac-7dfeda9c4418","block_type":"box","text":"par ties.","page_number":89,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"1a0d52f7-94a3-4853-89b0-96b335c2f75f","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":89,"box":{"x":101,"y":861,"width":799,"height":11}},{"id":"7acb1aa5-7f82-403e-b738-2c1ae7d3f964","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":89,"box":{"x":70,"y":876,"width":785,"height":11}},{"id":"ea0ea062-e92a-4a5f-94c6-29ac0a3e8b8f","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":89,"box":{"x":69,"y":891,"width":776,"height":12}},{"id":"248a94bc-87bc-4e2a-baec-9ce27eca9eb1","block_type":"box","text":"II-45","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"35a3a0e3-7966-4b20-86ba-0fe0e4a6b828","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d98a2bf9-84f8-4dd1-a8c6-a9830e2d2f5c","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":90,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"d6515591-9043-499c-ab3f-852c94fc8cd0","block_type":"box","text":"and interests of a Fund under PRC law are also uncer tain.","page_number":90,"box":{"x":69,"y":60,"width":412,"height":9}},{"id":"ae5d66ed-d8d1-4fad-ac1f-cf7736c51cb8","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":90,"box":{"x":102,"y":82,"width":793,"height":12}},{"id":"0e360bb7-35df-409b-ac4e-99f40a9baa3b","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":90,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"a107f5eb-29ee-40c3-95b2-e68dee7386ca","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":90,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"08720b64-33af-41e7-b164-1fc029eeba5d","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":90,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"8ecaa01b-84ed-4d67-910c-b7f164378a5f","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":90,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"d7004340-991a-405a-96b8-d1db28d54612","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":90,"box":{"x":70,"y":158,"width":556,"height":11}},{"id":"8021d21e-0899-4783-967c-921d9b3407f7","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":90,"box":{"x":102,"y":181,"width":762,"height":11}},{"id":"a90762e9-f5e5-4c86-a77f-d3e462e47c84","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":90,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"942b6831-5877-45a2-b631-e4a57957cb35","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Fur thermore, the securities regimes and legal","page_number":90,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"65208d7d-a9b3-418d-8767-53ff51d3de59","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":90,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"b3f5b57d-a227-4d03-9766-8c895c2d5d8b","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":90,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"752735fe-1e92-4fbe-81b5-50e9747825d6","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":90,"box":{"x":68,"y":256,"width":826,"height":11}},{"id":"2e30e653-c9ca-43a0-8d98-48d9df897579","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":90,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"b2a08be6-1b4d-4d2a-aec5-23a7f09e5a90","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":90,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"09960e41-c1da-4c02-8488-c9f7af6cb970","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":90,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"5dff74e0-e1ef-44a8-b63e-9d0fce5c960e","block_type":"box","text":"per formance.","page_number":90,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"20e8e844-935c-4dd1-ac50-f05a016308a1","block_type":"box","text":"Trading through Bond Connect is per formed through newly developed trading platforms and operational systems.","page_number":90,"box":{"x":101,"y":339,"width":803,"height":12}},{"id":"9a5b045c-b285-42a2-970b-5091a3e9cc48","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":90,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"543b6c02-1d7f-4c17-9d34-a4df4a42fe2d","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":90,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"5ecb7626-279f-4a5f-97cc-365be07adcfa","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":90,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"d723e9bf-0551-46e7-9f3f-935bb3e9ff77","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":90,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"da2411e6-76b5-40e0-959f-c1d28fd39748","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":90,"box":{"x":68,"y":415,"width":827,"height":11}},{"id":"f13d0325-c873-4887-bae8-022b5db1f0df","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":90,"box":{"x":102,"y":438,"width":755,"height":11}},{"id":"fcc25423-cd0a-42ad-99e4-e02f60a4a062","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":90,"box":{"x":69,"y":453,"width":830,"height":11}},{"id":"fe6cc31a-0ef9-40d4-9f9a-d6d0cca7e8b1","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":90,"box":{"x":68,"y":468,"width":298,"height":11}},{"id":"4dffd060-2bdd-451f-b8b4-8a1e87b0c80e","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":90,"box":{"x":103,"y":491,"width":277,"height":11}},{"id":"b3c881fe-f4ab-4180-a48c-1e49891136b9","block_type":"box","text":".","page_number":90,"box":{"x":381,"y":498,"width":2,"height":2}},{"id":"a28e7fe1-c491-49a7-817e-6fc7b2ed917c","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":90,"box":{"x":101,"y":513,"width":758,"height":12}},{"id":"d3bb79d1-e12e-4a14-b649-a847e861ce75","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":90,"box":{"x":70,"y":528,"width":828,"height":12}},{"id":"05dccb08-429d-4ccf-8393-040f8e6fbfb8","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":90,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"c74286b8-6273-4f7f-9322-bf2e097682af","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":90,"box":{"x":69,"y":559,"width":425,"height":11}},{"id":"1ec53835-a6e4-4433-8e4d-dc37a765f000","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":90,"box":{"x":101,"y":582,"width":697,"height":11}},{"id":"a3ac09a1-b2b0-4c59-9c05-99a40b424d5c","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":90,"box":{"x":102,"y":604,"width":803,"height":11}},{"id":"fa19b2d2-483c-4a71-ac8c-c511d812feab","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":90,"box":{"x":68,"y":619,"width":822,"height":11}},{"id":"ced358d5-e129-4bc2-b0ec-2878113702e6","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":90,"box":{"x":69,"y":634,"width":794,"height":12}},{"id":"c2db3ab1-540a-4499-a088-5569ef8c8df2","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":90,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"bf88f2d0-5e41-4626-9f64-83e503e3d55f","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":90,"box":{"x":69,"y":664,"width":800,"height":12}},{"id":"a797d4cb-b8c2-4aea-8890-a534e43a0886","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":90,"box":{"x":68,"y":680,"width":783,"height":11}},{"id":"628406ca-77b9-4ef8-a747-9978a12bcdfa","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":90,"box":{"x":69,"y":695,"width":825,"height":11}},{"id":"44a9b7b8-7e03-4de2-ad42-0f1e13c512f6","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":90,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"b9d551d4-c8f3-412c-be2c-b5812f2480e2","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":90,"box":{"x":68,"y":725,"width":818,"height":11}},{"id":"51c30142-d2f6-44b2-ad0b-1b4029fa5d80","block_type":"box","text":"without notice.","page_number":90,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"377a75c2-647b-44c2-96e9-b3b3f9150526","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":90,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"ecd64117-874b-4e5b-84e2-6e1ee1b79075","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":90,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"e2588b3c-c34b-458a-b1ee-bf055fa3fa98","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":90,"box":{"x":68,"y":793,"width":798,"height":10}},{"id":"7e3c7415-bd2a-4cfd-9887-16813a7cec4b","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. On","page_number":90,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"fe3aa4eb-a5d3-4092-9c0d-d554fd9e5dba","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":90,"box":{"x":69,"y":823,"width":792,"height":12}},{"id":"740c573e-3246-4d99-be18-4423141270e4","block_type":"box","text":"December 31, 2027.","page_number":90,"box":{"x":70,"y":838,"width":147,"height":11}},{"id":"7483a667-4a17-4936-a0df-7f8c03c23e79","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":90,"box":{"x":103,"y":861,"width":225,"height":11}},{"id":"755308d1-d0ed-40c5-9345-41c30333857e","block_type":"box","text":"From May 1, 2016, VAT applies to cer tain income derived by the Fund, including","page_number":90,"box":{"x":333,"y":861,"width":569,"height":11}},{"id":"e82b0138-45d2-4b15-947e-72a881c4b1fb","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":90,"box":{"x":69,"y":876,"width":528,"height":11}},{"id":"d7f1dd5d-de2c-4843-9db1-f0200adcdc54","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":90,"box":{"x":101,"y":899,"width":697,"height":11}},{"id":"cd805bea-90fd-411e-9561-84bc1a471700","block_type":"box","text":"II-46","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2e70e6ff-9c4f-4acf-93f5-91ae0175b646","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f48ab4cc-87aa-45eb-bcc4-64da762066ac","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":91,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"49f1db60-98d7-45a7-986a-27ccd3e2edb3","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":91,"box":{"x":69,"y":60,"width":565,"height":9}},{"id":"63901fc2-0ff0-4960-a4d8-8a04258d0f16","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":91,"box":{"x":102,"y":82,"width":749,"height":12}},{"id":"c3a6250f-3b6e-42b7-915e-97d12dbb5802","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":91,"box":{"x":70,"y":98,"width":791,"height":11}},{"id":"a73e04e8-e3eb-4205-a56c-4da4c1176143","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":91,"box":{"x":69,"y":113,"width":840,"height":11}},{"id":"53ffc787-4c15-42df-b380-0430bebfaba1","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":91,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"0606e8e5-e7a1-4a6e-bb54-12da3149ce94","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":91,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"108b8805-394f-4418-90d7-c6ade651f51a","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":91,"box":{"x":70,"y":158,"width":772,"height":11}},{"id":"3607038b-c830-4a14-936a-834a09c381ae","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":91,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"ed98e98c-bdd1-45e0-b364-f93ad9e386ae","block_type":"box","text":"for foreign institutional investors. This exemption was extended through December 31, 2027.","page_number":91,"box":{"x":68,"y":188,"width":665,"height":12}},{"id":"f9652527-0465-4d62-9eb1-bf14235f494f","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":91,"box":{"x":101,"y":211,"width":801,"height":11}},{"id":"3393e65d-a20e-40bd-9864-524e2925c1b2","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":91,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"3244cdf2-db74-41b6-9cf9-fc2373d618f2","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":91,"box":{"x":68,"y":241,"width":808,"height":11}},{"id":"fa1c4ee6-18e6-48e9-ac85-b1fe57df1bdd","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":91,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"88117b65-e534-4d95-9927-c1df1a3e8733","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":91,"box":{"x":68,"y":272,"width":829,"height":11}},{"id":"fc041d88-8cd4-4bbc-9357-b4eca482b260","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":91,"box":{"x":69,"y":287,"width":819,"height":11}},{"id":"a6f037d5-b0d8-4276-ac53-05a7569710fe","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":91,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"d30d2663-a9eb-4393-ba5f-d3365098dab1","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":91,"box":{"x":68,"y":317,"width":474,"height":11}},{"id":"c6224ee4-807f-4e99-99e9-4e56a0e94b2c","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":91,"box":{"x":102,"y":339,"width":777,"height":12}},{"id":"dbfa2c4d-cb0a-4c97-8f2a-00247ec9ba98","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":91,"box":{"x":68,"y":355,"width":836,"height":11}},{"id":"cf0ba5a3-d4d4-43c0-af55-2b42445108a7","block_type":"box","text":"the PRC in notifications.","page_number":91,"box":{"x":68,"y":370,"width":171,"height":9}},{"id":"875bce78-380b-4c4b-b372-31bf714f44e3","block_type":"box","text":"Investment in Other Investment Companies.","page_number":91,"box":{"x":102,"y":392,"width":320,"height":11}},{"id":"a362f9fd-7352-4778-9bb6-bbae48e712c4","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":91,"box":{"x":429,"y":393,"width":402,"height":11}},{"id":"4ba4a8c5-8872-4978-a705-44b7b042abc3","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":91,"box":{"x":70,"y":407,"width":818,"height":12}},{"id":"9b23b55e-1fe8-478f-914b-204c083c5abd","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":91,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"ea87c9c8-72a3-41ec-a9f2-bb9f745296ff","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":91,"box":{"x":70,"y":438,"width":822,"height":11}},{"id":"62189a60-9fd3-42a1-bda5-3d8c75f39413","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":91,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"4119eb74-6696-4e4b-b118-af62ca2c779f","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":91,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"a39f9e5c-d8f9-4666-8d5f-3aae236a1499","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":91,"box":{"x":69,"y":483,"width":796,"height":11}},{"id":"77a5dde8-31ec-40db-aa2d-f13fe98881d9","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":91,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"11503dcb-ea43-44f9-b171-fed91880496a","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":91,"box":{"x":68,"y":513,"width":812,"height":11}},{"id":"143a364c-54bb-4771-93f9-aadf2630ac0f","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":91,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"dd88a5a8-de69-455c-8cc5-af348fcdbf87","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":91,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"71c54cf3-9b41-4e59-99ff-d5ee25e4104f","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":91,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"3023220f-777f-498a-a985-baf40e8a8037","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":91,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"4ed2decf-e569-40ff-9f69-e9d57b06dbeb","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":91,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"01ccde39-09c5-42e0-8834-f7a52b69ad13","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":91,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"6c43cef2-4bb2-45f4-8812-5ceb9ba6138e","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":91,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"48285398-c973-4f08-9087-0b71cef3489c","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":91,"box":{"x":70,"y":634,"width":829,"height":11}},{"id":"fca1faba-17bd-43f8-b8b7-3ce4b8b85b9d","block_type":"box","text":"subject to cer tain conditions.","page_number":91,"box":{"x":69,"y":650,"width":206,"height":10}},{"id":"533211fa-0eeb-4b0c-9942-267143b1b98d","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":91,"box":{"x":101,"y":672,"width":799,"height":11}},{"id":"d3eeb7d9-7fc0-4311-a440-7dd0ed2ccd0f","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":91,"box":{"x":102,"y":695,"width":779,"height":11}},{"id":"8ab2251e-f546-4a3c-ba28-dcc9a90be870","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":91,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"887bdc30-83ac-41c2-a8c4-b436b4903c8c","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":91,"box":{"x":69,"y":725,"width":836,"height":11}},{"id":"4759f685-416b-4fda-a5a7-62c432be46be","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":91,"box":{"x":68,"y":740,"width":839,"height":11}},{"id":"467f1b0c-de0a-456b-b0b8-c1b311e1d304","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":91,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"0eb7120a-d329-445a-a38d-eeabc2bd44ae","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":91,"box":{"x":68,"y":771,"width":810,"height":10}},{"id":"c56180b4-9c67-423d-bf35-a33d8bf8827a","block_type":"box","text":"loss.","page_number":91,"box":{"x":70,"y":786,"width":31,"height":8}},{"id":"68e207fc-f2fa-4ae1-b1be-8c40b21d4ce5","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":91,"box":{"x":102,"y":808,"width":758,"height":11}},{"id":"b9ac4819-1854-42c7-819b-54c228a07819","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":91,"box":{"x":69,"y":823,"width":837,"height":11}},{"id":"803c4bf1-348b-4b48-844e-a3183341de5a","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":91,"box":{"x":70,"y":838,"width":835,"height":11}},{"id":"38e4d3f5-c743-43c2-b3a9-cc49551aa59a","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":91,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"dee93127-0f46-4743-9766-a3a0423b4bc7","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":91,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"3a423116-56a1-4823-b698-b004250f50b4","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":91,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"a833789e-5c25-4bfd-95d8-409e135cf909","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":91,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"2bdfd636-6a13-4c8c-825b-9bddee1c5154","block_type":"box","text":"II-47","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2bc47d35-4d9e-49a9-8c55-96d511d97d04","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d1b41778-5a7b-416d-9cfd-51557b52367c","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":92,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"b97987c1-bf89-4078-8a15-71fa9ef2fd8c","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":92,"box":{"x":70,"y":60,"width":778,"height":11}},{"id":"e6153e85-203b-4c98-8bd9-e6d489cffcc3","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":92,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"add86ecd-bf4c-4274-a450-2ea07cb398f7","block_type":"box","text":"assets.","page_number":92,"box":{"x":69,"y":91,"width":51,"height":8}},{"id":"ef4470b5-0e82-4ac2-a805-534850b743cc","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":92,"box":{"x":101,"y":113,"width":776,"height":11}},{"id":"5dcdee99-b6a8-4fcb-826a-9a3e206fe41c","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":92,"box":{"x":69,"y":128,"width":313,"height":11}},{"id":"fb1ee2c0-e977-4d62-9c8c-8d9229708f0c","block_type":"box","text":"e.g.","page_number":92,"box":{"x":384,"y":129,"width":24,"height":10}},{"id":"664276ec-763b-4efa-b842-4e234a88bcba","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":92,"box":{"x":411,"y":128,"width":491,"height":11}},{"id":"c1aaec96-574b-40a4-bd43-a1d97bff5c41","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":92,"box":{"x":69,"y":143,"width":823,"height":11}},{"id":"1544ff6a-10cd-4ef4-bd33-137d03f35ef9","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":92,"box":{"x":69,"y":158,"width":472,"height":11}},{"id":"0fb31fc4-6bac-4d58-a9e1-4026d18fcf57","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":92,"box":{"x":101,"y":181,"width":790,"height":11}},{"id":"35d00c75-6837-4feb-ad13-e12cef675ca0","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":92,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"471c8f4d-d2ce-40f0-bdbc-ddd13ebf84fb","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":92,"box":{"x":69,"y":211,"width":791,"height":11}},{"id":"0cc0bc76-6930-47fb-beef-36a65055d083","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":92,"box":{"x":70,"y":226,"width":795,"height":11}},{"id":"bd8a3ae4-92ca-4187-b2dc-f03cc02c2a39","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":92,"box":{"x":70,"y":241,"width":807,"height":11}},{"id":"2a5dcab0-fb7e-4fe7-9c52-7e693acfdb6b","block_type":"box","text":"countries.","page_number":92,"box":{"x":69,"y":257,"width":69,"height":8}},{"id":"c110223d-51a1-44f3-966a-e0c8d952ea61","block_type":"box","text":"Issuer Insolvency Risk.","page_number":92,"box":{"x":102,"y":279,"width":166,"height":11}},{"id":"3f763354-edd2-465f-b4c1-cc566c1f6ef4","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":92,"box":{"x":275,"y":279,"width":631,"height":11}},{"id":"a104d6e3-f8b7-4056-bc33-d1db279fddec","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":92,"box":{"x":69,"y":294,"width":832,"height":11}},{"id":"7948c3cb-1e21-40d1-8b2e-b637d563a610","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":92,"box":{"x":69,"y":309,"width":781,"height":11}},{"id":"c1cb081a-20d2-4cc0-b6b7-83fb392c434e","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":92,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"77a34333-ec3b-45e5-8717-4966371079c3","block_type":"box","text":"issuer uncer tain.","page_number":92,"box":{"x":70,"y":340,"width":118,"height":8}},{"id":"19e23548-e44e-45d9-b583-292d3439849b","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":92,"box":{"x":102,"y":362,"width":788,"height":11}},{"id":"f47320e0-e94d-4fb2-9745-9398929f83f6","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":92,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"b7004111-6964-461c-9063-5a962d67771e","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":92,"box":{"x":68,"y":393,"width":779,"height":11}},{"id":"ec7d393a-bbef-4450-962c-3b3f468892f3","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":92,"box":{"x":69,"y":407,"width":829,"height":12}},{"id":"a2600d6e-27cc-4be3-a3ea-256737b47612","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":92,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"5bb0c3ae-9a7a-4591-b522-1e8ca50c8647","block_type":"box","text":"eventually be satisfied.","page_number":92,"box":{"x":69,"y":438,"width":162,"height":11}},{"id":"7a3f0566-18bc-4003-b3e2-4fda0970579a","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":92,"box":{"x":102,"y":460,"width":805,"height":12}},{"id":"cb14e4f4-af1f-4434-a343-f47fa5b83ff8","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":92,"box":{"x":70,"y":476,"width":827,"height":11}},{"id":"d72f2136-618b-407e-bd7d-5025ab99b6ab","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":92,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"a21c1333-7d9d-452d-9b7a-4ad62f0bc4e3","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":92,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"6391d6cf-6dd0-411e-888e-2a2c80c002b2","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":92,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"15a5de27-84bb-4f15-a0be-26ccb3ac7aeb","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":92,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"683f28a1-b73e-4960-afb7-43a163502088","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":92,"box":{"x":70,"y":551,"width":820,"height":11}},{"id":"2d8ae479-bc6d-4114-94dc-e434cc5bcf5b","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":92,"box":{"x":70,"y":566,"width":828,"height":11}},{"id":"b9702afa-78ac-4e8a-8eda-de243e0663a9","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":92,"box":{"x":69,"y":581,"width":820,"height":12}},{"id":"adabc9ca-cc2f-47d3-8c56-6cdb6c5ceba2","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":92,"box":{"x":70,"y":596,"width":820,"height":12}},{"id":"572ad999-8ac0-47fd-8a0d-7eeb719377e9","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":92,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"06b45d34-6904-47b2-b370-bb7ad41f7fc4","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":92,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"fdff32a4-10a0-4ae9-bdeb-0119928fce07","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":92,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"53966cf7-0ee3-4430-9021-caac5d081aa8","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":92,"box":{"x":69,"y":657,"width":809,"height":11}},{"id":"df54da91-8837-41cc-a5a0-a8e8dd58d397","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":92,"box":{"x":68,"y":672,"width":809,"height":11}},{"id":"34929945-9632-442b-8e44-d02b93f8989b","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":92,"box":{"x":69,"y":687,"width":741,"height":11}},{"id":"7d0c80c5-114f-4225-b6eb-00730070ceee","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":92,"box":{"x":101,"y":710,"width":780,"height":11}},{"id":"4b3a92b5-a71f-4f20-978b-d8460fc76492","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":92,"box":{"x":68,"y":725,"width":807,"height":11}},{"id":"a409e707-78d0-496f-b18c-32e8a9ad0887","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":92,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"dbe2bb5a-0cca-4745-8193-5ea12910870e","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":92,"box":{"x":68,"y":755,"width":814,"height":11}},{"id":"02f35dfd-5010-42ef-978b-581e3aa68457","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":92,"box":{"x":70,"y":770,"width":439,"height":11}},{"id":"11d96214-3793-4b28-b4cd-d3e68477f383","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":92,"box":{"x":102,"y":793,"width":806,"height":11}},{"id":"91bf197d-c418-4e3c-af9a-bda46a81b485","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":92,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"ad4642cb-322a-4e29-bb7c-fc6151d21afd","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":92,"box":{"x":69,"y":823,"width":767,"height":12}},{"id":"8d4cfa5d-a734-40e1-b369-a4e5607a3054","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":92,"box":{"x":69,"y":838,"width":771,"height":12}},{"id":"bef8bd63-db85-44d3-bd91-a6e956b44138","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":92,"box":{"x":70,"y":853,"width":823,"height":12}},{"id":"b447abee-2f1b-42ba-992e-1cc3e5b594bf","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":92,"box":{"x":70,"y":869,"width":822,"height":11}},{"id":"1db7d91d-6938-4ecc-918a-23e8419ef6a2","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":92,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"f7a7a042-ca92-4e7d-858a-ad87f99ee923","block_type":"box","text":"that assumed generally by an investor.","page_number":92,"box":{"x":68,"y":899,"width":274,"height":11}},{"id":"6827d588-e973-4b1c-97fd-8e9372468c8d","block_type":"box","text":"II-48","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c1628bf8-5a59-41fd-ba33-4846af24802f","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"85f07695-99e6-4e60-9d2c-59dcb263b1a2","block_type":"box","text":"Lease Obligations.","page_number":93,"box":{"x":102,"y":45,"width":133,"height":11}},{"id":"ec3f3327-5783-48fd-85af-b74f86fd4703","block_type":"box","text":"A Fund may hold par ticipation cer tificates in a lease, an installment purchase contract, or a","page_number":93,"box":{"x":241,"y":45,"width":653,"height":11}},{"id":"b32760d3-66b8-4eb3-9373-b65d9b8575ee","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":93,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"9e50845d-f061-4719-9935-d901fcd4db03","block_type":"box","text":"each entity providing credit suppor t and/or a put option relating to lease obligations.","page_number":93,"box":{"x":69,"y":75,"width":602,"height":11}},{"id":"9c150f65-2ae8-4e85-baf7-8e5a10d73197","block_type":"box","text":"Life Settlement Investments.","page_number":93,"box":{"x":102,"y":98,"width":210,"height":9}},{"id":"ee7a75e2-0438-4c1d-839a-58d19435f35c","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third par ties, such as the","page_number":93,"box":{"x":318,"y":98,"width":589,"height":11}},{"id":"b3988686-75b3-4338-8f23-cc50a1a45678","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":93,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"b4574163-4900-4d3a-84cf-d8becf1d1eab","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":93,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"d45f18ed-931e-4755-bad6-cff0af23067f","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":93,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"f0ea0f63-9cd1-444e-b3eb-308a5448ae8c","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":93,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"431dd97b-25b9-4d22-85de-cd20ebdc9dd5","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":93,"box":{"x":70,"y":173,"width":775,"height":11}},{"id":"b7b045c7-1435-4933-834a-ea57a30da591","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":93,"box":{"x":69,"y":188,"width":805,"height":12}},{"id":"870a3f56-db93-470d-80d8-2fefa2d3d04f","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":93,"box":{"x":70,"y":203,"width":789,"height":12}},{"id":"d5edcc24-dd42-4d96-8ba5-aeba85332dd7","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":93,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"97fcbc4b-87f3-4074-a4ea-deced32d725d","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":93,"box":{"x":70,"y":234,"width":813,"height":11}},{"id":"479cc4b7-f051-4e9a-997b-3b0ac1dcc9d2","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":93,"box":{"x":69,"y":249,"width":758,"height":11}},{"id":"63b9519f-c6fd-452c-91cc-1491551c38aa","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":93,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"4843e7f7-0bbd-4bd3-aa6f-04d86277d9c5","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":93,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"4661226c-3059-43a3-baf1-db9367e65cd6","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":93,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"c31c444a-a8aa-4059-895d-ec63bc4bd138","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":93,"box":{"x":69,"y":309,"width":730,"height":11}},{"id":"5c474f8c-e24b-4a41-a5b2-7f36f586376d","block_type":"box","text":"Liquidity Risk Management.","page_number":93,"box":{"x":102,"y":332,"width":202,"height":11}},{"id":"1b7b77ae-2a63-452a-b603-8f29b3df7ad1","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":93,"box":{"x":311,"y":332,"width":591,"height":11}},{"id":"54966dfe-7c24-4cb9-b76e-5f09bcde3594","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":93,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"b4bf0bfe-e9c6-4e77-a6a0-26b5358ba586","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":93,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"9d4ed458-83fe-4d9c-9d95-70318e68407f","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":93,"box":{"x":70,"y":377,"width":801,"height":12}},{"id":"861ce2b7-6285-4c51-be8a-2b69139efb63","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":93,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"fbf1eab9-03f1-4606-a930-ed3775a64dfa","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":93,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"b24b6101-fb74-41e3-bfc2-b6dc0d19006f","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":93,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"f8b87de6-d72c-4022-b3a8-928c253676cc","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":93,"box":{"x":70,"y":438,"width":804,"height":11}},{"id":"d99a3b15-28f2-4bcf-b4e3-31fa913bf142","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":93,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"f8414796-fffa-4fe1-b8c5-2f04525a1215","block_type":"box","text":"liquidity of a Fund’s por tfolio investments is determined based on relevant market, trading and investment-specific","page_number":93,"box":{"x":70,"y":468,"width":815,"height":11}},{"id":"c37db311-64f4-4f51-a193-54faa07b66f4","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":93,"box":{"x":69,"y":483,"width":823,"height":11}},{"id":"dad2057f-10fd-4f47-b613-eeb5f06aff37","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":93,"box":{"x":69,"y":498,"width":601,"height":11}},{"id":"e67f7706-e4e1-4bae-9a8c-91225b95d344","block_type":"box","text":"Master Limited Partnerships.","page_number":93,"box":{"x":102,"y":521,"width":211,"height":11}},{"id":"6ba016f7-281b-4493-9825-d3928bc5f465","block_type":"box","text":"Cer tain Funds may invest in publicly traded master limited par tnerships (“MLPs”)","page_number":93,"box":{"x":320,"y":521,"width":577,"height":11}},{"id":"507c4973-93a5-4251-982d-1b1894cfc2f9","block_type":"box","text":"which are limited par tnerships or limited liability companies taxable as par tnerships. MLPs may derive income and","page_number":93,"box":{"x":68,"y":536,"width":816,"height":11}},{"id":"d6426f9b-a905-4b75-9413-cf938c67b313","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transpor tation (including","page_number":93,"box":{"x":68,"y":551,"width":777,"height":11}},{"id":"83998af7-8fc3-4084-983d-22bb82869bd7","block_type":"box","text":"pipelines transpor ting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":93,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"d243187e-b764-40f3-a93c-e9c7f7a71fff","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":93,"box":{"x":68,"y":581,"width":811,"height":12}},{"id":"01adfeb6-0dae-4c49-b92e-dfe4d9e5ea64","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":93,"box":{"x":70,"y":596,"width":791,"height":12}},{"id":"a0d7c921-4e85-4dc5-8a2d-7aef13059ef9","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":93,"box":{"x":68,"y":612,"width":812,"height":11}},{"id":"378137a8-fb00-4908-b4cd-6598240e1b4c","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":93,"box":{"x":69,"y":627,"width":770,"height":11}},{"id":"2bcfff9e-acf3-412c-b539-fa801fc19dd4","block_type":"box","text":"corporation or other entity. The general par tner typically controls the operations and management of the MLP through","page_number":93,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"5721bde9-f38b-4bf8-8635-c0804288ef5d","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":93,"box":{"x":69,"y":657,"width":799,"height":11}},{"id":"50ab1f00-9481-4783-9ff1-1733869132f5","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":93,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"c756d1dc-abe6-49b0-94bc-389f3d3e73d5","block_type":"box","text":"in the par tnership’s operations and management.","page_number":93,"box":{"x":70,"y":687,"width":352,"height":11}},{"id":"e7d2f333-5a2b-4b9e-b301-a13f5e2f3f07","block_type":"box","text":"MLPs are typically structured such that common units and general par tner interests have first priority to receive","page_number":93,"box":{"x":102,"y":710,"width":794,"height":11}},{"id":"463de459-085e-46d3-93fb-f4f6a5043073","block_type":"box","text":"quar terly cash distributions up to an established minimum amount (“minimum quar terly distributions” or “MQD”).","page_number":93,"box":{"x":69,"y":725,"width":809,"height":11}},{"id":"d263a6e4-a5b8-4823-b7d5-8308807a9c0c","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":93,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"cd227515-1d51-4dad-8d4f-6b75e2028758","block_type":"box","text":"Once common and general par tner interests have been paid, subordinated units receive distributions of up to the","page_number":93,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"e44d20c0-e81d-42e3-adc7-f8ab4945683c","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":93,"box":{"x":70,"y":770,"width":816,"height":12}},{"id":"cbc368c2-65cc-4e5a-8b64-220e52be493c","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":93,"box":{"x":69,"y":786,"width":831,"height":11}},{"id":"d42bd905-f42b-4635-98d5-70171b06feed","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":93,"box":{"x":68,"y":801,"width":835,"height":11}},{"id":"ca893785-64f5-4825-8b09-df5e714b3447","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general par tner","page_number":93,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"0d009c7a-2158-4cf9-ab2f-f261de43dac1","block_type":"box","text":"increases cash distributions to the limited par tners, the general par tner receives an increasingly higher percentage of","page_number":93,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"e82aeb53-ee41-41e5-ae26-2b9e85f716b0","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general par tner can reach a tier where","page_number":93,"box":{"x":68,"y":846,"width":828,"height":11}},{"id":"28897016-97aa-4e7e-a5ea-cffa52522474","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":93,"box":{"x":70,"y":861,"width":761,"height":11}},{"id":"5eacb9ce-e89b-442b-a081-1cce9cc05ecb","block_type":"box","text":"distributions encourage the general par tner to streamline costs, increase capital expenditures and acquire assets in","page_number":93,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"f806714a-f395-49e6-a032-6135766da8bd","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":93,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"2e94baf9-b201-4e4a-9848-5db63379cd5d","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":93,"box":{"x":69,"y":906,"width":366,"height":12}},{"id":"15b434b6-e242-419b-83c5-e5907e3bcaf2","block_type":"box","text":"II-49","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0870cec2-82fa-4981-9470-a3cf5760f80c","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"979e9fdc-8f15-4d26-b4bf-8bbfc46d77b5","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":94,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"95940562-0db8-485e-92dc-b1ce590db0f9","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":94,"box":{"x":70,"y":60,"width":820,"height":11}},{"id":"928431e1-c882-4d5f-a8fb-1e36c45006ae","block_type":"box","text":"success of the MLP. Cer tain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":94,"box":{"x":69,"y":75,"width":787,"height":11}},{"id":"22a976a8-8736-4727-b6ae-379233ba8a6e","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":94,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"b1898799-4a31-42b3-a6a8-9297cc3da2d2","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":94,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"f5c7a209-59f9-43b8-9c9c-2314f97d017e","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":94,"box":{"x":69,"y":120,"width":387,"height":12}},{"id":"21447105-a16b-4b1f-81c4-e4fda18a9ab3","block_type":"box","text":"Merger Transaction Risk.","page_number":94,"box":{"x":102,"y":143,"width":183,"height":11}},{"id":"78920856-5182-4b2b-a757-5658611ab994","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":94,"box":{"x":291,"y":143,"width":616,"height":11}},{"id":"8a5a3a1f-4c2d-4a36-b901-6a084145fb49","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":94,"box":{"x":68,"y":158,"width":827,"height":11}},{"id":"4de457fe-4b35-45ab-a273-f048707ad83f","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":94,"box":{"x":70,"y":173,"width":816,"height":11}},{"id":"eabee684-bb99-478d-9366-248ce98979e4","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":94,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"684d7fb4-4792-44e0-b5b6-4efc270d4d55","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":94,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"ace3e0b7-edfb-4b87-a438-18eca32a78c2","block_type":"box","text":"the Fund and may lose significant value.","page_number":94,"box":{"x":68,"y":218,"width":286,"height":12}},{"id":"20787401-f4af-4dc8-a617-02ff7ca63f92","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":94,"box":{"x":102,"y":241,"width":723,"height":11}},{"id":"603c752a-c28b-4592-88ae-4b01a367fc2e","block_type":"box","text":"Cer tain","page_number":94,"box":{"x":831,"y":241,"width":50,"height":9}},{"id":"1c250f82-6b82-4ed4-94e9-c1dc658b6f84","block_type":"box","text":"Funds may purchase bank obligations, such as cer tificates of deposit, notes, bankers’ acceptances and time","page_number":94,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"8e8ec96b-7acc-46bb-bab8-38e80bd87624","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":94,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"487fecfc-5e59-4d4c-b2f5-b80705353efe","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":94,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"ec284388-bf35-4044-ba6b-20ba6232ef0c","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":94,"box":{"x":68,"y":302,"width":794,"height":11}},{"id":"538c4a59-9081-42aa-abbd-3d47f1877d76","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":94,"box":{"x":68,"y":317,"width":781,"height":11}},{"id":"62144f25-191f-4607-939b-560155c5dfe7","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in shor t-term bank","page_number":94,"box":{"x":69,"y":332,"width":776,"height":11}},{"id":"f9aaf97c-e7cc-484d-b552-a9757d0e0dec","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":94,"box":{"x":69,"y":347,"width":785,"height":11}},{"id":"36f261bc-f7b1-450b-b8db-9c109e7ac7f9","block_type":"box","text":"branches of domestic banks.","page_number":94,"box":{"x":69,"y":362,"width":205,"height":9}},{"id":"6d4f1aba-8006-4533-a16d-9e618404331e","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":94,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"a222de35-7f94-4482-ad3d-40f6e5d9ee00","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":94,"box":{"x":68,"y":400,"width":787,"height":11}},{"id":"7f924632-3018-4adf-86e0-279d93e5ee65","block_type":"box","text":"Canadian counterpar ts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":94,"box":{"x":69,"y":415,"width":797,"height":11}},{"id":"824ecc37-b76b-4800-a709-e2cf35af5fb7","block_type":"box","text":"paper of a foreign issuer.","page_number":94,"box":{"x":70,"y":430,"width":176,"height":11}},{"id":"7f8aaee8-1720-4ee0-8b89-d2abb4062492","block_type":"box","text":"Money Market Securities.","page_number":94,"box":{"x":102,"y":453,"width":188,"height":11}},{"id":"5b22480e-f31b-4af0-a899-70ae269274b8","block_type":"box","text":"Cer tain Funds may invest in a broad range of shor t-term, high quality, U.S. dollar","page_number":94,"box":{"x":296,"y":453,"width":578,"height":11}},{"id":"a4a466ba-09df-4fa5-a603-bcd5e5b50c74","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":94,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"46d25489-f47c-4d62-8283-89a951e388a1","block_type":"box","text":"money markets. In par ticular, the Funds may invest in:","page_number":94,"box":{"x":69,"y":483,"width":386,"height":11}},{"id":"0712eb04-530d-4818-93d1-f3825de59334","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":94,"box":{"x":69,"y":503,"width":779,"height":12}},{"id":"8a8c56c8-8896-4745-a6b8-2c5ef0f46056","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":94,"box":{"x":102,"y":518,"width":776,"height":12}},{"id":"a1959947-2cd5-4309-ac48-46f76410bc27","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":94,"box":{"x":69,"y":538,"width":821,"height":12}},{"id":"f528d43d-9b81-4822-b3b0-e7f797e87c4a","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":94,"box":{"x":102,"y":554,"width":795,"height":11}},{"id":"d7882018-ec24-4211-967c-18c30d2a26c0","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":94,"box":{"x":102,"y":569,"width":757,"height":11}},{"id":"d4a19f6f-afda-46e2-adbc-2f8a5e384ebd","block_type":"box","text":"agencies;","page_number":94,"box":{"x":102,"y":584,"width":66,"height":11}},{"id":"d9dc946a-8abb-4dc7-b040-fa5a4c2f5af9","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":94,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"ccb5da9e-75c2-46a1-90ea-120565922584","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":94,"box":{"x":102,"y":619,"width":344,"height":11}},{"id":"3e59fb76-fe82-4604-97f6-fa83a3d46098","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mor tgages, installment purchase","page_number":94,"box":{"x":69,"y":639,"width":776,"height":12}},{"id":"66d0e37e-cfae-471e-9fbd-2363b13502cf","block_type":"box","text":"obligations and credit card receivables);","page_number":94,"box":{"x":102,"y":655,"width":283,"height":11}},{"id":"f69db986-17da-4173-a2f6-338570548317","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":94,"box":{"x":69,"y":675,"width":778,"height":11}},{"id":"cfceef23-7a9a-4799-9e96-a97185c3611b","block_type":"box","text":"authorities and related custodial receipts;","page_number":94,"box":{"x":102,"y":690,"width":296,"height":11}},{"id":"ed93848b-5229-4feb-bf46-c2c54186c5ce","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":94,"box":{"x":69,"y":710,"width":782,"height":11}},{"id":"bb6e2799-a12e-4d2b-94aa-c7c6ef48ed40","block_type":"box","text":"agencies or authorities;","page_number":94,"box":{"x":102,"y":725,"width":166,"height":11}},{"id":"a047b087-3f1e-4211-bdb2-790a466a7969","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":94,"box":{"x":69,"y":745,"width":528,"height":11}},{"id":"ec11af05-70af-444c-a058-98a0b52514ea","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":94,"box":{"x":69,"y":766,"width":534,"height":11}},{"id":"66af12ed-934e-4e97-ba64-80be1f12ab38","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":94,"box":{"x":69,"y":786,"width":447,"height":11}},{"id":"a8111092-3594-4acb-8e9f-944c4a1e1146","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":94,"box":{"x":69,"y":806,"width":812,"height":11}},{"id":"63ae4265-82af-40df-8704-a6ce563d060c","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":94,"box":{"x":102,"y":821,"width":766,"height":11}},{"id":"a7de36d0-7617-4ec1-b1eb-2870f8d57372","block_type":"box","text":"States;","page_number":94,"box":{"x":102,"y":836,"width":49,"height":10}},{"id":"4a4260b5-6048-41f3-8113-e6eec8c2f794","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":94,"box":{"x":69,"y":856,"width":829,"height":11}},{"id":"6a0f496a-9941-4ac9-9c5e-f848c7916299","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":94,"box":{"x":102,"y":871,"width":379,"height":11}},{"id":"a97f4d71-57b7-41ec-ba1a-a7cf3d0d3f7a","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":94,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"795e85a3-6a60-4f72-9c2e-89b531192a16","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":94,"box":{"x":102,"y":906,"width":207,"height":12}},{"id":"80730814-4170-4ef6-bf1f-ca3a67c37525","block_type":"box","text":"II-50","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"60a151e5-f8af-4a5b-8b43-0f26d63e9988","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e1827ead-6030-4cdb-801c-6627ce1fffc9","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":95,"box":{"x":69,"y":45,"width":458,"height":11}},{"id":"d2251d6a-e897-4248-bbcd-7481e60ce837","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":95,"box":{"x":69,"y":65,"width":837,"height":11}},{"id":"912f388e-ec7e-44bc-a5a5-57641f6ac851","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":95,"box":{"x":101,"y":80,"width":589,"height":11}},{"id":"c25eedc6-dae7-4808-a527-082c0a4a541f","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":95,"box":{"x":69,"y":100,"width":795,"height":11}},{"id":"e6161994-66a7-4a46-8657-47e3f71272a1","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":95,"box":{"x":102,"y":115,"width":764,"height":11}},{"id":"d8acc322-82aa-4fce-b3a4-ea9bc1daeb7c","block_type":"box","text":"States.","page_number":95,"box":{"x":102,"y":130,"width":49,"height":9}},{"id":"7068ba5d-3a53-4f9c-981b-46707a501b66","block_type":"box","text":"Mortgage-Related Securities.","page_number":95,"box":{"x":102,"y":153,"width":213,"height":11}},{"id":"ff4db7d3-1671-455f-8145-ae77819f9cfb","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":95,"box":{"x":102,"y":176,"width":203,"height":11}},{"id":"bf60564e-3787-43d0-9f05-3a217071ac33","block_type":"box","text":"Mor tgage-backed securities represent interests in pools of mor tgages in which","page_number":95,"box":{"x":312,"y":176,"width":560,"height":11}},{"id":"6cad5164-ede9-4434-b8cf-4b2dc6107bcb","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":95,"box":{"x":70,"y":191,"width":805,"height":11}},{"id":"cb706a08-0342-4036-a70a-1520e8bf8e84","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mor tgage loans that underlie the securities","page_number":95,"box":{"x":69,"y":206,"width":819,"height":11}},{"id":"867d6439-c559-474d-b772-c8bd17345a6b","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":95,"box":{"x":69,"y":221,"width":832,"height":11}},{"id":"bde71aa4-7ab6-4dd3-a413-0b8f51a42081","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":95,"box":{"x":69,"y":236,"width":838,"height":11}},{"id":"bad59fff-f9ca-47ed-bc4f-db482d39d723","block_type":"box","text":"maturity or specified call dates.","page_number":95,"box":{"x":69,"y":251,"width":222,"height":11}},{"id":"cd5bb1a0-16cc-43f6-afdb-fbbbd9bb94a1","block_type":"box","text":"Mor tgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":95,"box":{"x":102,"y":274,"width":785,"height":11}},{"id":"d5c26e30-52ec-41d1-ad16-ba49ec2cb383","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":95,"box":{"x":68,"y":289,"width":838,"height":11}},{"id":"f05b229b-3b06-4b44-ad47-dd8e2b167e4f","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":95,"box":{"x":69,"y":304,"width":836,"height":11}},{"id":"de083e42-6f8d-4493-9405-68f3a4bbe901","block_type":"box","text":"par ty to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":95,"box":{"x":70,"y":319,"width":837,"height":12}},{"id":"826f08a9-0fe8-4f5e-afd4-127457ccb136","block_type":"box","text":"of prepayments on mor tgage cash flows. Mor tgage-backed securities are “pass-through” securities, meaning that","page_number":95,"box":{"x":69,"y":334,"width":810,"height":12}},{"id":"9c376879-310d-478b-aac0-d0879d282204","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":95,"box":{"x":70,"y":350,"width":811,"height":11}},{"id":"988c83bb-d60b-4ed9-b8e7-2bd8bad75f53","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":95,"box":{"x":68,"y":365,"width":837,"height":11}},{"id":"c609a98d-1932-4e50-a40b-ab2bab9dbe50","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":95,"box":{"x":70,"y":380,"width":834,"height":11}},{"id":"e9950c8b-1db7-4281-90df-1bda8acd13dd","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":95,"box":{"x":69,"y":395,"width":840,"height":11}},{"id":"ecf18cf5-90de-4f29-ae9d-7e67fe9d28c7","block_type":"box","text":"correctly. The value of mor tgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":95,"box":{"x":69,"y":410,"width":827,"height":11}},{"id":"f18e58fd-42d9-4918-8dff-99696fbc6c9f","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mor tgage-backed securities differ from","page_number":95,"box":{"x":68,"y":425,"width":805,"height":11}},{"id":"4ed80bd6-37b1-44f2-8aff-dc029ba696fe","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":95,"box":{"x":68,"y":440,"width":834,"height":11}},{"id":"cc1bf301-217e-4e9d-b380-d5ab3e243d72","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":95,"box":{"x":68,"y":455,"width":791,"height":12}},{"id":"a740a52f-95e4-45ab-8545-eacfec435552","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":95,"box":{"x":69,"y":470,"width":816,"height":12}},{"id":"e781d9ee-ef3d-4955-8a0a-2708c9fb280b","block_type":"box","text":"underlying mor tgages. In a period of declining interest rates, borrowers may prepay the underlying mor tgages more","page_number":95,"box":{"x":69,"y":486,"width":819,"height":11}},{"id":"4b3d00c8-41c5-4367-a5a9-7ed2e36f393f","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mor tgage-backed","page_number":95,"box":{"x":69,"y":501,"width":761,"height":11}},{"id":"395b7b5b-ce84-48ce-a02b-a8521c48ef1f","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":95,"box":{"x":69,"y":516,"width":791,"height":11}},{"id":"3110b766-f974-4350-90a3-5a01576f79dd","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":95,"box":{"x":69,"y":531,"width":602,"height":11}},{"id":"ee5b3290-3a12-4e8c-b626-2752d2e764f2","block_type":"box","text":"To the extent that a Fund purchases mor tgage-backed securities at a premium, mor tgage foreclosures and","page_number":95,"box":{"x":101,"y":554,"width":761,"height":11}},{"id":"ea5028a8-80cb-4d00-a0c1-f912f2ce32fb","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":95,"box":{"x":70,"y":569,"width":800,"height":11}},{"id":"1bc18ff6-e0be-4bbc-9cc3-d816c931e83c","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":95,"box":{"x":69,"y":584,"width":833,"height":11}},{"id":"887df6ec-23a7-4a6a-b410-6da62f72d359","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":95,"box":{"x":69,"y":599,"width":809,"height":11}},{"id":"2f51a354-a422-44fa-81a8-344ac0aee107","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":95,"box":{"x":70,"y":614,"width":801,"height":11}},{"id":"de2d0ab6-6b07-4712-b623-d8deea2f937c","block_type":"box","text":"expected rate, creating maturity extension risk. This par ticular risk may effectively change a security that was","page_number":95,"box":{"x":69,"y":629,"width":778,"height":11}},{"id":"ffd3ad27-b2b7-4340-b7ce-993b5d62acbf","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":95,"box":{"x":69,"y":644,"width":831,"height":12}},{"id":"52faa85d-178a-48be-bb06-d5cc428eca42","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shor ter-term","page_number":95,"box":{"x":69,"y":659,"width":773,"height":12}},{"id":"d5fdea49-9223-47b6-8260-006e991e6b44","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under cer tain interest rate and","page_number":95,"box":{"x":69,"y":675,"width":818,"height":11}},{"id":"3758cb07-a2f6-477c-9e26-c1283c23cc8e","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mor tgage-backed securities notwithstanding","page_number":95,"box":{"x":70,"y":690,"width":822,"height":11}},{"id":"ab75ca11-f627-4fd1-82c9-d2524d66af40","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":95,"box":{"x":69,"y":705,"width":399,"height":11}},{"id":"bdf4229a-005e-4bb2-b50e-e73bc295a29c","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":95,"box":{"x":101,"y":727,"width":802,"height":12}},{"id":"b9c808c5-a2de-460e-a579-51af4cdd2e73","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mor tgage Association (“Ginnie Mae”), the","page_number":95,"box":{"x":69,"y":743,"width":830,"height":11}},{"id":"52450b40-ac86-47df-9122-9f34e4fb7b98","block_type":"box","text":"Federal National Mor tgage Association (“Fannie Mae”) and the Federal Home Loan Mor tgage Corporation (“Freddie","page_number":95,"box":{"x":70,"y":758,"width":818,"height":11}},{"id":"031a2505-3f05-4b3e-bcac-df51abb21e95","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":95,"box":{"x":70,"y":773,"width":766,"height":11}},{"id":"8616a548-38d9-4e21-b8ee-a2e3bb615b9d","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":95,"box":{"x":69,"y":788,"width":808,"height":11}},{"id":"dd1ab5cb-bf91-4f02-8a6a-6002a235a884","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":95,"box":{"x":70,"y":803,"width":825,"height":11}},{"id":"9c2c4c31-c2f0-4bfe-8bc7-f5edc672c757","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":95,"box":{"x":69,"y":818,"width":761,"height":11}},{"id":"7a5ee21d-a196-4431-812e-77066ba467f4","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Depar tment of Housing and Urban","page_number":95,"box":{"x":102,"y":841,"width":743,"height":11}},{"id":"10e98721-45c5-4d14-924b-cf5140153f91","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":95,"box":{"x":70,"y":856,"width":831,"height":11}},{"id":"0c445c14-a937-4728-8905-7d69f5cf1e08","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":95,"box":{"x":70,"y":871,"width":815,"height":11}},{"id":"9e6a4d0f-7aad-4b34-858d-d7c2f85eed21","block_type":"box","text":"and loan institutions, commercial banks and mor tgage banks), and backed by pools of Federal Housing","page_number":95,"box":{"x":69,"y":886,"width":737,"height":12}},{"id":"5dd3e793-fe81-440c-8bc8-c2c6e82cb386","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mor tgages. Pass-through cer tificates","page_number":95,"box":{"x":68,"y":901,"width":814,"height":12}},{"id":"c44dab44-d1e6-413a-bcfa-f86a55302376","block_type":"box","text":"II-51","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7ad3cfb1-208e-48a2-8efc-8540d9a648d3","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"02f0e036-d66e-4c65-bd31-4d3b872f17ee","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":96,"box":{"x":68,"y":45,"width":794,"height":11}},{"id":"304abfef-cbe1-4994-bac3-fb404dc4aad0","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":96,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"a01a84f9-be7d-4ff3-b05c-0582b377d1a6","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":96,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"d7f37a31-4d8f-4554-a366-c52f87966f62","block_type":"box","text":"Treasury Depar tment to make payments under its guarantee. Mor tgage-related securities issued by Fannie Mae","page_number":96,"box":{"x":68,"y":90,"width":798,"height":11}},{"id":"50540023-4eb0-49ad-84f4-8e9ef64803ef","block_type":"box","text":"include Fannie Mae guaranteed Mor tgage Pass-Through Cer tificates (also known as “Fannie Maes”), which are","page_number":96,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"eab4c415-4dc8-4faf-a4cb-178f865b1a89","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":96,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"80ce0b26-e2a2-48db-9415-eb37ca31eee9","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":96,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"26084530-30b3-4a95-afde-be9c123ea3c7","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":96,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"0d6430ad-55ca-41b7-84d6-c201550f476d","block_type":"box","text":"private shareholder-owned company. Mor tgage-related securities issued by Freddie Mac include Freddie Mac","page_number":96,"box":{"x":70,"y":166,"width":770,"height":11}},{"id":"033a2563-3a4a-48d4-9777-081aa5a8cb4d","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":96,"box":{"x":70,"y":181,"width":812,"height":11}},{"id":"cbbca6c4-80c1-4f86-9233-2cced10b66e9","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":96,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"0aab70e7-1396-4d61-9e08-444b7c18974e","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":96,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"32262a2a-f164-4f8f-9b6d-11438faaa911","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":96,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"d66efadc-8467-46e4-a931-8b722d218d53","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mor tgage loans.","page_number":96,"box":{"x":68,"y":241,"width":819,"height":11}},{"id":"e8a4f830-7e75-4111-b5a2-d5d9b4f53578","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":96,"box":{"x":68,"y":256,"width":829,"height":12}},{"id":"016e2378-fa5c-46e0-b5bb-3dd3c9058425","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":96,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"3267652e-3f64-4f8c-bef3-a7b9b201fe2b","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":96,"box":{"x":70,"y":286,"width":401,"height":12}},{"id":"adf6eb8c-5113-42ad-802a-e34dfa6e9bf6","block_type":"box","text":"Private mor tgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":96,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"25ef26d6-ac1c-4e2e-b156-50aa64091408","block_type":"box","text":"mor tgage pass-through securities and are issued by originators of and investors in mor tgage loans, including","page_number":96,"box":{"x":69,"y":324,"width":777,"height":12}},{"id":"6e7cfd75-9542-4ef0-8f01-63266ecd9c93","block_type":"box","text":"depository institutions, mor tgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":96,"box":{"x":69,"y":339,"width":782,"height":12}},{"id":"6e853cf0-72f3-4a40-ba85-771383b5ffe2","block_type":"box","text":"Pools created by private mor tgage pass-through issuers generally offer a higher rate of interest than government","page_number":96,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"d7dcb441-059e-4c47-baba-adea912391bb","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":96,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"d705166d-7297-4d71-a16d-8113751886b5","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":96,"box":{"x":70,"y":392,"width":814,"height":12}},{"id":"f076d735-055c-4d92-9a2b-7ee464018cd2","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":96,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"ddd7c801-6c8e-4370-9a70-1cabab476ceb","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mor tgage poolers. The","page_number":96,"box":{"x":70,"y":423,"width":789,"height":11}},{"id":"5f3e3ed8-d3b1-41f2-964e-dd328b785904","block_type":"box","text":"insurance and guarantees and the creditwor thiness of the issuers thereof will be considered in determining whether","page_number":96,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"1ca7cd17-ae3f-444c-836d-1f6e0f39a1f2","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":96,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"e73e4e4d-2e8a-439f-a7f6-fc55cb5c4e34","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":96,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"b6cee60d-d374-40cc-8800-440f6659b168","block_type":"box","text":"mor tgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":96,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"05d7443e-15ef-44d0-9b91-90780f6b336b","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":96,"box":{"x":70,"y":498,"width":812,"height":11}},{"id":"98fcdeb4-8227-4ac8-987a-3f01c0c96616","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":96,"box":{"x":69,"y":514,"width":790,"height":11}},{"id":"f33c8f47-9d91-463a-8a7f-1c2c15a37621","block_type":"box","text":"exposure to subprime loans as well as to the mor tgage and credit markets generally.","page_number":96,"box":{"x":69,"y":529,"width":604,"height":11}},{"id":"3f5de79b-4b8f-4ec9-84c7-315dcedc8b14","block_type":"box","text":"In addition, mor tgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":96,"box":{"x":102,"y":551,"width":774,"height":11}},{"id":"d4235cd4-f584-4d77-b6c4-4a257f65b08c","block_type":"box","text":"requirements for the underlying mor tgages that are applicable to those mor tgage-related securities that have a","page_number":96,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"fe863ac3-d39a-43ac-8cfe-f0082f778188","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mor tgage loans underlying private mor tgage","page_number":96,"box":{"x":68,"y":582,"width":832,"height":11}},{"id":"c4a04db5-aebb-4f43-a77c-f6ea147dea20","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":96,"box":{"x":69,"y":596,"width":742,"height":12}},{"id":"d58e6d37-d739-4f15-9f4f-03a2c4d328f2","block_type":"box","text":"characteristics than government or government-sponsored mor tgage-related securities and have wider variances in a","page_number":96,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"c978c5fb-7577-43c7-9021-5cfe035505af","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":96,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"f3af6b75-720e-41ed-958b-9184abd0cf5f","block_type":"box","text":"frequently include second mor tgages, high loan-to-value mor tgages and manufactured housing loans. The coupon","page_number":96,"box":{"x":68,"y":642,"width":809,"height":11}},{"id":"deb1fd99-0a31-4ad1-825d-10600c131f3b","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":96,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"d92fdb46-a8b0-4bc0-a064-b8d4d0ea24e2","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":96,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"64c82e83-164f-4fd2-b70d-e7a842472304","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":96,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"669326fd-484a-497e-9531-14bf5f27118d","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":96,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"d9ed2d36-90f8-4313-acbf-c6b989dcc489","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":96,"box":{"x":69,"y":717,"width":669,"height":12}},{"id":"703da03d-5288-4d4a-b3bc-97154b20cf4a","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":96,"box":{"x":101,"y":740,"width":754,"height":11}},{"id":"26b1987e-9be7-437c-830c-5a61eb8aa779","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":96,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"303d70f3-22fc-4d7a-88d1-7ebdf6505731","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":96,"box":{"x":69,"y":771,"width":812,"height":11}},{"id":"37a9eb35-b032-4db8-b0d2-dd2ea090d4d7","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":96,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"b1262fc5-be01-486f-ad3b-ab18f4df0066","block_type":"box","text":"payments by holders of adjustable rate mor tgages.","page_number":96,"box":{"x":70,"y":801,"width":361,"height":11}},{"id":"c33a0f60-01dc-4fd0-a54f-cf88bac39b1d","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":96,"box":{"x":102,"y":823,"width":784,"height":12}},{"id":"bb2c35c1-72fe-42bc-9c31-c60bd443cd96","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":96,"box":{"x":68,"y":838,"width":813,"height":12}},{"id":"ac2cdd79-2ee8-4cc2-b0ad-87175d93540f","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":96,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"1f757373-4aef-48fe-9e10-814a1811be07","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mor tgage loans.","page_number":96,"box":{"x":68,"y":869,"width":714,"height":11}},{"id":"83748e11-3a72-4ec7-a5a3-5855e29bf044","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":96,"box":{"x":102,"y":891,"width":328,"height":12}},{"id":"26ac71d0-92ed-476a-93b3-0e370f09814c","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":96,"box":{"x":437,"y":891,"width":407,"height":12}},{"id":"a19a7a5a-521e-403c-8df1-c765677d17e1","block_type":"box","text":"commercial mor tgage loans or residential or commercial mor tgage pass-through securities. Interest and prepaid","page_number":96,"box":{"x":69,"y":907,"width":800,"height":11}},{"id":"0a28804d-45ae-4ed5-95ef-8df75799939b","block_type":"box","text":"II-52","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"843d6f6a-9069-4a28-98d7-15a702eabef5","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"74e38406-0646-4739-a230-92ad73586cb1","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":97,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"b33d54e1-e1bd-4c39-bc86-2fada66c6295","block_type":"box","text":"through securities but are more typically collateralized by por tfolios of mor tgage pass-through securities guaranteed","page_number":97,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"58d7c9ba-1728-45b0-a77d-588604ac9235","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":97,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"1921fc7e-0ca6-4816-8ee4-f62443714447","block_type":"box","text":"Mor tgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":97,"box":{"x":70,"y":90,"width":661,"height":11}},{"id":"6681c0ef-a9b1-49bd-bb5a-f17d6bd80de4","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":97,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"a3957736-0969-4f86-9d24-315dcedf9f01","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":97,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"6aa67811-da30-4ad2-83f4-d04233b0b638","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":97,"box":{"x":69,"y":143,"width":838,"height":11}},{"id":"1c817d75-a63e-4da3-b245-126f910b5eaa","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":97,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"e60fdc9e-7292-4dc1-a40e-9df98b488cb0","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":97,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"bd88a94e-1fa2-44db-b04a-672296766407","block_type":"box","text":"payment of principal received from the pool of underlying mor tgages, including prepayments, is first returned to","page_number":97,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"21c9d830-e3c7-413c-bf2f-f491c5305498","block_type":"box","text":"investors holding the shor test maturity class. Investors holding the longer maturity classes usually receive principal","page_number":97,"box":{"x":70,"y":204,"width":820,"height":11}},{"id":"e653cf55-b214-4233-85b2-0a78126b51d9","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":97,"box":{"x":69,"y":218,"width":836,"height":12}},{"id":"96d33efc-ea7c-438b-8444-f940a3d7f91c","block_type":"box","text":"of principal because of the sequential payments.","page_number":97,"box":{"x":69,"y":234,"width":346,"height":11}},{"id":"78b5e27e-5f2e-41a2-97bc-57af666948f2","block_type":"box","text":"Cer tain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":97,"box":{"x":102,"y":256,"width":723,"height":11}},{"id":"2ed92740-1a88-47c6-9bf2-addd4a3e12e3","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":97,"box":{"x":69,"y":271,"width":768,"height":12}},{"id":"825cbfc2-4a28-4aff-8622-5e8980286574","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":97,"box":{"x":70,"y":287,"width":800,"height":11}},{"id":"3840e54a-35b3-4f8d-8e0d-8a477ee38440","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":97,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"2a5c6132-1e2e-464b-928e-678240df02dd","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":97,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"4ef50db8-135e-4df7-97d8-cf59bfebf4d7","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":97,"box":{"x":70,"y":332,"width":767,"height":11}},{"id":"ea9645f5-d96c-479f-b225-7bec9b976964","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mor tgage-backed securities; (2) do not issue redeemable","page_number":97,"box":{"x":69,"y":347,"width":838,"height":11}},{"id":"31930bc8-2130-4390-a908-6ec74379ee04","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":97,"box":{"x":69,"y":362,"width":773,"height":11}},{"id":"751f82ab-9093-4cd7-b94d-b76a71a3a55f","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":97,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"5e0f6135-dc50-4694-a139-cb4968ca02d8","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":97,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"c53cae63-63da-4181-abc2-7ac58f2019b1","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":97,"box":{"x":69,"y":407,"width":795,"height":12}},{"id":"a9653efd-2e4e-458c-9c06-161d8d076d4a","block_type":"box","text":"securities of any single such entity.","page_number":97,"box":{"x":69,"y":423,"width":248,"height":11}},{"id":"572b49dc-bfd1-425c-bcbb-9cb253497e23","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":97,"box":{"x":101,"y":445,"width":807,"height":12}},{"id":"8e757971-f152-4aba-9e42-9343807fe999","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":97,"box":{"x":69,"y":460,"width":805,"height":12}},{"id":"62f64c79-a296-4773-aa98-3e1e196f0429","block_type":"box","text":"concurrently on a propor tionate or dispropor tionate basis. These simultaneous payments are taken into account in","page_number":97,"box":{"x":69,"y":476,"width":819,"height":11}},{"id":"21ffd952-60e4-41ea-9d59-b0f502424795","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":97,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"bb686393-fdb0-40fc-8b38-37d3015fdf44","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":97,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"dc5ec11c-20c5-4a3b-b099-8fe7247cc3e1","block_type":"box","text":"or sequential pay structures. These securities include accrual cer tificates (also known as “Z-Bonds”), which only","page_number":97,"box":{"x":69,"y":521,"width":802,"height":11}},{"id":"380d4983-76e8-4d03-8dc5-f4128afaa942","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":97,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"433d738e-d0bf-4a83-80eb-28c6f9bf1998","block_type":"box","text":"and are conver ted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":97,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"b746be92-7548-4c03-a8f8-2d0eace85cbe","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":97,"box":{"x":68,"y":566,"width":813,"height":11}},{"id":"d116c7ad-ea9e-4f11-9fbc-46f6ad281e6f","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":97,"box":{"x":69,"y":581,"width":708,"height":11}},{"id":"a1de7004-fe71-4cf8-aee6-1e64708ff2b5","block_type":"box","text":"Classes of CMOs also include planned amor tization classes (“PACs”) and targeted amor tization classes","page_number":97,"box":{"x":102,"y":604,"width":742,"height":11}},{"id":"08aa72b0-ea4d-4409-a5ea-f4bfbe19d7b8","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":97,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"53a5190c-5749-4c2e-aaca-432c3b622a13","block_type":"box","text":"scheduled principal payments for PAC Cer tificates generally have the highest priority on each payment date after","page_number":97,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"04c91fa9-a015-4a76-8a4b-f51691acb2f4","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":97,"box":{"x":70,"y":649,"width":802,"height":12}},{"id":"6d35f000-987c-48cc-9ed2-bfc03f086e09","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":97,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"4b674ca5-734f-42df-ac19-f61c98d8d860","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":97,"box":{"x":68,"y":680,"width":835,"height":11}},{"id":"08c19713-04d4-4e3e-a053-8ce76bb7d3b8","block_type":"box","text":"be created that absorb most of the volatility in the underlying mor tgage assets. These tranches (often called","page_number":97,"box":{"x":69,"y":695,"width":772,"height":11}},{"id":"65808bf3-8104-435c-8afa-29d6d1228e2f","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":97,"box":{"x":70,"y":710,"width":792,"height":11}},{"id":"2c5af87b-0286-4a85-9e53-1d3507bde1fc","block_type":"box","text":"classes.","page_number":97,"box":{"x":69,"y":725,"width":57,"height":9}},{"id":"2ddca0ef-0cc5-463b-b744-3ae51c6ee51f","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":97,"box":{"x":101,"y":748,"width":774,"height":11}},{"id":"9468279d-c3e8-4cab-856d-9f48a59e98c3","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":97,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"a864fa33-9264-4f0b-8327-d6b5f6efc68c","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":97,"box":{"x":70,"y":778,"width":815,"height":11}},{"id":"32185131-0b81-4436-af21-717dcd41a654","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":97,"box":{"x":68,"y":793,"width":833,"height":11}},{"id":"3a9bcb7e-5bab-4451-9f1e-2a33067f4550","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":97,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"137cb68d-b0fe-45eb-89e2-251574b247c4","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":97,"box":{"x":69,"y":823,"width":541,"height":11}},{"id":"17e9b6be-091d-4d6c-9112-8ee2d5de18b5","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":97,"box":{"x":101,"y":846,"width":265,"height":11}},{"id":"dc1bc3df-c897-4d4f-934b-111a65829e4a","block_type":"box","text":"Adjustable rate mor tgage securities (“ARMs”) are pass-through securities","page_number":97,"box":{"x":372,"y":846,"width":523,"height":11}},{"id":"3731f1f5-0d07-4a5e-9a73-f6a2dee98116","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":97,"box":{"x":69,"y":861,"width":807,"height":11}},{"id":"e2dcee89-f5b6-44a9-9ecf-7bfc56d9fd34","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":97,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"ed3cb871-1cda-4acb-a38b-541e89f2296b","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":97,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"a20ea8c6-026e-4542-ad25-892e327723f4","block_type":"box","text":"to a designated benchmark index.","page_number":97,"box":{"x":68,"y":907,"width":241,"height":11}},{"id":"97125c67-0aef-4049-90ec-7add6948530e","block_type":"box","text":"II-53","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"24b571ae-d957-4998-be9d-d0c3bfdf489e","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6722dad5-6362-44b5-ad7e-e24b7eb23e72","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mor tgage interest rate may not vary over the","page_number":98,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"3c4149a1-5813-4e9f-b990-a9bf491ae1e3","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":98,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"6dd13f94-b299-4c99-b259-2cff4f717ac6","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":98,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"f3e0ed95-0009-447e-8e42-b872806585f2","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":98,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"0e10a7f7-4af8-4ec6-9237-61ea6316669f","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":98,"box":{"x":69,"y":105,"width":676,"height":11}},{"id":"122335d6-e311-47db-863c-42af3aa9c98b","block_type":"box","text":"Cer tain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":98,"box":{"x":102,"y":128,"width":757,"height":11}},{"id":"759a302b-c180-47f7-8ce2-f161ee162316","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":98,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"f355636b-ca39-4ba3-bbdc-c0e5f88fe39f","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":98,"box":{"x":69,"y":158,"width":823,"height":11}},{"id":"8404b887-2e66-4f63-a97f-6db1cca52267","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mor tgage interest rate and the principal","page_number":98,"box":{"x":70,"y":173,"width":782,"height":11}},{"id":"69e97a72-a51a-49e5-9f36-77160739bd4e","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":98,"box":{"x":70,"y":188,"width":838,"height":12}},{"id":"1cb7bd6d-6ada-486b-99c6-379c4c61cae3","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":98,"box":{"x":69,"y":203,"width":544,"height":12}},{"id":"9e04895c-2420-4639-ade8-ea55a9a41762","block_type":"box","text":"CMO Residuals.","page_number":98,"box":{"x":102,"y":226,"width":112,"height":9}},{"id":"c5423c33-fc53-406e-b4bf-244f182aca36","block_type":"box","text":"CMO residuals are derivative mor tgage securities issued by agencies or instrumentalities of the","page_number":98,"box":{"x":221,"y":226,"width":682,"height":11}},{"id":"9d89f33b-612a-481f-b8c1-b70af4743b5b","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mor tgage loans, including savings and loan","page_number":98,"box":{"x":70,"y":241,"width":740,"height":11}},{"id":"6963e020-272c-40fb-8253-b33d736d59c4","block_type":"box","text":"associations, homebuilders, mor tgage banks, commercial banks, investment banks, and special purpose entities of","page_number":98,"box":{"x":69,"y":256,"width":829,"height":12}},{"id":"0426d005-23cb-4f65-96c9-216bb802d7b6","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":98,"box":{"x":68,"y":271,"width":826,"height":12}},{"id":"2c4bfb4e-eeb2-4e4d-b8be-f4fdac489565","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":98,"box":{"x":69,"y":286,"width":831,"height":12}},{"id":"65a505e1-d2bc-465c-bcb8-adea089357fb","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":98,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"800ad488-28f3-492f-a0b8-d975cf7c357b","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":98,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"6eb64454-31fe-4c2b-9cf7-e2189674b15b","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":98,"box":{"x":69,"y":332,"width":838,"height":11}},{"id":"a4066134-825c-4ce5-af4b-3f929cd49d8e","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":98,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"125c0fd3-9f66-447c-a190-20d46e9c2990","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":98,"box":{"x":69,"y":362,"width":798,"height":11}},{"id":"3ead5016-147b-4691-9bd7-4afa49a1d178","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":98,"box":{"x":69,"y":377,"width":813,"height":12}},{"id":"1defd26f-bf63-41d3-8b6d-35a377afdb38","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":98,"box":{"x":69,"y":392,"width":790,"height":12}},{"id":"3211a76d-dd02-422f-8f8b-2e6da9a4cca6","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":98,"box":{"x":69,"y":407,"width":805,"height":12}},{"id":"8328c01d-e866-4163-b9c8-930918475e44","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":98,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"329dfd03-3739-410b-b254-f4d32c832eea","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":98,"box":{"x":70,"y":438,"width":831,"height":11}},{"id":"c9d67b26-8ba7-4c45-a0f1-02cffed72369","block_type":"box","text":"a CMO residual.","page_number":98,"box":{"x":69,"y":453,"width":112,"height":9}},{"id":"b16ae501-a25f-4692-9772-3a88cd317ce2","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":98,"box":{"x":102,"y":476,"width":758,"height":11}},{"id":"48f8201c-7ce1-4d5b-9538-9868f96c08c5","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":98,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"d75d3647-d782-4e75-8564-8f9bdbf78ec9","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":98,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"3accf92e-ff7c-44a8-8d75-bef6bb2eaad5","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":98,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"e08eaa26-945b-43fe-a610-5144ba0fadf0","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":98,"box":{"x":68,"y":536,"width":820,"height":11}},{"id":"6b3192ba-a3a2-4c90-930a-fdef598fe9fa","block_type":"box","text":"registered under the Securities Act, may be subject to cer tain restrictions on transferability.","page_number":98,"box":{"x":69,"y":551,"width":650,"height":11}},{"id":"77942c75-6f3a-4de1-b784-906a121c7d96","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":98,"box":{"x":102,"y":574,"width":267,"height":11}},{"id":"999d06cc-4d30-4b53-9c83-aefc239bffb1","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":98,"box":{"x":375,"y":574,"width":493,"height":11}},{"id":"e125c886-298a-4c53-a181-4e51d6ebeba3","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mor tgage-backed","page_number":98,"box":{"x":70,"y":589,"width":798,"height":11}},{"id":"55dfe5b0-24ac-4ce8-839e-5050d8d52dcb","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different propor tions of the","page_number":98,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"7f99725c-bcdb-4046-b5c8-67abbd7fa3cd","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":98,"box":{"x":70,"y":619,"width":832,"height":11}},{"id":"54d2a279-83d4-4ef1-acc0-42479a3808f6","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":98,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"b5489fd5-6b49-4b6e-957e-e55b40cbcc96","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":98,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"c6f779f9-18c3-4b31-adf1-4863f1123dd7","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":98,"box":{"x":69,"y":664,"width":822,"height":11}},{"id":"42d8fe2f-7520-46bd-b7b9-3f88554c8f55","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":98,"box":{"x":70,"y":680,"width":834,"height":11}},{"id":"2ff2b70f-6de9-48ec-b2bc-4627c45d5e63","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":98,"box":{"x":68,"y":695,"width":800,"height":11}},{"id":"8cd1febf-e8a7-4eaa-989b-fe90da756685","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":98,"box":{"x":69,"y":710,"width":786,"height":11}},{"id":"dd50b0fe-8cce-4c10-b23c-114ab5b4653d","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":98,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"4f2734e2-de16-450f-bc01-19e87a54437a","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":98,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"384fa297-e893-453f-8425-dd840133a694","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":98,"box":{"x":70,"y":755,"width":824,"height":11}},{"id":"62317a9a-0011-423b-8352-052d32e5ed35","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":98,"box":{"x":70,"y":770,"width":800,"height":11}},{"id":"ca06d10e-a374-48a9-9779-964c6a912b67","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":98,"box":{"x":69,"y":785,"width":818,"height":12}},{"id":"3ada732f-b9cf-40a6-a66e-2c4ed447b4f8","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":98,"box":{"x":68,"y":801,"width":840,"height":11}},{"id":"83af72b5-a63a-4dd3-9460-9e5410ab91ff","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":98,"box":{"x":68,"y":816,"width":802,"height":11}},{"id":"431d247a-a47f-473e-bd27-d174385e7f06","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":98,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"d6bb64ac-bcfa-44b3-b5a9-03903812cb68","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":98,"box":{"x":69,"y":846,"width":814,"height":11}},{"id":"f9af42c6-e2dd-407f-8b04-19e11ecacc3a","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":98,"box":{"x":68,"y":861,"width":683,"height":11}},{"id":"52819bda-7a23-41b6-b777-8b7fed078001","block_type":"box","text":"Tiered Index Bonds.","page_number":98,"box":{"x":103,"y":884,"width":138,"height":9}},{"id":"c484f92e-b6ea-4505-af20-0ee38976a21c","block_type":"box","text":"Tiered index bonds are forms of mor tgage-related securities. The interest rate on a tiered","page_number":98,"box":{"x":247,"y":884,"width":638,"height":11}},{"id":"fc08b12d-41dc-4664-9762-edbcf127e63f","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":98,"box":{"x":70,"y":899,"width":825,"height":11}},{"id":"bdabadd1-f5f9-4640-997b-f9dc406296ac","block_type":"box","text":"II-54","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1754153e-f0eb-4e54-8d39-5a32091b0b8f","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e22bcd91-194b-49eb-a593-491a2bc4ba34","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":99,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"65042f0a-54da-4af9-b15c-f38039d8ee3c","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":99,"box":{"x":69,"y":60,"width":738,"height":10}},{"id":"bd37a931-5580-42dc-ac12-5e1681a4597b","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":99,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"b6f2b286-fdbd-420c-863a-309c2f83beae","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":99,"box":{"x":70,"y":90,"width":836,"height":11}},{"id":"c8e07392-5450-485c-bd36-af60e3af7790","block_type":"box","text":"that of a fixed-rate bond.","page_number":99,"box":{"x":68,"y":105,"width":174,"height":9}},{"id":"b3fbf7c2-12a6-40ea-8c65-749a4bbf7b41","block_type":"box","text":"TBA Commitments.","page_number":99,"box":{"x":103,"y":128,"width":133,"height":9}},{"id":"77f99cfb-2bfc-4b2e-81ca-7a6d604f72d4","block_type":"box","text":"Cer tain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":99,"box":{"x":243,"y":128,"width":653,"height":11}},{"id":"670eb899-542b-448b-a85f-8c267e6fdd3b","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":99,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"e39ba5e8-b289-474a-900a-9c0c79a7004d","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":99,"box":{"x":68,"y":158,"width":825,"height":11}},{"id":"6c1ed1bd-729d-4fd4-979a-f241de093826","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":99,"box":{"x":70,"y":173,"width":793,"height":11}},{"id":"c0283158-46f3-4a40-a0a6-9151b5a56e19","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":99,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"a9230b98-bfff-4bb0-a0f4-c28bc76f4336","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":99,"box":{"x":70,"y":203,"width":804,"height":12}},{"id":"34c25e09-06c0-415c-ad2c-787ad5e2d532","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":99,"box":{"x":69,"y":218,"width":779,"height":12}},{"id":"247ab804-37b5-48b2-a13b-878a6cebf271","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":99,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"f5203811-5f90-479f-b451-a7ed5a0f8a91","block_type":"box","text":"below.","page_number":99,"box":{"x":69,"y":249,"width":43,"height":9}},{"id":"53f2acd2-dff3-457a-8c79-5ce461e7fa74","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":99,"box":{"x":102,"y":272,"width":157,"height":11}},{"id":"11ed00b6-c562-43be-9519-75fd5ad1dd23","block_type":"box","text":"Cer tain Funds may invest in mor tgage dollar rolls. In a mor tgage dollar roll transaction, a","page_number":99,"box":{"x":266,"y":272,"width":634,"height":11}},{"id":"a491a812-6c5a-4a63-b4e0-e0dbef74d0ef","block_type":"box","text":"Fund sells mor tgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":99,"box":{"x":70,"y":286,"width":825,"height":12}},{"id":"fa7d13e8-499a-4b9e-9324-6cd8f7fc5268","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":99,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"b9e44a0e-393a-4e68-8fc5-17bb24c7fbb3","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":99,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"c021aa7e-b2b2-4dae-9e2d-53c95236710a","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":99,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"95521bd4-ce97-4088-ad02-fc90419dd25d","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":99,"box":{"x":69,"y":347,"width":827,"height":11}},{"id":"b026a2b3-afe5-49f1-9bb8-b12f1c1cce6c","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":99,"box":{"x":69,"y":362,"width":806,"height":11}},{"id":"fc0cb574-19c8-468e-9848-d1254e55ff29","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":99,"box":{"x":69,"y":377,"width":833,"height":12}},{"id":"8a73aa76-0080-44dd-a3e5-b4ed64d8532e","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":99,"box":{"x":69,"y":392,"width":836,"height":11}},{"id":"45ccbf7d-29f9-4741-971e-59d8f6f6a5f5","block_type":"box","text":"compared with what the per formance would have been without the use of dollar rolls.","page_number":99,"box":{"x":69,"y":407,"width":607,"height":11}},{"id":"a47c1be4-009f-4e18-a1ab-8c5269cc71ed","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":99,"box":{"x":102,"y":430,"width":744,"height":11}},{"id":"e047ddc6-4517-4eb0-8c83-3c8f65083d56","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mor tgage","page_number":99,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"430d82cf-7806-4485-8ee8-7c63b224193b","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":99,"box":{"x":69,"y":460,"width":433,"height":12}},{"id":"7f88d26d-99bb-4147-a805-5d9cce4e0c98","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":99,"box":{"x":102,"y":483,"width":795,"height":11}},{"id":"198f123d-9061-4fda-a9d1-56a60211ffa1","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":99,"box":{"x":70,"y":498,"width":824,"height":11}},{"id":"6746278b-4ad6-4433-bec7-69f77da7fae2","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":99,"box":{"x":69,"y":513,"width":774,"height":12}},{"id":"6a518774-cb58-4f78-a62a-b09ef8327d06","block_type":"box","text":"securities in the forward transaction.","page_number":99,"box":{"x":69,"y":528,"width":261,"height":9}},{"id":"8f96e0cf-ec46-450c-a65b-cdb42bda9b73","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":99,"box":{"x":101,"y":551,"width":785,"height":11}},{"id":"3fbb553e-7861-44eb-87bb-64aa9d5fb910","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":99,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"997d054a-1fe9-47db-bb65-693f81b36221","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":99,"box":{"x":68,"y":581,"width":824,"height":11}},{"id":"312271d8-f7a8-46c0-b0a8-f9d2a5785fcd","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":99,"box":{"x":69,"y":596,"width":824,"height":12}},{"id":"53a144c1-963f-419d-82e6-81615e17839c","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":99,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"2b15b11e-a180-42f4-b5f9-8e2f4bc33552","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":99,"box":{"x":69,"y":627,"width":430,"height":11}},{"id":"b6257ae6-e3b3-4859-86db-5c427bed9fe1","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":99,"box":{"x":102,"y":649,"width":759,"height":12}},{"id":"2b8c3cd8-d7e8-4635-a0d3-ce71ed52ca6a","block_type":"box","text":"securities (","page_number":99,"box":{"x":69,"y":665,"width":78,"height":11}},{"id":"b9e8ac57-c3f1-4ff1-b507-d08b07ab9895","block_type":"box","text":"e.g.","page_number":99,"box":{"x":148,"y":666,"width":25,"height":10}},{"id":"842d70a8-dcd2-4059-9a5d-87b2046a6a2a","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":99,"box":{"x":176,"y":664,"width":681,"height":12}},{"id":"e51be394-8590-4bba-82ac-9f777bb44f42","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":99,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"c9fa9b3d-f408-47b6-905e-4d1cc50631e0","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":99,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"0f96cfe7-599c-4512-941d-15bc6bfbaf0f","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":99,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"7b7cc507-dcb9-4536-85d7-3ec844e283eb","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":99,"box":{"x":70,"y":725,"width":830,"height":11}},{"id":"ef6ee121-5305-40e9-b750-0671d5978c3b","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":99,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"1bdf8ee9-889f-44a2-8cf3-e7291c7eda8a","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":99,"box":{"x":70,"y":755,"width":489,"height":11}},{"id":"2e5b0744-9a37-4a6f-b023-50f50f3b76d1","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":99,"box":{"x":102,"y":778,"width":260,"height":11}},{"id":"048087f2-0257-47e7-95fe-117cf4c0f208","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":99,"box":{"x":368,"y":778,"width":473,"height":11}},{"id":"55700044-fada-4466-b77b-8699307f850d","block_type":"box","text":"securities are derivative interest-only mor tgage securities structured off home equity loan transactions. NIM","page_number":99,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"31d49076-6146-4847-80d1-1e6c5d75d515","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":99,"box":{"x":69,"y":808,"width":836,"height":11}},{"id":"f5a5ff8c-b141-4955-ba68-33f6ed6f9d4c","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mor tgage-backed","page_number":99,"box":{"x":70,"y":823,"width":760,"height":12}},{"id":"78b2051e-2778-404c-b862-dd4a1fe61644","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":99,"box":{"x":69,"y":839,"width":832,"height":11}},{"id":"39c256ca-da07-4acf-9d93-145a1aef5d3c","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":99,"box":{"x":68,"y":853,"width":810,"height":12}},{"id":"6ee20063-1b07-4c29-80bc-203d82baa62a","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":99,"box":{"x":69,"y":869,"width":764,"height":11}},{"id":"a40bfd66-840c-4557-82ba-2705b083eb02","block_type":"box","text":"Municipal Investments.","page_number":99,"box":{"x":102,"y":891,"width":169,"height":11}},{"id":"285a9307-5c5c-4af7-b29c-d52888125796","block_type":"box","text":"II-55","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c63b12bd-52be-40a0-9eb9-a0aef3886dda","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d5888001-4447-4a3b-9a4d-d4ef15364bff","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":100,"box":{"x":102,"y":45,"width":763,"height":11}},{"id":"30dde780-28b7-4855-b756-bd7f92972df7","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":100,"box":{"x":70,"y":60,"width":783,"height":11}},{"id":"f7dfe94b-52f0-4210-af83-1a937d79f82d","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":100,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"ce202054-c38e-4093-be1a-91b7becc1531","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Cer tain of the Municipal Funds may also invest in Municipal Bonds that","page_number":100,"box":{"x":70,"y":90,"width":813,"height":11}},{"id":"dd3dd84f-9955-45ef-a48d-31ef04c93f70","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":100,"box":{"x":70,"y":105,"width":836,"height":11}},{"id":"38ca786b-b2dd-44ea-b940-21c10874313d","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":100,"box":{"x":69,"y":120,"width":779,"height":12}},{"id":"3fb05a69-adc5-4b59-b6e9-0c026b24777e","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":100,"box":{"x":70,"y":135,"width":838,"height":11}},{"id":"78e6929b-5bea-49d4-b316-5eda0560df20","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":100,"box":{"x":69,"y":150,"width":810,"height":12}},{"id":"b5da61ee-ed03-4657-b5fe-b614de8759ee","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":100,"box":{"x":68,"y":166,"width":834,"height":11}},{"id":"dc8e93e5-ad0a-4ca3-9818-8f44f7be4e68","block_type":"box","text":"or state and local personal proper ty taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":100,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"6f42def7-c61b-4c57-ba7c-2a4bfad1a5ac","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust cer tificates or other instruments evidencing interest in one or","page_number":100,"box":{"x":70,"y":196,"width":807,"height":11}},{"id":"6a41ce4e-6907-4b64-be43-627ac05e00a4","block_type":"box","text":"more long-term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":100,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"bb291d04-6cf3-4e53-bee4-99fdaa3f7304","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":100,"box":{"x":70,"y":226,"width":809,"height":11}},{"id":"54de6d9b-85e6-45d3-8711-ee2790278816","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":100,"box":{"x":70,"y":241,"width":826,"height":11}},{"id":"fa1aebe5-584f-4682-bdc6-a17afa4dd1f0","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":100,"box":{"x":70,"y":256,"width":834,"height":11}},{"id":"fb324a88-62b8-46e4-81d1-453c0c290923","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":100,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"bdf77e7d-a6fc-46d9-a72d-274057cfe243","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":100,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"ee6c823f-a8b1-47aa-b325-b1326ddd14f4","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":100,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"31c0a40a-a47a-4511-927a-06be8588d06c","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Oppor tunities Fund, New Jersey","page_number":100,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"389835e1-2e10-468c-9cf8-3cc343dc408a","block_type":"box","text":"Municipal Bond Fund, New York Municipal Oppor tunities Fund and Pennsylvania Municipal Bond Fund.","page_number":100,"box":{"x":70,"y":332,"width":721,"height":11}},{"id":"7f437790-79eb-4469-bc64-1ccf87dae843","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":100,"box":{"x":102,"y":355,"width":495,"height":11}},{"id":"c2893946-0930-4372-afaf-58103cae625e","block_type":"box","text":"The risks and special considerations","page_number":100,"box":{"x":603,"y":355,"width":260,"height":11}},{"id":"93203bf1-4749-4633-862b-6d6c8387be49","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":100,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"dd3b78d9-cd77-4ff1-8e9f-8705df5b6ea4","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the par ticular product. Cer tain municipal","page_number":100,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"f9520ab5-4185-480d-bad7-1fcc04d5e63a","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":100,"box":{"x":70,"y":400,"width":544,"height":11}},{"id":"1306c8be-6478-4111-b0c3-2c337d2fef18","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":100,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"2f7b393b-b29c-4627-a6c1-3c1ec3c9d3a2","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":100,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"07e5a46f-3991-42b6-915d-11dbc6a8f1e8","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":100,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"553e6ada-c86b-4024-bf63-dfaf53912c83","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Fur ther, the application of state law to Municipal","page_number":100,"box":{"x":70,"y":468,"width":802,"height":11}},{"id":"7a41514b-aafd-487e-bd1d-a79e2732f965","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":100,"box":{"x":70,"y":483,"width":834,"height":11}},{"id":"5e21dab9-5637-4cd7-8a0c-ecf89f6670eb","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":100,"box":{"x":69,"y":498,"width":761,"height":11}},{"id":"57da94a5-1b90-47ea-8b7a-721803e4f76f","block_type":"box","text":"II-56","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4d0c49b8-5a11-4ea6-ac2f-86a3ab2a4c4b","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5978dbb4-6ac4-4faa-a4e9-48f43fcb1c04","block_type":"box","text":"Description of Municipal Bonds.","page_number":101,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"5e0dcf0c-794e-4ca8-94b0-2260b6d67aa5","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":101,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"b9ee8ec1-df73-4f7d-8178-def62a92b781","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":101,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"60cf3053-f873-452a-90e3-6fb2767e2c15","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":101,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"b71824e5-782b-4b3c-9d75-3059dfdae0ac","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including cer tain","page_number":101,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"e3dd6fa8-ede2-4c66-a83d-657f6051fafa","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":101,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"0cad179b-332d-491a-aa1b-bd1a6a2be901","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":101,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"984b69fd-287f-4c55-b33f-121ffb4e5fb0","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":101,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"5b3bb173-f821-4422-adc3-593a1a1d50e3","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":101,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"acc2ffdb-2c3d-44f8-a326-ec677fd5e4a4","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":101,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"fce6246d-78fd-494e-976d-252be48b4201","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":101,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"9654375f-d29e-4cd5-b9ae-5382ac99c93c","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":101,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"acf1d115-3772-4e63-b3fa-4e842040a75b","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":101,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"62c39da6-29c7-456f-9bf0-240293689e56","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":101,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"7419c6f5-ca50-499a-8573-c0be651fa236","block_type":"box","text":"General Obligation Bonds.","page_number":101,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"9d3b58e2-4c32-4351-b9b3-decc5e822de9","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":101,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"8f4ccd14-ba9d-433d-94d7-b55180251dd6","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":101,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"8350ceb6-f240-48cc-8c29-4c1ce1922f0f","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":101,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"24d52733-35a7-4b50-ae4a-6fe2530a77c4","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":101,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"04e5b9d1-fbb6-459c-9f32-85410c6f5c2f","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":101,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"9a6579aa-66dc-4e9a-930c-2e0b0e6d2262","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":101,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"dd9e9245-a679-49e9-811b-ab70fb6a72e3","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":101,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"b602919b-0f95-4423-b737-fa39ff2155ed","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":101,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"4956ea4e-fd4e-4d20-95bd-bc43deab4df8","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":101,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"7753739c-f24b-4f2e-bfb0-b667a3946bd4","block_type":"box","text":"Revenue Bonds.","page_number":101,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"568bbe14-7ac1-43e0-a0d5-c57a28222d2a","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a par ticular facility or class of","page_number":101,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"0c8f9822-6612-4658-a5e9-b8ea24740ce7","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":101,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"5cb62b54-b1fb-43f5-8bbc-89500b24a28e","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":101,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"313f8521-6d0a-436d-84df-9358d9eb808e","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":101,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"224fa17a-f8f5-49ab-ae9e-0dcfaacbefc7","block_type":"box","text":"viability of such facility or such revenue source.","page_number":101,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"c35276bf-6903-4a2f-a6bc-20f180a205bf","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":101,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"1733a463-f9b0-4cdd-b79d-e4e8ef171763","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":101,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"bf62ea8c-e0a4-4608-9ee8-7c09237c0176","block_type":"box","text":"proper ties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":101,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"4747c133-90d7-44c6-a857-8e8a572fb548","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":101,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"d54715c6-b00a-47ae-a1fc-c34be8b483f5","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":101,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"3854b1d9-ade6-4a1d-9cd0-183ebbce7572","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":101,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"f406993b-7c80-43a6-8f2a-e848f8daf5bd","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":101,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"110232ce-95ef-4c33-bdf0-8920f6b81831","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":101,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"52f93370-9687-4055-a870-5339ffd50874","block_type":"box","text":"PABs.","page_number":101,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"1d230a83-b17b-48fe-b085-fbc1034be660","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":101,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"130044b0-1fde-413d-960d-307e2d8b661f","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":101,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"46f0f126-d5a8-4338-8872-10769a52dbf3","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":101,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"666a1722-89c5-42af-97be-20aaa40b6111","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":101,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"f6bac010-b5ee-44ff-af52-19456019b893","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":101,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"4e5375ff-dd25-4923-9d7e-009e384b2864","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":101,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"9366a883-ccad-4185-b633-abf41122aedb","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":101,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"37f3fc5e-65ff-4f21-92c3-bf669dfe4c06","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":101,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"dc1979d8-b05a-4c6f-a78b-98b40b4dcb24","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":101,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"ff268add-84c7-4ae3-af8d-9974d29c2dee","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":101,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"c5614365-8109-476a-afbf-f38fb905119d","block_type":"box","text":"the par ticular facility being financed.","page_number":101,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"768ed5e2-6ba3-47f3-96c6-84d935922754","block_type":"box","text":"Moral Obligation Bonds.","page_number":101,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"8a8545f5-33e4-4e94-a8ae-7b65b99f5ed5","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":101,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"f85455f9-8b10-4197-b4fa-b252d0411ff6","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":101,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"72aedd03-b560-4139-b024-460b43d07ddd","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":101,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"785d2dd5-149a-4ffc-a36f-6e57fcbff14b","block_type":"box","text":"that issued the bonds.","page_number":101,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"40d6418d-0ca3-444b-b565-fea1c54dc9bb","block_type":"box","text":"Municipal Notes.","page_number":101,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"0f7d9914-7062-4790-94ec-728ddb5f3062","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim financing","page_number":101,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"7658d3e8-4ef5-4646-9c8f-02887ddab7c5","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":101,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"12c44cf3-16e7-4419-9dbd-b2aab521d7e7","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":101,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"78331382-943c-4bde-9c79-f87f997c8d62","block_type":"box","text":"II-57","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4b12ec1a-e9ec-472a-a13e-8a264e227879","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d365427e-c0f6-464d-98b2-e55f5e35cb9e","block_type":"box","text":"Municipal Commercial Paper.","page_number":102,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"84158f74-00e8-4c9f-bc68-0292e540d07d","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t-term","page_number":102,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"e637d6c4-b587-4b22-8270-a1a460e9b685","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":102,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"7b274d59-de8a-41b5-b5a0-359a018139ff","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":102,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"9f05a9a8-40b8-4830-9c44-76419bb52439","block_type":"box","text":"Municipal Lease Obligations.","page_number":102,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"0e95eeb7-32a8-4bee-b5e0-d01b83945193","block_type":"box","text":"Also included within the general category of Municipal Bonds are cer tificates of","page_number":102,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"5464d014-6b8c-4c0c-80ec-708abe7ee2e7","block_type":"box","text":"par ticipation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":102,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"8f166ed2-33f8-4081-bb07-3f3b1548a9b0","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":102,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"d2ef547b-02e7-400b-a4c7-384148b50365","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":102,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"99fbab66-8884-43e4-8516-113fb1544654","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":102,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"fb0eea64-9af6-47b5-a4a2-7c363ca75332","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":102,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"aeca3925-25f0-4023-81c7-3129084e0c14","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":102,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"aa043ccf-f60d-46cd-bcde-333ab425ce83","block_type":"box","text":"payments due under the lease obligation. However, cer tain lease obligations contain “non-appropriation” clauses,","page_number":102,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"fb9367a0-fe2f-4b10-8e83-7f4d9a453906","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":102,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"14d70ea5-f200-4121-83d6-4c1408fde0ae","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":102,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"aa2034d1-a546-45f9-b4dc-6378deb38975","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":102,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"5c8c9eaf-bf7b-43c0-9078-851d00b478c0","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":102,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"d0fcc52d-8412-4112-8116-02a569d54644","block_type":"box","text":"conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":102,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"cea4b7f8-6346-497c-ae21-21947bcf1f2d","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":102,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"1b24425a-80ae-4785-95eb-9895168186da","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":102,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"20cd2bea-76ce-4c46-8d19-bf24531032f3","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":102,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"262536ef-526d-4e6f-8e68-207f2534ebf0","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":102,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"79b50058-0ee3-46e3-9eff-6e7b105e00ba","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":102,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"43f8fa58-fe65-494f-bb9d-2a5dab6a8d8f","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":102,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"fba6509a-c8cf-47d4-ac48-3efa5943cfb5","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":102,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"f317ef58-2827-45ee-8fab-e6013b4e622f","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":102,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"e9c19754-fa50-43a6-a5c8-5cf59e7464da","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":102,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"2634f97c-a7c4-41b8-ac14-525881f23561","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":102,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"551e41b4-04c4-4314-a941-85cba743327b","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":102,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"36c2fec3-0517-4477-953d-c5ba09105427","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":102,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"f24f6a1c-da3b-4249-8205-d3ecf707a80e","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":102,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"3fe57718-a982-478a-ab74-470d919a203a","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":102,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"4db1a25b-eabe-46a6-a61f-6206f690d321","block_type":"box","text":"subject to cer tain limitations on its investments and on the nature of its income.","page_number":102,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"aeb1e6d2-1773-480c-ba2b-251aa1e09187","block_type":"box","text":"Tender Option Bonds.","page_number":102,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"9eb4cf43-8510-47ce-bda5-76511cd3b62d","block_type":"box","text":"Cer tain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":102,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"faae7717-a907-44e1-aea4-fb320bce9007","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":102,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"95e34adf-b9e8-4091-bfd5-d0907ce25f67","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":102,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"5a7ec709-e0b9-4ca8-a4f1-919ce5cfdd7f","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":102,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"c8068127-a4c3-4985-8b37-51267eed573e","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":102,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"b1b975ca-b9f6-4a30-9cad-2bbf27676b3b","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":102,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"5df12445-ee99-491e-842a-6731ecba5b6d","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":102,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"0b4a3da0-943e-4459-8787-0d1f80ee4b46","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":102,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"822c7d0e-4aff-409d-90b0-c1b303901f93","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":102,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"f416964b-d540-45a8-ab4f-2ce65103ba48","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":102,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"87d9e621-71b4-4c4d-a608-7a9a63941331","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":102,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"e7f1ce99-f688-4286-8fff-45e8f4f9e050","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":102,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"e82879eb-0486-44d5-a52f-9543e27859a6","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":102,"box":{"x":68,"y":725,"width":828,"height":11}},{"id":"ab7821fb-e5ca-4a58-9760-663cb284cd6a","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":102,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"af5773f7-a9a9-475b-941c-b96e4699470a","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":102,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"2c596c34-fd1c-4158-8a69-be600754db8a","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":102,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"16ea15ca-2a30-456a-a12f-32ad2c2380e0","block_type":"box","text":"cer tain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":102,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"75b9fcd2-c76b-415a-ab36-2821bc86090c","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":102,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"70fed2dd-55ec-404c-83c7-a2cf19c992f9","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":102,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"31bc3344-c349-4747-b975-c98a27d1b826","block_type":"box","text":"TOB Trust in exchange for a propor tionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":102,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"0520a5df-3a3c-43cc-b553-e73a21348b44","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":102,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"c78cf6ed-1c1c-4aaf-af5e-e6445378c5c0","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds par ticipate in the same TOB Trust, the economic rights and","page_number":102,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"a6d3d97c-f982-461a-93b7-6526ad55b0f2","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in propor tion to their","page_number":102,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"8105d59c-62ed-4769-9f97-431e258a7f4b","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":102,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"37a568e5-c7a3-402d-84cf-c537004419b9","block_type":"box","text":"II-58","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0d100080-4697-4fa7-9ceb-53b2176382b8","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cb46d91f-16f7-4181-af8e-a21bb41b948d","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":103,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"f069d8a3-5041-47de-a3a8-da51b25bc90e","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":103,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"665bb788-d7eb-4a70-b5d5-365bb89aaf09","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":103,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"c0007980-b1db-4dec-a8f4-778ab4463102","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":103,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"cae490c0-39d8-45d8-991f-acf26301d839","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":103,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"f850c365-6b86-4002-bf45-96a53f45a24b","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":103,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"16293a6c-496a-4d97-93c6-3ab4aac549cc","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":103,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"a2fadc52-fa90-4168-8c2b-eb34f0bb7d57","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":103,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"a5600d0d-a7eb-44e9-bd7d-a1dec24a394d","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":103,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"8d6a3100-a8d3-46e9-80db-1dc35cfebd30","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":103,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"2f6bc9f4-d20b-434f-a343-d9e772c11924","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":103,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"a749d4da-1919-4309-b9c0-d6bd5a0cd9f1","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":103,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"616365bb-4477-4f1e-ac82-8fb58d40b09e","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":103,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"4065b9dc-0c87-44d7-9f8d-97145aecea96","block_type":"box","text":"issues.","page_number":103,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"f42f9bd9-d272-4b85-8684-ff96a0f3ca67","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":103,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"7dfb1fb6-4379-410a-92d8-3a083ec0cb31","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":103,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"c487fb46-d24d-4bdd-ab88-954d4ead50d6","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":103,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"1af06636-e334-449b-9290-18780c4698d0","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":103,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"bb79ad84-62b6-45e4-a0de-53ad0f3d9320","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":103,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"0bf884bf-d4bc-4f9f-826d-b2e6931b4cb4","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":103,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"af7d72a6-40e0-4971-b750-957d95b8640a","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":103,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"64207465-1b73-4b5b-96d4-d70082a6b863","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":103,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"2b4e6586-5a6a-4562-8395-98f59e2e56ca","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":103,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"19f68ad5-3a60-4776-9bce-40a4be111e1f","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":103,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"0344b9ba-13c3-4289-b4b5-10f91e9f9264","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":103,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"2e245b0f-9a33-436a-b858-7f9e6a9ba712","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":103,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"6a81889c-087e-4ce3-96ff-b19aed512e9a","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":103,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"bf62e327-142e-4426-ad6b-0d115a0ce680","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":103,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"179da1be-01e3-43a1-bed7-4e1049d01282","block_type":"box","text":"i.e.","page_number":103,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"c9df94a4-6ca2-4646-9e36-b6d9bee31aed","block_type":"box","text":", the Fund). In contrast, in the","page_number":103,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"17849938-8fc5-455d-a680-e5de5cdcef68","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":103,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"a55ddc91-f0b9-4827-90a0-d424275c1ab3","block_type":"box","text":"rata in propor tion to the respective face values of their cer tificates.","page_number":103,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"fda232c7-7bca-4cbe-8fc5-cf1dcb6a383e","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":103,"box":{"x":101,"y":529,"width":797,"height":11}},{"id":"4ed046b8-d984-448b-8e32-8e6a0ec40dcb","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":103,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"4844a205-98b8-420b-a4d7-3662a1557de6","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":103,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"6802fb63-56da-477e-84ff-c2bda21e1821","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":103,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"582a5029-bd86-4071-a608-d12e7c811cb4","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":103,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"67fc2777-7e24-419f-9687-20ed62479911","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":103,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"d1f6f62e-acce-4e68-8d64-5b7110579f34","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":103,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"ff912b7e-d6e5-4850-aa28-080e2d62c849","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":103,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"f98b81f8-e8f5-44a0-b0c1-d11ba743a0ec","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":103,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"469a20ff-c245-4765-a244-4bcffa42f6f7","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":103,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"e07f0ca2-1673-4a87-8cda-0c3c20dc7f63","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":103,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"2d63daf9-9bf5-4bb1-8118-ac26b03ed9d4","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":103,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"9f8b5de5-49b0-4d8c-85b6-ec7aad66f011","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":103,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"ed3ddf53-b7f7-439f-bb76-c0d43f25a47d","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":103,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"12101114-2b36-4a2a-af5c-decdf5826611","block_type":"box","text":"Trust.","page_number":103,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"ef4dea95-772e-4cbf-9e88-a084cd9e3235","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":103,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"610a75df-5569-4c72-82a3-b410d4420b17","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":103,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"701ac4f8-1b20-494b-89d1-2ce8224ede98","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":103,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"4d79e213-baff-44e0-aa68-83ad6a82e6cb","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":103,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"aa218e33-884c-4e4a-9591-01dc6310ca04","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are repor ted as expenses","page_number":103,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"67b3c327-1548-45f7-bbdd-75634857c2b0","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":103,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"d74e5a41-4243-4f81-ac27-de2b9db9ff3f","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":103,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"42c0aed0-c89b-40bd-8a28-792b0784466a","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":103,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"e1536d91-75d7-4bc4-8e84-70bc00fe5cd0","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":103,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"e1898e5d-ef16-42ed-8e51-05ddf0ae3fc3","block_type":"box","text":"II-59","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1be6bdc4-2fdd-4366-98c0-15e1db80684d","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"821e0e8e-670c-49bc-aeac-bfd62bc98605","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":104,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"f05347c8-b5d2-4b1f-9f46-f7417f6263cb","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":104,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"f918a68c-38a2-4ef0-940f-b73f358ada65","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":104,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"8ccc647f-5065-4f30-81bf-bdb76c9dd9c0","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":104,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"9b583af9-3208-4402-8c31-41c30007c2c0","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditwor thiness, of many major financial institutions, some","page_number":104,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"8926a0eb-337f-401a-bc91-832299bfd2ab","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":104,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"edad57bd-3b88-481c-818c-b004478cc631","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":104,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"feb19b9e-571a-461e-b87e-957ef7ed7f65","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":104,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"79cf7ed5-85a7-4a8b-98ca-fe3b7544c56e","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":104,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"5b697c81-3eb1-4017-a0b2-df0f41c14e9b","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":104,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"feee2069-934b-4009-958d-e54464902ac9","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":104,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"cd31da90-4292-4c51-85ce-0a9cc5e52124","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":104,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"88f6a7a0-16c3-42fc-9b52-03c05a1cf753","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":104,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"faf30da0-6604-4859-b772-575cf4a1e8da","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":104,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"5cec5759-b438-4edf-8300-0c49edb1d51b","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":104,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"ffe0e52d-e3ee-48bc-87e7-3413e8b109a2","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a structure for TOB Trusts designed to","page_number":104,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"aeb9729b-6bd0-4bda-ae6f-aa2935f36bdd","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":104,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"2e430513-2579-44d0-ac49-8c79346ee677","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":104,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"ed1a1e57-998b-4336-a6ca-66c5234b4b84","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":104,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"959d45c5-54ad-4f7f-ba13-0aeda022f4c7","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":104,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"71d83b2c-6cb6-477c-9035-edbb98420bcc","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":104,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"c706fc79-6480-4272-9a64-2e6e9a96e171","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":104,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"96898dc8-caef-4bb1-bf6a-e59ca4c9fb4e","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":104,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"5a61a937-9fa7-4e73-a4b7-d9ccd2336995","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":104,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"59df185f-e08c-49f9-bdf0-053093dd1e82","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":104,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"1cedadcf-4875-4378-9ab0-3fe7f4b7b71c","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":104,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"541167ed-3926-46df-bec8-1fe876673042","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":104,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"26793da3-6e9d-4e7f-b55b-b85ef19db94e","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":104,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"24cb33b1-dc19-4cd8-8e8e-aa0f8eb69a4f","block_type":"box","text":"i.e.","page_number":104,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"6f1990ef-ee7b-4915-b6d4-607ae0c6f4ca","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":104,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"fc880c33-34ef-4a82-9ae7-77bd112afe85","block_type":"box","text":"suppor ted by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":104,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"67e6ae8f-a09a-4dae-a579-aa0a4b715c1f","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":104,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"d0aff1c9-72f7-405d-b63a-46ded466aff8","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":104,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"664783ce-abde-47bc-95e4-151b3d7623db","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":104,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"33b37480-d7f0-4133-b037-1bb6de84e050","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":104,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"38528882-8222-460b-b9af-444d2f43bc0e","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":104,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"6b6257ea-45f0-498c-a416-9b5cca4047a5","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":104,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"4b6947c0-a9b9-4a0e-870f-ea7faafb9707","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":104,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"67dfb158-a8ac-447e-bb64-8878a4ab5f6f","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":104,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"44f72af6-189a-4ca1-8cd5-4ad64085f336","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":104,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"18b8a9ac-1e37-48bf-8596-e9edc596ded5","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":104,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"94b62baa-ef16-4644-ac85-15e72a5f30be","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":104,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"c8456abf-12fd-4a0b-9343-cf7142d2661b","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":104,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"28fab3f9-414c-4a1e-9a08-d1277467ac9d","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":104,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"874fae4c-36fa-4cfe-a814-6b620ce08a7d","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":104,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"6f06de92-1b9d-434f-b8a7-952c1bed1284","block_type":"box","text":"increase the costs of such transactions in cer tain circumstances.","page_number":104,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"a6dc6e3d-a8ba-4171-aad3-f1223178811f","block_type":"box","text":"TOB Trust transactions constitute an impor tant component of the municipal bond market. Accordingly,","page_number":104,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"0de5cb23-fd9c-4907-b355-196e4bab8783","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":104,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"3034eb8d-9095-495e-a109-03b0359c580b","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":104,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"699f6d9d-8ff8-4de4-aa96-e33ab52193f8","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":104,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"a9bc95a0-f7b5-4141-9e4d-62325f1e2e77","block_type":"box","text":"market is not yet cer tain.","page_number":104,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"862a5cd9-f794-4f4e-98ed-9b1c97f8768a","block_type":"box","text":"Yields.","page_number":104,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"3b705062-2809-4a9f-a975-d55d0b282375","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":104,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"9d5f7fcb-9ff2-440d-a047-294b5e8ebd53","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":104,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"05e90b3b-603b-4880-a33d-c11e8c4c8080","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":104,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"33ebe512-f67b-4545-a70e-4eec4f9b46c3","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":104,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"e87fe889-3061-4b86-b98c-1a7c74725049","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":104,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"57657f04-4f45-4618-95ce-317df623bfc5","block_type":"box","text":"II-60","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"559b17ac-889e-49e8-88e5-77b0c9f3b9e6","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d47cfef8-a9c7-4a66-a1fc-e0adedc7130b","block_type":"box","text":"holding Municipal Bonds, both within a par ticular classification and between classifications, depending on numerous","page_number":105,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"6fb6fc4b-45f5-4c25-8dd8-8fc1da3c9c33","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":105,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"c0f9b8b5-34f0-4270-a19b-22a0d95219f1","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the rights","page_number":105,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"0e336582-44da-412f-a774-ab519d217d8f","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of cer tain remedies.","page_number":105,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"de46d211-e7da-4d3c-87da-8c77ef5e95d8","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":105,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"35509235-a201-4d69-9496-add4d484b538","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":105,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"eb64df51-24ac-43ab-9ada-14729fd43a00","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":105,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"dcaec313-07b3-4973-a84b-57fd8e1420e1","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":105,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"5826955b-f088-4d53-b2b4-3e0d927704d8","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":105,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"237ea6ef-2ea6-4701-b7b1-b4b5b38a15d3","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":105,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"f46d38d1-7b53-4011-bbf5-8ec5945d2146","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":105,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"edead894-1a51-495a-a09b-5067a38568f1","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":105,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"e038f5fa-3260-4cd8-907d-df09bed6824c","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":105,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"ee82ac51-a1f8-47fa-b531-24fd3f81cfd7","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":105,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"6916e376-fd43-4dc1-80bb-ad4365929351","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":105,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"6cc2bde3-9ca0-4e83-85ea-204d00b74a37","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":105,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"07d9012b-e927-4c90-b140-b553ecf91624","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":105,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"d41245ba-b9c8-4758-bdab-bb9e3f5296fa","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":105,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"5d2fdb89-0947-407c-9059-47311af54f50","block_type":"box","text":"The Municipal Funds and cer tain other funds","page_number":105,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"2e2bc79a-fe21-453a-bcc8-3ce3586c4c22","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":105,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"c6371253-908d-49fb-8e66-85fd20a2d4ce","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":105,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"2f2bdd4d-83ca-4759-813b-ad9ce566a597","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":105,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"b9a99ee8-0357-48f8-9aad-b3879ce882e2","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":105,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"340edb91-1b9a-4619-9ca9-386597d54b46","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":105,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"b57befda-b673-474e-979c-e26e5e157567","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":105,"box":{"x":69,"y":407,"width":796,"height":12}},{"id":"8cf0ae4f-5d94-4562-b490-860ad81885b5","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":105,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"28b224c3-4d74-468e-aef4-ec0c2e020024","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":105,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"5eb730ee-07c0-41a1-9d34-9efcf7fc61a9","block_type":"box","text":"assures per formance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":105,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"3d8d1123-5720-4937-931a-6cbac26e51ce","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":105,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"037d61c6-f648-48e3-aa5b-029b5f796d39","block_type":"box","text":"The par ticular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":105,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"daf2df83-66bc-476c-832c-a2e76292a4a3","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":105,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"a700caff-95f8-4910-b668-94bbe3faae1e","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":105,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"fd07a6a6-300d-4576-9319-3034007516ed","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":105,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"e526a087-37b0-4a1f-a1b2-a79575e77ce1","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":105,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"58a3c676-e67d-40bd-9b9c-a228d0a1bc9d","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":105,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"bde03db6-f811-46a3-8e87-fbb105c08616","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":105,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"8148c4f9-be26-4c0b-bec5-5352cca77ffb","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":105,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"bc90a8a5-eb47-432d-933d-7eedd1713ca6","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":105,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"f12e6f5c-a055-469f-9810-6ef8419763e0","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":105,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"86f8a4e5-ccb5-4446-800c-16662bcacd1e","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":105,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"08d86276-377b-4181-81df-2efc224690fb","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":105,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"2ce3bdcf-c2cb-4cea-98fb-b8d691348a54","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":105,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"5d196726-9188-47f7-8310-cfbbcee5240e","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":105,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"e5e963c3-094d-4ace-a089-af5bb07f513a","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":105,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"dfe44749-8cbf-418f-abc1-f5f833552621","block_type":"box","text":"Call Rights.","page_number":105,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"63dcc6e2-ab22-4216-a25c-40ee35d45cf4","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":105,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"4a875611-c6ef-4835-9c20-d4c578db0547","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":105,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"9d141313-d84f-4bf8-89c1-6f6579be659a","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":105,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"8fc89d76-9620-4ba6-8635-9b9a01531ac4","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":105,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"9623f780-e83a-4069-bf4a-2e10a9ef32a5","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":105,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"12339a26-61bf-4144-a965-926ea7b5fa3e","block_type":"box","text":"Cer tain investments in such obligations may be illiquid.","page_number":105,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"7d7f0f5a-7eef-4af9-af7a-fb5055b905dd","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":105,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"46a1e989-396a-446f-a114-7f9fcba2e709","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":105,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"aa0690a2-a662-4860-b95a-a3bd52f4090d","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":105,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"00a4a5a6-4c7d-48b1-ab4f-87125ae1f6b5","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":105,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"d5c5ea64-10bb-4485-a14c-985ba723322b","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":105,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"642ddde6-799b-4fa4-8b56-ba107752842c","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":105,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"5fa049c8-0cc7-49bc-8d25-227a0d7cd9ff","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":105,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"dd566783-b13d-4a8c-8286-7f1d9578fcc6","block_type":"box","text":"II-61","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7f37a211-51d6-42af-9d94-96e0687671ea","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ef10dceb-2987-4fbc-988a-cfe9e57ce464","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":106,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"b0204bf8-d218-418a-b225-6d488e33d8c6","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":106,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"ec090dbc-2566-4a88-9429-4f8dd7fcc3de","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":106,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"96cbe3dd-b9ba-4bb3-a5d2-666b5a9c33b5","block_type":"box","text":"i.e.","page_number":106,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"d987b20a-2021-440b-a3c6-8ea358d1d468","block_type":"box","text":", wide differences between shor t-term and long-term interest","page_number":106,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"5466ef44-be2b-439b-b158-72f026c54c45","block_type":"box","text":"rates).","page_number":106,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"e6fb3f4d-fbc9-4722-b2c2-c05b528648bb","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":106,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"daa098f1-da1d-4ad0-a89e-8007c5eca2de","block_type":"box","text":"another par ty their respective commitments to pay or receive interest (","page_number":106,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"860bec60-58bf-421e-9a27-e97cf0b4242c","block_type":"box","text":"e.g.","page_number":106,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"f252cbd3-a3c6-425b-b5c1-e3f607048b21","block_type":"box","text":", an exchange of fixed rate payments for","page_number":106,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"5a1c8aae-50b6-4e18-93f2-a406639de1b1","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":106,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"402f9250-9dc5-4ebf-a926-415213bc6470","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":106,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"b5e1675a-e368-494b-babd-dcc8ca6cb21c","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":106,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"a0f0714e-3ad4-413e-a302-fc9e56bd1c74","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":106,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"3cfd8ba7-b6c1-4770-9b0d-ce9aa7bb7ab5","block_type":"box","text":"with the same attributes as the swap (","page_number":106,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"61482c42-0e7c-4de6-9284-4bd2fc5a791a","block_type":"box","text":"e.g.","page_number":106,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"a7feebba-85bc-4e57-8549-5b5b5896965c","block_type":"box","text":", coupon, maturity, call feature).","page_number":106,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"377fb296-ae2d-4939-a565-562f4a956bba","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":106,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"010c638a-6c98-44f5-b3d1-5ae2e12dc318","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":106,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"9d724407-0efe-47d0-9ff1-648de4711f28","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":106,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"45b69935-a526-4963-919f-3732a5a07f98","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":106,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"2f267db1-5332-4cec-a4ee-742840afba59","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":106,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"069200d1-1f86-42e1-a744-1158bdabfd84","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":106,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"f57639cc-d428-44ab-9506-d7b54bee3165","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":106,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"61325ee2-292f-4334-8a8b-c12c7054bd37","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":106,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"c5b8ecae-3024-4ce4-adea-d0b373ead8dc","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":106,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"26a21c69-8c67-45a9-9204-41d685a537d8","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":106,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"a8e557ab-2009-42b5-9549-87f4cb254eaa","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":106,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"37061aa7-990b-4738-ab82-9cc9f5469f3b","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":106,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"50cda5ed-0265-4766-a8a3-a81d5782b516","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":106,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"8361eeff-8ffd-41fc-9f83-77ac7450452a","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":106,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"1bb5d208-69be-4a4f-87ee-9a31fb99d1ba","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":106,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"d13671d7-5687-4f4d-ae9f-f0eb8a1e742d","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance.","page_number":106,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"f3ddb5f1-beb9-47d2-b145-caa1fd814c68","block_type":"box","text":"Insured Municipal Bonds.","page_number":106,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"4bbfc838-4325-486b-84e4-9e4d0776b71b","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":106,"box":{"x":288,"y":483,"width":619,"height":11}},{"id":"48266c53-4fdd-4032-8f57-03d114757cc5","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":106,"box":{"x":70,"y":498,"width":835,"height":11}},{"id":"4724d64a-d31e-4484-8a10-5729cd014546","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":106,"box":{"x":69,"y":513,"width":840,"height":12}},{"id":"bc441318-ff52-4007-9662-f41c660039f0","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":106,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"cfa94f78-9c3b-4fe1-bca3-ee1eb63a6af7","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":106,"box":{"x":69,"y":544,"width":829,"height":11}},{"id":"2eff0e67-7aec-40f6-8b41-7a7553432ce1","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":106,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"ff76c62d-3027-4fc7-bfab-72438121a228","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":106,"box":{"x":70,"y":574,"width":815,"height":11}},{"id":"beff28fd-9051-4f31-8d91-d9116b6ed8b0","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":106,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"e4258a2d-415e-42b9-a67b-8aa110eb3e9f","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":106,"box":{"x":68,"y":604,"width":767,"height":11}},{"id":"69648e76-01eb-4019-82fd-a80f43c8c905","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":106,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"6c22f95d-fb5b-4e35-958b-17589abeb8da","block_type":"box","text":"bond could drop.","page_number":106,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"e101556f-c3f7-4d8f-aacd-31889ee64477","block_type":"box","text":"Build America Bonds.","page_number":106,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"72c3a1a4-fd99-4fdd-913d-17e111b5aeb5","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":106,"box":{"x":259,"y":657,"width":616,"height":11}},{"id":"bb4575d5-1534-4366-9647-7f386ceb948a","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":106,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"04ff7422-21e3-449b-a3d8-afac5f9afb8a","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":106,"box":{"x":68,"y":687,"width":824,"height":11}},{"id":"ef23f60c-2422-4af4-a5d3-cc91c9c87344","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":106,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"d37ece2e-3b4f-49a2-93fb-5a4328d18bac","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":106,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"adea90be-9107-4bc0-965d-ab6acbc2173c","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":106,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"8ab7e5e2-a583-4f7f-83e0-313fbdb58af7","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":106,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"112caca0-75a7-4f80-92bd-db778c4eef7b","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":106,"box":{"x":70,"y":763,"width":825,"height":11}},{"id":"60252888-5624-464a-bd69-3dbf30835650","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":106,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"ffda0a9d-aa2f-4743-b3ba-70e56f1b4474","block_type":"box","text":"must meet cer tain requirements specified in the Code), a “Build America Bond” (which includes cer tain qualified","page_number":106,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"2fe661fc-6e59-4c62-858f-5a763a42da6a","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":106,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"79e6a810-d702-4f72-837f-46b9dde157c0","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":106,"box":{"x":68,"y":823,"width":760,"height":11}},{"id":"65540b14-0674-48f3-8320-0f321e259167","block_type":"box","text":"propor tionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":106,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"8d46c743-f2db-4545-9956-30826af97e2e","block_type":"box","text":"Cer tain limitations may apply on the extent to which the credit may be claimed.","page_number":106,"box":{"x":69,"y":854,"width":563,"height":11}},{"id":"393d194a-9c2f-4f2b-a6ba-279cf67fdee8","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":106,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"f66f39c9-8f48-4f4a-a254-f8a17e7dc2c0","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":106,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"6f2cc5db-058f-401f-899c-c67b60e358e9","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, par ticipations, beneficial interests in a trust,","page_number":106,"box":{"x":68,"y":891,"width":798,"height":12}},{"id":"d01e537a-d465-4eae-8381-c04a46f1e1d2","block_type":"box","text":"par tnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":106,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"32c89d1d-8505-43fe-a94c-49374d002082","block_type":"box","text":"II-62","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f2cc9e84-561e-42ed-963d-1298ace51a05","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d8ab6802-e92a-4699-b57e-3a7948d4958d","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":107,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"2084fa2c-e566-4e85-9eb4-10e23d5fe984","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":107,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"29a9ea46-34f2-4aa2-8082-c825c512f672","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":107,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"dd56e69e-5d17-472d-beea-6d5a8b8ae36f","block_type":"box","text":"municipal debt obligation to a third par ty at periodic intervals and to receive the principal amount thereof.","page_number":107,"box":{"x":69,"y":90,"width":752,"height":11}},{"id":"3d2123b3-2b20-401e-ae38-0ad0f4d0d5cf","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":107,"box":{"x":102,"y":113,"width":770,"height":11}},{"id":"06d7edfd-7c17-42c2-8d2f-d147723cfcf1","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":107,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"bb85b255-b6ae-454a-8369-84fe7efab758","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":107,"box":{"x":70,"y":143,"width":809,"height":11}},{"id":"a9586844-20c4-44dc-b2dd-148edf0dc1b9","block_type":"box","text":"their face value to the sponsor (","page_number":107,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"6a0ddc9b-ea54-4c8f-aabd-f33aa4bf633f","block_type":"box","text":"e.g.","page_number":107,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"d2ca03c7-a93b-491b-8e1f-88abcdbd3200","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":107,"box":{"x":325,"y":158,"width":557,"height":11}},{"id":"bba8e43e-be8b-4973-b65f-29cbc2aaeb2e","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":107,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"b21f41ea-f4b1-4433-a331-21770d068fc1","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":107,"box":{"x":69,"y":188,"width":648,"height":11}},{"id":"4f6c38c2-82c6-4b5a-9f22-d1cd669f5b34","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":107,"box":{"x":101,"y":211,"width":775,"height":11}},{"id":"05dee62e-c167-482a-a57c-bcec81509ca9","block_type":"box","text":"par ticipation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":107,"box":{"x":70,"y":226,"width":785,"height":11}},{"id":"15e17e7e-cf29-47e3-bc0b-160ba8e9a959","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":107,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"34d82b93-b255-4873-853d-d3217412ae8a","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":107,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"72a0dce1-e24b-4198-80b6-d781ab4ace01","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":107,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"c6af932e-a58e-48e0-8875-8865f18fc3c3","block_type":"box","text":"The Municipal Bond Funds may hold par ticipation interests and custodial receipts for municipal debt obligations","page_number":107,"box":{"x":101,"y":294,"width":797,"height":11}},{"id":"8eee7e58-92f2-4fef-9c6a-51fe11ed35c7","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":107,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"78f155bd-3d4d-40ba-b330-393f76ef45b0","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":107,"box":{"x":69,"y":324,"width":831,"height":11}},{"id":"907691eb-8a5f-40d9-a772-0e57b72cb417","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":107,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"96b53490-3a69-4ec9-8a9e-9b67a0db1d71","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":107,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"ba34bd16-a0c6-416f-a11c-2a7976c8bd3a","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":107,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"04d5a385-2fca-434d-9dbb-6c0e7bc8c97c","block_type":"box","text":"such opinions.","page_number":107,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"da0f3549-a4d0-414f-8844-5afe9b0943e9","block_type":"box","text":"Operational and Technology Risks.","page_number":107,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"5c4b90e7-90a4-4d20-a67a-35b1c071fb41","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":107,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"4bea7d63-dd5d-47f8-a09f-a627fa969359","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":107,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"799d4493-fed7-4310-a81d-bd4d92b982c1","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of ar tificial intelligence and machine","page_number":107,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"040d2073-38fd-4592-bc0e-d917f571efde","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":107,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"970e3f83-bdb7-4334-81df-cdd477d88d44","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":107,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"20306812-3998-43d3-a925-2b69285b1fd2","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":107,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"983e2ca4-c296-467d-8af5-a810e540466c","block_type":"box","text":"counterpar ties, market makers, Authorized Par ticipants, listing exchanges, other financial market operators, and","page_number":107,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"b864692e-a5de-4fd6-ba34-fd6ce0302743","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":107,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"611e9192-1dab-4195-9912-80ceb0af6bf7","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":107,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"efbe140d-6855-412b-b211-d36b49d99b4e","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":107,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"1ff9055e-b5b3-456c-8dbc-56f5b888dfaa","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":107,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"629bfde2-5a08-4ef0-a436-5942eacdb934","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":107,"box":{"x":70,"y":581,"width":790,"height":12}},{"id":"493f41f6-d65f-49f0-9665-de86e108a141","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":107,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"b666e9a9-421f-410b-bd93-c68ab26c1a31","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":107,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"8f66ccad-a1e0-43ab-b15b-8ee632d4ae19","block_type":"box","text":"par ticularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":107,"box":{"x":70,"y":627,"width":827,"height":11}},{"id":"378b09ba-97fb-428a-b60b-3093824443f7","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":107,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"174bcb6e-2234-4b95-bff4-23cbce17307f","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":107,"box":{"x":69,"y":657,"width":763,"height":11}},{"id":"a3a714f8-a2bd-425f-82d5-bed607d56936","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":107,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"e8137b49-beda-41a6-a0ac-3236f6ccd7f9","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":107,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"458e6c95-d724-4126-89d1-0787f96952e2","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Fur thermore, cybersecurity incidents may render","page_number":107,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"9982d641-5d6e-47e2-b000-3b5d181953ff","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":107,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"8a31db18-720e-4d58-af15-3c2715aef0dc","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":107,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"9a09bf3b-378d-4c7a-9303-bdcee1cec4dd","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":107,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"223ccd9d-2126-4921-80cf-379f0d9e6228","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":107,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"ecc702c4-e9e2-4892-8fc1-b0a63f2aedd5","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. Recent advances in AI technology pose risks","page_number":107,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"578cde12-d9e0-4518-bd09-2e307d0b381e","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":107,"box":{"x":68,"y":793,"width":836,"height":11}},{"id":"0127eb60-04ad-4de6-b4b9-d4a1fc69a1d5","block_type":"box","text":"reducing the demand for both the technology and software offerings of the Fund’s por tfolio investments. Additionally,","page_number":107,"box":{"x":69,"y":808,"width":833,"height":11}},{"id":"8188464d-de0a-4a55-ad84-95be6b3eddaa","block_type":"box","text":"these advancements could significantly disrupt the Fund’s por tfolio investments and subject them to increased","page_number":107,"box":{"x":68,"y":823,"width":793,"height":12}},{"id":"849d0e26-0bc9-435d-9d47-fc96bbe6f1cb","block_type":"box","text":"competition, which could have a material adverse effect on business, financial condition, and results of operations.","page_number":107,"box":{"x":69,"y":838,"width":822,"height":11}},{"id":"d9b396f8-2b6e-480b-9b0a-8886874f268c","block_type":"box","text":"AI technology advancements, including efficiency improvements, without related increases in the adoption and","page_number":107,"box":{"x":68,"y":853,"width":787,"height":12}},{"id":"6a93f39c-162b-4e9f-95e9-1766a77a8c32","block_type":"box","text":"development of such technologies, could also negatively impact demand for, and the valuation of, digital","page_number":107,"box":{"x":69,"y":869,"width":742,"height":11}},{"id":"ad2bb470-2ccc-43c7-8ed9-7da67b5fe7f1","block_type":"box","text":"infrastructure assets.","page_number":107,"box":{"x":70,"y":884,"width":151,"height":9}},{"id":"2fa1af56-d45f-4a3c-82e8-01c185cc272a","block_type":"box","text":"II-63","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"955d61bc-977e-4bb7-b952-cb705bf8ce81","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6eee6f37-8154-46b2-b896-89faebf5f2dc","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":108,"box":{"x":101,"y":45,"width":755,"height":11}},{"id":"42b463bd-b339-41ae-ac66-6ca3db32a66d","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":108,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"bcb258f8-2dd1-42f4-9f18-c0d5a9c91ef0","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":108,"box":{"x":68,"y":75,"width":833,"height":11}},{"id":"834ff7ee-f974-46f4-aa72-062c1a67df68","block_type":"box","text":"or services.","page_number":108,"box":{"x":69,"y":90,"width":82,"height":9}},{"id":"71601a21-6903-4569-8ad6-57fda3dcc8ed","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable policies,","page_number":108,"box":{"x":102,"y":113,"width":781,"height":11}},{"id":"80425b2b-0b35-4864-bb99-16ea7ad0e952","block_type":"box","text":"contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by","page_number":108,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"5eaf4d9a-a729-4ce2-939a-731b8f9048dd","block_type":"box","text":"other third-par ty AI technology applications and users.","page_number":108,"box":{"x":69,"y":143,"width":383,"height":11}},{"id":"d72dce02-65e9-4a6b-b31d-ec061aac558d","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":108,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"c7d777ac-f731-4404-b84c-87ad79a77d73","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":108,"box":{"x":69,"y":181,"width":813,"height":11}},{"id":"eb604813-7c8c-4955-99b3-024f10a060e1","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":108,"box":{"x":69,"y":196,"width":785,"height":11}},{"id":"bbda79c4-c834-4571-9c6b-45d1483307d4","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":108,"box":{"x":69,"y":211,"width":782,"height":11}},{"id":"13c3a328-dce4-40d9-976a-81612dd5e759","block_type":"box","text":"degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be","page_number":108,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"fc82df01-1c5e-4c87-b0c9-1d5f9f06b2cc","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":108,"box":{"x":70,"y":241,"width":809,"height":11}},{"id":"f7b308a3-afb9-4d8e-8e2f-83f3e8154d69","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":108,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"0f2fd17c-bd85-4000-817b-e85072a261aa","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":108,"box":{"x":70,"y":271,"width":822,"height":11}},{"id":"9b99f06c-ceca-437a-9754-9b9098a4a876","block_type":"box","text":"AI technology use, any such inaccuracies or errors could have adverse impacts on the Fund or its investments.","page_number":108,"box":{"x":68,"y":287,"width":789,"height":11}},{"id":"82c05df7-6cdf-4234-be9d-3ec59aa5af9a","block_type":"box","text":"Regulations related to AI technology could also impose cer tain obligations and costs related to monitoring and","page_number":108,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"094ad923-84f7-46ff-8e19-130ac0bfdafc","block_type":"box","text":"compliance. For example, in April 2023, the Federal Trade Commission, U.S. Depar tment of Justice, Consumer","page_number":108,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"19c145fe-b9de-461d-ac00-b883e8440271","block_type":"box","text":"Financial Protection Bureau, and U.S. Equal Employment Oppor tunity Commission released a joint statement on","page_number":108,"box":{"x":70,"y":340,"width":796,"height":11}},{"id":"5bb59bbc-38bc-4216-a247-b8ef5950e41a","block_type":"box","text":"ar tificial intelligence demonstrating interest in monitoring the development and use of automated systems and","page_number":108,"box":{"x":69,"y":355,"width":788,"height":11}},{"id":"ab45cd8d-570c-422a-b4db-aad8e5d6fd40","block_type":"box","text":"enforcement of their respective laws and regulations. In October 2023, an executive order established new standards","page_number":108,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"5bfee530-6adb-40c5-94b8-e1983b1dee6f","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":108,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"887c4ce2-2ce8-46a7-8ac7-a062b4677cdf","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":108,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"015a448b-8675-4eb2-9649-2c8b0f6d0304","block_type":"box","text":"create additional compliance burdens, higher administrative costs, and significant penalties should the Fund, the","page_number":108,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"4cc2506d-be25-4eda-b10a-da8cd308ad36","block_type":"box","text":"adviser, or the Fund’s por tfolio investments fail to comply.","page_number":108,"box":{"x":69,"y":430,"width":412,"height":11}},{"id":"6f8cc806-62f3-4193-9544-940030d10a0b","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to develop rapidly,","page_number":108,"box":{"x":101,"y":453,"width":797,"height":11}},{"id":"39ec63be-9798-4bd5-8e52-8d3a3c81b1c7","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":108,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"169015b0-28ac-4ea1-b725-1963e0995d2e","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":108,"box":{"x":68,"y":483,"width":824,"height":11}},{"id":"9e29df18-f325-44ed-bb8c-e377af23ea62","block_type":"box","text":"or remediate all of the potential risks, challenges, or impacts of such changes.","page_number":108,"box":{"x":69,"y":498,"width":561,"height":11}},{"id":"22618433-0203-4a35-a375-9d57b52f526a","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":108,"box":{"x":101,"y":521,"width":747,"height":11}},{"id":"1b82c3e8-87ce-492e-926e-fc8145bc6911","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":108,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"f32dacf9-9aa6-46e3-97e2-d5fb680ac79e","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":108,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"b45ba5bf-1ed0-4543-91f7-4332308f93d0","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":108,"box":{"x":68,"y":566,"width":755,"height":11}},{"id":"1e43c926-064f-4800-8d5b-133aa7b83ed3","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":108,"box":{"x":69,"y":582,"width":838,"height":11}},{"id":"fca8700f-c218-4a3a-a410-8f403b11e2b1","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":108,"box":{"x":70,"y":596,"width":812,"height":12}},{"id":"ae8f66fd-271f-4db0-99ae-75d5548b47ae","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":108,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"364a004d-5e08-41b5-b03b-67ae91691f54","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":108,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"92406c32-1e60-4d88-9f16-d2fc44ddf147","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":108,"box":{"x":69,"y":642,"width":792,"height":11}},{"id":"16ea6836-7f02-40d1-9daa-2d67ef8e1508","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":108,"box":{"x":69,"y":657,"width":775,"height":11}},{"id":"ee79ddd9-a275-45d5-8ab7-039fd781bcab","block_type":"box","text":"counterpar ties, and other third par ties whose activities affect the Fund.","page_number":108,"box":{"x":69,"y":672,"width":510,"height":11}},{"id":"e48e452f-1bd9-446e-a57e-e67f3944a848","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":108,"box":{"x":102,"y":695,"width":771,"height":11}},{"id":"99f18de5-6a13-4e37-ad34-dda8290bd333","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":108,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"09b48ec7-05d5-4ccb-ace4-d0c2d204e1df","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":108,"box":{"x":69,"y":725,"width":778,"height":11}},{"id":"2e7c474b-2166-4e76-89d6-eaacf9c074db","block_type":"box","text":"resources to monitor and implement required changes.","page_number":108,"box":{"x":69,"y":740,"width":391,"height":11}},{"id":"06604f33-3ad7-4c75-b72e-7ce42d7448fb","block_type":"box","text":"Participation Notes.","page_number":108,"box":{"x":102,"y":763,"width":145,"height":11}},{"id":"a61d0c4f-69f4-497e-bb34-d47622633ddd","block_type":"box","text":"A Fund may buy par ticipation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":108,"box":{"x":253,"y":763,"width":641,"height":11}},{"id":"49d88414-5297-481d-aa0a-7ef408f0086a","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":108,"box":{"x":70,"y":778,"width":766,"height":11}},{"id":"b125d57e-cea3-4706-82a2-6464459ed5d2","block_type":"box","text":"(collectively, the “underlying security”). Par ticipation notes are typically used when a direct investment in the","page_number":108,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"8d675e90-f46a-49b7-8bc8-5dfc20223023","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":108,"box":{"x":69,"y":808,"width":475,"height":11}},{"id":"ce2b07ff-82ca-4f1c-b69a-6447e59980bc","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":108,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"1e1d17cd-5587-43bd-8280-690e5f3f9e4c","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":108,"box":{"x":68,"y":846,"width":831,"height":11}},{"id":"454ce4b4-df73-47e2-b4f6-4d6f7e11269d","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":108,"box":{"x":69,"y":861,"width":831,"height":11}},{"id":"a659b643-73eb-47f2-b5a5-86dc7d683767","block_type":"box","text":"par ticipation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":108,"box":{"x":70,"y":876,"width":789,"height":11}},{"id":"23083684-8d81-41b2-87b1-dd58434182b6","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":108,"box":{"x":69,"y":891,"width":791,"height":12}},{"id":"b1ce2927-6343-4214-904d-cbd6c97739dd","block_type":"box","text":"par ticipation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":108,"box":{"x":70,"y":906,"width":827,"height":12}},{"id":"74c83d11-ba90-4750-b276-b73a10de5ba4","block_type":"box","text":"II-64","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b3309b3a-5e0b-49e8-95b5-22d2e0ae6e23","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"22980aad-15a2-4ba2-a6cd-46266bd2c803","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":109,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"e1710e82-c4e2-45f7-a2cc-544b2efcba2d","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":109,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"df14040e-4c30-47b8-821b-bc724dafab87","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditwor thy.","page_number":109,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"c4f5b60b-6899-47ba-beda-7be67cfc32e5","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":109,"box":{"x":101,"y":98,"width":743,"height":11}},{"id":"5d8fdc2c-b7ec-4ae0-a2fb-ddab145bd9bf","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":109,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"f695c7fa-e04a-4849-a1ca-2b4782f52db3","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":109,"box":{"x":70,"y":128,"width":799,"height":11}},{"id":"13299379-d7da-455e-a530-22d0ba512a3c","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":109,"box":{"x":70,"y":143,"width":776,"height":11}},{"id":"91935308-7332-4aef-b4a2-911050e4130b","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":109,"box":{"x":68,"y":158,"width":834,"height":11}},{"id":"c899bbcb-961b-4a22-af0f-da576c49c78d","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":109,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"90b28127-b4cb-4659-bcfa-05edc423ea98","block_type":"box","text":"trading market for the security underlying the par ticipation note.","page_number":109,"box":{"x":68,"y":188,"width":454,"height":12}},{"id":"7dbcf449-146a-424f-a620-6fae63efd4db","block_type":"box","text":"Portfolio Turnover Rates.","page_number":109,"box":{"x":102,"y":211,"width":181,"height":9}},{"id":"96ffebe5-e0f4-467d-b6f5-2137e59361ea","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":109,"box":{"x":289,"y":211,"width":558,"height":11}},{"id":"5cd0ce83-64a4-468c-bb76-38e2762a9952","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":109,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"ee9bcc76-6fbe-49d4-8537-a2ddb295c4c1","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":109,"box":{"x":70,"y":241,"width":806,"height":11}},{"id":"05fcdcc9-6cd0-4583-8623-990e87ce3175","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":109,"box":{"x":69,"y":256,"width":800,"height":11}},{"id":"79dca834-ccea-4eff-b136-f5c92d222ca3","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":109,"box":{"x":70,"y":271,"width":818,"height":12}},{"id":"483a305e-bc77-4cc8-9355-a400b2cb9604","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":109,"box":{"x":68,"y":286,"width":800,"height":12}},{"id":"2cc3458a-c46b-4527-ab91-07661d700427","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (","page_number":109,"box":{"x":68,"y":302,"width":595,"height":11}},{"id":"110bc9fd-1caa-4239-8ca0-a4a3eaf7375a","block_type":"box","text":"i.e.","page_number":109,"box":{"x":665,"y":302,"width":20,"height":9}},{"id":"6de25fe9-167f-400c-a16d-15e0774e9b8d","block_type":"box","text":", 100% or more) may result in","page_number":109,"box":{"x":687,"y":302,"width":210,"height":11}},{"id":"938319e6-e120-493f-b37d-6caa49b90bca","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":109,"box":{"x":70,"y":317,"width":797,"height":11}},{"id":"e67aef17-add2-43ef-afb7-ffa8f63a36d4","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":109,"box":{"x":69,"y":332,"width":832,"height":11}},{"id":"cc7aa331-a4fc-4f88-9cdb-26f8672cfb82","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":109,"box":{"x":68,"y":347,"width":831,"height":11}},{"id":"14aafdb1-4d17-4123-9e68-febde24fc8c6","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":109,"box":{"x":68,"y":362,"width":795,"height":11}},{"id":"1c5f0365-2372-4310-b3d4-b953de36f2f3","block_type":"box","text":"Preferred Stock.","page_number":109,"box":{"x":102,"y":385,"width":118,"height":9}},{"id":"badfea38-854f-43af-b8be-6179424350b1","block_type":"box","text":"Cer tain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":109,"box":{"x":226,"y":385,"width":665,"height":11}},{"id":"99e88414-938b-4ecd-82a2-e4fc4dc72164","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":109,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"5fa0bcb1-e7a2-4757-8d5a-1bfc360daa52","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":109,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"e3da48d2-0b00-43b2-a538-678221d68060","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of conver tible preferred stock","page_number":109,"box":{"x":68,"y":430,"width":808,"height":11}},{"id":"dc01365e-5d9a-455e-a599-8436c770ccc0","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":109,"box":{"x":68,"y":445,"width":813,"height":12}},{"id":"99aec06f-73ee-419e-88a8-44ff8e8f5331","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":109,"box":{"x":69,"y":460,"width":831,"height":12}},{"id":"ad8063b0-0e78-47da-8e20-3934f34deb67","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":109,"box":{"x":69,"y":475,"width":791,"height":12}},{"id":"d7636277-b87f-41ec-ba61-300d2ebb8482","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":109,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"61856b53-d66e-4ddb-a674-8e3d1fb7e630","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":109,"box":{"x":69,"y":506,"width":604,"height":11}},{"id":"12f0e88a-b468-4599-98c4-ddac984e6352","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":109,"box":{"x":103,"y":528,"width":207,"height":11}},{"id":"4483e5b5-1bd0-4fb3-9023-ce17149aba61","block_type":"box","text":"Cer tain Funds may invest in preferred interests of other investment funds that pay","page_number":109,"box":{"x":316,"y":528,"width":588,"height":12}},{"id":"30a2e29e-beca-4b07-9bac-6d83767892dd","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":109,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"d332b831-a689-46d5-baad-a3a8b2089a7e","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":109,"box":{"x":69,"y":559,"width":814,"height":11}},{"id":"f4bd7988-ac28-4fc0-93e9-9664e77254ee","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":109,"box":{"x":69,"y":574,"width":780,"height":11}},{"id":"06de3548-71cb-4a6b-a680-b9ee4c03e085","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":109,"box":{"x":70,"y":589,"width":820,"height":11}},{"id":"e113691e-bbb6-418e-a2b7-9a2d54e92e1a","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":109,"box":{"x":69,"y":604,"width":772,"height":11}},{"id":"f121b664-72c7-4c50-a393-860fc481112d","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":109,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"1f56729b-1fab-4c39-b4d9-9383f0b6e09f","block_type":"box","text":"and concentration of investments in par ticular issuers or industries. The Municipal Bond Funds will treat investments","page_number":109,"box":{"x":69,"y":634,"width":834,"height":11}},{"id":"1883f005-7b86-45a3-95ef-d44abcfe9361","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":109,"box":{"x":70,"y":649,"width":474,"height":11}},{"id":"084d6e90-7ab1-4a86-b00a-4ccfc9f75ba4","block_type":"box","text":"Trust Preferred Securities.","page_number":109,"box":{"x":103,"y":672,"width":184,"height":9}},{"id":"7331186f-af66-4da4-9e57-ec38b945ad05","block_type":"box","text":"Cer tain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":109,"box":{"x":294,"y":672,"width":599,"height":11}},{"id":"73d3710f-88e0-4c3b-9176-dfc03cf65a6d","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":109,"box":{"x":68,"y":687,"width":737,"height":11}},{"id":"eebdf123-6edc-422f-9903-3391ee947972","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":109,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"fcbade58-af8c-4d25-86e5-dc12a6a039e3","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":109,"box":{"x":69,"y":717,"width":805,"height":12}},{"id":"0df6b075-cb8b-4572-80dd-c53e65addf7b","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":109,"box":{"x":68,"y":732,"width":773,"height":12}},{"id":"edbf3553-a790-4a7a-aa8e-cd0d71b467c2","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":109,"box":{"x":101,"y":755,"width":770,"height":11}},{"id":"be7b274d-0135-4e4b-b9d1-af7e702c056d","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":109,"box":{"x":68,"y":770,"width":801,"height":12}},{"id":"124351ab-6fca-44e2-b097-71582a8f4d24","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":109,"box":{"x":69,"y":785,"width":830,"height":12}},{"id":"90ee9db6-5ffc-42f5-97fd-e73c5015117f","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":109,"box":{"x":69,"y":801,"width":822,"height":11}},{"id":"124aaf92-00d5-45f7-9397-f036ab7a6bcb","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and cer tain other features (such as","page_number":109,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"5aeaf843-f1e9-4d34-aaee-4bda6d21d1f7","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":109,"box":{"x":69,"y":831,"width":831,"height":11}},{"id":"5054f91b-a37b-4649-b757-bed89cca355d","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":109,"box":{"x":68,"y":846,"width":757,"height":11}},{"id":"8544166b-71e3-4087-925b-c890dd27e369","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":109,"box":{"x":69,"y":861,"width":548,"height":11}},{"id":"58bb90dc-91c4-4a67-be4b-eee4daee54cb","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":109,"box":{"x":101,"y":884,"width":715,"height":11}},{"id":"816bba48-1da2-4e53-a9d2-e2b452668737","block_type":"box","text":"®","page_number":109,"box":{"x":817,"y":884,"width":5,"height":5}},{"id":"21ee1ef7-a9cd-4c78-b0fc-f1d514f00616","block_type":"box","text":"”); monthly","page_number":109,"box":{"x":824,"y":884,"width":77,"height":11}},{"id":"84935f7a-a169-4f06-b83b-e029db13526e","block_type":"box","text":"income preferred securities (“MIPS","page_number":109,"box":{"x":70,"y":899,"width":248,"height":11}},{"id":"f249ac83-3c53-4d4a-9bb6-19fd79cb0b23","block_type":"box","text":"®","page_number":109,"box":{"x":319,"y":899,"width":6,"height":5}},{"id":"2c4ee328-7087-4743-89fd-481505b2600c","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":109,"box":{"x":326,"y":899,"width":317,"height":11}},{"id":"5742b575-aff2-4de8-ba51-aef6478f53cf","block_type":"box","text":"®","page_number":109,"box":{"x":644,"y":899,"width":6,"height":5}},{"id":"ab2a6a7c-639e-4f31-b1dd-7a285a6da1ba","block_type":"box","text":"” ); quar terly income debt securities","page_number":109,"box":{"x":652,"y":899,"width":255,"height":11}},{"id":"87b8cb6e-8b78-41b7-b108-d623fb47bdc6","block_type":"box","text":"II-65","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f997f295-6ad9-48db-87b1-ad79c86d6f04","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ca8e81db-94d7-4641-a3a1-a2eee5fb1b25","block_type":"box","text":"(“QUIDS","page_number":110,"box":{"x":69,"y":45,"width":57,"height":11}},{"id":"df563758-f2d6-427f-84b8-c35cc9d8c8fc","block_type":"box","text":"®","page_number":110,"box":{"x":127,"y":45,"width":6,"height":4}},{"id":"24ad272b-2376-40e2-a603-03b00fddbfd7","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":110,"box":{"x":135,"y":45,"width":346,"height":11}},{"id":"bec6584b-9368-4599-a682-0d7bd2afacec","block_type":"box","text":"SM","page_number":110,"box":{"x":482,"y":45,"width":11,"height":4}},{"id":"5f298ecb-2b45-4483-86f9-4b7827cee438","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":110,"box":{"x":495,"y":45,"width":267,"height":11}},{"id":"65a0ac01-5e40-4663-bcf1-f47bd3b2edd4","block_type":"box","text":"®","page_number":110,"box":{"x":762,"y":45,"width":6,"height":4}},{"id":"b236932b-f061-43b7-ae02-a9ca885886a7","block_type":"box","text":"”); public income","page_number":110,"box":{"x":770,"y":45,"width":118,"height":11}},{"id":"76c3e586-caf4-4e74-8a8b-3b3de0feec31","block_type":"box","text":"notes (“PINES","page_number":110,"box":{"x":69,"y":60,"width":99,"height":11}},{"id":"2f26e3e3-3922-47a0-a907-e6c22aedf295","block_type":"box","text":"®","page_number":110,"box":{"x":169,"y":60,"width":6,"height":5}},{"id":"19e374ed-35ab-4f19-966f-d5b0d1e18b30","block_type":"box","text":"”); and other trust preferred securities.","page_number":110,"box":{"x":177,"y":60,"width":275,"height":11}},{"id":"62c0b375-1894-4ff2-a3ae-0cfeab7ee7f6","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":110,"box":{"x":101,"y":82,"width":790,"height":12}},{"id":"dd4a0867-ad35-4bfd-86a8-fa74cc5dfbb7","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":110,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"fc82ead5-5a2a-4c52-9320-11b323238c5f","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":110,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"574ec6c4-5871-450b-b5c4-5b5b93e213c5","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":110,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"56a53a7a-09ee-4584-a36a-06fe384d8cdb","block_type":"box","text":"regard to whether all payments have been paid.","page_number":110,"box":{"x":69,"y":143,"width":338,"height":11}},{"id":"0cb04350-c899-4024-960d-95f70a4c22b0","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":110,"box":{"x":102,"y":166,"width":784,"height":11}},{"id":"17589b8d-e291-45c1-9e84-00252ca3bf6e","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":110,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"712aa54a-f761-4fde-a52e-4b866e0c1c15","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":110,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"3101524f-90d4-43b6-b904-e7548f8c45e6","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":110,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"a78bce47-8752-4b08-a609-2482e862498a","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":110,"box":{"x":70,"y":226,"width":830,"height":11}},{"id":"52cb5961-3086-4f15-aadb-6ba6b6f35e5b","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":110,"box":{"x":70,"y":241,"width":819,"height":11}},{"id":"9563d54b-1711-4213-a5ba-2e6a074f277b","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":110,"box":{"x":68,"y":256,"width":827,"height":12}},{"id":"cbace645-388e-4e03-8215-611ffaf85598","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":110,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"25cc81b7-b90b-41cd-8304-27b73c498a66","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":110,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"5ef2b272-ebe0-4fb1-9eb0-c91147fb85f7","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":110,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"1abc825d-a13e-4dd8-a659-9e9a4795f665","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":110,"box":{"x":69,"y":317,"width":778,"height":11}},{"id":"60e83102-b507-4dab-ac40-3fe8cef34451","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":110,"box":{"x":68,"y":332,"width":811,"height":11}},{"id":"6a44922f-3e3f-475f-a072-0a8a010f5eb3","block_type":"box","text":"debt securities.","page_number":110,"box":{"x":69,"y":347,"width":109,"height":9}},{"id":"9246b1ee-dec4-47db-8616-6c17fffdf7a7","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":110,"box":{"x":102,"y":370,"width":300,"height":11}},{"id":"ce71103e-d964-4f69-a0d7-799c6827882a","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":110,"box":{"x":409,"y":370,"width":473,"height":11}},{"id":"85afa317-ff90-4d33-af39-cc2011f87460","block_type":"box","text":"REITs. REITs possess cer tain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":110,"box":{"x":70,"y":385,"width":814,"height":11}},{"id":"ebd1ddee-723b-4925-bee1-c819bd2b9535","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":110,"box":{"x":68,"y":400,"width":814,"height":11}},{"id":"5c370372-9ee1-409f-9a30-d296ed733eb5","block_type":"box","text":"geographic areas or in specific proper ty types,","page_number":110,"box":{"x":68,"y":415,"width":329,"height":11}},{"id":"d3b3c7df-8518-4f70-9d3d-2d4af8d591f4","block_type":"box","text":"i.e.","page_number":110,"box":{"x":405,"y":415,"width":20,"height":9}},{"id":"93d99440-5a8c-4485-a1c8-0a432036e84c","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":110,"box":{"x":428,"y":415,"width":411,"height":11}},{"id":"bd22880d-e4ce-4129-8ff2-21839b05724d","block_type":"box","text":"buildings.","page_number":110,"box":{"x":69,"y":430,"width":66,"height":11}},{"id":"ede30b74-b954-4bf5-bb4c-d1030422b84d","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":110,"box":{"x":102,"y":453,"width":768,"height":11}},{"id":"5334ec96-b3cb-4708-80c9-312ff8db06c9","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":110,"box":{"x":70,"y":468,"width":824,"height":11}},{"id":"66e1f888-d27c-432a-b3e7-91ed690bc3a1","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":110,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"9364eb27-ef9e-4be7-b80d-d10fe25ecc0c","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":110,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"e4b008b4-c722-4a4d-9b79-c1006ed949de","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mor tgage","page_number":110,"box":{"x":68,"y":513,"width":782,"height":12}},{"id":"4383a3b7-b4dc-4237-9451-68158f01ef86","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mor tgage interests in real estate.","page_number":110,"box":{"x":70,"y":529,"width":649,"height":11}},{"id":"4d2e42ce-4ea1-4c0a-a7ab-2f5dc9f03155","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":110,"box":{"x":102,"y":551,"width":776,"height":11}},{"id":"d76292ff-10f6-4601-a12c-83e1bbb1f24c","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":110,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"a327eee3-851c-4add-ad18-56bb11cb76ad","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":110,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"3cb6ca40-e35b-4e97-9688-4b53d37132b7","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":110,"box":{"x":69,"y":596,"width":822,"height":12}},{"id":"0a575349-7455-4ee8-8d9d-7fae979c51c9","block_type":"box","text":"safety, convenience and attractiveness of the proper ties, the ability of the owners to provide adequate management,","page_number":110,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"d700d2c9-e0bd-4fa5-b2a9-115a9f5ffd0d","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":110,"box":{"x":69,"y":627,"width":810,"height":11}},{"id":"e862fec1-fc1c-4416-a0e3-19df8e6b5849","block_type":"box","text":"from new proper ties, the impact of present or future environmental legislation and compliance with environmental","page_number":110,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"accfb014-34c8-46c2-a66b-0f0ba932d70a","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":110,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"98200dfc-efe6-442e-8e4c-9305c4520d49","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":110,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"bbc15499-d2e7-4885-9e9d-e8c316cdd5b4","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":110,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"2e89327e-509b-473c-969b-4f76a0027439","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":110,"box":{"x":70,"y":703,"width":822,"height":11}},{"id":"51e58964-cbce-4596-aa36-b9247324380e","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":110,"box":{"x":70,"y":717,"width":792,"height":12}},{"id":"37028f65-4d66-4356-a1b5-22c1efa1e8ba","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":110,"box":{"x":69,"y":732,"width":834,"height":12}},{"id":"e9ee8d07-26cd-4c79-99de-3beb4d9c0e6a","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":110,"box":{"x":69,"y":748,"width":798,"height":11}},{"id":"d267ae9d-ab5e-4117-bcba-58bd8a769429","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":110,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"c077d8b9-9644-4ea6-8e7d-eab06a00cd8d","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":110,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"274e453b-b4a7-4c72-abaf-e0fbad1ff944","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":110,"box":{"x":68,"y":793,"width":797,"height":11}},{"id":"47f39cf9-eedc-451f-93fd-d271c38c5cb6","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":110,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"b14bf60f-f59b-4896-b879-73ed2faca155","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may repor t dividends as eligible for this deduction to","page_number":110,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"d4754b26-c0bd-4495-87f8-62cbc0cc0f8c","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":110,"box":{"x":68,"y":838,"width":831,"height":12}},{"id":"e63c3698-532c-4a71-b416-01128b2e2cb6","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":110,"box":{"x":69,"y":854,"width":801,"height":11}},{"id":"12ff51ac-3459-4fb5-99ff-d7d1251c18cc","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":110,"box":{"x":70,"y":869,"width":631,"height":11}},{"id":"a3f8b9bd-056e-4195-99a6-c4e92949f728","block_type":"box","text":"REITs (especially mor tgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":110,"box":{"x":102,"y":891,"width":772,"height":12}},{"id":"81ba5c1c-c115-49bf-8d8f-9ab027bb9bcb","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":110,"box":{"x":70,"y":906,"width":790,"height":12}},{"id":"7c522b7e-6cff-4af8-ba31-84e225aa4f4f","block_type":"box","text":"II-66","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"75f2e164-7785-4143-8145-ec8a5831dae8","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"99ff1f10-b961-435e-801c-539102459547","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":111,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"e3cc3663-94df-4130-aed1-7a1f365f4399","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":111,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"9b92e4c7-9c26-400c-8abf-9d02c16e5640","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":111,"box":{"x":69,"y":75,"width":812,"height":11}},{"id":"0b82fb46-1453-4ca2-b2e3-654139dcfb96","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":111,"box":{"x":69,"y":90,"width":759,"height":11}},{"id":"45b5c856-8e3c-46f2-8c25-ee159e34bd49","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":111,"box":{"x":69,"y":105,"width":778,"height":11}},{"id":"9aecfdce-84f9-436a-8b84-a8f4b9510346","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":111,"box":{"x":102,"y":128,"width":773,"height":11}},{"id":"5ceb9a02-8d80-4873-adad-fb350619549b","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":111,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"d4a826dd-df05-4278-a035-99c099b57f9d","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":111,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"162ae1e2-834b-4803-8a26-25770908a23b","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":111,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"57b9d06c-408d-40aa-81bd-2b76bdbcdc77","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":111,"box":{"x":70,"y":188,"width":832,"height":12}},{"id":"af5c26b6-836c-46f5-9f57-866189eba6f9","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":111,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"16fd2629-1ab7-465c-b2de-692a1899b181","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":111,"box":{"x":69,"y":219,"width":804,"height":11}},{"id":"7c5a8cb6-c679-4e5c-adcd-c9b9109e6703","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":111,"box":{"x":68,"y":234,"width":761,"height":11}},{"id":"5843f257-a92e-457e-99d9-825c7492ec91","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":111,"box":{"x":102,"y":256,"width":275,"height":11}},{"id":"92fb17c4-b02b-4d34-a45b-36d563ea89b6","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":111,"box":{"x":383,"y":256,"width":466,"height":12}},{"id":"b784555a-5faf-4d1b-9670-5194af81eac4","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":111,"box":{"x":69,"y":271,"width":801,"height":12}},{"id":"0ee3cae3-b6fa-4552-889e-f9b8f89b8b73","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":111,"box":{"x":68,"y":286,"width":837,"height":12}},{"id":"33a1fba1-772b-4e91-a0f6-ea5c522d462a","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":111,"box":{"x":69,"y":302,"width":795,"height":11}},{"id":"0366f007-ac49-4440-927d-7a2d5202c92a","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":111,"box":{"x":68,"y":317,"width":796,"height":11}},{"id":"8e400e38-ca5d-4af4-9d5c-cadfb2be621b","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncer tainty, changes in","page_number":111,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"099eb180-ce1b-4c28-8f68-32bd9c23b9f6","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":111,"box":{"x":70,"y":347,"width":812,"height":11}},{"id":"c074cc6b-764b-44ea-92c0-da96c98c53ae","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":111,"box":{"x":68,"y":362,"width":807,"height":11}},{"id":"b64f6259-18d9-46fc-bb9a-a8f87c9c4253","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":111,"box":{"x":70,"y":377,"width":822,"height":12}},{"id":"56f62728-d1be-47da-b033-0801c5e7f2bb","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":111,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"534d4d6a-47da-4cc1-9ae3-c94d63b7fb79","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":111,"box":{"x":69,"y":407,"width":804,"height":12}},{"id":"3b26c119-d0a6-4612-bc73-c27a8952d7ee","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":111,"box":{"x":70,"y":423,"width":787,"height":11}},{"id":"098d4012-394f-48fd-b99a-b088ea47bfaa","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":111,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"1ba649a6-b8d7-485a-a48d-beedfa4506f4","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced oppor tunities to find suitable investments to","page_number":111,"box":{"x":70,"y":453,"width":796,"height":11}},{"id":"3d3517f5-27a3-4ecc-b746-cf84b185e042","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":111,"box":{"x":69,"y":468,"width":832,"height":11}},{"id":"69a66cd5-2abc-4436-a779-4533922e84e9","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":111,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"08c34106-03fe-4ec9-b974-b0b88b303793","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":111,"box":{"x":69,"y":498,"width":776,"height":11}},{"id":"869dfb3b-c8b6-49f8-a632-fca8a2cdf187","block_type":"box","text":"conditions.","page_number":111,"box":{"x":69,"y":514,"width":76,"height":8}},{"id":"2363fe35-c19c-45b5-b687-74bcaf2e50cc","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":111,"box":{"x":102,"y":536,"width":802,"height":11}},{"id":"5ff6fba9-2f63-40b4-9c33-548c86d9c086","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":111,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"4a67dbff-d9a9-4c39-99eb-f03bd3475668","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":111,"box":{"x":69,"y":566,"width":775,"height":11}},{"id":"58d2f81a-f8a0-43e3-b69e-7bfe41eff3cc","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":111,"box":{"x":69,"y":581,"width":833,"height":12}},{"id":"e0f05047-60ae-415d-bed6-af9ac3b94b3c","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":111,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"e493f917-ecf0-4410-806d-2af05a4ffe89","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":111,"box":{"x":69,"y":612,"width":751,"height":11}},{"id":"2728c583-7667-48b8-9d51-503e184a9688","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":111,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"303a104f-861d-406b-938f-1b372ec86099","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":111,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"c83d954f-d73d-4f03-8bb6-53e31c64187a","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":111,"box":{"x":69,"y":657,"width":810,"height":11}},{"id":"747a3d9c-a8bd-4f65-9380-3641f8e461ad","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":111,"box":{"x":68,"y":672,"width":841,"height":11}},{"id":"7cbd3673-b01e-4b27-b591-bb38a7933390","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":111,"box":{"x":69,"y":687,"width":775,"height":11}},{"id":"bbb8b662-3958-4dc8-bd48-b90741dc9afa","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":111,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"e92a88a0-1db4-436f-b3e3-5c7591bbc5bb","block_type":"box","text":"affected by such events.","page_number":111,"box":{"x":69,"y":717,"width":173,"height":12}},{"id":"66e463d8-9834-45be-b2b8-42d29f948780","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":111,"box":{"x":102,"y":740,"width":795,"height":11}},{"id":"6fb94da9-7025-48b9-81e6-ec8296fcdd88","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":111,"box":{"x":68,"y":755,"width":830,"height":11}},{"id":"e3755b83-f824-40fd-b2df-beff5b58d908","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":111,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"11f4ebe8-eb1f-49a2-94d9-44b9c96b96b4","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives under taken by the U.S. government","page_number":111,"box":{"x":69,"y":786,"width":820,"height":11}},{"id":"f895b841-9e4d-4898-8329-696bd8732526","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":111,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"b95a9bf6-e7f5-4e83-9b68-fa6fb09a6316","block_type":"box","text":"that could create uncer tainty and instability in domestic and global markets and could adversely affect the","page_number":111,"box":{"x":68,"y":816,"width":759,"height":11}},{"id":"f3cfd435-06e3-4db6-8421-0ab405a370ea","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":111,"box":{"x":70,"y":831,"width":819,"height":11}},{"id":"44e0a041-e396-4c6c-bac9-a6900924dc77","block_type":"box","text":"trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced","page_number":111,"box":{"x":68,"y":846,"width":821,"height":11}},{"id":"d2d77827-c698-42b7-86b7-26236ec0c83f","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":111,"box":{"x":68,"y":861,"width":837,"height":11}},{"id":"e5aa5ccd-03ff-4009-b9eb-d5adf2f862bc","block_type":"box","text":"States, including a contentious domestic political environment, changes in political par ty control of one or more","page_number":111,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"a345ca27-9071-486d-aaee-a6fc0503be8a","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":111,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"13ff78c5-52ac-4f5c-b750-425ac22192ae","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":111,"box":{"x":69,"y":906,"width":817,"height":12}},{"id":"0e58b8fe-2591-4aeb-a55c-cdbeb6f9a422","block_type":"box","text":"II-67","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3b546d74-8937-4238-86ae-bf5754068027","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c06c78d5-838c-4178-a2e1-ec44857acd33","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":112,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"bdbd7c5c-1241-4ef3-8b2c-4aa7acd861a2","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":112,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"8abac05c-98ff-43fc-8168-f1e6949d2655","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":112,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"51792cc1-b885-4a63-84a4-f319333995a9","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":112,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"7782b063-f1b7-4bb1-8fc1-4f9e61799822","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":112,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"cdea39f8-2271-4f94-a7d9-d6e86b859e0f","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":112,"box":{"x":69,"y":120,"width":785,"height":12}},{"id":"8a3016f5-1ec4-443b-94cb-cc557900e1b7","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":112,"box":{"x":70,"y":135,"width":832,"height":12}},{"id":"873e2331-299c-489a-aa8a-484211e1cacd","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":112,"box":{"x":68,"y":150,"width":799,"height":12}},{"id":"e78a3588-9879-4eba-bc98-c5b0985744d5","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":112,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"cf2485f0-49e8-4a90-9e59-da326952dd8e","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":112,"box":{"x":69,"y":181,"width":746,"height":11}},{"id":"a740b1a3-56ed-41a5-b9e1-3ce206d593f5","block_type":"box","text":"investments.","page_number":112,"box":{"x":70,"y":196,"width":89,"height":9}},{"id":"08938a34-63f8-47cd-b230-412e4027ec7b","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":112,"box":{"x":101,"y":218,"width":802,"height":12}},{"id":"479c768f-6d81-43d8-b744-2ead3cceeb4d","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":112,"box":{"x":68,"y":234,"width":796,"height":11}},{"id":"920ce6b7-6370-48c4-a5ee-1f001a52aefc","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":112,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"d2fd7d18-e75e-424d-acb2-3e5ffbd38fe3","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":112,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"53453426-54a2-4d58-9894-aa333975cc06","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":112,"box":{"x":68,"y":279,"width":812,"height":11}},{"id":"3949c44c-0262-4763-9368-f338e238a3d6","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":112,"box":{"x":69,"y":294,"width":771,"height":11}},{"id":"e07517f7-6fac-4173-aa2c-5a14afc141b1","block_type":"box","text":"operations, and negatively impact per formance. In addition, the impact of infectious diseases in emerging developing","page_number":112,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"8c09d76c-a626-4b12-82f5-8d83e1d19094","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":112,"box":{"x":69,"y":325,"width":646,"height":11}},{"id":"28150ef0-d72e-49b6-ad41-3fcb21b878a3","block_type":"box","text":"Legal and Regulatory Risks.","page_number":112,"box":{"x":102,"y":347,"width":197,"height":11}},{"id":"9c95eb0b-b338-4abc-ae1b-5425728c3e01","block_type":"box","text":"The Manager is par t of a larger firm with multiple business lines active in multiple","page_number":112,"box":{"x":305,"y":347,"width":583,"height":11}},{"id":"ad74684a-286b-4b92-8089-d5c7c85e6462","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":112,"box":{"x":67,"y":362,"width":819,"height":11}},{"id":"d795fc34-8fb2-48ca-84d0-8697ef92b746","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":112,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"832e77ff-27f6-40a0-bf86-d16936e67a86","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":112,"box":{"x":68,"y":392,"width":781,"height":12}},{"id":"83732dd6-77e8-4a1d-81a5-38a58ff770b9","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":112,"box":{"x":69,"y":407,"width":763,"height":12}},{"id":"a0f67849-bbce-4586-80b9-86b949562269","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":112,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"b29d7ea6-32b7-47d7-815c-2e67bb8bff88","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":112,"box":{"x":69,"y":438,"width":781,"height":11}},{"id":"1e0ba295-438c-4fa8-96cd-eaa8693db5cb","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":112,"box":{"x":69,"y":453,"width":807,"height":11}},{"id":"b62fab45-2228-45df-9e5d-a896ebd61be1","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":112,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"35f6b299-6fce-4ad0-a6a0-d4b87e6557df","block_type":"box","text":"reducing investment oppor tunities or by otherwise restricting the Funds and/or the Manager).","page_number":112,"box":{"x":69,"y":483,"width":666,"height":11}},{"id":"d8c946b2-e232-41e6-9119-5a716d78ff79","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":112,"box":{"x":103,"y":506,"width":202,"height":11}},{"id":"c12707b6-f0a7-4c6e-bb24-c17b23c4e916","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":112,"box":{"x":312,"y":506,"width":593,"height":11}},{"id":"18c8373b-8a6c-45ad-b766-de802129c24e","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":112,"box":{"x":68,"y":521,"width":806,"height":11}},{"id":"7f906119-1a74-4ed3-9222-1bd16b8c8013","block_type":"box","text":"international trade relations, cer tain tax and immigration policies, and other aspects of the national and international","page_number":112,"box":{"x":70,"y":536,"width":833,"height":11}},{"id":"8d371896-dd43-4ff5-bd10-5484b8e70671","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":112,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"3778c7de-4ad4-4591-a07e-bd322ffada53","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":112,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"46e39c35-5a83-495c-b3cc-522f0afe16eb","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":112,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"0a058548-88ce-409a-9e54-848c0f6536ee","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":112,"box":{"x":69,"y":596,"width":559,"height":12}},{"id":"59033658-d284-4c01-808b-386f2a2180c5","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":112,"box":{"x":102,"y":619,"width":796,"height":11}},{"id":"33ae8d03-4eac-4ba8-93c2-f770a4fbb433","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial per formance of a","page_number":112,"box":{"x":68,"y":634,"width":809,"height":12}},{"id":"45388c3a-e865-45fd-af24-3b3277d6d4a9","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":112,"box":{"x":70,"y":649,"width":799,"height":12}},{"id":"df427a76-04c7-42c3-a72d-37e112c7bd5b","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":112,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"a6d76875-8ee7-4e75-a039-d6badcf5f534","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":112,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"525515fa-d4d6-4c7c-b86f-710c7bfc74aa","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":112,"box":{"x":69,"y":695,"width":783,"height":11}},{"id":"f76691c8-9aab-4b14-b04c-838388902b58","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":112,"box":{"x":69,"y":710,"width":753,"height":11}},{"id":"fce44e84-ac34-423a-bd6a-10dc40fe44c7","block_type":"box","text":"Geographic Risks","page_number":112,"box":{"x":102,"y":733,"width":123,"height":11}},{"id":"8312d794-4664-4406-b1bb-fd211b441c12","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":112,"box":{"x":226,"y":732,"width":671,"height":12}},{"id":"b8212bc8-ebad-4f21-8013-4584388bd532","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":112,"box":{"x":68,"y":748,"width":835,"height":11}},{"id":"05dea90b-eafb-4fb8-a077-7e7f6c9da98d","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":112,"box":{"x":68,"y":763,"width":787,"height":11}},{"id":"245dfd23-f357-44c0-9415-d3a20a2a304c","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":112,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"981c6376-3643-4c70-b4fa-1898d52e79b3","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":112,"box":{"x":68,"y":793,"width":840,"height":11}},{"id":"7c4e1b41-6e40-4bf4-b1d7-4ccd34d0f80a","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":112,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"6ea2f037-2f8b-4007-a1c6-7bc4e9f1b987","block_type":"box","text":"Fund.","page_number":112,"box":{"x":70,"y":823,"width":36,"height":9}},{"id":"e1335644-ef2e-4c7d-bc8b-268a5bb20ccf","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":112,"box":{"x":102,"y":846,"width":255,"height":11}},{"id":"48d5eab9-8915-4441-aca8-c6f1cd138f38","block_type":"box","text":"A Fund’s investments, payment obligations and financing terms may be","page_number":112,"box":{"x":363,"y":846,"width":508,"height":11}},{"id":"775b2644-8294-49a2-8f44-e0ae31125746","block_type":"box","text":"based on floating rates, such as the Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Interbank Average","page_number":112,"box":{"x":69,"y":861,"width":839,"height":11}},{"id":"0fb017f4-90c6-4a90-b072-32c6c79199da","block_type":"box","text":"Rate (“SONIA”), and other similar types of reference rates (“Reference Rates”). The elimination of a Reference Rate","page_number":112,"box":{"x":70,"y":876,"width":825,"height":11}},{"id":"a3746d2f-7a95-4313-a9fc-35006265d6d9","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":112,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"946d34af-7945-4c45-a151-c3c9656d03a0","block_type":"box","text":"impact on the market for, or value of, any instruments (including debt instruments and cer tain derivative instruments)","page_number":112,"box":{"x":70,"y":906,"width":837,"height":12}},{"id":"5f6f0c61-5908-48dc-96db-05f13ee60739","block_type":"box","text":"II-68","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"43f1f24d-bfc1-4a0e-98a3-7ffd49dd6c65","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0516f3ed-ede1-460e-adcd-4747bb938c00","block_type":"box","text":"or payments linked to those Reference Rates. In addition, any substitute Reference Rate and any pricing adjustments","page_number":113,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"b057385b-ca1a-452f-b135-4973c9b00c35","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":113,"box":{"x":70,"y":60,"width":800,"height":11}},{"id":"e5edcee7-46f3-4d38-95ee-bd62f7f5476d","block_type":"box","text":"asset value. The London Interbank Offered Rate (“LIBOR”) had historically been used extensively in the U.S. and","page_number":113,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"fe16bfa0-bc59-45e6-abfe-34ed79e60f6c","block_type":"box","text":"globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and","page_number":113,"box":{"x":68,"y":90,"width":836,"height":11}},{"id":"d76ba62f-f9a0-4663-84d2-402254de3916","block_type":"box","text":"municipal bonds, bank loans, asset-backed and mor tgage-related securities, interest rate swaps and other","page_number":113,"box":{"x":69,"y":105,"width":761,"height":11}},{"id":"9a7cbb11-5779-4843-a9cf-23202d293254","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":113,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"a34bee01-f453-4d75-b2e9-1f1ed1baa089","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":113,"box":{"x":69,"y":135,"width":825,"height":11}},{"id":"b431c740-ad2b-405b-8da4-b234515c8bb6","block_type":"box","text":"invests may have also historically obtained financing at floating rates based on LIBOR. In connection with the global","page_number":113,"box":{"x":70,"y":150,"width":822,"height":12}},{"id":"7d2df707-c6c4-4b22-a9e5-012f6efc4512","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":113,"box":{"x":68,"y":166,"width":822,"height":11}},{"id":"4bb2775e-5142-4de8-900f-b9e6cd93d80a","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":113,"box":{"x":70,"y":181,"width":817,"height":11}},{"id":"d2f535b4-0694-471a-908a-92bff4e5c812","block_type":"box","text":"established in most major currencies and markets in these alternative rates are continuing to develop (","page_number":113,"box":{"x":69,"y":196,"width":736,"height":11}},{"id":"41084cc2-658c-4d36-a82f-503b6557f97f","block_type":"box","text":"e.g.","page_number":113,"box":{"x":807,"y":197,"width":25,"height":10}},{"id":"b0aa8ff1-cda8-4eb0-8418-726cbeaef733","block_type":"box","text":", SOFR for","page_number":113,"box":{"x":835,"y":196,"width":70,"height":10}},{"id":"75c7d466-767f-4a00-bd82-11a49a9164a7","block_type":"box","text":"USD-LIBOR and SONIA for GBP-LIBOR). While the transition from LIBOR has gone relatively smoothly, residual risks","page_number":113,"box":{"x":70,"y":211,"width":814,"height":11}},{"id":"3c39b93b-dce9-45c7-8b45-547c7f8c5a22","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":113,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"4407e2fa-7a4e-47e9-9358-34e6721cf7c1","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":113,"box":{"x":70,"y":241,"width":784,"height":11}},{"id":"fffe10ad-681a-4f77-bcbe-12212e7abad4","block_type":"box","text":"determined.","page_number":113,"box":{"x":69,"y":257,"width":84,"height":8}},{"id":"68575172-8f55-4e19-aee2-aed89b4f62d7","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":113,"box":{"x":102,"y":279,"width":750,"height":11}},{"id":"07e9d4fe-1400-45fc-8d9f-a47898192b25","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":113,"box":{"x":69,"y":294,"width":803,"height":11}},{"id":"2afe38ae-fad7-42b7-8ad2-b531f7b96b19","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":113,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"07eba2fe-04be-4c54-b742-f5850620c89d","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":113,"box":{"x":70,"y":324,"width":801,"height":12}},{"id":"00faeae6-991b-4500-a85a-34c787b61700","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":113,"box":{"x":70,"y":339,"width":810,"height":12}},{"id":"be89c31a-e443-4b7d-b892-e80df6199861","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":113,"box":{"x":69,"y":355,"width":803,"height":11}},{"id":"65f208ef-ee93-442a-aa79-68cbb9d3c109","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":113,"box":{"x":68,"y":370,"width":825,"height":11}},{"id":"09fb29c6-dc25-4eea-ad7e-5af0cd747656","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":113,"box":{"x":70,"y":385,"width":828,"height":11}},{"id":"4ebcb2ef-48da-4c79-967b-30794eacd201","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":113,"box":{"x":70,"y":400,"width":838,"height":11}},{"id":"e03ec89d-1584-4548-8c33-7f037d12b844","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":113,"box":{"x":69,"y":415,"width":796,"height":11}},{"id":"4b1df898-3d86-467c-a00d-e4057d349f64","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":113,"box":{"x":70,"y":430,"width":836,"height":11}},{"id":"5bd108eb-fcf0-4990-bba8-a9944833734a","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":113,"box":{"x":70,"y":445,"width":824,"height":11}},{"id":"32e34e61-cac7-4597-94d2-34985e8c4eab","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":113,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"c45a4724-b6b4-4af2-8995-92b8b60b7dcb","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":113,"box":{"x":69,"y":475,"width":809,"height":11}},{"id":"47cdd474-65fc-4941-ac75-c3d04afc1e4a","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":113,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"78187e7e-da26-43de-b679-554a2e492575","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":113,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"49c1a3b0-4d96-4c55-99ed-7d5e39abe717","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":113,"box":{"x":68,"y":521,"width":384,"height":11}},{"id":"517f6052-9cd4-428f-bcef-a3369d3d40c2","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":113,"box":{"x":102,"y":543,"width":782,"height":12}},{"id":"98225c5e-11ec-419e-a4d1-f3901e5ffd1f","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":113,"box":{"x":68,"y":559,"width":786,"height":11}},{"id":"70bff7d9-eeb5-40bc-bc00-c33088734053","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":113,"box":{"x":69,"y":574,"width":746,"height":11}},{"id":"6fb85add-b671-404a-bf94-cfd83c627540","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by vir tue","page_number":113,"box":{"x":70,"y":589,"width":822,"height":11}},{"id":"babbadab-4f86-433f-9ec6-a2d88b368acf","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":113,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"52ee8418-71e4-4285-afba-18607b31f01e","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":113,"box":{"x":68,"y":619,"width":799,"height":11}},{"id":"9d120c43-a2ca-4ee4-a1e4-712c9084b52b","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may fur ther change","page_number":113,"box":{"x":70,"y":634,"width":830,"height":12}},{"id":"f27e5415-f6c4-4276-a163-84a8d6cd1f37","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":113,"box":{"x":70,"y":649,"width":757,"height":12}},{"id":"8ca44d7f-700c-4ceb-ad9a-ac8c6c214b94","block_type":"box","text":"benchmarks that are not compliant with the new standards by cer tain supervised entities may be restricted, and","page_number":113,"box":{"x":69,"y":665,"width":802,"height":11}},{"id":"396cc1f2-2d3e-4d7e-852d-226491628401","block_type":"box","text":"cer tain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":113,"box":{"x":69,"y":680,"width":840,"height":11}},{"id":"7df8aae1-fa8a-448a-9985-adc6c737834e","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":113,"box":{"x":70,"y":695,"width":782,"height":11}},{"id":"c8260753-4c85-4689-998b-51e7abd05888","block_type":"box","text":"consequences which cannot be predicted.","page_number":113,"box":{"x":69,"y":710,"width":298,"height":11}},{"id":"755289dc-772f-4d62-b1b9-579b42a755f7","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":113,"box":{"x":102,"y":733,"width":432,"height":11}},{"id":"5d9769b9-d77e-4b8f-bd7f-cddb2d3cd049","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":113,"box":{"x":541,"y":733,"width":347,"height":11}},{"id":"e6fe9f7b-f9b2-4041-a49d-c835ce4b2410","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":113,"box":{"x":69,"y":748,"width":821,"height":11}},{"id":"b16e4b48-3989-493e-93be-373780fe82ee","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":113,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"ebcbb4de-2f26-41ca-9a29-df42f90ff57e","block_type":"box","text":"term of the agreement.","page_number":113,"box":{"x":68,"y":778,"width":164,"height":11}},{"id":"6b632979-cc85-4f0a-8fe9-31a04fe9ae80","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":113,"box":{"x":101,"y":801,"width":788,"height":11}},{"id":"659c4034-8ec3-4c2b-9725-0691955d0eee","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":113,"box":{"x":68,"y":816,"width":831,"height":11}},{"id":"44a77c17-31bf-4c05-a11f-992e5f136f03","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":113,"box":{"x":70,"y":831,"width":821,"height":11}},{"id":"c0406949-c173-4038-8d1c-05396b6bb172","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":113,"box":{"x":69,"y":846,"width":790,"height":11}},{"id":"786033da-3988-4d00-b6c2-4fe077e848c6","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":113,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"267dbb31-a223-40f6-9d28-9bc5882aeb0d","block_type":"box","text":"unaffiliated third-par ty custodian maintains accounts to hold collateral for the Fund and its counterpar ties and,","page_number":113,"box":{"x":69,"y":876,"width":788,"height":11}},{"id":"84dbe640-3837-4063-b8ed-faeff4f2d496","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":113,"box":{"x":68,"y":891,"width":522,"height":11}},{"id":"a45d9efa-b82b-4fbe-9398-f30e481be8f3","block_type":"box","text":"II-69","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b40b8404-a511-4f7c-807e-8a6d835e6b3e","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"90cb750e-7991-4a83-aa52-b82cab82148c","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":114,"box":{"x":102,"y":45,"width":792,"height":11}},{"id":"a59f7b6a-05d1-4cef-89d5-c9ef7b38ccbc","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":114,"box":{"x":70,"y":60,"width":784,"height":11}},{"id":"4e6c3621-8ecd-46ce-862c-c3ce2606b814","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":114,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"c4cb9aba-64d3-42dc-a29c-5fe8ca14a97b","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":114,"box":{"x":69,"y":90,"width":812,"height":11}},{"id":"4880fbaf-97cb-4107-a779-c8a038544e12","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":114,"box":{"x":68,"y":105,"width":770,"height":11}},{"id":"c9d4fda6-8db9-40c4-b16a-f06374bf1491","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":114,"box":{"x":69,"y":120,"width":802,"height":12}},{"id":"dfccdba9-8cb0-4df4-a973-6b8a71a9a586","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":114,"box":{"x":70,"y":135,"width":430,"height":12}},{"id":"7004f5ed-521e-4d4c-aafb-3cda736b5dd7","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":114,"box":{"x":102,"y":158,"width":759,"height":11}},{"id":"f993eec8-c12c-49ff-b065-933652b4256b","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":114,"box":{"x":70,"y":173,"width":765,"height":11}},{"id":"9044dcce-914f-4c45-a2f2-57e41f3fec46","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":114,"box":{"x":69,"y":188,"width":835,"height":12}},{"id":"f38b9495-924d-40b0-9666-913aba6d2787","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":114,"box":{"x":69,"y":203,"width":799,"height":11}},{"id":"7c5bf7b8-7ec2-4bfe-a8c8-a86142c53cf5","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":114,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"6cae5316-18d9-44e6-a8fe-a82f9b3e572a","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":114,"box":{"x":69,"y":234,"width":826,"height":11}},{"id":"798fe9f6-85c9-4a2f-bc72-4a6e8f4b5ad4","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":114,"box":{"x":70,"y":249,"width":831,"height":11}},{"id":"fa398294-a7b8-400e-b2bd-208b63055949","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":114,"box":{"x":69,"y":264,"width":810,"height":11}},{"id":"7f2b4891-5ca8-4aad-997c-ecf8ec31e08e","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":114,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"a0e5c4e3-c9b8-4a41-be91-b890ab6e2d89","block_type":"box","text":"or by another authorized securities depository.","page_number":114,"box":{"x":69,"y":294,"width":329,"height":11}},{"id":"ef11ce84-6c5d-4a7c-8535-e2b791b7964c","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":114,"box":{"x":102,"y":317,"width":770,"height":11}},{"id":"c97d1e44-fb94-4d16-a18e-c4392546be82","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":114,"box":{"x":69,"y":332,"width":805,"height":11}},{"id":"7f24105d-acd0-470b-b679-98b490b28b7f","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":114,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"60e1c4a2-ce19-4474-b32a-5dfba91abeb1","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":114,"box":{"x":69,"y":362,"width":778,"height":11}},{"id":"a9307f83-7f7c-430a-a009-6df74f1371ba","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":114,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"aa598b28-c0fe-4ce0-863a-b958364f8b78","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":114,"box":{"x":70,"y":393,"width":810,"height":11}},{"id":"bb8e75c7-d319-4ea1-a86d-1625b49377a2","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":114,"box":{"x":69,"y":408,"width":812,"height":11}},{"id":"e377360f-be93-4d4e-a4f1-cee75018565b","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":114,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"ce58c3e4-a8b8-42d1-9edf-f241b6d60154","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":114,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"81a4ac5e-7712-4858-b0b2-8ed56af1838c","block_type":"box","text":"the repurchase price.","page_number":114,"box":{"x":68,"y":453,"width":151,"height":11}},{"id":"4b24093a-a87b-4ec4-8e6e-9307d0856e53","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":114,"box":{"x":102,"y":475,"width":805,"height":12}},{"id":"0f71a6e0-01fc-438e-87be-3539e6b673a7","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":114,"box":{"x":70,"y":491,"width":837,"height":11}},{"id":"8b5bd885-a272-409e-b993-e5183f898bbd","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":114,"box":{"x":69,"y":506,"width":788,"height":11}},{"id":"cbc79dce-a0a0-4c35-9def-eda0fac3d67c","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":114,"box":{"x":69,"y":521,"width":767,"height":11}},{"id":"bb2f44f5-2e13-4eee-8eb0-aac24fb9c601","block_type":"box","text":"strategies without the repurchase obligation.","page_number":114,"box":{"x":69,"y":536,"width":317,"height":11}},{"id":"830606c7-1ca9-4583-bd99-0101a5a6b7f8","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose cer tain risks for a Fund. Lower quality","page_number":114,"box":{"x":101,"y":559,"width":782,"height":11}},{"id":"0c75ff2f-936f-49a5-8ab0-8b9b6d8bd37e","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":114,"box":{"x":69,"y":574,"width":776,"height":11}},{"id":"591cb7b7-d7ac-450a-a986-5a3ebaf1b121","block_type":"box","text":"collateral and collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower","page_number":114,"box":{"x":69,"y":589,"width":799,"height":11}},{"id":"d18b7c0b-134b-4d63-a598-9a53c687de87","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and","page_number":114,"box":{"x":69,"y":604,"width":829,"height":11}},{"id":"9f032ac7-bedd-44a9-8fbb-80646417e114","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":114,"box":{"x":68,"y":619,"width":825,"height":11}},{"id":"f4e7bd10-a7c6-4724-95b9-22cc4a5422ce","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":114,"box":{"x":69,"y":634,"width":374,"height":11}},{"id":"46916036-1900-4dc9-87e3-80e39ab43065","block_type":"box","text":"i.e.","page_number":114,"box":{"x":445,"y":634,"width":20,"height":9}},{"id":"58b35a20-b3f8-470d-9116-4c6c0d939b4c","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":114,"box":{"x":468,"y":634,"width":434,"height":11}},{"id":"d28b5506-3146-4f5c-8d22-0d89884a2644","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to","page_number":114,"box":{"x":70,"y":649,"width":813,"height":12}},{"id":"e35b3615-cfb8-4dfe-a597-ffe5e5279d0d","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":114,"box":{"x":68,"y":664,"width":816,"height":12}},{"id":"29145790-fede-4037-99b6-42aeaa8b3c06","block_type":"box","text":"and income involved in the transaction.","page_number":114,"box":{"x":69,"y":680,"width":278,"height":9}},{"id":"f4347539-b4b4-4a3c-b768-194f195be245","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":114,"box":{"x":102,"y":702,"width":800,"height":12}},{"id":"011f1419-ad90-4cc6-b077-0c2f06104d8f","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many repurchase agreements and purchase and sale","page_number":114,"box":{"x":68,"y":717,"width":840,"height":12}},{"id":"47c8c75d-df97-4bb0-b4c8-b123b1a414c8","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":114,"box":{"x":69,"y":732,"width":814,"height":12}},{"id":"74c276ff-4a89-41cd-9284-3041e2adcbd0","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":114,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"10e2c9d9-28a1-4496-8879-bbece1bb7a3b","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":114,"box":{"x":69,"y":763,"width":818,"height":11}},{"id":"39775195-6607-4e00-8a4f-a1bf8209048b","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":114,"box":{"x":68,"y":778,"width":783,"height":11}},{"id":"226b7bcd-027c-4745-b06d-396a67fb81f1","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":114,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"41ba3502-4c1e-465e-8001-1191ed5b71a7","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":114,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"f728c6c9-5de0-4e0b-a599-e88b730db7ed","block_type":"box","text":"require cer tain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":114,"box":{"x":69,"y":823,"width":796,"height":12}},{"id":"e07c27f2-8a1f-414c-a07c-24084ae3fc2b","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":114,"box":{"x":69,"y":838,"width":834,"height":12}},{"id":"63849ea2-4811-45f5-b1a2-e175625d8c2b","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":114,"box":{"x":68,"y":853,"width":824,"height":12}},{"id":"5c89df4b-5560-4f14-a4fb-e7dc0f8a42a6","block_type":"box","text":"adversely affect a Fund’s per formance.","page_number":114,"box":{"x":69,"y":869,"width":279,"height":11}},{"id":"3f8d5a97-8058-4a28-a555-989b79ecb7e6","block_type":"box","text":"Restricted Securities.","page_number":114,"box":{"x":102,"y":891,"width":157,"height":9}},{"id":"62724a58-43e7-4c93-9f6a-d78368060fa7","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":114,"box":{"x":265,"y":891,"width":617,"height":12}},{"id":"82f63ee1-7f49-4c38-bf81-e37048843efc","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":114,"box":{"x":69,"y":906,"width":801,"height":12}},{"id":"d9ed1886-0ff4-4d0a-bd09-01bebdd02359","block_type":"box","text":"II-70","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"90a51acf-d091-4285-9e2c-ee56a35e0c03","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1bc11814-bfb0-4c01-93ea-b34b938874fb","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":115,"box":{"x":69,"y":45,"width":808,"height":11}},{"id":"7370867b-249e-4ba3-bcd1-0a66e49c559f","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":115,"box":{"x":70,"y":60,"width":802,"height":11}},{"id":"44835945-2400-47f7-a05f-08526a1b2bc2","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":115,"box":{"x":70,"y":75,"width":834,"height":11}},{"id":"de242ffa-01f0-4b75-9474-06847e4fc7f7","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":115,"box":{"x":68,"y":90,"width":825,"height":11}},{"id":"0f78904e-44ad-4ab6-a08b-740c7f8dab29","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":115,"box":{"x":68,"y":105,"width":815,"height":11}},{"id":"87392335-1ca1-4725-bf36-caa8370e5fe8","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":115,"box":{"x":69,"y":120,"width":821,"height":12}},{"id":"1d1c3a96-db50-424a-8904-ea203c3984c6","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":115,"box":{"x":69,"y":136,"width":831,"height":11}},{"id":"b5a0332a-01ea-4dcf-9e76-942c7580a9ac","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":115,"box":{"x":70,"y":150,"width":824,"height":12}},{"id":"03d96a81-5912-4d8d-9ff5-0e67cf97dd7e","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":115,"box":{"x":69,"y":166,"width":834,"height":11}},{"id":"f80aedfc-beb8-4f63-b6be-2a2dc2cc8fe5","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":115,"box":{"x":69,"y":181,"width":769,"height":11}},{"id":"86073b7e-62fa-4569-88ad-95f6681198b5","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":115,"box":{"x":69,"y":196,"width":838,"height":11}},{"id":"b9050bdc-0c1b-46ce-bba0-e358bd6f43e2","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":115,"box":{"x":68,"y":211,"width":805,"height":11}},{"id":"9a89445d-fb01-4e70-808c-7d6bef35d071","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":115,"box":{"x":68,"y":226,"width":840,"height":11}},{"id":"d7dadf1c-c90f-4c23-9fda-03f9600e054a","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":115,"box":{"x":70,"y":241,"width":815,"height":11}},{"id":"511394a6-05e4-4611-a948-1940b558793e","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":115,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"37c7f378-72b7-409e-b368-7df7228d20f4","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":115,"box":{"x":69,"y":272,"width":803,"height":11}},{"id":"3b860bde-3dfd-48ab-a81c-12818c7d6e04","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":115,"box":{"x":70,"y":286,"width":830,"height":12}},{"id":"d48718d2-720b-410d-b5b5-974fe5bb72b4","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":115,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"f90659fa-52e8-4a72-9f50-d2bb98b74cfc","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":115,"box":{"x":68,"y":317,"width":825,"height":11}},{"id":"4641764a-eb7e-4e4e-8ec1-9ed3fae75c96","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":115,"box":{"x":69,"y":332,"width":777,"height":11}},{"id":"01969221-0b5f-46b1-8aa1-c205d1acd419","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":115,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"df0ce26d-a2fe-40c2-9ea3-143ab191d77f","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":115,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"e4db3d25-f8b6-4a0e-95bd-d548b8d0f338","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":115,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"81350f8f-2b12-4e3e-a263-936c9f7d9ba1","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":115,"box":{"x":69,"y":392,"width":836,"height":12}},{"id":"db17eb86-fff3-4faa-b6b8-3de3a7b71ced","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":115,"box":{"x":68,"y":407,"width":819,"height":12}},{"id":"950315c4-9d9e-421b-85e1-990c92af0b22","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":115,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"9b5e65f7-23bf-4912-9e14-482cbcc9767d","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":115,"box":{"x":69,"y":438,"width":798,"height":11}},{"id":"c7f8f6ac-d138-4cec-9efb-ce50c481eda8","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":115,"box":{"x":70,"y":453,"width":780,"height":11}},{"id":"ad1cacbe-5e94-472a-a648-1d85dd6797e8","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC repor ting","page_number":115,"box":{"x":70,"y":468,"width":773,"height":11}},{"id":"8fe73dae-f0e0-421c-b1f1-569333c31a79","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":115,"box":{"x":69,"y":483,"width":784,"height":11}},{"id":"18ed3821-d97c-414e-9453-18c5a61d5406","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial repor ting. As a","page_number":115,"box":{"x":69,"y":498,"width":816,"height":11}},{"id":"807c7c27-9ad3-4dfc-b65e-d909eacc90aa","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":115,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"437f065a-68fe-417a-afa9-831d1fa72d2b","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":115,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"46edf9ad-8e1a-44dc-bcef-17d6c8dc31f4","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":115,"box":{"x":68,"y":543,"width":804,"height":12}},{"id":"6da3fb14-f52e-4509-afda-fcce90a496b6","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":115,"box":{"x":69,"y":559,"width":647,"height":11}},{"id":"3ae5291c-b161-4968-bb38-75b9a0bb9419","block_type":"box","text":"Cer tain restricted securities may represent limited investment oppor tunities and each shareholder’s","page_number":115,"box":{"x":102,"y":581,"width":714,"height":11}},{"id":"8fe68dab-a520-486a-afde-5f092d6d1170","block_type":"box","text":"propor tionate investment exposure to such limited investment oppor tunities may be reduced propor tionately as the","page_number":115,"box":{"x":70,"y":597,"width":823,"height":11}},{"id":"090afbd4-e260-4bf0-a762-53cb96d3c24a","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":115,"box":{"x":70,"y":612,"width":826,"height":11}},{"id":"a4c286da-a848-408e-9d09-adab051c22f7","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":115,"box":{"x":70,"y":627,"width":830,"height":11}},{"id":"63f5779e-6eae-4737-a2a4-8f101d1a1b51","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":115,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"644e080f-7c0d-4ac5-9a59-b3e92a235192","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":115,"box":{"x":69,"y":657,"width":787,"height":11}},{"id":"71bc5ba8-e309-428b-bee5-fbe58dc97e92","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":115,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"4402f7c6-0220-4d05-b0dc-e3046bc3f4d9","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":115,"box":{"x":69,"y":687,"width":759,"height":11}},{"id":"dc9bedf7-9f31-4e76-9d5c-12c27c388031","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":115,"box":{"x":70,"y":702,"width":833,"height":12}},{"id":"0d62f545-36fe-4adb-957f-7e280e2f1e7c","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":115,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"cc9dd280-2254-44c1-9102-19679b7a3412","block_type":"box","text":"conduct por tfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":115,"box":{"x":69,"y":732,"width":827,"height":12}},{"id":"51299ed6-445c-4a8f-9886-3c333b00d37e","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":115,"box":{"x":70,"y":748,"width":804,"height":11}},{"id":"e1cc360e-ab6d-4fa2-9eb6-65a947136f2c","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":115,"box":{"x":69,"y":763,"width":816,"height":11}},{"id":"e793d562-ba03-4d6b-9d26-2a41e70dc1b6","block_type":"box","text":"investment oppor tunities may increase, thus potentially reducing the number of investment oppor tunities available to","page_number":115,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"4134da73-47a9-4f49-a182-ee79ec36e760","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":115,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"c6e371c6-2df5-4bf4-83e6-114dde707b73","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":115,"box":{"x":70,"y":808,"width":815,"height":11}},{"id":"0b77a2eb-ac59-407a-ba59-4c044666a282","block_type":"box","text":"especially as that Fund grows in size.","page_number":115,"box":{"x":69,"y":823,"width":264,"height":12}},{"id":"5b132bbc-cbf7-4b13-8ef2-ae6160d49448","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":115,"box":{"x":101,"y":846,"width":762,"height":11}},{"id":"3cee35c8-afdb-45b1-82f1-1357be031d9e","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":115,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"93cdc6f3-2368-46f4-ad56-5dfca7c9338a","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":115,"box":{"x":69,"y":876,"width":751,"height":11}},{"id":"36b62da2-3504-431b-9916-a9d01956d768","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncer tainty and subjectivity of","page_number":115,"box":{"x":70,"y":891,"width":755,"height":11}},{"id":"209946ad-8401-4be5-a6f8-a8e99fa34528","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":115,"box":{"x":69,"y":906,"width":830,"height":12}},{"id":"b6a2e18a-1e94-4c9e-8835-706c1991d872","block_type":"box","text":"II-71","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a723b647-6615-44cc-9dce-f6417401c911","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f710c481-6d0a-4411-938e-ef5dac22e265","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":116,"box":{"x":70,"y":45,"width":835,"height":11}},{"id":"4d641a86-b158-4146-9991-3468b443cf9f","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":116,"box":{"x":68,"y":60,"width":766,"height":11}},{"id":"d4ac9f63-2a44-4bbe-8803-efd096663669","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":116,"box":{"x":69,"y":75,"width":792,"height":11}},{"id":"1757b610-f879-4f4f-aaa7-b165b2fb7c12","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":116,"box":{"x":70,"y":90,"width":821,"height":11}},{"id":"a9e149df-59e7-4f8b-8a08-5c614feb00f4","block_type":"box","text":"Fund’s por tfolio, potentially resulting in the dilution of shareholder interests and increasing oppor tunities for","page_number":116,"box":{"x":70,"y":105,"width":771,"height":11}},{"id":"d517c63f-76ca-40ab-af1f-a50c1320bb76","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":116,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"607565b4-aadf-4447-a484-e5f1f1659a34","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":116,"box":{"x":69,"y":135,"width":790,"height":11}},{"id":"86c22d3e-12b0-4676-84b9-b442ab880aa4","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":116,"box":{"x":69,"y":150,"width":828,"height":12}},{"id":"a29e9c32-b55d-4759-a09f-9ca256bc06d8","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":116,"box":{"x":69,"y":166,"width":810,"height":11}},{"id":"5fe70395-2f9a-43cf-a9e6-fefff9264959","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":116,"box":{"x":70,"y":181,"width":818,"height":11}},{"id":"3111778f-7a14-4ac8-901b-777da10dce18","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":116,"box":{"x":68,"y":196,"width":839,"height":11}},{"id":"0df4b232-7f8d-4b20-abc4-e91c9901e22c","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":116,"box":{"x":68,"y":211,"width":514,"height":11}},{"id":"7493e5fc-e489-47d8-97a2-1a387409dbc9","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":116,"box":{"x":102,"y":234,"width":385,"height":11}},{"id":"7981e37a-c697-499a-88f1-f99144b1c90d","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":116,"box":{"x":102,"y":257,"width":246,"height":10}},{"id":"7f0be3cd-c0e8-4003-ab2b-ef54c3ca3ae0","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":116,"box":{"x":354,"y":257,"width":548,"height":11}},{"id":"b7e1b849-6313-4c9b-ad2a-9cfae126b1c5","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":116,"box":{"x":68,"y":272,"width":830,"height":11}},{"id":"6c065294-b963-4ad1-b1b1-dadac14b246c","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":116,"box":{"x":68,"y":287,"width":793,"height":11}},{"id":"efbd21d9-b7bf-48ea-9eb0-aab1841384ea","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":116,"box":{"x":69,"y":302,"width":784,"height":11}},{"id":"91874545-f921-4d69-8bf4-e6e57309b5ef","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":116,"box":{"x":70,"y":317,"width":591,"height":11}},{"id":"b5cc5f20-012d-443f-8fe8-3e0587282c93","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":116,"box":{"x":101,"y":339,"width":730,"height":12}},{"id":"162f1cf0-0d28-403b-af67-e7db55c998f6","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":116,"box":{"x":70,"y":355,"width":822,"height":11}},{"id":"7c388789-9664-44fd-8fcc-c2a9a2c256e8","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":116,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"f735d9a7-fefa-4108-97fc-c83b29804e5b","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":116,"box":{"x":69,"y":385,"width":801,"height":11}},{"id":"4f0db4c1-ccf5-4012-86d2-9e249d04018c","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":116,"box":{"x":69,"y":400,"width":830,"height":11}},{"id":"09668875-53c1-4769-90f6-44e7cd9175e7","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":116,"box":{"x":69,"y":415,"width":354,"height":11}},{"id":"5b1e3b89-32f0-41c2-a89f-bf3051bf6dc9","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":116,"box":{"x":102,"y":438,"width":769,"height":11}},{"id":"28a10ff5-cfe0-42be-97f7-9ad6113b07c7","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":116,"box":{"x":70,"y":453,"width":815,"height":11}},{"id":"391dc740-71fe-471e-936a-71bc3bb10fd1","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":116,"box":{"x":70,"y":468,"width":782,"height":11}},{"id":"da612d49-467d-474c-bb47-7c5dcb2380d4","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":116,"box":{"x":69,"y":483,"width":449,"height":11}},{"id":"7ddb4c74-ea38-4e7d-832a-058820711306","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":116,"box":{"x":102,"y":506,"width":794,"height":11}},{"id":"572eeeca-7556-4f9a-8ed3-5010a506604f","block_type":"box","text":"similar financing transactions (","page_number":116,"box":{"x":69,"y":521,"width":218,"height":11}},{"id":"0ab06fef-6b72-402b-93af-52ba78709ddd","block_type":"box","text":"e.g.","page_number":116,"box":{"x":289,"y":522,"width":24,"height":10}},{"id":"19774d4b-16b5-40e8-9904-8a4227b8d82a","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":116,"box":{"x":316,"y":521,"width":594,"height":11}},{"id":"5399f428-9bc5-4ff3-b3e3-e4ef8e031d8c","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":116,"box":{"x":68,"y":536,"width":813,"height":11}},{"id":"98024a76-0f9f-496d-84e4-c05c402aaaa9","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":116,"box":{"x":70,"y":551,"width":789,"height":11}},{"id":"cf392a07-ef8e-4de5-be69-8d22da5fd154","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":116,"box":{"x":69,"y":566,"width":836,"height":11}},{"id":"506306b0-edcd-4da5-ba89-be4b3f8d0a09","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":116,"box":{"x":70,"y":581,"width":824,"height":12}},{"id":"99de681d-d3ef-4fa8-a072-98a7334604a2","block_type":"box","text":"finalized rules that will require cer tain transactions involving U.S. Treasuries, including reverse repurchase","page_number":116,"box":{"x":68,"y":596,"width":758,"height":12}},{"id":"028c1a19-8034-4c11-aae3-0e52153bc529","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":116,"box":{"x":69,"y":612,"width":822,"height":11}},{"id":"cc1c974a-5e7f-4556-bfce-92eb113051c3","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":116,"box":{"x":68,"y":627,"width":838,"height":11}},{"id":"bc3ee34e-240d-44e2-a351-90e651df7137","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s per formance.","page_number":116,"box":{"x":69,"y":642,"width":538,"height":11}},{"id":"d2c1bf0a-e118-4557-a618-ff40a0c791f4","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties","page_number":116,"box":{"x":101,"y":665,"width":780,"height":11}},{"id":"89345245-f545-4237-9151-85a6417f019d","block_type":"box","text":"and cer tain of their affiliates to include in cer tain financial contracts, including many reverse repurchase agreements,","page_number":116,"box":{"x":69,"y":680,"width":838,"height":11}},{"id":"30169c80-e51c-486c-9b7b-64409bcfe787","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":116,"box":{"x":68,"y":695,"width":775,"height":11}},{"id":"09399e3f-d22a-4162-8cb6-b11aa059c9c3","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":116,"box":{"x":68,"y":710,"width":754,"height":11}},{"id":"ec089653-f8ef-48ad-b27e-b8b2ad035109","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":116,"box":{"x":69,"y":725,"width":818,"height":11}},{"id":"d7b3e8bc-9e4a-4219-8edc-fac7417d645d","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":116,"box":{"x":68,"y":740,"width":783,"height":11}},{"id":"7f3f2b54-1b38-4455-8932-cfc39266cf63","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":116,"box":{"x":69,"y":755,"width":800,"height":11}},{"id":"78a0cd1c-2907-4d86-ae0e-9936e25caeaa","block_type":"box","text":"amounts to be received under such agreements.","page_number":116,"box":{"x":69,"y":771,"width":345,"height":11}},{"id":"02044da5-fd30-4538-8849-6de8bc899bd0","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":116,"box":{"x":102,"y":793,"width":316,"height":11}},{"id":"478f0ac3-83d9-41f2-a7ba-5206e5c82c85","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":116,"box":{"x":424,"y":793,"width":481,"height":11}},{"id":"daf545f6-69d2-47eb-93dc-a2c27271f56a","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":116,"box":{"x":68,"y":808,"width":822,"height":11}},{"id":"bedfc65a-50b1-4bbc-b8f0-20a3fb125222","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":116,"box":{"x":69,"y":823,"width":776,"height":12}},{"id":"f5f03edd-78e5-45d6-8748-f80fa30c2d73","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":116,"box":{"x":69,"y":838,"width":817,"height":12}},{"id":"49a1b553-6581-4ca5-af54-cb4e9d260289","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":116,"box":{"x":70,"y":853,"width":833,"height":12}},{"id":"3cf513a1-0874-4ebf-9321-2e8df1f7d6cd","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":116,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"5a9a8616-f619-4f8a-b718-e93ec903a79d","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":116,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"729bae08-abdc-4f4c-82c5-817a72945db6","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":116,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"4e945ad4-6138-4c58-a5e6-3493f9d16618","block_type":"box","text":"II-72","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f8942e85-edc3-4302-be4e-c766e52eeda4","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d190f31d-ee68-474e-9726-3c3a276760e3","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":117,"box":{"x":69,"y":45,"width":777,"height":11}},{"id":"1bce895e-ea78-4590-a4fd-bf33831be4d8","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":117,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"0e01f4ab-fac5-44c0-a82e-0fccf2128d89","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":117,"box":{"x":68,"y":75,"width":708,"height":11}},{"id":"986e4ab4-1c77-4c1c-b729-cd3fd30fdd5b","block_type":"box","text":"Rule 144A Securities.","page_number":117,"box":{"x":102,"y":98,"width":159,"height":9}},{"id":"49817d0f-ee5c-46e9-bfe1-35cc223e1b44","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":117,"box":{"x":266,"y":98,"width":560,"height":11}},{"id":"ea05f9ff-162c-4e0c-bbc7-d9f6a7b6dd92","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":117,"box":{"x":70,"y":113,"width":741,"height":11}},{"id":"40cf405c-b486-42ce-bf0f-d0e8dd9515ff","block_type":"box","text":"Securities Lending.","page_number":117,"box":{"x":101,"y":135,"width":139,"height":11}},{"id":"868a1b33-5247-4bf8-971c-c115e6512e8f","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":117,"box":{"x":247,"y":135,"width":645,"height":11}},{"id":"d0a5be52-e874-4311-b4f6-160ae3898e30","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":117,"box":{"x":69,"y":150,"width":825,"height":12}},{"id":"87cd883e-9b5f-4ff3-930b-b08ed83c8ef3","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":117,"box":{"x":69,"y":166,"width":817,"height":11}},{"id":"aa81b6c8-cb37-4032-a313-c8fcdd356135","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":117,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"25e9c2f8-dccf-43f6-a678-90e3f5953f2e","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":117,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"627ceb51-4b7c-41c2-872b-feec807fd3e3","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":117,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"44eed04a-b12f-4c1c-b711-1cd658f8427e","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":117,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"0d5ec4c2-808a-43dd-8de5-6cb94916a8e6","block_type":"box","text":"the securities were not on loan.","page_number":117,"box":{"x":68,"y":241,"width":225,"height":9}},{"id":"e1c8e66b-cff8-4c1d-b3c7-7c1d5d19c472","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":117,"box":{"x":101,"y":264,"width":799,"height":11}},{"id":"2f1795fd-ebcb-412e-94b7-b03d97ca6add","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":117,"box":{"x":69,"y":279,"width":835,"height":11}},{"id":"e639930f-ea77-44fc-b83b-bbf0bf2d62c4","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":117,"box":{"x":69,"y":294,"width":824,"height":11}},{"id":"9bf550a9-4312-4eb9-9576-18271950d12c","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":117,"box":{"x":69,"y":309,"width":821,"height":11}},{"id":"1bba9906-e380-46c3-a388-971a259a6a33","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":117,"box":{"x":69,"y":324,"width":810,"height":11}},{"id":"e1d13f3a-96f2-4964-94fb-6fc28ef8ee7a","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":117,"box":{"x":70,"y":339,"width":789,"height":12}},{"id":"f071bf47-04e7-4f18-b027-275146285b9a","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":117,"box":{"x":70,"y":355,"width":643,"height":11}},{"id":"eb47f386-ab37-401b-aeb5-2c1e16e392a4","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":117,"box":{"x":102,"y":377,"width":568,"height":12}},{"id":"ad2b1eb1-b9a7-4fd4-8c95-8148ecb143e3","block_type":"box","text":"i.e.","page_number":117,"box":{"x":672,"y":377,"width":20,"height":9}},{"id":"7c7f995d-4cbf-457c-9715-ab7c339fcf6b","block_type":"box","text":", the risk of losses resulting","page_number":117,"box":{"x":695,"y":377,"width":198,"height":12}},{"id":"11fabf8b-c1b7-4d7e-9fd2-fb67c1ea9348","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":117,"box":{"x":68,"y":392,"width":501,"height":12}},{"id":"093642fe-8fd4-4d18-938d-cc74ded5b351","block_type":"box","text":"i.e.","page_number":117,"box":{"x":571,"y":393,"width":20,"height":8}},{"id":"67e7ba57-113a-4a01-9d81-8c92f2c5818c","block_type":"box","text":", the risk of a mismatch between the return","page_number":117,"box":{"x":594,"y":392,"width":307,"height":11}},{"id":"ab092147-9d26-4ed0-9e7f-b22fd361d2a4","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":117,"box":{"x":69,"y":407,"width":794,"height":12}},{"id":"cd62093b-b9e8-4fee-92a3-ba6ffdbc3789","block_type":"box","text":"i.e.","page_number":117,"box":{"x":865,"y":408,"width":20,"height":8}},{"id":"8ad8d3b0-25fc-4e27-8908-0a4e9f496c74","block_type":"box","text":",","page_number":117,"box":{"x":888,"y":415,"width":2,"height":3}},{"id":"278a2fff-e65b-4718-aa64-9a91800b7452","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":117,"box":{"x":68,"y":423,"width":788,"height":11}},{"id":"0ea1b88f-9339-4fdb-b020-e36484d0985c","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":117,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"834cffb4-c5c7-47b1-b1e2-eece81133c08","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":117,"box":{"x":69,"y":453,"width":822,"height":11}},{"id":"e8249aa9-882d-4503-83d6-d1fc1208e209","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":117,"box":{"x":68,"y":468,"width":811,"height":11}},{"id":"28621428-2430-46f1-9a30-fd6a9a2ec8a4","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":117,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"694ce082-de3f-4696-9be3-7e1c580d93eb","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":117,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"9932ff56-e830-4259-8c40-0de4d496f0e2","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":117,"box":{"x":70,"y":513,"width":820,"height":12}},{"id":"020b8a8d-abf2-4d2e-b2c5-057165513755","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":117,"box":{"x":70,"y":528,"width":805,"height":12}},{"id":"ee5a7d0b-8b3f-4bd1-b10a-225c738d7c7b","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":117,"box":{"x":69,"y":543,"width":816,"height":12}},{"id":"7b89ed25-7f20-46e7-9d11-2f3597ec5195","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":117,"box":{"x":69,"y":559,"width":775,"height":11}},{"id":"fa297b33-baaa-4028-88cb-ddd791963986","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":117,"box":{"x":69,"y":574,"width":821,"height":11}},{"id":"ee680611-4535-4d45-9f7c-14df4d0e3f0e","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":117,"box":{"x":69,"y":589,"width":838,"height":11}},{"id":"90829066-c424-4f6b-bfe1-87a2363c27f4","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":117,"box":{"x":70,"y":604,"width":837,"height":11}},{"id":"691d657d-f1d4-4e3e-86fd-3ff663ebf254","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":117,"box":{"x":70,"y":619,"width":808,"height":11}},{"id":"80754931-3c86-40c6-915e-59c98c74b712","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":117,"box":{"x":69,"y":634,"width":839,"height":11}},{"id":"cba52f6f-71e6-4a82-b757-96f6eddc98c6","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":117,"box":{"x":70,"y":650,"width":832,"height":11}},{"id":"0ca46f5e-d209-49ea-99a3-61c5739563be","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":117,"box":{"x":69,"y":664,"width":801,"height":12}},{"id":"f648ef71-567f-43e5-a26e-9e0f808ee899","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":117,"box":{"x":69,"y":680,"width":823,"height":11}},{"id":"d9bc2ae2-4838-4b5b-be9e-f5a23485cceb","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":117,"box":{"x":70,"y":695,"width":823,"height":11}},{"id":"e21d1302-4503-4a0d-83d4-368f96d367d5","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":117,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"718432c2-c555-494f-ba62-b5643d678735","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":117,"box":{"x":70,"y":725,"width":814,"height":11}},{"id":"d8b0f3b6-c1b2-459f-89c2-a362eaf42361","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":117,"box":{"x":68,"y":740,"width":787,"height":11}},{"id":"0bfc50f9-e488-4a92-9936-5e2ee47d445b","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":117,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"eac2580e-b2fb-4853-9a33-aa38c33ef8d7","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":117,"box":{"x":70,"y":770,"width":809,"height":12}},{"id":"c1a9906f-d4fd-43a2-a25c-600eb0022c0b","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":117,"box":{"x":69,"y":785,"width":821,"height":12}},{"id":"aa28ad85-1cfa-42c6-9ed9-90db0ccdf88e","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":117,"box":{"x":69,"y":801,"width":731,"height":11}},{"id":"fd049b85-4dfe-47ef-a54b-2d9e220fe369","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":117,"box":{"x":102,"y":823,"width":800,"height":12}},{"id":"6e79a4c6-18b5-4d3a-b526-46cf17357383","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":117,"box":{"x":68,"y":838,"width":802,"height":12}},{"id":"4ac4dc29-d047-42c9-af9e-0b232a490d46","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":117,"box":{"x":69,"y":853,"width":783,"height":12}},{"id":"3c7773c6-2dff-4a63-8eb4-831af4b486d2","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":117,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"e1af3236-4e90-4940-a65d-8519c70b99b2","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":117,"box":{"x":70,"y":884,"width":747,"height":11}},{"id":"3e83324e-51f5-4e74-ae55-5dc5bfdc8766","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":117,"box":{"x":69,"y":899,"width":806,"height":11}},{"id":"52937383-b071-44f4-a46c-eed3e16c612d","block_type":"box","text":"II-73","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a5dfc9f0-bb4d-4f14-965c-3d7b1d372892","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bdb96ba5-9caa-4e42-a118-c8402c1c0962","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":118,"box":{"x":69,"y":45,"width":808,"height":11}},{"id":"14df6632-46a0-4c6e-957c-e282f19a293d","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":118,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"22ce14f1-a7d9-41fc-b743-25e2bf1614d4","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":118,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"88baa5aa-aedd-460c-b54b-df858c111b4d","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":118,"box":{"x":69,"y":90,"width":794,"height":11}},{"id":"bdff8082-9192-43bc-9a21-99db4c0ccefa","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":118,"box":{"x":69,"y":105,"width":371,"height":11}},{"id":"834569e5-3b6b-45cb-9c13-ab6c6145db2e","block_type":"box","text":"The SEC has adopted a rule that will require repor ting and public disclosure of securities loan transaction","page_number":118,"box":{"x":101,"y":128,"width":753,"height":11}},{"id":"b68f6359-dd27-4ece-99cc-695bedb99818","block_type":"box","text":"information (not including par ty names); this may include, but is not limited to, information about securities loans","page_number":118,"box":{"x":70,"y":143,"width":808,"height":11}},{"id":"fe8f601c-3d0c-462e-83e3-51b2c6b644c9","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":118,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"b47451e8-386f-4bfa-8f38-cecaca3add38","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":118,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"a226b9a1-1db8-4471-8b0a-fb6af422592a","block_type":"box","text":"the current expected compliance date.","page_number":118,"box":{"x":68,"y":188,"width":273,"height":11}},{"id":"a06a493a-dbf0-4760-966f-44225bc06d6f","block_type":"box","text":"Short Sales.","page_number":118,"box":{"x":101,"y":211,"width":89,"height":9}},{"id":"73d69e5a-5911-4c8c-9e65-ba6160c09afa","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":118,"box":{"x":196,"y":211,"width":696,"height":11}},{"id":"8b915b5c-066d-4858-82e1-d612a6bc6803","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":118,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"948ef9f4-af7c-47ca-8461-1dd064358404","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":118,"box":{"x":69,"y":241,"width":778,"height":11}},{"id":"d42b7071-9cce-4862-99ae-86508b050c99","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":118,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"639cd2f0-0188-47a2-adc7-23678a8ffa65","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":118,"box":{"x":69,"y":272,"width":837,"height":11}},{"id":"2a3c804f-7156-456b-9165-483fc14d6932","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":118,"box":{"x":68,"y":287,"width":828,"height":11}},{"id":"69f71aec-6390-43d4-ac54-55b7183d69e1","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":118,"box":{"x":70,"y":302,"width":829,"height":11}},{"id":"9e3922e0-64c1-40bf-b361-45da2347386c","block_type":"box","text":"securities to the lender of the securities.","page_number":118,"box":{"x":69,"y":317,"width":289,"height":9}},{"id":"95967ed7-67b9-48f8-b4a9-07a9f57c6e50","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":118,"box":{"x":101,"y":340,"width":772,"height":11}},{"id":"35eb703d-fff9-4a40-b13d-d20d8fbe8e6f","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":118,"box":{"x":69,"y":355,"width":795,"height":11}},{"id":"59f3154c-d35d-4548-b533-f53629010715","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":118,"box":{"x":69,"y":370,"width":801,"height":11}},{"id":"a57d8161-ec11-4de2-82ab-3e3c8b62a16c","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":118,"box":{"x":69,"y":385,"width":830,"height":11}},{"id":"d5f0524b-d87b-4883-9fee-8571f1af0080","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":118,"box":{"x":69,"y":400,"width":839,"height":11}},{"id":"fe7a8517-b36b-48eb-9486-442faafd5e11","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":118,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"ffa9eb7e-fcd4-40d5-bd2d-b5bf72f725b0","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":118,"box":{"x":70,"y":430,"width":568,"height":11}},{"id":"23557e69-dea4-4830-b72d-9800be64a8e9","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":118,"box":{"x":102,"y":453,"width":806,"height":11}},{"id":"ae2c57ee-97e1-4704-9d10-a572c728dea4","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":118,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"8668706a-bd8e-46a8-9e6e-ff137358b3a2","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":118,"box":{"x":68,"y":483,"width":819,"height":11}},{"id":"f86d0f02-a38d-420c-8b5d-5ad1dbf53bc4","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":118,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"b269423a-916d-418f-a492-131ee0a00e3d","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":118,"box":{"x":69,"y":513,"width":817,"height":12}},{"id":"01d6872f-c835-4c5f-a02c-ab726351bf6e","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":118,"box":{"x":69,"y":528,"width":800,"height":12}},{"id":"f55a7aff-3daf-40ce-bdfc-b3589674ff46","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":118,"box":{"x":69,"y":544,"width":818,"height":11}},{"id":"9ed09f67-a835-45f0-ada5-a6a4c3a98347","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":118,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"e4376b99-97f2-483d-afcc-0102bf706b72","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":118,"box":{"x":69,"y":574,"width":640,"height":11}},{"id":"1dd6e171-e60d-42cb-85c0-5ba7432d4707","block_type":"box","text":"A Fund may also make shor t sales “against the box” without being subject to such limitations.","page_number":118,"box":{"x":101,"y":597,"width":673,"height":11}},{"id":"21d267d6-4554-4342-a833-0ef933e5e3f2","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":118,"box":{"x":101,"y":619,"width":721,"height":11}},{"id":"ed94951f-5b1b-433d-9d18-cd1558ec2377","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":118,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"4e18990c-6527-4ae5-9843-1ee7b1788344","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":118,"box":{"x":70,"y":649,"width":489,"height":12}},{"id":"9c6a4225-7daa-441a-85ec-25f806190559","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":118,"box":{"x":102,"y":672,"width":745,"height":11}},{"id":"de7e700a-65cc-419d-bce3-7b6619dd5073","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":118,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"4b30404c-a414-4369-862b-7f926a7e9642","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding shor t sales, they could restrict a","page_number":118,"box":{"x":69,"y":703,"width":796,"height":11}},{"id":"113e5e6c-6663-45ef-914a-1ab3842d20f0","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":118,"box":{"x":70,"y":718,"width":766,"height":11}},{"id":"e5d13046-5743-4e43-a5b4-3a14feff842b","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":118,"box":{"x":70,"y":733,"width":754,"height":11}},{"id":"278ba1aa-9e50-4c54-82a8-0427163838cf","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":118,"box":{"x":67,"y":748,"width":800,"height":11}},{"id":"127449ff-e123-4ff3-87d3-594461cc72ff","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":118,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"c718667f-dc78-447f-93fe-ffb74aa1b81e","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":118,"box":{"x":69,"y":778,"width":782,"height":11}},{"id":"e6ca586c-94bb-4da4-8100-21caa29722ba","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":118,"box":{"x":69,"y":793,"width":460,"height":11}},{"id":"e7005e83-dafc-49e2-94c8-60e559c8f4ed","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":118,"box":{"x":101,"y":816,"width":293,"height":11}},{"id":"6e5b4d1b-8c50-4760-a763-a28bdb89e3d5","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":118,"box":{"x":400,"y":816,"width":504,"height":11}},{"id":"6213ea65-fa7e-4e44-ab8b-92d002bb3109","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":118,"box":{"x":69,"y":831,"width":791,"height":11}},{"id":"bccebd9e-efd8-44de-b14c-485573e23346","block_type":"box","text":"potential acquisition oppor tunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":118,"box":{"x":70,"y":846,"width":793,"height":11}},{"id":"e97ba742-77bf-4cf4-bd4d-ffc3fdb2512b","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":118,"box":{"x":70,"y":861,"width":824,"height":11}},{"id":"8fdf4a27-9572-48f7-a59c-afe6700140b0","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":118,"box":{"x":69,"y":876,"width":821,"height":11}},{"id":"380c1ee6-1a83-445f-bad7-b23bdcf7efb1","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":118,"box":{"x":69,"y":891,"width":768,"height":12}},{"id":"a512602c-940f-4f8c-8440-60b5fabae50b","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":118,"box":{"x":70,"y":906,"width":826,"height":12}},{"id":"a939c88c-605e-4c92-aa40-bd9d5d294aac","block_type":"box","text":"II-74","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"acdd7d4b-d461-49a2-a133-56ffee57b9bd","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"40d53074-eaec-43e3-91b8-3d9ca29fc811","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition oppor tunity.","page_number":119,"box":{"x":69,"y":45,"width":809,"height":11}},{"id":"fe12fa6c-dbf6-4443-95ff-2ec1b6859476","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":119,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"234b9de9-4d0a-49a7-9911-7caa8c68e6af","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":119,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"3ce9852f-ec8f-4409-b0d3-baaccde1f278","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":119,"box":{"x":68,"y":90,"width":788,"height":11}},{"id":"6d8b73f3-7aa8-48c5-a341-4e643f13f205","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":119,"box":{"x":68,"y":105,"width":794,"height":11}},{"id":"98c8b1e2-d9c3-4c26-84b7-62c031321e81","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":119,"box":{"x":69,"y":120,"width":820,"height":12}},{"id":"4c78b66e-8960-459f-9d34-4a12d8c292d5","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":119,"box":{"x":68,"y":135,"width":815,"height":12}},{"id":"d228c56a-8364-43e0-b715-fb362c589fbd","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":119,"box":{"x":70,"y":150,"width":802,"height":12}},{"id":"62eb1c17-71ec-4246-8f83-37eaeed09439","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":119,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"7cff6b60-523b-410f-99c7-da517cc51c09","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":119,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"de92bc3e-6cab-4ad6-a010-8b15bb2a7267","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":119,"box":{"x":69,"y":196,"width":806,"height":11}},{"id":"87bc6786-4936-490f-b631-a7031d72e3a5","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":119,"box":{"x":69,"y":211,"width":828,"height":11}},{"id":"a9790b35-549d-4889-82a1-6111338ca1c8","block_type":"box","text":"Standby Commitment Agreements.","page_number":119,"box":{"x":101,"y":234,"width":255,"height":11}},{"id":"ed7458b9-799a-474a-a778-71aadf40fe31","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":119,"box":{"x":362,"y":234,"width":511,"height":11}},{"id":"5fb71b8f-2221-4718-9fe6-b139caa3075c","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":119,"box":{"x":68,"y":249,"width":834,"height":11}},{"id":"a96b9353-c426-45c3-b47e-e90fcb6a38fe","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":119,"box":{"x":68,"y":264,"width":834,"height":11}},{"id":"af6aa90f-14ad-4a69-a6ce-e71774b0a101","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":119,"box":{"x":70,"y":279,"width":802,"height":11}},{"id":"96be0c7a-2ef7-4ca6-8cae-3b908d191874","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":119,"box":{"x":69,"y":294,"width":793,"height":11}},{"id":"87d6f0f4-2475-484e-92dc-ebb1b876f85d","block_type":"box","text":"advantageous to the Fund.","page_number":119,"box":{"x":69,"y":309,"width":188,"height":11}},{"id":"1d904c2f-c0f5-468b-84d4-0bf2b75fd05b","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":119,"box":{"x":101,"y":332,"width":800,"height":11}},{"id":"d0cb1858-9774-4d9d-b925-1eaafb3f1a4e","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":119,"box":{"x":68,"y":347,"width":816,"height":11}},{"id":"fb0ad536-d6fd-429a-b960-e4c7baed7ae7","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":119,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"d63453f4-3028-42c1-8497-ca3ddf081287","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":119,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"492b4f4a-5a1d-4f22-871a-d1302741d098","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":119,"box":{"x":101,"y":400,"width":785,"height":11}},{"id":"49906edd-c6d2-4dd2-8811-dc62d4a5af60","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":119,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"37e379df-5ae6-4660-91c3-44b653689699","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":119,"box":{"x":68,"y":430,"width":815,"height":11}},{"id":"328c2426-0a0d-4a3d-adc7-545e2719c3bf","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":119,"box":{"x":69,"y":445,"width":792,"height":11}},{"id":"da624ffa-73da-4aac-b0be-4efcae5a3380","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":119,"box":{"x":70,"y":460,"width":415,"height":12}},{"id":"a817ac06-178d-47f8-a02d-a3f1ef74c148","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":119,"box":{"x":102,"y":483,"width":789,"height":11}},{"id":"d9c6c91e-e6d8-4864-aba7-34c738a3a2ba","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":119,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"4e6484af-6fc8-49ce-b61c-16796c8f100c","block_type":"box","text":"por tfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":119,"box":{"x":70,"y":513,"width":827,"height":12}},{"id":"99a18a9e-6b6e-43f1-be18-4ed3c3288e6d","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":119,"box":{"x":69,"y":528,"width":815,"height":12}},{"id":"89fc1bd7-8b2a-4e5e-bd0a-ef2d1f95b7be","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":119,"box":{"x":68,"y":543,"width":817,"height":12}},{"id":"5a9c0223-03c7-489c-964b-de2f789f3b76","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":119,"box":{"x":69,"y":559,"width":578,"height":11}},{"id":"778bd726-6175-4f06-b5c0-44fc2f0eaef9","block_type":"box","text":"Stripped Securities.","page_number":119,"box":{"x":101,"y":581,"width":143,"height":11}},{"id":"4899a2f5-f213-4219-8d62-f629e8a0bc69","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":119,"box":{"x":251,"y":581,"width":596,"height":11}},{"id":"dbbe2a4b-3ec2-4ccc-a961-ce2597bcd042","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":119,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"72acd5e0-44fa-402b-ae78-cd520acd2218","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":119,"box":{"x":70,"y":612,"width":818,"height":11}},{"id":"37736255-2cd9-4003-a886-a27710a115e1","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":119,"box":{"x":70,"y":627,"width":813,"height":11}},{"id":"1271f1e4-f1fe-4bf8-ba33-dc6690090570","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":119,"box":{"x":70,"y":642,"width":777,"height":11}},{"id":"93ba3fc8-0ba3-4d09-8a27-a0c1fa3fb8a9","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":119,"box":{"x":70,"y":657,"width":802,"height":11}},{"id":"a6ded923-5f63-4c16-a9ab-e210a69e60c5","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":119,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"69d649d5-59d0-4211-a091-a4c0e0780267","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":119,"box":{"x":70,"y":687,"width":837,"height":11}},{"id":"c58b8656-0427-431b-b189-1fd1b054e78e","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":119,"box":{"x":68,"y":702,"width":823,"height":11}},{"id":"61553e3c-7f80-4cc5-b413-2f5b4fc0cf84","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":119,"box":{"x":69,"y":717,"width":494,"height":12}},{"id":"52de7cee-9e18-474e-aaa5-acab431b4912","block_type":"box","text":"Structured Notes.","page_number":119,"box":{"x":101,"y":740,"width":130,"height":9}},{"id":"25a8abb0-b48a-442e-8896-3e66a7e5a936","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":119,"box":{"x":237,"y":740,"width":650,"height":11}},{"id":"623a4e1c-7158-457b-9fcb-e5592f7d1018","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":119,"box":{"x":69,"y":755,"width":818,"height":11}},{"id":"720e60dc-62a2-407a-a066-5755573703e1","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":119,"box":{"x":69,"y":770,"width":839,"height":12}},{"id":"471a8a5b-91b0-4aa1-81a6-78c8598f7dec","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":119,"box":{"x":70,"y":786,"width":821,"height":11}},{"id":"780cd477-4d54-4e1d-90cc-e9be9e3a4ece","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":119,"box":{"x":70,"y":801,"width":839,"height":11}},{"id":"20818595-cef9-4c3a-8e68-b78c2b11d7dd","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":119,"box":{"x":69,"y":816,"width":801,"height":11}},{"id":"179ba5b8-cba6-42bf-b13c-503e8f5439c3","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":119,"box":{"x":70,"y":831,"width":813,"height":11}},{"id":"6f66591f-af74-41d8-b43a-89194083e938","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":119,"box":{"x":68,"y":846,"width":673,"height":11}},{"id":"b7467920-179d-4d68-ab47-cd9bc810bb69","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":119,"box":{"x":102,"y":869,"width":768,"height":11}},{"id":"961ec950-10d9-42cd-a23e-e1fdb7286ab9","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":119,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"fd617217-3b47-4374-8063-3d0b1e7fc823","block_type":"box","text":"II-75","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"87ed7771-8046-4196-a981-3b2b1354f3c6","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"260dac7f-c2e5-4dc1-b5a6-495480d6afa2","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":120,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"2aad805d-81a4-4c67-aee7-6d40b94a00cc","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":120,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"baab8cf1-4b78-4eca-92bb-001ae4c0a54b","block_type":"box","text":"the risk of loss.","page_number":120,"box":{"x":68,"y":75,"width":110,"height":9}},{"id":"eb0e0c9f-da00-43c0-a69c-0cd37556539f","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":120,"box":{"x":101,"y":98,"width":759,"height":11}},{"id":"2c37ab9e-170b-48b2-8df1-4fd78e9a5672","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":120,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"24ee15a4-6a6f-430a-80c0-59b8b38889d0","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":120,"box":{"x":69,"y":128,"width":819,"height":11}},{"id":"6f896e9a-bc7a-430e-823d-98d8884edd34","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":120,"box":{"x":70,"y":143,"width":821,"height":11}},{"id":"144919f1-c067-49f5-87dc-fbf2bcbb8601","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":120,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"380e2a82-293e-4c7c-9fb8-76513d7c3f53","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":120,"box":{"x":70,"y":173,"width":618,"height":11}},{"id":"2f6f1ae8-dcc7-41e3-97b1-63a715cb97c2","block_type":"box","text":"Taxability Risk.","page_number":120,"box":{"x":103,"y":196,"width":109,"height":11}},{"id":"99bf4382-bc83-469f-8893-13faaedaf521","block_type":"box","text":"Cer tain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":120,"box":{"x":218,"y":196,"width":644,"height":11}},{"id":"6de2070f-ccaf-4236-84c8-d2e9bc83d741","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":120,"box":{"x":70,"y":211,"width":817,"height":11}},{"id":"37cb973b-9bdd-459d-a5dd-575493d5a742","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":120,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"50bc7a16-2a1b-4407-8f84-71b1d4470ee0","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":120,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"0e6992eb-9bc2-41f7-894a-3b9843d4d58e","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":120,"box":{"x":68,"y":256,"width":809,"height":11}},{"id":"7e34cf53-3085-487c-a83f-b79dbebacc98","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":120,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"a5b3e806-ee77-427c-8052-6c74d5052dbd","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":120,"box":{"x":69,"y":286,"width":816,"height":12}},{"id":"5e78363a-f8f3-4b26-b722-097aee58ee16","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":120,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"fc0a74df-976a-4ccf-9d58-a2055b10ed05","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":120,"box":{"x":70,"y":317,"width":818,"height":11}},{"id":"741c2fd7-bf3b-4fbd-b61f-ec97fa29b49c","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":120,"box":{"x":70,"y":332,"width":771,"height":11}},{"id":"ba33a591-e2d8-4222-a35c-6122b8003f2c","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":120,"box":{"x":70,"y":347,"width":765,"height":11}},{"id":"6b62484a-e055-4c64-832b-68a323f19c18","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":120,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"beaddb8a-f8b9-4d47-b25f-de1ac05895d0","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":120,"box":{"x":68,"y":377,"width":807,"height":11}},{"id":"058addd7-4fa7-4e9c-be77-b011514fde23","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":120,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"50d398df-53ac-49fb-9013-1430b969779a","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":120,"box":{"x":68,"y":407,"width":838,"height":12}},{"id":"493e5e2f-51ad-4c91-b7e8-ad8016279f14","block_type":"box","text":"the value of an investment in the Fund.","page_number":120,"box":{"x":68,"y":423,"width":278,"height":9}},{"id":"3efa2460-efbe-434e-9b8d-7f443589492f","block_type":"box","text":"Temporary Defensive Measures.","page_number":120,"box":{"x":103,"y":445,"width":230,"height":11}},{"id":"bb098482-4c32-4bf5-ab6b-764d7933872b","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":120,"box":{"x":339,"y":445,"width":542,"height":12}},{"id":"83458278-2853-464c-8145-4909575ca371","block_type":"box","text":"economic, political or other conditions, a Fund may depar t from its principal investment strategies and may invest","page_number":120,"box":{"x":69,"y":460,"width":811,"height":12}},{"id":"3ead0d67-6c87-481d-a07d-8a7c66dc94a7","block_type":"box","text":"without limitation in cash, high quality money market instruments, or other shor t term investments. Cer tain Funds","page_number":120,"box":{"x":68,"y":476,"width":813,"height":11}},{"id":"4f6f9b72-c7f0-4ca1-a951-9e3c33b4614f","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":120,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"3c6abb3a-8cbc-402e-9776-c76bb366a384","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":120,"box":{"x":70,"y":506,"width":813,"height":11}},{"id":"cd759ada-2322-46f3-ade7-16260e991020","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":120,"box":{"x":69,"y":521,"width":795,"height":11}},{"id":"7318b0c7-4d5d-4f6b-8ec6-bfedd1af192e","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":120,"box":{"x":68,"y":536,"width":806,"height":11}},{"id":"09b31049-2e3f-4496-afb8-4a54535624ac","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":120,"box":{"x":69,"y":551,"width":808,"height":11}},{"id":"9a6bb80b-64a6-4432-9e9f-f2077363a8dc","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":120,"box":{"x":68,"y":566,"width":820,"height":11}},{"id":"2ae7aeac-e070-4ab2-bbd6-c5a3e89f13bb","block_type":"box","text":"its investment objective.","page_number":120,"box":{"x":70,"y":582,"width":171,"height":10}},{"id":"97ad0e4a-ef14-4591-9740-9f6135cdb527","block_type":"box","text":"U.S. Government Obligations.","page_number":120,"box":{"x":102,"y":604,"width":213,"height":11}},{"id":"60ea105e-0912-4a8c-ac53-e2766710b4e7","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":120,"box":{"x":321,"y":604,"width":566,"height":11}},{"id":"1396a831-f68d-4094-beac-8a69a209b449","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":120,"box":{"x":69,"y":619,"width":810,"height":11}},{"id":"1ecf9966-188f-451a-bf4c-2739c97cee3c","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":120,"box":{"x":70,"y":634,"width":826,"height":12}},{"id":"98d6995c-9f0e-4f22-9b82-33c250de3774","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":120,"box":{"x":68,"y":649,"width":779,"height":12}},{"id":"fb1c57e6-0fd6-431d-a6fa-92fd63929230","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":120,"box":{"x":70,"y":664,"width":798,"height":12}},{"id":"2e62bfb7-d0c7-45eb-8e00-8feccf612713","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":120,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"751a137a-dd1f-463a-9797-fd7b86e9d531","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":120,"box":{"x":69,"y":695,"width":809,"height":11}},{"id":"a251d80a-6b5b-4068-b7fe-eda0b183497e","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":120,"box":{"x":69,"y":710,"width":805,"height":11}},{"id":"2755c5cf-7057-4269-a597-852f9c385bf5","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":120,"box":{"x":69,"y":725,"width":807,"height":11}},{"id":"c32e3ead-f45c-473f-a0b7-2efa037e2855","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":120,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"d9d047bb-5728-492e-b0a4-1b13fcb163b4","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":120,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"dc087828-0f6f-440b-99dc-9634f8374f55","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":120,"box":{"x":69,"y":770,"width":716,"height":11}},{"id":"d3d5a1e7-01af-4541-bd2a-86795cdbad35","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":120,"box":{"x":102,"y":793,"width":800,"height":11}},{"id":"840a1107-686e-4d17-bf37-2890f57e3b09","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":120,"box":{"x":68,"y":808,"width":785,"height":11}},{"id":"f93c44cd-bb94-45c5-8a1d-4f123e9e1939","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":120,"box":{"x":68,"y":823,"width":813,"height":11}},{"id":"6204d0e5-a130-4392-92a1-b95346c87313","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":120,"box":{"x":70,"y":838,"width":794,"height":12}},{"id":"129a2580-3729-4a08-b635-8ea3a899b4c0","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":120,"box":{"x":69,"y":854,"width":835,"height":10}},{"id":"f06cf699-418f-4890-81f1-4136567131ed","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":120,"box":{"x":69,"y":869,"width":818,"height":11}},{"id":"0fe68a42-ca25-45e0-995d-0ae002f3dc92","block_type":"box","text":"Funds may also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":120,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"678fa560-dc97-4b12-ac7d-d08544113e19","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":120,"box":{"x":70,"y":899,"width":749,"height":11}},{"id":"7387ffa8-15bc-4dda-a531-ff41156eb79d","block_type":"box","text":"II-76","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3428a48e-e952-479f-a1a4-739bb6061d7f","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d3bf825a-bd14-444d-9611-350d62cd5245","block_type":"box","text":"U.S. Treasury Obligations.","page_number":121,"box":{"x":103,"y":45,"width":183,"height":11}},{"id":"d5895821-e56f-4fb3-98ba-5ca1eeeddb7f","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":121,"box":{"x":292,"y":45,"width":593,"height":11}},{"id":"23a33684-0298-424b-a2e3-890fb9f9c392","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":121,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"11014746-b2cf-4934-ba09-a92fad2d7cc5","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":121,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"ec60a3a3-d4b8-4ca9-b485-7e9717d8008d","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":121,"box":{"x":68,"y":90,"width":823,"height":11}},{"id":"38e1687f-7cf7-447c-b1b6-5ed304262662","block_type":"box","text":"do so.","page_number":121,"box":{"x":69,"y":105,"width":42,"height":9}},{"id":"4f262f1b-df4c-4f7d-ab2a-2893e9ef7a2c","block_type":"box","text":"U.S. Treasury Rolls","page_number":121,"box":{"x":102,"y":128,"width":139,"height":11}},{"id":"4b23b91f-f7e7-448a-b4ab-62f649f6af1e","block_type":"box","text":".","page_number":121,"box":{"x":241,"y":135,"width":3,"height":2}},{"id":"e273cb3b-a633-4753-a3a5-12cdddb0b679","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":121,"box":{"x":250,"y":128,"width":656,"height":11}},{"id":"f24d1d72-4270-48e0-833e-72284949136f","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":121,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"e6f0899a-c039-41da-9ed9-42cc03e86587","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":121,"box":{"x":69,"y":158,"width":820,"height":11}},{"id":"99bd7ed6-6b71-4fa9-86ad-4c8dc6bdf2cd","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":121,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"996f7689-4269-47b4-b82c-12e51e699fe2","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":121,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"e8c48e54-3ac3-47a5-a5c8-3d1b16791a49","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":121,"box":{"x":69,"y":204,"width":775,"height":11}},{"id":"0769deaa-50a1-453c-aa3c-197cc282620a","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":121,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"5a40dea1-8991-42bc-ac90-a18cb1bc3d99","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":121,"box":{"x":68,"y":234,"width":657,"height":11}},{"id":"95004781-e29a-4155-8b6d-7bf037e690c9","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":121,"box":{"x":101,"y":256,"width":756,"height":12}},{"id":"dc24e6f0-7211-46fb-b5f2-57c0b617a075","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":121,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"d4892bce-4368-4315-9404-0dcca23cfb38","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":121,"box":{"x":70,"y":286,"width":617,"height":12}},{"id":"7bdf2ef5-abc2-4e6f-87f4-de51450a89cf","block_type":"box","text":"Utility Industries.","page_number":121,"box":{"x":102,"y":309,"width":124,"height":11}},{"id":"8d89fca9-0906-43a7-8f7a-3a75a82f500f","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":121,"box":{"x":233,"y":309,"width":674,"height":11}},{"id":"c13dfcaf-db11-4d24-ae06-abe922ec672c","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":121,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"cf4dda97-8e04-43e7-934a-cde9be476426","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":121,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"5bc2d89d-d129-4ab2-9ff3-f5d3cf0f0b45","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":121,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"98aff37b-2166-4ea1-bf0a-80591cff91c9","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":121,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"50b3550a-ca0c-49fb-93ec-3616d5e8a0ce","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":121,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"d00592cc-f7c2-4f0c-9c2a-ce06f568d7e6","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":121,"box":{"x":69,"y":400,"width":795,"height":11}},{"id":"fdde2f73-3063-40a6-bb31-9b26ec3f4132","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":121,"box":{"x":69,"y":415,"width":774,"height":11}},{"id":"53d9943a-ec89-489d-b10a-872d4712d08d","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":121,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"12c3e396-42bd-4a6c-8b58-c1c433a9f085","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":121,"box":{"x":69,"y":445,"width":839,"height":11}},{"id":"b08195fe-90cd-4642-a252-b22758cb8f15","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":121,"box":{"x":68,"y":460,"width":827,"height":12}},{"id":"432e2c05-7a23-4867-a576-e25294cfec2d","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":121,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"0f6d306a-e22e-4a43-a2eb-8ff9eb8f6268","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":121,"box":{"x":69,"y":491,"width":821,"height":11}},{"id":"f083e5e4-7812-4e72-8f76-f4824302112e","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":121,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"1456651a-9b23-4f8a-9e20-f80125cca02c","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":121,"box":{"x":70,"y":521,"width":820,"height":11}},{"id":"6598bda6-d1a2-4dd9-a1e9-e79d3261e343","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":121,"box":{"x":69,"y":536,"width":835,"height":11}},{"id":"86714d4b-9fb4-4073-8aec-b950a26a8448","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":121,"box":{"x":68,"y":551,"width":778,"height":11}},{"id":"d2312877-53a4-4b05-a3a1-9b5cd7091849","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":121,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"aa6d6bc7-a481-487d-89ed-da32b545a8ce","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":121,"box":{"x":69,"y":581,"width":831,"height":12}},{"id":"624e5c83-3a10-4011-816d-4715a74973e9","block_type":"box","text":"utility.","page_number":121,"box":{"x":69,"y":597,"width":39,"height":11}},{"id":"d9d22250-2438-42ac-8e17-3d1e93e1b284","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":121,"box":{"x":102,"y":619,"width":744,"height":11}},{"id":"2b8e6422-a5df-4650-a1b3-3fbb5839c65e","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":121,"box":{"x":70,"y":634,"width":828,"height":12}},{"id":"a3eaaec3-df33-4541-bd5f-cb177720a15d","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":121,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"289786a1-e96b-4a0d-a033-5c6b032249db","block_type":"box","text":"interest rates and therefore may lead to volatility in per formance.","page_number":121,"box":{"x":70,"y":664,"width":464,"height":12}},{"id":"2d3dc166-146d-4829-86f9-c0a9adb38923","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":121,"box":{"x":102,"y":687,"width":789,"height":11}},{"id":"11cf181d-b08a-4094-af36-ceb9cebd5405","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":121,"box":{"x":69,"y":702,"width":790,"height":12}},{"id":"19b07d98-46f8-43e1-8866-ee879fde1cfc","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":121,"box":{"x":69,"y":717,"width":811,"height":12}},{"id":"83af7785-793b-487d-9384-c18cd85b12f3","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":121,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"057d3404-b6b1-4a23-9ba2-0d786e060d9b","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":121,"box":{"x":68,"y":748,"width":781,"height":11}},{"id":"65764c68-3584-417b-82fa-5f5cc5243e9d","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":121,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"1eb1b6b5-81eb-40a4-9e0b-196c1de9a6ee","block_type":"box","text":"continue in the future.","page_number":121,"box":{"x":69,"y":778,"width":156,"height":9}},{"id":"bee1a04e-d637-4278-bb6a-6f9160bb279c","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":121,"box":{"x":101,"y":801,"width":763,"height":11}},{"id":"b403c792-99ed-41f7-872a-78d994060fcd","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":121,"box":{"x":69,"y":816,"width":820,"height":11}},{"id":"49825927-c29a-41fe-b706-d90d25e3f5bf","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":121,"box":{"x":70,"y":831,"width":834,"height":11}},{"id":"e888f76f-3a93-4d54-a77f-be1665e34619","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":121,"box":{"x":69,"y":846,"width":784,"height":11}},{"id":"c5d6ef65-6250-449e-94b9-e50d93124a7d","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":121,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"fe0f1da6-1d8d-43dd-8f4b-bd0f6c66ef9a","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant par t of their","page_number":121,"box":{"x":68,"y":876,"width":809,"height":11}},{"id":"b476414b-ba7e-4b78-b2b2-7d679b3d2e84","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in cer tain","page_number":121,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"9161bd68-440b-4da0-bb0c-91ec5d9aba5d","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":121,"box":{"x":69,"y":906,"width":825,"height":12}},{"id":"3baeb46b-af0f-43b1-86a1-0a2fb9ddefbd","block_type":"box","text":"II-77","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cc1f9906-f4e9-4e94-8e93-8404a43d9af6","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4481c734-cce9-4781-ae8c-28bfaf2189f3","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":122,"box":{"x":68,"y":45,"width":840,"height":11}},{"id":"56ac028d-4abb-4407-babf-69c785f29834","block_type":"box","text":"new uses of funds (such as for expansion, operations or stock buybacks) could result in cuts in dividend payout","page_number":122,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"8e5a8e89-d425-490a-b725-b1387b72b89d","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":122,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"6a1af84c-45ef-4961-a176-0df7e63d8fce","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":122,"box":{"x":68,"y":90,"width":831,"height":11}},{"id":"55804c6d-9014-40cb-899e-f4b6cc5f8609","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":122,"box":{"x":69,"y":105,"width":812,"height":11}},{"id":"41f4248a-b577-451c-b16a-43e435f0b0cb","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":122,"box":{"x":68,"y":120,"width":833,"height":12}},{"id":"2e84f1ec-b566-4f4e-a25f-68f575e2f5b2","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":122,"box":{"x":68,"y":135,"width":831,"height":12}},{"id":"579fc083-20c2-43ee-a893-e0ece1786f90","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":122,"box":{"x":102,"y":158,"width":720,"height":11}},{"id":"6c4a1bae-244e-451b-8e4b-cb3ac80f497b","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":122,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"b2412ba3-4f29-457d-abf6-0717971e5e40","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":122,"box":{"x":68,"y":188,"width":762,"height":12}},{"id":"4516e9cb-0359-4a18-ba0e-ea78ff3419b1","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":122,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"e7211d06-a281-4ba7-b2a9-60a1e19870b4","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":122,"box":{"x":68,"y":219,"width":801,"height":11}},{"id":"e393745c-d799-4f59-b923-4d6fcb061583","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":122,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"b1968b9a-93b2-4962-8476-a86723ae772c","block_type":"box","text":"ways different from regulation in the United States.","page_number":122,"box":{"x":68,"y":249,"width":365,"height":11}},{"id":"1bde037e-13b8-4dd7-9da4-5e5cc09a6d5e","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":122,"box":{"x":101,"y":272,"width":745,"height":11}},{"id":"fe6a2d61-8939-44ea-a250-ec6cde361fda","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":122,"box":{"x":68,"y":286,"width":790,"height":12}},{"id":"b7ef3026-e5d9-4ec1-a3ed-7d6bfaac4c75","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":122,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"807e75c8-285d-4806-87c7-fc6526de97d6","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":122,"box":{"x":69,"y":317,"width":810,"height":11}},{"id":"e5b533ad-17fa-41ee-9930-d0bdf721c603","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":122,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"108a5a03-4e5a-4e6d-87a6-daa5fdeeba02","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":122,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"0f39fca3-e5fe-4d21-acb0-9c6faa3489a1","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":122,"box":{"x":69,"y":362,"width":832,"height":11}},{"id":"417e6155-cd39-4087-9acb-093d71c88656","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":122,"box":{"x":69,"y":377,"width":786,"height":12}},{"id":"8ab21b64-b48b-4f36-9983-f5a0d600b7da","block_type":"box","text":"increase.","page_number":122,"box":{"x":70,"y":393,"width":63,"height":8}},{"id":"3798fe01-981c-469b-a0dc-e6b0f23c01ea","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":122,"box":{"x":101,"y":415,"width":793,"height":11}},{"id":"9c3b3b27-c572-41ea-af8a-b56f292d705b","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":122,"box":{"x":70,"y":430,"width":821,"height":11}},{"id":"de02d7c4-9f1b-4204-9ea7-3c99203167ae","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":122,"box":{"x":69,"y":445,"width":619,"height":12}},{"id":"3865389d-b78a-46ae-a592-c117898982c8","block_type":"box","text":"Electric.","page_number":122,"box":{"x":102,"y":468,"width":54,"height":9}},{"id":"6128f256-5b58-4768-9b6e-d47fa8bfcf70","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":122,"box":{"x":163,"y":468,"width":684,"height":11}},{"id":"688aaf10-c497-4900-8cef-2ea67e1df321","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":122,"box":{"x":68,"y":483,"width":793,"height":11}},{"id":"1d4de688-7026-4d32-9bce-6be57af57a1f","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":122,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"446d66e1-907c-4b41-8d56-9b1ccfe8f833","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":122,"box":{"x":69,"y":513,"width":833,"height":12}},{"id":"36c594f5-cd1f-4527-9838-1f7b4b42175e","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":122,"box":{"x":69,"y":528,"width":821,"height":12}},{"id":"6351bc65-7bf5-4fee-beda-0683ec9e8510","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":122,"box":{"x":69,"y":543,"width":823,"height":12}},{"id":"c76a7508-2e5e-4473-bf0e-c217af6e4bef","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":122,"box":{"x":68,"y":559,"width":803,"height":11}},{"id":"5679745c-2163-49a1-9f34-1fd6804c2a2d","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":122,"box":{"x":70,"y":574,"width":778,"height":11}},{"id":"d519e085-e16d-4628-8980-78f765b7a55f","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":122,"box":{"x":70,"y":589,"width":836,"height":11}},{"id":"debd22b9-b488-472a-8d36-fb8fd0aec255","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":122,"box":{"x":69,"y":604,"width":793,"height":11}},{"id":"fec73f2d-734d-44c6-b191-a7afe61e5348","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":122,"box":{"x":69,"y":619,"width":786,"height":11}},{"id":"989317f8-6f74-4744-99b4-8cf895a46317","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":122,"box":{"x":69,"y":634,"width":819,"height":12}},{"id":"0b9db785-729b-4788-a4cb-1bc150e136f0","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":122,"box":{"x":69,"y":649,"width":775,"height":12}},{"id":"aec0f244-9d9e-4821-8264-9a67f3052c4a","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":122,"box":{"x":69,"y":664,"width":770,"height":12}},{"id":"45ff1cc0-2dbe-491b-8999-3cad5a0f46ec","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":122,"box":{"x":70,"y":680,"width":826,"height":11}},{"id":"c8b31102-b414-4ac7-95ed-83e539187050","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":122,"box":{"x":69,"y":695,"width":800,"height":11}},{"id":"f8a24ca2-ed7a-4fb4-aea7-9a015ba8beae","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":122,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"29a08df7-5a4f-4967-a7cd-31262c27c7f2","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":122,"box":{"x":68,"y":725,"width":826,"height":11}},{"id":"f8c41e56-5e12-4bb6-84a8-aa31326c3a22","block_type":"box","text":"and for decommissioning such plants.","page_number":122,"box":{"x":69,"y":740,"width":270,"height":11}},{"id":"5f2064e7-bf68-40e9-82c5-3ad93b7b52ea","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":122,"box":{"x":101,"y":763,"width":776,"height":11}},{"id":"50a2be2d-89c4-4e19-8d42-07ce724b5d31","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":122,"box":{"x":70,"y":778,"width":802,"height":11}},{"id":"8b30b05d-bf27-4f28-acd9-325a9f9eda8c","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":122,"box":{"x":69,"y":793,"width":791,"height":11}},{"id":"fccd60a9-be03-4079-948a-76d69b83e5b1","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":122,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"1066b250-9af1-440e-b55b-cea6de40d959","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":122,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"a3a8b38f-fd3c-4512-8329-096d7c083ae6","block_type":"box","text":"greater predictability of cash flow.","page_number":122,"box":{"x":68,"y":838,"width":239,"height":12}},{"id":"3bf824e0-1431-4c51-aeb5-37dcdab4a8f4","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":122,"box":{"x":101,"y":861,"width":801,"height":11}},{"id":"77438089-6ca1-49d8-8181-314c4cc190db","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":122,"box":{"x":68,"y":876,"width":821,"height":11}},{"id":"2bbe678f-75de-4535-9ef5-636b9c161259","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":122,"box":{"x":69,"y":891,"width":835,"height":12}},{"id":"0a658c8e-d2a9-43a3-9023-dbdb666cd69e","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":122,"box":{"x":68,"y":907,"width":815,"height":11}},{"id":"c5d7f53a-f898-481a-ae4e-489cd47b702e","block_type":"box","text":"II-78","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fea300f6-3fca-479a-8ffa-f2cf49861f18","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"af15c465-de62-4bff-8c23-9f7e32cae464","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":123,"box":{"x":68,"y":45,"width":803,"height":11}},{"id":"49802eb9-1f82-4e44-873b-3950e3bd12e8","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":123,"box":{"x":69,"y":60,"width":777,"height":11}},{"id":"0a3dca6a-3cd8-4e5a-a243-4cb8992c3cf0","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":123,"box":{"x":69,"y":75,"width":819,"height":11}},{"id":"6abc4d3f-e216-488d-a4d8-57ea771f4404","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":123,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"6ec1db1b-3174-44ea-9cfc-849887831566","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":123,"box":{"x":69,"y":105,"width":700,"height":11}},{"id":"f52d5fd0-a3f4-4b03-94c8-5535cbfa847d","block_type":"box","text":"Telecommunications.","page_number":123,"box":{"x":103,"y":128,"width":147,"height":9}},{"id":"a68afe98-495c-430b-830c-eb10194ce35b","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":123,"box":{"x":256,"y":128,"width":652,"height":11}},{"id":"60ce78d3-fbe2-429d-87a1-470aa8062fc0","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":123,"box":{"x":69,"y":143,"width":813,"height":11}},{"id":"d59ff505-4c3c-4374-b572-9ebfc36b72a7","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":123,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"4da4e772-9492-4bba-837e-ed40c704f17a","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":123,"box":{"x":69,"y":173,"width":786,"height":11}},{"id":"53dcaace-9f29-4d3f-90c4-abe12162fb7c","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":123,"box":{"x":69,"y":188,"width":784,"height":12}},{"id":"0afacddf-a982-4cd6-9050-0ed50afb4ddc","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":123,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"12e0f322-7fe9-4d45-885c-58e334cdb0fe","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":123,"box":{"x":69,"y":218,"width":790,"height":12}},{"id":"d2c78bf2-12f1-4b95-b74d-e92c38e630cc","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":123,"box":{"x":70,"y":234,"width":788,"height":11}},{"id":"12acfa81-0eb1-4357-bd43-5b37cd90920b","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":123,"box":{"x":68,"y":249,"width":825,"height":11}},{"id":"7248bdbc-d461-4d2d-b7f6-d656da198a69","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":123,"box":{"x":69,"y":264,"width":823,"height":11}},{"id":"9a4cfc44-9610-4683-9c73-08358b813384","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":123,"box":{"x":69,"y":279,"width":821,"height":11}},{"id":"7ce673ba-02c4-44c8-bc73-c70e0a98a688","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":123,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"07f9434e-716c-4f01-9b71-9253c4318cfc","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":123,"box":{"x":70,"y":309,"width":821,"height":11}},{"id":"24643096-eab1-4105-b8c6-d6f5ea6dff36","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":123,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"d5139c7c-62c3-409f-8862-b673a075274f","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":123,"box":{"x":68,"y":339,"width":804,"height":12}},{"id":"d8574cf2-b989-4c66-9bdd-b0813c1bc6cf","block_type":"box","text":"residential, corporate and governmental customers.","page_number":123,"box":{"x":69,"y":355,"width":367,"height":11}},{"id":"677abea6-5b39-46fe-87a5-2ab60193ee70","block_type":"box","text":"Gas.","page_number":123,"box":{"x":102,"y":377,"width":31,"height":9}},{"id":"66268008-07af-43a5-97ad-2e7db0c301fa","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":123,"box":{"x":139,"y":377,"width":740,"height":12}},{"id":"addf5427-bd4f-4a60-89dd-020459e27825","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":123,"box":{"x":70,"y":392,"width":834,"height":12}},{"id":"27edc3b7-b03d-4c68-bf20-1caec15430b0","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":123,"box":{"x":70,"y":407,"width":756,"height":12}},{"id":"5ba1cf53-3d46-4ec2-a8b4-708b87cb79dd","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":123,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"68e00ef4-478b-4568-885a-7ff7c7eff665","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":123,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"5bae0313-f26f-4bff-ba8a-832eec91fbc2","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":123,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"c97e3cb6-2fad-4fa0-8005-dd9efd43f995","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":123,"box":{"x":69,"y":468,"width":782,"height":11}},{"id":"18e9dc67-1243-4713-9b62-5a2485f2bb4f","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":123,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"0cda1d7f-a69e-49f9-9e50-7d3be3e4ae1e","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":123,"box":{"x":70,"y":498,"width":691,"height":11}},{"id":"3f538b0b-1088-4e4a-a057-91a56f852423","block_type":"box","text":"Water.","page_number":123,"box":{"x":103,"y":521,"width":42,"height":9}},{"id":"3536b94c-9c70-430a-8f1d-746fee8fac8c","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":123,"box":{"x":151,"y":521,"width":754,"height":11}},{"id":"4d41bc56-862c-4afb-ae1c-2d46a1efd9b3","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":123,"box":{"x":69,"y":536,"width":796,"height":11}},{"id":"639fee3d-b439-421d-b526-9619aff9de39","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":123,"box":{"x":69,"y":551,"width":806,"height":11}},{"id":"b0b30c4e-4617-4a0b-8192-fb2405890c6f","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":123,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"bb82e91e-ae61-4549-973c-49db7908bd55","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment oppor tunities","page_number":123,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"39946d6c-9156-40ce-8d24-a2cdebb8f970","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":123,"box":{"x":69,"y":596,"width":832,"height":12}},{"id":"16640a1e-bb8c-48b9-a124-60aa0ba8bad7","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":123,"box":{"x":69,"y":612,"width":662,"height":11}},{"id":"37b54e5b-1ed7-4389-9a68-a65dbb6a6fdb","block_type":"box","text":"Utility Industries Generally.","page_number":123,"box":{"x":103,"y":634,"width":186,"height":11}},{"id":"d33de7cd-2f0c-44ee-8151-4821defc1d8f","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":123,"box":{"x":296,"y":634,"width":584,"height":12}},{"id":"40c55922-2084-4874-adea-95d08f989f05","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":123,"box":{"x":68,"y":649,"width":837,"height":12}},{"id":"3808e51c-c303-4cad-9683-76eee78fe3a6","block_type":"box","text":"not develop in the future.","page_number":123,"box":{"x":69,"y":664,"width":178,"height":11}},{"id":"3fe6c58a-6a10-446a-b780-b85a9e4cd189","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":123,"box":{"x":103,"y":687,"width":585,"height":11}},{"id":"f7001ce9-854c-4e53-84bc-8a60ecd2b841","block_type":"box","text":"A Fund may purchase or sell","page_number":123,"box":{"x":694,"y":687,"width":200,"height":11}},{"id":"eeef5c15-f251-4aa2-a305-21bae888077b","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":123,"box":{"x":69,"y":703,"width":795,"height":10}},{"id":"1f750817-7195-4e30-9279-b033c547579f","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":123,"box":{"x":69,"y":717,"width":777,"height":12}},{"id":"526ca75e-aefe-4605-958f-ea791e71dd69","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":123,"box":{"x":68,"y":732,"width":820,"height":12}},{"id":"00165be3-82cd-4ece-8692-507999348335","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":123,"box":{"x":68,"y":748,"width":807,"height":11}},{"id":"f3ed9ab0-d2ef-4452-b11d-7261327ee153","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":123,"box":{"x":70,"y":763,"width":430,"height":11}},{"id":"4496d470-59c0-4bd7-b8c1-ec7c8a575a2d","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":123,"box":{"x":102,"y":785,"width":750,"height":12}},{"id":"e26116d0-34fa-4788-a804-249bb29989ab","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":123,"box":{"x":70,"y":801,"width":823,"height":11}},{"id":"7278077b-571f-44c9-a907-5dc727d71e02","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":123,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"02479635-5b12-4f2b-9eaf-ba106c8629af","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":123,"box":{"x":70,"y":831,"width":755,"height":11}},{"id":"7aaa57e5-0afa-4861-9890-dfab4d54adbd","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterpar ty credit risk between trade and settlement, but","page_number":123,"box":{"x":69,"y":846,"width":799,"height":11}},{"id":"0141f0dd-4e19-4452-bf51-10aa7f368581","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":123,"box":{"x":69,"y":861,"width":614,"height":11}},{"id":"cec78a6b-22e3-4e36-b02b-8bd29509c82c","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":123,"box":{"x":101,"y":884,"width":780,"height":11}},{"id":"83627050-3f62-4062-b818-616abd82f7b2","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":123,"box":{"x":70,"y":899,"width":823,"height":11}},{"id":"9675792c-cfb7-4246-ada5-c07a2d5c3c41","block_type":"box","text":"II-79","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3a267025-3ae2-475c-9494-4ffb6e12a612","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7918a8ec-c0fe-4de2-b888-c25be10f5287","block_type":"box","text":"securities in these transactions on the delivery date may be more or less than the price paid by the Fund to purchase","page_number":124,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"dab77255-27e2-4261-abe3-b8b75b410abf","block_type":"box","text":"the securities. The Fund will lose money if the value of the security in such a transaction declines below the purchase","page_number":124,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"c33e66c1-61b5-4b71-bfe4-5a78001762c3","block_type":"box","text":"price and will not benefit if the value of the security appreciates above the sale price during the commitment period.","page_number":124,"box":{"x":70,"y":75,"width":824,"height":11}},{"id":"cab2713e-973e-4b9d-8dc5-f5be30f39585","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":124,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"756bdeb9-2f6a-4257-9587-26efed562a7b","block_type":"box","text":"after it has been entered into, and may sell securities it has committed to purchase before those securities are","page_number":124,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"9d580060-204a-4c23-bd9f-ca7c29fee9cd","block_type":"box","text":"delivered to the Fund on the settlement date. In these cases the Fund may realize a taxable capital gain or loss.","page_number":124,"box":{"x":69,"y":128,"width":799,"height":11}},{"id":"fd31541f-2a5a-4bec-afd7-06f986687a65","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other par ty to","page_number":124,"box":{"x":101,"y":150,"width":784,"height":12}},{"id":"82e5fa4d-66aa-4b80-bdc0-c03c9fd970ed","block_type":"box","text":"consummate the trade. Failure of such par ty to do so may result in the Fund’s incurring a loss or missing an","page_number":124,"box":{"x":69,"y":166,"width":772,"height":11}},{"id":"845284a9-a28f-4fa7-8133-05bc6401a039","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":124,"box":{"x":69,"y":181,"width":434,"height":11}},{"id":"1b05bab7-e918-4851-9f2c-0a6fab1836ff","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":124,"box":{"x":101,"y":203,"width":745,"height":12}},{"id":"519b5ac3-5046-4853-90c9-1dac44864678","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":124,"box":{"x":68,"y":218,"width":831,"height":12}},{"id":"d6b521a7-f984-4e2d-ba22-d19969c80062","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":124,"box":{"x":69,"y":234,"width":823,"height":11}},{"id":"2fa2caf2-cb36-42c6-a3c7-078719b72da9","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":124,"box":{"x":68,"y":249,"width":514,"height":11}},{"id":"137c5587-9f33-4db3-a52d-42d00fe13054","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":124,"box":{"x":102,"y":271,"width":759,"height":12}},{"id":"d7970148-8441-469a-90e8-6f26643ac168","block_type":"box","text":"securities (","page_number":124,"box":{"x":69,"y":287,"width":78,"height":11}},{"id":"8ca886cb-f8e3-4dc2-a61b-1c1ddc8f2aa4","block_type":"box","text":"e.g.","page_number":124,"box":{"x":148,"y":288,"width":25,"height":10}},{"id":"41e34836-569e-44d0-9f4b-b1335272a4b2","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":124,"box":{"x":176,"y":286,"width":686,"height":12}},{"id":"a234fbc4-5a37-441c-84a9-95df757f2136","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":124,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"7c926d30-18e1-4bb2-b00e-70875e860a35","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":124,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"e3b63e1d-b02f-4c9d-b270-fca719e5d6b1","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":124,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"850d2604-612f-48b2-954f-e17eb0386415","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":124,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"d996021d-7987-4762-9420-a33b8c9c1ddb","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":124,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"36903f95-e6de-49a2-98e8-762d5c069038","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":124,"box":{"x":70,"y":377,"width":349,"height":11}},{"id":"c0b2826e-8f61-46a2-b0a9-3e713adb3ac6","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":124,"box":{"x":102,"y":400,"width":800,"height":11}},{"id":"bdc8088a-85ee-4f2e-b314-812b909a1803","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many agreements with respect to when-issued, TBA","page_number":124,"box":{"x":68,"y":415,"width":829,"height":11}},{"id":"98e33355-e27c-4c8b-9c69-e1aa946b6b84","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":124,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"68bae4dd-acd9-4a8c-9c41-df093bc83f4d","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":124,"box":{"x":68,"y":445,"width":799,"height":12}},{"id":"31fe5619-b148-41cc-bdaf-8ea5e6d44a62","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":124,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"1567afa9-9ed9-4803-993b-3138a20037e6","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":124,"box":{"x":70,"y":476,"width":824,"height":11}},{"id":"60ca69b1-89c3-4770-a89d-f9c087aa8920","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":124,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"b327efbf-7a49-4cae-9289-783b5126e93a","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":124,"box":{"x":68,"y":506,"width":573,"height":11}},{"id":"e4610bc3-fcf8-4caa-a77b-4f3b0c493a67","block_type":"box","text":"Yields and Ratings.","page_number":124,"box":{"x":103,"y":529,"width":139,"height":11}},{"id":"972d4478-5e08-4747-b0fc-c9a7bb798dc0","block_type":"box","text":"The yields on cer tain obligations are dependent on a variety of factors, including general","page_number":124,"box":{"x":247,"y":528,"width":628,"height":12}},{"id":"781c5368-4252-49aa-b824-988113f62685","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":124,"box":{"x":69,"y":543,"width":834,"height":12}},{"id":"361731c6-1b7d-4ece-959b-7491f2f548a3","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":124,"box":{"x":69,"y":559,"width":799,"height":11}},{"id":"eea3bf71-150d-46bd-8e4e-cd6f2079f110","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":124,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"512fcfac-c54e-4582-b357-1daefb36c474","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":124,"box":{"x":68,"y":589,"width":792,"height":11}},{"id":"77ad687b-b36c-42a7-baf2-d235056228dd","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":124,"box":{"x":70,"y":604,"width":827,"height":11}},{"id":"32894302-897b-4fe0-9089-810ee422ca35","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":124,"box":{"x":69,"y":619,"width":786,"height":11}},{"id":"a44cb59a-b122-45a3-a4d3-5f99282019a4","block_type":"box","text":"continue to hold the security.","page_number":124,"box":{"x":69,"y":634,"width":204,"height":11}},{"id":"1b28441c-1eff-4c01-b95f-2644cc22dc81","block_type":"box","text":"Zero Coupon Securities.","page_number":124,"box":{"x":102,"y":657,"width":175,"height":11}},{"id":"d7287618-1235-4f7e-92c8-4c2b5f0e8fdc","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":124,"box":{"x":283,"y":657,"width":601,"height":11}},{"id":"2bbaefb4-cd3c-43bb-8560-dbce60f69319","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":124,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"658ff82a-a88a-496e-ab29-566d3bd14422","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":124,"box":{"x":69,"y":687,"width":822,"height":11}},{"id":"66a900f3-20ea-4d32-a460-20251be803d9","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":124,"box":{"x":68,"y":702,"width":814,"height":11}},{"id":"e2de7e51-b4f9-415b-904f-9bdbefcab5d9","block_type":"box","text":"security.","page_number":124,"box":{"x":69,"y":718,"width":57,"height":11}},{"id":"2fd2a8e0-cd34-4472-a2b1-eedd432d175d","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":124,"box":{"x":101,"y":740,"width":749,"height":11}},{"id":"f7ad97c3-1f6b-4401-93d9-6840f4b96d5d","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":124,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"5bd7358a-d64c-4a15-92e0-f0f9d0b767d4","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":124,"box":{"x":69,"y":770,"width":833,"height":12}},{"id":"577261a1-75ae-4a70-bb0e-68926bbc0d10","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":124,"box":{"x":70,"y":785,"width":836,"height":12}},{"id":"6b6fa8ec-2573-479b-8783-97d4572d9d29","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":124,"box":{"x":69,"y":801,"width":804,"height":11}},{"id":"45756a57-6b7b-4632-a3a6-3c8f5e9aea0c","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":124,"box":{"x":68,"y":816,"width":824,"height":11}},{"id":"5b96e873-a4db-45bd-9204-53998dc95d5f","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":124,"box":{"x":68,"y":831,"width":805,"height":11}},{"id":"cb4e0ed2-6e9f-42b5-8e14-521824ffd642","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":124,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"352a9f09-8be8-43c7-854f-ce1c38185b6b","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shor ter term zero coupon bonds. These investments","page_number":124,"box":{"x":69,"y":861,"width":791,"height":11}},{"id":"a34e83fe-1c97-4a63-b720-79aa38047c32","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":124,"box":{"x":69,"y":876,"width":800,"height":11}},{"id":"3d2086f9-95de-49bd-8398-9d9d01cc1d31","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":124,"box":{"x":69,"y":891,"width":400,"height":12}},{"id":"e5c8a00b-9386-45e0-8557-8290429f00c7","block_type":"box","text":"II-80","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"65c594d1-3c02-4895-babc-cbc2c6de5e6a","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3fb5624c-c216-40b8-b9a0-fcd119f26024","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":125,"box":{"x":101,"y":45,"width":775,"height":11}},{"id":"e9e962fe-1df8-4d17-9148-b3f7f9526d2a","block_type":"box","text":"prior to the receipt of cash payments. Zero coupon securities may be subject to greater fluctuation in value and less","page_number":125,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"b242555f-240d-4476-8f6a-769de21808ec","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":125,"box":{"x":70,"y":75,"width":826,"height":11}},{"id":"2827ae23-bb56-47f4-8e6a-9e7670f73b7d","block_type":"box","text":"intervals.","page_number":125,"box":{"x":70,"y":90,"width":64,"height":9}},{"id":"f5d1f2f6-c08c-4b96-8e1f-b0d6d3962c6b","block_type":"box","text":"Fur ther, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund is","page_number":125,"box":{"x":102,"y":113,"width":749,"height":11}},{"id":"f08542ff-1352-49d3-b18a-8e43007f15d9","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":125,"box":{"x":69,"y":128,"width":784,"height":11}},{"id":"038bc6dc-48a9-4328-a2fb-58e8edcf5779","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":125,"box":{"x":70,"y":143,"width":799,"height":11}},{"id":"d2143e83-5cea-49df-b134-ee50e99caf4c","block_type":"box","text":"generate the cash to satisfy these distributions. The required distributions may result in an increase in a Fund’s","page_number":125,"box":{"x":68,"y":158,"width":799,"height":11}},{"id":"1b44855e-dbb3-41a5-aef5-52b59c60002c","block_type":"box","text":"exposure to zero coupon securities.","page_number":125,"box":{"x":69,"y":173,"width":253,"height":11}},{"id":"d235bfc0-5cd4-4710-8f65-d8a15a6c89d3","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":125,"box":{"x":102,"y":196,"width":740,"height":11}},{"id":"fa3845fd-0588-4eaa-b287-1b9f7716f177","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":125,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"9d050248-e322-485c-87d9-25495c084f69","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":125,"box":{"x":70,"y":226,"width":829,"height":11}},{"id":"d5bdc756-9514-4f6e-a320-94bcd8bd9ddd","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":125,"box":{"x":69,"y":241,"width":741,"height":11}},{"id":"ea68d0bf-0837-4839-a45c-069248a5463d","block_type":"box","text":"Suitability. (All Funds)","page_number":125,"box":{"x":101,"y":264,"width":161,"height":11}},{"id":"175d79ca-66fa-4947-abef-8c5e7937b8a1","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":125,"box":{"x":101,"y":286,"width":793,"height":12}},{"id":"e580bf5d-e0f9-4410-a638-66ffe4126e77","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":125,"box":{"x":68,"y":302,"width":811,"height":11}},{"id":"469cd761-e3e3-48aa-94d0-8ab6359643d1","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":125,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"4fb7f82e-da85-470b-9a5c-23d84b3a48b7","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":125,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"5eb96eff-74df-4f9f-9ac2-b11faf039469","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":125,"box":{"x":68,"y":347,"width":460,"height":11}},{"id":"9c46f760-951d-49a1-bdd4-dcae7d692ca9","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":125,"box":{"x":102,"y":370,"width":264,"height":11}},{"id":"28b424bb-16f9-456d-97ae-dc305ab07d09","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":125,"box":{"x":102,"y":392,"width":745,"height":11}},{"id":"51d2a20e-91cc-4188-91b4-2cb55f3c59d5","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":125,"box":{"x":68,"y":407,"width":807,"height":12}},{"id":"01cd0d5d-747b-4021-80a9-82a0b0f17a0d","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":125,"box":{"x":69,"y":423,"width":528,"height":11}},{"id":"116e6059-9434-4ae1-b1e0-780a04231479","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":125,"box":{"x":102,"y":445,"width":735,"height":12}},{"id":"eadf61fa-a519-4cd9-a983-3c9225430e2f","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":125,"box":{"x":69,"y":460,"width":775,"height":12}},{"id":"143a7c2d-d1ea-4a5e-837f-2a487ea3d8ec","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":125,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"02a4e2ea-3cbe-482b-baa7-6dfe379ac3ba","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":125,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"735fd14b-2eb0-4193-9493-9f3ed8bdc1a5","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":125,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"b245262f-1a71-41d4-880f-f416e46f8bd8","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":125,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"cd9abb59-1319-464c-ab05-014d64efa1ac","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":125,"box":{"x":68,"y":536,"width":802,"height":11}},{"id":"553007a2-da3f-49de-b055-2d842d9ff7d3","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":125,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"d5c94d1c-a0f4-4cbe-93eb-538c4a59b499","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":125,"box":{"x":68,"y":566,"width":819,"height":11}},{"id":"347caed4-335b-40ea-ad19-e4ee0e2ccd75","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":125,"box":{"x":69,"y":581,"width":828,"height":11}},{"id":"2a0bd152-7fab-4660-9b73-53f2c650e666","block_type":"box","text":"(","page_number":125,"box":{"x":69,"y":597,"width":3,"height":10}},{"id":"b64a7b88-e2ee-4108-a4a3-4a4e5388ebd4","block_type":"box","text":"i.e.","page_number":125,"box":{"x":74,"y":597,"width":21,"height":8}},{"id":"e9e0bf61-af56-431a-a2d0-4b74417842cc","block_type":"box","text":", par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":125,"box":{"x":97,"y":597,"width":806,"height":11}},{"id":"1d89adab-1991-4700-84d5-03da71a35e6d","block_type":"box","text":"par tnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":125,"box":{"x":70,"y":612,"width":824,"height":11}},{"id":"6892f79f-cc8a-4d46-8d2f-0e5db0631ce5","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":125,"box":{"x":69,"y":627,"width":824,"height":11}},{"id":"b3835a9e-12b4-45fb-994e-29160e1a4d48","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":125,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"d4e1ba0a-3bfa-49bd-b39e-8e7bd8c447c4","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":125,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"18ab59bd-5288-4135-be43-d8255166e3e5","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":125,"box":{"x":69,"y":672,"width":781,"height":11}},{"id":"ce0e4798-47d4-448d-9977-4c6f18b68be1","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":125,"box":{"x":68,"y":687,"width":810,"height":11}},{"id":"6ad1e83c-d5c0-4f80-a262-94826188b6ea","block_type":"box","text":"regarded as the sole issuer.","page_number":125,"box":{"x":69,"y":703,"width":198,"height":11}},{"id":"913fff0e-721a-4b3d-bce5-505b9a258e11","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":125,"box":{"x":102,"y":725,"width":784,"height":11}},{"id":"8bca1b65-9298-468e-841d-65eafca70227","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":125,"box":{"x":69,"y":740,"width":819,"height":11}},{"id":"a6614c08-9c51-43fc-ae3d-ab19880a8b67","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":125,"box":{"x":69,"y":755,"width":811,"height":11}},{"id":"2e299272-2c47-4db6-acab-0fb624d6e1f8","block_type":"box","text":"Fund to the extent necessary to comply with changes to the U.S. federal tax requirements. 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For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":126,"box":{"x":69,"y":325,"width":810,"height":11}},{"id":"8e601ea5-205e-43da-8329-6ec2f86ce94d","block_type":"box","text":"Management Fee.","page_number":126,"box":{"x":102,"y":348,"width":126,"height":11}},{"id":"d50eb27d-474b-4d6f-9714-0fcc48ed4980","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":126,"box":{"x":235,"y":348,"width":646,"height":11}},{"id":"2aa7feb6-2c3c-4d72-816d-ec305cab17dd","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":126,"box":{"x":68,"y":363,"width":841,"height":11}},{"id":"55bff545-cd23-4b97-96d9-23e83ad66ab7","block_type":"box","text":"net assets of the Fund. 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Cer tain accounting services are provided to each Fund","page_number":126,"box":{"x":69,"y":597,"width":825,"height":11}},{"id":"4c7832f1-e2d6-4c92-89fd-88849ef81135","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":126,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"25453ade-a092-4519-adeb-365dbaca59ac","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":126,"box":{"x":69,"y":627,"width":794,"height":12}},{"id":"23808ce7-86c0-457b-bc67-3f667d6a21fd","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. The Distributor pays cer tain promotional","page_number":126,"box":{"x":69,"y":642,"width":778,"height":12}},{"id":"d52cc108-1f1d-4fc4-9f79-b8220479e130","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":126,"box":{"x":69,"y":658,"width":839,"height":11}},{"id":"941f601a-d47a-4c32-a18a-5460b5959ace","block_type":"box","text":"by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the Investment Company Act. 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Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":126,"box":{"x":70,"y":778,"width":819,"height":12}},{"id":"bde3f46f-abe2-495d-9a1c-fe4c8f0d8975","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":126,"box":{"x":70,"y":794,"width":817,"height":11}},{"id":"91dac191-ca32-44c7-9892-ffb4ee8103b7","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":126,"box":{"x":69,"y":809,"width":768,"height":11}},{"id":"aa11ee1f-8ede-4d89-8469-605baa2fcc68","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":126,"box":{"x":69,"y":824,"width":821,"height":11}},{"id":"690d44b6-fa1b-46b1-855e-69af93414c5b","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":126,"box":{"x":69,"y":839,"width":517,"height":11}},{"id":"e043c6db-409a-40d8-80da-6bd240ceea34","block_type":"box","text":"Duration and Termination.","page_number":126,"box":{"x":102,"y":862,"width":182,"height":9}},{"id":"e3a12dfe-6118-4e16-82b5-05b913e1af73","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":126,"box":{"x":292,"y":862,"width":613,"height":11}},{"id":"9d11ef82-8a40-47a5-beb3-12ea6fb1bfa2","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":126,"box":{"x":69,"y":877,"width":835,"height":11}},{"id":"a103da4b-d718-4407-8492-9d614ffc631c","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":126,"box":{"x":69,"y":892,"width":803,"height":11}},{"id":"0e885256-723e-4676-a63c-82bf4bd2a541","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":126,"box":{"x":69,"y":907,"width":839,"height":11}},{"id":"adf3a76d-99ab-4b38-ba2d-58b15d3a97ae","block_type":"box","text":"II-82","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"40af22a5-9e0c-4862-863e-280bafab1585","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7b1ff5dc-443e-45d6-a89a-2aed6a29481f","block_type":"box","text":"in the Investment Company Act) of any such par ty. 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In addition, the Manager maintains an internal restricted list to prevent trading by the","page_number":133,"box":{"x":68,"y":158,"width":822,"height":11}},{"id":"bba1dfb8-2e38-47e6-ae6e-f88d2d9c02cf","block_type":"box","text":"personnel of the Manager or its affiliates in securities — including securities held by a Fund — about which the","page_number":133,"box":{"x":70,"y":173,"width":793,"height":11}},{"id":"0aea0bab-1c62-453b-acd2-e05010b0d862","block_type":"box","text":"Manager has Confidential Information. 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(collectively referred to in this section as “BlackRock”) and their respective directors,","page_number":133,"box":{"x":69,"y":286,"width":829,"height":12}},{"id":"f658b167-630e-4532-8f4b-a89c76072c09","block_type":"box","text":"officers or employees, with respect to the Funds and/or other accounts managed by BlackRock, may give rise to","page_number":133,"box":{"x":69,"y":302,"width":802,"height":11}},{"id":"f4544d77-22db-486f-9743-4946decdcf27","block_type":"box","text":"actual or perceived conflicts of interest such as those described below.","page_number":133,"box":{"x":69,"y":317,"width":507,"height":11}},{"id":"70820175-efcb-4f91-a633-7c22628fcc51","block_type":"box","text":"BlackRock is one of the world’s largest asset management firms. BlackRock, its subsidiaries and their","page_number":133,"box":{"x":102,"y":339,"width":731,"height":12}},{"id":"e576bcad-627c-48c0-b595-aa143d1d6f2b","block_type":"box","text":"respective directors, officers and employees, including the business units or entities and personnel who may be","page_number":133,"box":{"x":69,"y":355,"width":799,"height":11}},{"id":"21652e68-0916-44a6-bad8-0016deaeada3","block_type":"box","text":"involved in the investment activities and business operations of a Fund, are engaged worldwide in businesses,","page_number":133,"box":{"x":70,"y":370,"width":786,"height":11}},{"id":"6c690785-b886-40eb-b1ed-26e8cafa1ba3","block_type":"box","text":"including managing equities, fixed income securities, cash and alternative investments, and other financial services,","page_number":133,"box":{"x":70,"y":385,"width":829,"height":11}},{"id":"76008f93-79fd-4bc2-8eaa-e8409e12b8ee","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":133,"box":{"x":69,"y":400,"width":804,"height":11}},{"id":"95ea3147-0a0d-4491-ae37-7ed31bd65fbb","block_type":"box","text":"should be aware, and which may cause conflicts of interest that could disadvantage a Fund and its shareholders.","page_number":133,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"e28921bf-db08-47b7-bcbc-814d446c6496","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":133,"box":{"x":101,"y":438,"width":722,"height":11}},{"id":"1681e89e-7fd7-4749-9d71-553e05518df4","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be purchased","page_number":133,"box":{"x":69,"y":453,"width":827,"height":11}},{"id":"0e53cf63-fd64-4267-ab8c-ecf691ade4d0","block_type":"box","text":"or sold by a Fund.","page_number":133,"box":{"x":69,"y":468,"width":125,"height":11}},{"id":"eb0af459-fde3-4fe7-84d2-833b29d2092c","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or funds","page_number":133,"box":{"x":102,"y":491,"width":762,"height":11}},{"id":"2e0d5503-1af1-46bc-9528-ace8f48d78f1","block_type":"box","text":"(including separate accounts and other funds and collective investment vehicles) that have investment objectives","page_number":133,"box":{"x":69,"y":506,"width":806,"height":11}},{"id":"3eee0524-1410-4ed2-b43e-5d7cd156d46c","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":133,"box":{"x":70,"y":521,"width":828,"height":11}},{"id":"dbb41989-9938-47d6-8d7f-34d49abf7d29","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":133,"box":{"x":69,"y":536,"width":808,"height":11}},{"id":"7dbcd3cb-cf97-4c28-b4eb-497fbd66f4ab","block_type":"box","text":"substantially similar to those of a Fund but with different fees and expenses, governance and structures, and/or","page_number":133,"box":{"x":69,"y":551,"width":803,"height":11}},{"id":"53becb6b-daf2-494c-ac0b-ec37e1082958","block_type":"box","text":"services provided by BlackRock","page_number":133,"box":{"x":69,"y":566,"width":224,"height":11}},{"id":"5186e8e7-ca21-4c22-931e-af719cb3d54a","block_type":"box","text":".","page_number":133,"box":{"x":295,"y":574,"width":2,"height":1}},{"id":"8fdd668c-5973-4cfe-a97c-50caf15bb8e5","block_type":"box","text":"BlackRock is also a major par ticipant in the global currency, equities, swap and fixed","page_number":133,"box":{"x":304,"y":566,"width":603,"height":11}},{"id":"d0bba370-1a6a-42ed-b7fe-7a97e7c72fd8","block_type":"box","text":"income markets, in each case, for the accounts of clients and, in some cases, on a proprietary basis. As such,","page_number":133,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"7f16c1e6-eb32-4a55-a5d0-38ce8d92e332","block_type":"box","text":"BlackRock is or may be actively engaged in transactions in the same securities, currencies, and instruments in which","page_number":133,"box":{"x":70,"y":597,"width":835,"height":11}},{"id":"20f71c97-9eca-4f14-82c6-a9930f16a70e","block_type":"box","text":"a Fund invests.","page_number":133,"box":{"x":69,"y":612,"width":106,"height":9}},{"id":"045fedbc-41ef-43b9-875f-cf3a097ff776","block_type":"box","text":"Such activities could affect the prices and availability of the securities, currencies, and instruments in which a","page_number":133,"box":{"x":102,"y":634,"width":785,"height":11}},{"id":"4fe2a0c8-6550-4d3d-96c3-2d7ee48c0075","block_type":"box","text":"Fund invests, which could have an adverse impact on a Fund’s per formance. Such transactions, par ticularly in","page_number":133,"box":{"x":70,"y":649,"width":785,"height":12}},{"id":"3460294d-6d30-4f40-8d24-497fded214c1","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":133,"box":{"x":69,"y":664,"width":832,"height":12}},{"id":"4e9117b4-a3a6-43ce-83b2-3c020d13d6f8","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":133,"box":{"x":68,"y":680,"width":652,"height":11}},{"id":"907bcddc-ae1b-45b7-b4b2-98f668f682ff","block_type":"box","text":"In addition, the por tfolio holdings of cer tain BlackRock-advised investment vehicles managed in an identical or","page_number":133,"box":{"x":102,"y":702,"width":787,"height":12}},{"id":"92440f3d-9aa7-4531-9fc4-1c2d7c140ecc","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":133,"box":{"x":69,"y":718,"width":832,"height":11}},{"id":"d4b6d01b-f1f7-449b-a867-81c18d984862","block_type":"box","text":"Fund. In some cases, such por tfolio holdings are made publicly available on a daily basis. While not expected, it is","page_number":133,"box":{"x":70,"y":732,"width":816,"height":12}},{"id":"8f3e2dfa-78a9-4802-bd76-f87f46bf9e59","block_type":"box","text":"possible that a recipient of por tfolio holdings information for such an investment vehicle could cause harm to a Fund","page_number":133,"box":{"x":70,"y":748,"width":831,"height":11}},{"id":"3161fda1-647c-4101-b203-12a29083902d","block_type":"box","text":"that is managed in an identical or substantially similar manner, including by trading ahead of or against such Fund","page_number":133,"box":{"x":68,"y":763,"width":813,"height":11}},{"id":"16772333-7848-41be-ba19-9679f6adba9c","block_type":"box","text":"based on the information received.","page_number":133,"box":{"x":69,"y":778,"width":247,"height":9}},{"id":"7eaad377-db53-4f6c-9aa1-43dc26d96e45","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the assets","page_number":133,"box":{"x":101,"y":801,"width":777,"height":11}},{"id":"81bfcf90-e10e-4bcc-a376-a2a2c67ca749","block_type":"box","text":"actually purchased or sold may be allocated among the accounts on a basis determined in its good faith discretion to","page_number":133,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"f2b15b64-bb76-463c-ad9b-90c42e7e68f8","block_type":"box","text":"be equitable. 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This may occur with","page_number":133,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"6a1e2759-c57f-4beb-b456-0c781929e46d","block_type":"box","text":"respect to BlackRock-advised accounts when investment decisions regarding a Fund are based on research or other","page_number":133,"box":{"x":69,"y":891,"width":827,"height":12}},{"id":"75fc7b19-5854-4f14-868a-53c61e892e4b","block_type":"box","text":"information that is also used to suppor t decisions for other accounts. 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BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":134,"box":{"x":69,"y":90,"width":776,"height":11}},{"id":"692a0b52-a764-46c3-9965-2dae11b4a8ec","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":134,"box":{"x":70,"y":105,"width":774,"height":11}},{"id":"8a65d128-ed02-47e4-8ade-9f10b015bdfa","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":134,"box":{"x":69,"y":120,"width":781,"height":12}},{"id":"52263acd-e5a2-42f3-a756-9a664d23335b","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":134,"box":{"x":69,"y":135,"width":787,"height":12}},{"id":"6c7f5de7-ffba-43d6-b240-242f6058484f","block_type":"box","text":"BlackRock. 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BlackRock may pursue rights, provide","page_number":134,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"212a79e9-c47c-434d-b868-66079c8af1d0","block_type":"box","text":"advice or engage in other activities, or refrain from pursuing rights, providing advice or engaging in other activities, on","page_number":134,"box":{"x":69,"y":249,"width":835,"height":11}},{"id":"a13e73d4-dd68-4258-910a-c9a02984fce7","block_type":"box","text":"behalf of other clients with respect to an issuer in which a Fund has invested, and such actions (or refraining from","page_number":134,"box":{"x":69,"y":264,"width":812,"height":11}},{"id":"1b19d73c-6c1d-45ee-b0e8-cf692f120d12","block_type":"box","text":"action) may have a material adverse effect on the Fund. In situations in which clients of BlackRock (including the","page_number":134,"box":{"x":69,"y":279,"width":803,"height":11}},{"id":"00c9bad9-380c-4888-bb91-fa8b3ec2c049","block_type":"box","text":"Funds) hold positions in multiple par ts of the capital structure of an issuer, BlackRock may not pursue cer tain","page_number":134,"box":{"x":70,"y":294,"width":783,"height":11}},{"id":"119251d0-ac06-45f1-bbb4-805f9416bb78","block_type":"box","text":"actions or remedies that may be available to a Fund, as a result of legal and regulatory requirements or otherwise.","page_number":134,"box":{"x":69,"y":309,"width":818,"height":11}},{"id":"9753dcb9-fec7-4ce4-a363-b0d4934d1b33","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":134,"box":{"x":70,"y":324,"width":777,"height":11}},{"id":"5eaa0bdf-b1c5-4248-8c5f-d5015adc5e0d","block_type":"box","text":"par ticular situations. 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BlackRock may also determine to rely on the actions of similarly","page_number":134,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"0636d5d3-6321-4ee1-b370-fd5411c361fa","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":134,"box":{"x":69,"y":370,"width":817,"height":11}},{"id":"f3c9d275-11bc-4f5b-855a-0975d36ba0d1","block_type":"box","text":"Funds.","page_number":134,"box":{"x":70,"y":385,"width":44,"height":9}},{"id":"1797f6c5-258b-4f9e-a22e-1e136a414c37","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":134,"box":{"x":102,"y":407,"width":755,"height":12}},{"id":"fa098763-ffe8-433f-86ee-f9e897b4e2a8","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":134,"box":{"x":69,"y":423,"width":836,"height":11}},{"id":"8ec09031-4fe6-4764-922d-50ed3a55e757","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":134,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"6428232c-10cf-4840-98a6-0cd2415fa327","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":134,"box":{"x":69,"y":453,"width":679,"height":11}},{"id":"a3fd00d8-ef23-431b-b3ae-9ca1afdd1316","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":134,"box":{"x":101,"y":476,"width":760,"height":11}},{"id":"a3a54544-8b42-4688-bf97-917dc5c1143a","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":134,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"08509583-5309-4137-9cbd-4c9cd76361d1","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":134,"box":{"x":68,"y":574,"width":817,"height":11}},{"id":"12c00d53-de90-4a56-ba8e-06305446ee7a","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":134,"box":{"x":70,"y":589,"width":797,"height":11}},{"id":"b4357ad9-3467-465c-ba56-093dc87f1069","block_type":"box","text":"based on each par ty’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":134,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"70eb9f66-6521-4b2d-84d7-0391530f2625","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":134,"box":{"x":70,"y":619,"width":780,"height":11}},{"id":"a492439f-e71b-49eb-9109-5549df7c4c0a","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":134,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"0ce85b20-4000-4c30-b3ac-566a76fc864b","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":134,"box":{"x":70,"y":650,"width":457,"height":11}},{"id":"bd5f87fe-3044-4f27-8afd-a0bbe304ab2a","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":134,"box":{"x":102,"y":672,"width":784,"height":11}},{"id":"6ea23c18-33f3-46b9-9dd7-add2fd64870b","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":134,"box":{"x":69,"y":687,"width":840,"height":11}},{"id":"bf5335d7-e310-4d2d-b772-5ff2a23efa13","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":134,"box":{"x":70,"y":702,"width":827,"height":12}},{"id":"3c003ebb-fd7f-4ed8-9730-acd43de200b8","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":134,"box":{"x":70,"y":717,"width":828,"height":12}},{"id":"71bdbef0-010a-4d7f-bdeb-68c29ae63dd5","block_type":"box","text":"case.","page_number":134,"box":{"x":69,"y":735,"width":37,"height":7}},{"id":"2e39bfec-c21b-4c12-a9ed-22d7f3680dcd","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":134,"box":{"x":101,"y":755,"width":791,"height":11}},{"id":"c8791d3f-7021-4173-a6c7-0afff46e420a","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":134,"box":{"x":70,"y":771,"width":824,"height":11}},{"id":"3187cd18-c327-4cbf-9418-252df07636df","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":134,"box":{"x":69,"y":786,"width":798,"height":11}},{"id":"300d2a66-e7b9-4ced-a9a3-95eb8e83ed10","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":134,"box":{"x":69,"y":801,"width":828,"height":11}},{"id":"c186f4fe-4e8b-47a0-bde9-4fc69279bbe2","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":134,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"31b7c703-5216-486c-b836-276b608f9e6d","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":134,"box":{"x":69,"y":831,"width":767,"height":11}},{"id":"36e400eb-569f-4fd2-9c67-62fbc4035bb3","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":134,"box":{"x":102,"y":853,"width":766,"height":12}},{"id":"4ffc2346-8b11-4213-8818-16c64ef8cc46","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":134,"box":{"x":70,"y":869,"width":786,"height":11}},{"id":"9b717583-efe5-4f2b-ae5b-ff0b745ae9d4","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":134,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"b4be9eef-9f08-4fcb-81aa-c20daee7207c","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":134,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"76213f26-35cf-4fc9-abf7-fbec6cbc6cfa","block_type":"box","text":"II-90","page_number":134,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"427ef22e-4306-49ae-9584-d9904f7fafa6","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":134,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"abed94fe-2dfc-4458-b3c7-fc4799cb5fa7","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":135,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"7aa48853-037a-4aba-a61d-e002f178a358","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":135,"box":{"x":68,"y":60,"width":790,"height":11}},{"id":"d90c7e0f-c41e-460a-bd4a-e6513eff90d8","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":135,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"7d749b37-2063-412c-a881-2044a424f3ca","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":135,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"de3c8c2c-fb70-48dd-b480-cf745ca42e16","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":135,"box":{"x":70,"y":105,"width":271,"height":11}},{"id":"8eee156f-8b84-4be7-b15a-cb5904dd38f8","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to cer tain fundamental analysis and","page_number":135,"box":{"x":102,"y":128,"width":792,"height":11}},{"id":"4f409310-bfea-462c-908b-e189cb05bdc4","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":135,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"aa5050b3-cc7c-4632-a043-f756fc8c48c5","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":135,"box":{"x":68,"y":158,"width":821,"height":11}},{"id":"d5bf7fb8-f333-49a2-8f52-7af1fd38e5e6","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":135,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"f8cbe945-800a-4b28-a395-55fc0a7939b9","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":135,"box":{"x":69,"y":188,"width":793,"height":12}},{"id":"2c1abc1d-6473-4e9f-bd86-9396a86cfac0","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":135,"box":{"x":69,"y":203,"width":762,"height":12}},{"id":"3f947118-01a3-40d7-a43e-ecfb3b031d5b","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":135,"box":{"x":70,"y":218,"width":839,"height":12}},{"id":"05f8c86d-287a-40d8-9b08-ae491e5c523b","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":135,"box":{"x":70,"y":234,"width":795,"height":11}},{"id":"225289d7-7a06-4da4-a99a-12be3d901e9c","block_type":"box","text":"managing a Fund.","page_number":135,"box":{"x":69,"y":249,"width":124,"height":11}},{"id":"7b5257a0-b9de-4e53-b114-7b622116fcbd","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":135,"box":{"x":101,"y":271,"width":751,"height":12}},{"id":"10c0d2f5-60a8-45a6-88f9-848f37074917","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":135,"box":{"x":69,"y":286,"width":830,"height":12}},{"id":"9535405f-b488-468e-b764-b98ed79d317c","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":135,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"01b1df09-8fa0-44b5-beed-ac0a3dc60c9e","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":135,"box":{"x":68,"y":317,"width":785,"height":11}},{"id":"0facbdc6-837b-462f-b163-493f41890f15","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":135,"box":{"x":70,"y":332,"width":481,"height":11}},{"id":"aa236ee6-d951-4027-b4a4-fd92b1650d18","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":135,"box":{"x":102,"y":355,"width":754,"height":11}},{"id":"fd7bae53-988c-45a8-bd2b-af2bdb127ba3","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":135,"box":{"x":69,"y":370,"width":804,"height":11}},{"id":"daabdace-5efb-41db-9510-d595721f0686","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":135,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"1e85e440-660f-45da-a5b4-c49381c47e15","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":135,"box":{"x":69,"y":400,"width":680,"height":11}},{"id":"9b5dd1f6-916d-41ec-b9af-6d7dab1d3797","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":135,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"2094bdaa-0ac7-4669-bada-9670ec88ab7f","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":135,"box":{"x":70,"y":438,"width":820,"height":11}},{"id":"3bf05972-2c3e-46e4-bc66-16c8cb93c6c9","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":135,"box":{"x":69,"y":453,"width":837,"height":11}},{"id":"3b9b1637-3a33-4075-ac4f-8ee6a6bf3cd1","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":135,"box":{"x":70,"y":468,"width":832,"height":11}},{"id":"1575a33c-fe1b-470a-9b8c-c0de60c2df29","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":135,"box":{"x":69,"y":483,"width":813,"height":11}},{"id":"659908d9-3b12-4622-9ede-1e2f53a22c2a","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":135,"box":{"x":70,"y":498,"width":344,"height":11}},{"id":"1dc0ea48-04ad-41d2-898d-bb46f003b227","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":135,"box":{"x":102,"y":521,"width":741,"height":11}},{"id":"a425aeaf-cf4c-44d6-ac7a-199ed7d08678","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":135,"box":{"x":70,"y":536,"width":824,"height":11}},{"id":"b7ade513-ab8d-436e-9e1a-bcc9474669bf","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":135,"box":{"x":68,"y":551,"width":825,"height":11}},{"id":"9fd70db7-ed96-41c4-93a4-dcf87186f61f","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":135,"box":{"x":69,"y":566,"width":777,"height":11}},{"id":"5c2dd2cb-d578-407a-a4c6-c013daa58c4c","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":135,"box":{"x":69,"y":581,"width":810,"height":12}},{"id":"ffce5251-86d1-4094-877b-7e2fe902a8ea","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":135,"box":{"x":69,"y":597,"width":784,"height":11}},{"id":"23027312-5990-4c00-b6fb-bc23ebc621d3","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":135,"box":{"x":70,"y":612,"width":798,"height":11}},{"id":"5ba06289-c835-40b3-a4b9-a42cd9a63c1a","block_type":"box","text":"under management for BlackRock.","page_number":135,"box":{"x":69,"y":627,"width":243,"height":11}},{"id":"9000a9cf-c17a-411b-8244-3a9a66a96d1d","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":135,"box":{"x":101,"y":649,"width":773,"height":12}},{"id":"24e9e0de-d2bd-42b0-82ed-fb0a9f71061c","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":135,"box":{"x":69,"y":664,"width":797,"height":12}},{"id":"4c964126-f10b-450d-bea2-7db8da7a7042","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":135,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"b464572f-ee24-47e0-b94d-517a64e32880","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":135,"box":{"x":68,"y":695,"width":837,"height":11}},{"id":"3fa8df6a-d5ea-44b7-bb7f-24bb8995ae1e","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":135,"box":{"x":70,"y":710,"width":781,"height":11}},{"id":"5f32447e-28ee-4ba0-a45b-14f84a2e6849","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":135,"box":{"x":101,"y":733,"width":779,"height":11}},{"id":"50a771ae-385a-46a4-a7e5-7d6902b1f959","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":135,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"9ec44a7a-81b4-46a7-be3e-6d9b2c4b172b","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":135,"box":{"x":69,"y":763,"width":821,"height":11}},{"id":"c7f1fb59-f0c7-4322-b854-180dadae2a3e","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":135,"box":{"x":68,"y":778,"width":802,"height":11}},{"id":"c6de9b44-e309-4505-bd2c-04eb51d04b63","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":135,"box":{"x":69,"y":793,"width":792,"height":11}},{"id":"eeae54aa-0706-4462-9c24-826ee3874e86","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":135,"box":{"x":69,"y":808,"width":832,"height":11}},{"id":"bc6a5e73-661a-4cf8-84f3-9523ab2ed739","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":135,"box":{"x":70,"y":823,"width":833,"height":11}},{"id":"4385980d-adca-407b-af3a-eff48cd67951","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":135,"box":{"x":68,"y":838,"width":726,"height":12}},{"id":"bfb81299-1581-4025-8e5c-19ca00f28300","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":135,"box":{"x":102,"y":861,"width":796,"height":11}},{"id":"a1be5578-b4d7-44e5-9563-50d7da18f0df","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":135,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"0f032d4b-e0b2-4408-a702-9c4e1037abe3","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":135,"box":{"x":69,"y":891,"width":823,"height":12}},{"id":"d7d52303-440e-42b7-80c7-3327d3872c67","block_type":"box","text":"II-91","page_number":135,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"28f8b802-26ee-4320-9831-a1466849ad21","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":135,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fe0eff96-3844-4f99-ad3e-92f6a7796de5","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":136,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"448fecb1-c20f-4dbc-8bdd-abe905df89ba","block_type":"box","text":"any such fees or other amounts.","page_number":136,"box":{"x":69,"y":60,"width":230,"height":11}},{"id":"94c7fbaa-9e06-4cbe-8975-dfd9b4de1a93","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":136,"box":{"x":101,"y":83,"width":805,"height":11}},{"id":"d529483f-ea30-4c27-bf1c-a5a2aa36fd84","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":136,"box":{"x":70,"y":98,"width":768,"height":11}},{"id":"f3ee68e4-b277-4cee-8f75-57a5f9eb6965","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":136,"box":{"x":101,"y":120,"width":766,"height":11}},{"id":"30d5c8fc-e016-4a93-8c4d-496822201ee8","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":136,"box":{"x":69,"y":136,"width":793,"height":11}},{"id":"8fa0f05f-832c-4636-a4b3-955cd310c836","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":136,"box":{"x":69,"y":150,"width":835,"height":12}},{"id":"bd388d8b-f2cb-404b-b0f6-9a8d314d20c9","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":136,"box":{"x":70,"y":166,"width":374,"height":11}},{"id":"e0450150-d408-46a9-9df0-56eb91b28723","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":136,"box":{"x":102,"y":188,"width":768,"height":12}},{"id":"f87af2d3-ddef-44d3-927f-aa74971a845c","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":136,"box":{"x":69,"y":203,"width":829,"height":12}},{"id":"e4668b47-9e25-4905-baf2-e67ff8146d98","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":136,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"8e28a41f-cd32-4463-83ed-7577b01d710d","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":136,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"bfb79703-7ad4-49d2-bbab-d585f19abdfa","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":136,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"def81ed0-b585-4ee0-a7b3-47cecc26f134","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":136,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"07a4478f-be1f-4b1b-af4b-f551a746e197","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":136,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"2acd3831-d4cd-4173-8b86-8b32a048e4cd","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":136,"box":{"x":69,"y":294,"width":783,"height":11}},{"id":"c29b95b9-8374-4ae2-a326-d40eee0e1a4d","block_type":"box","text":"BlackRock. As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":136,"box":{"x":70,"y":309,"width":814,"height":11}},{"id":"b4b76d40-f630-4653-8718-9806f5df1679","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":136,"box":{"x":69,"y":325,"width":660,"height":11}},{"id":"e1e8d575-52fd-41cd-bb6e-dc772bd70c69","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":136,"box":{"x":101,"y":347,"width":767,"height":11}},{"id":"6b35637c-8c94-46f4-a8ae-e75e30fe1660","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":136,"box":{"x":68,"y":362,"width":820,"height":11}},{"id":"98cf70eb-e000-46fe-9500-31c1429a0539","block_type":"box","text":"potential dollar exposure of collateral shor tfall resulting from a borrower default (“shor tfall risk”) in the securities","page_number":136,"box":{"x":70,"y":377,"width":806,"height":12}},{"id":"8732acaa-f1bd-4f0f-9dff-302d2b8bcd0a","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":136,"box":{"x":70,"y":393,"width":816,"height":11}},{"id":"9d97a602-6235-4a5c-a424-03d31ddb509d","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":136,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"956ee8d7-dc0e-4b79-a4db-02718344182e","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":136,"box":{"x":70,"y":423,"width":727,"height":11}},{"id":"a8ec7376-582f-4c46-83f2-8baee1c9fe76","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":136,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"9fc0a367-b007-4cfb-bf98-901b57007014","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":136,"box":{"x":69,"y":453,"width":786,"height":11}},{"id":"2300d9fb-bd6a-480b-b83b-867239b146e6","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":136,"box":{"x":70,"y":468,"width":796,"height":11}},{"id":"33ed81f1-fd0e-4c86-bc15-717ce71269f8","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":136,"box":{"x":69,"y":483,"width":799,"height":11}},{"id":"cc76274a-eda9-4e71-a547-b0e39a8d1e45","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":136,"box":{"x":69,"y":498,"width":356,"height":11}},{"id":"fcf1d64b-0f6c-4e48-bbbc-f0e8c4a5f14f","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":136,"box":{"x":102,"y":521,"width":801,"height":11}},{"id":"5b07a51b-b674-4d51-b343-1f07a3d550a6","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":136,"box":{"x":68,"y":536,"width":817,"height":11}},{"id":"59cdb68d-fbc4-474a-80a3-40e53f87adcd","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":136,"box":{"x":69,"y":551,"width":784,"height":11}},{"id":"33df4809-43c0-4738-b22f-ad0af79278b6","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":136,"box":{"x":69,"y":566,"width":789,"height":11}},{"id":"e2614e28-53f4-4b4d-973a-6ac29038b0d7","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":136,"box":{"x":70,"y":581,"width":783,"height":11}},{"id":"fd0daae9-fffc-449e-8bd1-15fbdb9534e4","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":136,"box":{"x":70,"y":596,"width":790,"height":12}},{"id":"41112103-d53a-458f-acff-ad8e5eac160c","block_type":"box","text":"regulation.","page_number":136,"box":{"x":69,"y":612,"width":73,"height":11}},{"id":"26b5c7f9-7a9d-484a-a6aa-e369e8a73969","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":136,"box":{"x":102,"y":634,"width":777,"height":11}},{"id":"bd4c05d8-5434-45fd-8efd-23210a9730ab","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":136,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"3b23bbba-bcdd-4c1c-b14a-eed50225d1fd","block_type":"box","text":"various program limits (","page_number":136,"box":{"x":68,"y":665,"width":168,"height":11}},{"id":"f13a460e-31b7-413e-9430-e09352fdc18c","block_type":"box","text":"i.e.","page_number":136,"box":{"x":238,"y":665,"width":20,"height":8}},{"id":"95e37402-5b0a-460f-8521-9aa19a11cec7","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":136,"box":{"x":265,"y":664,"width":621,"height":12}},{"id":"73777313-557a-4647-a710-4672e5a8aaef","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":136,"box":{"x":69,"y":680,"width":827,"height":11}},{"id":"e254f339-1291-464a-9468-d7c8587756a9","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":136,"box":{"x":69,"y":695,"width":836,"height":11}},{"id":"6a1b1512-ab57-4bd0-a734-dcacceef66b1","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending oppor tunities for all por tfolios, independent of whether","page_number":136,"box":{"x":70,"y":710,"width":780,"height":11}},{"id":"70249c5e-5907-4d3d-b7ba-9f6a9fd32042","block_type":"box","text":"BlackRock indemnifies the por tfolio. Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":136,"box":{"x":70,"y":725,"width":820,"height":11}},{"id":"bed72440-b12c-4a5d-b245-05997a631fd4","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":136,"box":{"x":69,"y":740,"width":834,"height":11}},{"id":"32a6dcf1-bbf4-49a6-a1d6-9c862536d369","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":136,"box":{"x":69,"y":755,"width":444,"height":11}},{"id":"ebbf31b3-b508-42a1-8cbe-4c23bc9f3862","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":136,"box":{"x":102,"y":778,"width":734,"height":11}},{"id":"f6f29cf1-c0a1-470b-8f05-b0743bfeeae6","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":136,"box":{"x":70,"y":793,"width":840,"height":11}},{"id":"50b46d7d-c60f-4795-b3d4-54bd9beedc25","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if por tfolio","page_number":136,"box":{"x":69,"y":808,"width":822,"height":11}},{"id":"99d2e3d5-d359-461e-9d7a-f03931e8efc1","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":136,"box":{"x":69,"y":823,"width":788,"height":12}},{"id":"2ac9250d-04a6-4853-b16f-b9c2092b6b24","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":136,"box":{"x":70,"y":839,"width":426,"height":11}},{"id":"ce6870b4-524f-4ad4-bc98-511e6ba8c822","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":136,"box":{"x":102,"y":861,"width":763,"height":11}},{"id":"c9b2a5e1-f463-44f4-9ce1-c94e51f38646","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":136,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"b3cfafcf-0904-4130-bff2-dc2f89c98b75","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":136,"box":{"x":68,"y":891,"width":767,"height":12}},{"id":"56db0d34-3ae2-47a1-ab7c-0d6fc3afcbc9","block_type":"box","text":"II-92","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7eaad5f9-80e7-4a74-8aa1-58e11ea3c567","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":136,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5ec08304-c4f5-449f-b849-5b94050c1108","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":137,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"1788d7c7-d6e3-4451-a09c-ae15477dcf86","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":137,"box":{"x":68,"y":60,"width":672,"height":11}},{"id":"1ca29310-469d-4080-95ce-03b2939e3209","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":137,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"dd7514d3-b684-4ba3-b769-4929f6fb0e98","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":137,"box":{"x":69,"y":98,"width":832,"height":11}},{"id":"ebe0dbd1-9c95-4293-ad22-9be722f815cd","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":137,"box":{"x":69,"y":113,"width":805,"height":11}},{"id":"ac8525c2-bfc5-4098-a1d2-5e39acbc87e7","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":137,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"26872e7c-f27f-413f-a6b9-648ac0f6c077","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":137,"box":{"x":69,"y":143,"width":831,"height":11}},{"id":"0c992f90-36c8-4b9d-b2a5-f250767512ba","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":137,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"0622bf25-7fa0-4e95-a2eb-4b6366142c4a","block_type":"box","text":"than through client commissions.","page_number":137,"box":{"x":68,"y":173,"width":237,"height":11}},{"id":"0efd0c41-2466-4b02-abe2-fd39ccdba371","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":137,"box":{"x":102,"y":196,"width":770,"height":11}},{"id":"739c1509-ada7-48c8-8133-a0b267274a6a","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":137,"box":{"x":69,"y":211,"width":797,"height":11}},{"id":"debe81c9-3fc7-4c48-afae-5a67a32856ef","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":137,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"2b13e35b-0887-461c-87ff-cb74d8692c61","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":137,"box":{"x":70,"y":241,"width":780,"height":11}},{"id":"90f4d157-f4e2-4d29-8b23-b94a43b0452c","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":137,"box":{"x":69,"y":257,"width":795,"height":10}},{"id":"7a9a5317-83db-415e-bc65-b412b6c95696","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":137,"box":{"x":69,"y":271,"width":815,"height":12}},{"id":"19728bfc-68bd-4790-ad30-918c7b476591","block_type":"box","text":"research-oriented software and other services and products.","page_number":137,"box":{"x":69,"y":286,"width":430,"height":11}},{"id":"1503c6bf-71e7-45dd-bf6b-5cf0f08b8c20","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":137,"box":{"x":102,"y":309,"width":785,"height":11}},{"id":"def61a56-4908-4bac-b096-0026e99cec3b","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":137,"box":{"x":70,"y":325,"width":768,"height":11}},{"id":"9d2ad672-4a91-4dcf-bd40-434b16650970","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":137,"box":{"x":69,"y":340,"width":826,"height":11}},{"id":"896f36e8-d002-4c3b-b21e-7298d82d890f","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":137,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"63b79d3c-dc8f-41c1-83e1-381f780803cf","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":137,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"02c77d13-1d9c-497f-967f-19c4967f3850","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":137,"box":{"x":68,"y":385,"width":815,"height":11}},{"id":"ec3fc54b-5cd2-477c-826f-b732fb853c4d","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":137,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"475b5a75-c575-46f2-877e-b618881e34d0","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":137,"box":{"x":69,"y":415,"width":804,"height":11}},{"id":"3a378d5e-e1c8-4900-b580-7d460f60fdee","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":137,"box":{"x":70,"y":430,"width":819,"height":11}},{"id":"a8521db1-9a64-4b35-b5cf-d17f7886947f","block_type":"box","text":"and services itself.","page_number":137,"box":{"x":69,"y":445,"width":134,"height":9}},{"id":"cdd44a93-bb3e-417c-bb7b-8cab5851f18b","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":137,"box":{"x":102,"y":468,"width":793,"height":11}},{"id":"8cbbd0ea-6254-4806-a5a5-ade4bdc1bfa4","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":137,"box":{"x":68,"y":483,"width":805,"height":11}},{"id":"5335649b-4354-4bc8-82ec-26ce21d44d41","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":137,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"d582d94d-751f-4269-93b9-1df81b7bb0a8","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":137,"box":{"x":68,"y":514,"width":836,"height":11}},{"id":"9d59405e-614f-4695-9b56-538d92277137","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":137,"box":{"x":69,"y":529,"width":760,"height":11}},{"id":"b47c191a-6177-4c60-875b-7f268580504c","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":137,"box":{"x":68,"y":543,"width":803,"height":12}},{"id":"2c06561c-b48c-459c-81ce-1bf67f9461c3","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":137,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"59c18fba-cd84-4a9b-bf27-2f1a0748d29f","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":137,"box":{"x":69,"y":574,"width":760,"height":11}},{"id":"d0f625ee-90eb-49c2-9654-c2a5db30c273","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":137,"box":{"x":102,"y":597,"width":799,"height":11}},{"id":"b0dc81ce-e8c2-4ff3-a9f2-77687c073cd3","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":137,"box":{"x":70,"y":612,"width":767,"height":11}},{"id":"bce96c4c-9d84-4574-bd0e-b956ab77713b","block_type":"box","text":"securities transactions for cer tain types of securities. These ECNs may charge fees for their services, including","page_number":137,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"301b651c-2be1-43b4-812d-847a9e45b305","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":137,"box":{"x":69,"y":642,"width":825,"height":11}},{"id":"e5572e6d-fe16-4a34-b39c-8b861478807b","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":137,"box":{"x":68,"y":657,"width":821,"height":11}},{"id":"dc71b7e2-3dd7-4477-af59-e91991a9f933","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":137,"box":{"x":68,"y":672,"width":833,"height":11}},{"id":"13381ded-3b3c-476e-aba5-196b83d3497a","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":137,"box":{"x":69,"y":687,"width":812,"height":11}},{"id":"5991bf7d-6636-4e92-b0df-e2a382dce47b","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":137,"box":{"x":69,"y":702,"width":809,"height":11}},{"id":"3be06687-ec21-495a-a05f-d6aa6b0e615a","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":137,"box":{"x":68,"y":718,"width":519,"height":11}},{"id":"65725817-e456-4725-a9f1-824cfb31a08f","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":137,"box":{"x":102,"y":740,"width":793,"height":11}},{"id":"a9ffb6d6-3fc2-43e7-a585-89c77b13a527","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":137,"box":{"x":69,"y":755,"width":782,"height":11}},{"id":"e3bbb8ec-d1c0-46cd-98ae-4f01996d619c","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":137,"box":{"x":69,"y":770,"width":710,"height":11}},{"id":"14bc55db-0f03-4555-8ca2-69e23a3001d9","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":137,"box":{"x":102,"y":793,"width":792,"height":11}},{"id":"eed66d44-140d-41fa-a58f-6707bcfd2346","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":137,"box":{"x":68,"y":808,"width":784,"height":11}},{"id":"7c4db2ea-150a-48ad-a746-af4e02d6f82d","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless, notwithstanding","page_number":137,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"fc806120-b360-4376-a563-0c8761e1e626","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":137,"box":{"x":69,"y":838,"width":835,"height":12}},{"id":"27e5f323-9640-44cf-a5b6-b047cd1e4eea","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":137,"box":{"x":68,"y":853,"width":837,"height":11}},{"id":"2c251c12-22dc-454e-a076-ccdf4c8d01fc","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":137,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"99f0bafe-648c-4d62-b5cc-4f807a3376f8","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":137,"box":{"x":70,"y":884,"width":490,"height":11}},{"id":"fa5492d6-e9e5-4173-929a-2236f315d430","block_type":"box","text":"II-93","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"076098c2-6c81-4ba8-a2b3-324219f12816","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":137,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5884147d-5294-4f04-938d-595922b01579","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":138,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"9e84e48c-9071-4b7d-b877-9ca3d3f3f5a2","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":138,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"babc77bc-baef-48f5-883c-45740989bf90","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":138,"box":{"x":70,"y":75,"width":837,"height":11}},{"id":"ca955a25-4a39-4886-99ca-740f0c6c169b","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. 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BlackRock seeks to","page_number":138,"box":{"x":69,"y":135,"width":831,"height":11}},{"id":"3dc726b2-8b09-4e12-8710-d0b56b613b04","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":138,"box":{"x":69,"y":150,"width":834,"height":12}},{"id":"351dbaa1-dea4-48df-9fa4-bab4ae045af5","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":138,"box":{"x":69,"y":166,"width":355,"height":11}},{"id":"f2138813-5653-441d-973a-838a760d3169","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":138,"box":{"x":102,"y":188,"width":742,"height":12}},{"id":"a8746df4-99eb-490b-9d66-be8c6219b5d4","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":138,"box":{"x":68,"y":264,"width":822,"height":11}},{"id":"0ef26dd7-38dd-453f-89c6-438007ea5813","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":138,"box":{"x":69,"y":279,"width":766,"height":11}},{"id":"01511fd4-da30-4abf-b6e3-c3e984ff271e","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":138,"box":{"x":70,"y":294,"width":533,"height":9}},{"id":"16da7375-910f-4f46-ab71-574ffbec1ddd","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":138,"box":{"x":102,"y":317,"width":789,"height":11}},{"id":"0973a523-a5de-41bc-901e-1ab4b3b5dc57","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":138,"box":{"x":70,"y":332,"width":805,"height":11}},{"id":"963fe391-883d-425a-8e84-e6dba598aae6","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":138,"box":{"x":69,"y":347,"width":813,"height":11}},{"id":"e2f910d8-97f4-4d6a-bc86-0df41b1de54c","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":138,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"83cba18e-a98b-4ff9-aa96-bd8b464a239b","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":138,"box":{"x":69,"y":377,"width":788,"height":12}},{"id":"0b90d135-fb30-4a00-adb9-ffa8cf75d0f5","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":138,"box":{"x":70,"y":392,"width":745,"height":12}},{"id":"ba6e109d-3a87-4ebb-911a-19ecae8f6d84","block_type":"box","text":"management. 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While BlackRock will generally","page_number":138,"box":{"x":69,"y":506,"width":825,"height":11}},{"id":"15c137b5-71b8-4a70-8647-e73bbb96d2ac","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":138,"box":{"x":69,"y":521,"width":830,"height":11}},{"id":"7cfad61e-7b0d-4d83-ae14-d5c6d9088e58","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":138,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"b3e7586c-ce68-4e95-ad7e-2bcd50109186","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":138,"box":{"x":69,"y":551,"width":792,"height":11}},{"id":"5f95138b-1ceb-4167-bf63-d30f6cd3683f","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":138,"box":{"x":101,"y":574,"width":784,"height":11}},{"id":"b0838721-e359-4df4-9d75-08f8ad9a7f9a","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":138,"box":{"x":69,"y":589,"width":837,"height":11}},{"id":"76fb0e67-453a-49b6-9beb-78490265baba","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":138,"box":{"x":68,"y":604,"width":803,"height":11}},{"id":"316b4330-04d8-4168-a962-ae5db58c009d","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":138,"box":{"x":69,"y":619,"width":831,"height":11}},{"id":"c08c1b03-0ef8-4f6e-92e4-d9f794fbeb6f","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":138,"box":{"x":69,"y":634,"width":811,"height":12}},{"id":"d6c9caac-cde1-4d7d-b0c5-519755a87bc5","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":138,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"8d7593eb-f2bc-4634-8d60-1c3dea354702","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":138,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"65a89789-882b-4cc5-8f87-51858d3ff332","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":138,"box":{"x":68,"y":680,"width":832,"height":11}},{"id":"686c0fd0-545f-4539-b946-94f0fd488583","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":138,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"6bb5724a-7696-4a45-b0dd-cf74ea14ce2d","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":138,"box":{"x":68,"y":710,"width":829,"height":11}},{"id":"74913d91-794a-4256-944e-624e42592216","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third par ty valuation models, fair value","page_number":138,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"4189b3a3-ecdb-444b-b22b-37e468747af3","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":138,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"6fc80cc7-2ad9-4418-a0e5-89a1de244f1c","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":138,"box":{"x":70,"y":755,"width":800,"height":11}},{"id":"28bc7955-4fe8-46f3-a8b2-14a3431bad65","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":138,"box":{"x":70,"y":770,"width":779,"height":12}},{"id":"045545d3-cc40-4414-8441-7d1a28404037","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":138,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"ffad66ed-33f0-4afe-a383-cdbe22b2ecb9","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":138,"box":{"x":69,"y":801,"width":788,"height":11}},{"id":"a03ed245-6a23-4ef1-9b52-347eba0f93f4","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":138,"box":{"x":69,"y":816,"width":765,"height":11}},{"id":"9e97ae64-ff2d-469f-9e5a-b3883907a4ef","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":138,"box":{"x":101,"y":838,"width":784,"height":11}},{"id":"e4b2261c-ab22-4672-80d5-7c5e3b3b09d5","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":138,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"8e02760b-61d3-462f-b40e-3d02fdbb4182","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":138,"box":{"x":69,"y":869,"width":833,"height":11}},{"id":"48aad948-0590-43b0-aec6-149cfe529bf7","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":138,"box":{"x":69,"y":884,"width":822,"height":11}},{"id":"6ef054fb-5858-4bf1-8519-c0b7332e9143","block_type":"box","text":"some additional expenses.","page_number":138,"box":{"x":69,"y":899,"width":190,"height":11}},{"id":"f84e9665-15de-4957-8717-ebf18c3d0eca","block_type":"box","text":"II-94","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0061a2b1-a202-4df8-8dc0-416f9d83c4af","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4fa5a032-2476-48b1-af6d-2b9b966fe11f","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":139,"box":{"x":102,"y":45,"width":787,"height":11}},{"id":"517e61f0-a499-4189-8888-49e1eee12287","block_type":"box","text":"own accounts and may have conflicts of interest with respect to investments made on behalf of a Fund. 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To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":139,"box":{"x":70,"y":105,"width":802,"height":11}},{"id":"388cfb55-b59d-454b-8dc8-0fd593a5a057","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":139,"box":{"x":70,"y":120,"width":828,"height":11}},{"id":"edf56b12-1698-478f-a857-02b706320c78","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":139,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"f1c25684-fcd8-4535-a5aa-8e20fb5e9411","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":139,"box":{"x":70,"y":150,"width":816,"height":12}},{"id":"9b654433-ceb1-4585-a895-d5d3dd33d388","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":139,"box":{"x":70,"y":166,"width":836,"height":11}},{"id":"89905d69-8d4c-4b9b-a054-68c67d055f82","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":139,"box":{"x":69,"y":181,"width":352,"height":11}},{"id":"d0e88193-0693-4224-908c-a5456278b5c6","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":139,"box":{"x":102,"y":203,"width":768,"height":12}},{"id":"7a1da288-2805-4256-bda0-318bde30785c","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":139,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"9d4f1796-6a77-4872-9fe9-b1d2506cb3aa","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":139,"box":{"x":68,"y":234,"width":839,"height":10}},{"id":"158aa43f-ca36-4470-b6b9-3ae2370389ca","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":139,"box":{"x":69,"y":249,"width":824,"height":11}},{"id":"26e358f0-1e9e-40f2-9875-8961c6c085bb","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":139,"box":{"x":68,"y":264,"width":824,"height":11}},{"id":"e321c705-90ed-4c8d-8284-dbd8f013f2da","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":139,"box":{"x":68,"y":279,"width":826,"height":11}},{"id":"6505fc46-5bf5-416f-a921-1dced9d8c0f0","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":139,"box":{"x":68,"y":294,"width":810,"height":11}},{"id":"e99d7748-6014-4d8f-9a04-477131877f38","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":139,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"5de6ed81-2042-4199-a64b-75ba5b5d3511","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":139,"box":{"x":68,"y":324,"width":782,"height":11}},{"id":"5fc9c2c6-e014-46a5-87b5-43ef7b484851","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":139,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"93d586e4-b611-4880-928c-8abe8f0d6f2b","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":139,"box":{"x":70,"y":355,"width":804,"height":11}},{"id":"7cc2717f-dc67-4b95-8dad-bc6221348f35","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is per forming advisory or other","page_number":139,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"fb03cc5f-7d9e-46dc-b546-bdbe96d35cd7","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk","page_number":139,"box":{"x":69,"y":385,"width":755,"height":11}},{"id":"35c79325-6365-4bf4-a5f6-d7b6fd60ebe3","block_type":"box","text":"management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities","page_number":139,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"0343b512-f844-4813-ab7a-5bdc9917ba14","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":139,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"9ee2c63c-f8cd-4af8-bb0e-012fd4c96bd8","block_type":"box","text":"public information about the company (","page_number":139,"box":{"x":70,"y":430,"width":276,"height":11}},{"id":"ca7ff5e1-e84d-4205-8ff6-97203fcf268e","block_type":"box","text":"e.g.","page_number":139,"box":{"x":348,"y":432,"width":25,"height":9}},{"id":"453fca2a-5b6b-46e7-8739-bfee59e353ea","block_type":"box","text":", in connection with par ticipation in a creditors’ committee). Moreover,","page_number":139,"box":{"x":376,"y":430,"width":499,"height":11}},{"id":"2a5b153d-dac1-4c4a-9aef-5bbd487fb5fe","block_type":"box","text":"applicable provisions of the Investment Company Act or other regulatory considerations may restrict a Fund or","page_number":139,"box":{"x":69,"y":445,"width":784,"height":12}},{"id":"76ad78bc-807f-4150-9f93-8a71944042c9","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":139,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"be2ffb82-85af-4052-ad6f-13b621b2a6ea","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":139,"box":{"x":69,"y":475,"width":830,"height":12}},{"id":"bd9aa04e-ddf6-400d-bc3a-4b6f96f73918","block_type":"box","text":"the investment. Similar situations could arise if personnel of BlackRock serve as directors of companies the","page_number":139,"box":{"x":68,"y":491,"width":773,"height":11}},{"id":"50c63478-d43f-46ae-9869-e69e0f4ff59e","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":139,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"fa8872e5-daa6-419a-90b9-e72ccd242862","block_type":"box","text":"with BlackRock’s policies and procedures (including the necessary implementation of appropriate information","page_number":139,"box":{"x":68,"y":521,"width":781,"height":11}},{"id":"1c2e4977-6876-4f7d-a16a-9d547d70237c","block_type":"box","text":"barriers), the Funds may purchase securities or instruments that are issued by such companies, are the subject of","page_number":139,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"cd7decf2-986e-4478-ae9f-de20edee3a03","block_type":"box","text":"an advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors or officers","page_number":139,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"86ddae74-5f07-481b-84c0-48dd65e0a58d","block_type":"box","text":"of the issuer.","page_number":139,"box":{"x":69,"y":566,"width":92,"height":9}},{"id":"d34ef1d7-42f4-43ea-8e00-ccc9a1af730f","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":139,"box":{"x":102,"y":589,"width":748,"height":11}},{"id":"5308439e-3bb1-4c20-878a-8b6cca787ae9","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Cer tain","page_number":139,"box":{"x":69,"y":604,"width":819,"height":11}},{"id":"0c508bd8-0e38-4833-b82b-105e176eec3a","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":139,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"fbfa4c7b-fe17-4648-a1d2-c9fbbe1e8f42","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Cer tain por tfolio management teams within BlackRock may","page_number":139,"box":{"x":69,"y":634,"width":818,"height":12}},{"id":"52923640-45e2-41d7-ba5f-2367e2379e0a","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":139,"box":{"x":69,"y":649,"width":827,"height":12}},{"id":"a2d98f8e-7ef2-442b-a734-7054157a551b","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":139,"box":{"x":69,"y":664,"width":835,"height":12}},{"id":"859e39b1-32a8-48d1-b886-c582dee083f1","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":139,"box":{"x":68,"y":680,"width":797,"height":11}},{"id":"1f62a299-62cf-4ee9-8019-12e6dd4bacee","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":139,"box":{"x":70,"y":695,"width":667,"height":11}},{"id":"6d0e994b-7535-4d1c-94f5-4141115d0aeb","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":139,"box":{"x":102,"y":717,"width":794,"height":12}},{"id":"94b51ee5-8eca-4f67-b74c-b37b3bf251cf","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":139,"box":{"x":69,"y":732,"width":791,"height":12}},{"id":"e1ba6f45-a222-4458-907a-ae28fe81b832","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":139,"box":{"x":70,"y":748,"width":812,"height":11}},{"id":"e72c7811-b8ab-4d5b-818c-171a93aecfd2","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":139,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"331ac432-d67b-4440-b404-e6734de8b26e","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to cer tain information and personnel, including","page_number":139,"box":{"x":70,"y":778,"width":830,"height":11}},{"id":"7ec3e4e9-5bf9-4e37-8a12-713608049521","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":139,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"5c8a2797-62c2-467f-aad7-5362d3d25c88","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":139,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"c00b2c0e-cf06-4384-b071-e017c19f4e12","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":139,"box":{"x":68,"y":823,"width":472,"height":11}},{"id":"f233abf8-ecb3-43b2-bee1-e715a9d28280","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":139,"box":{"x":102,"y":846,"width":744,"height":11}},{"id":"fa5195c2-6b35-44f8-9377-bb3df0501919","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":139,"box":{"x":70,"y":861,"width":775,"height":11}},{"id":"69f214a1-0f2b-4d4c-ab57-3655308cc876","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":139,"box":{"x":69,"y":876,"width":818,"height":11}},{"id":"c447fee9-5ba7-4988-93fd-2473581e0bce","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":139,"box":{"x":68,"y":891,"width":779,"height":11}},{"id":"07634e3b-f951-4fa9-8f13-b2f26ff2d67f","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":139,"box":{"x":69,"y":906,"width":771,"height":12}},{"id":"819efe01-1014-470b-b31e-3b25c74e8743","block_type":"box","text":"II-95","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"60e84522-f489-488a-8e1c-31c952a03f77","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9743d148-c726-4823-a58a-fab721acc504","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":140,"box":{"x":68,"y":45,"width":812,"height":11}},{"id":"4e663205-8720-4277-873f-3820056ccb7a","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":140,"box":{"x":70,"y":60,"width":803,"height":11}},{"id":"37e91eed-fc08-49a3-a651-b80cb508c69c","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":140,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"c0ba6e76-8253-485c-a7e8-b79a27fa99bf","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":140,"box":{"x":69,"y":90,"width":829,"height":11}},{"id":"7b0d206a-cb6c-46bf-a991-f3f6c161a242","block_type":"box","text":"a barrier.","page_number":140,"box":{"x":69,"y":105,"width":62,"height":9}},{"id":"1b48a46a-2f5f-4e0d-86a1-afe8b959a41a","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":140,"box":{"x":101,"y":128,"width":788,"height":11}},{"id":"b837b1ae-50b3-4d58-a968-181668cfe689","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":140,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"73b671fb-2818-4303-a66c-1d2706eda076","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":140,"box":{"x":69,"y":158,"width":805,"height":11}},{"id":"60ecd86c-139f-4586-8c57-ee82da88f5e3","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":140,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"29644a1e-324c-456c-8ea1-d8c7b1d95d26","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":140,"box":{"x":69,"y":188,"width":806,"height":12}},{"id":"c5b98929-c7e6-47ac-a650-d1333306677a","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":140,"box":{"x":70,"y":204,"width":818,"height":11}},{"id":"c401ed6a-771f-4020-af54-5a47f91ddffb","block_type":"box","text":"that operate in cer tain industries (","page_number":140,"box":{"x":68,"y":219,"width":244,"height":11}},{"id":"3ffd2301-a677-4d36-813e-da73eed644d9","block_type":"box","text":"e.g.","page_number":140,"box":{"x":314,"y":220,"width":25,"height":10}},{"id":"a1f274a5-8b84-4a99-ac58-8e2eecd232da","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":140,"box":{"x":342,"y":219,"width":515,"height":11}},{"id":"98bbf770-5797-4d1b-acb0-6257ad2c4389","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":140,"box":{"x":69,"y":234,"width":523,"height":11}},{"id":"1cc75482-d43a-4dc1-b5e2-33ab2bc12f73","block_type":"box","text":"e.g.","page_number":140,"box":{"x":594,"y":235,"width":25,"height":10}},{"id":"95200d2c-d844-4afd-9f95-14684893689d","block_type":"box","text":", with mechanisms such as poison pills","page_number":140,"box":{"x":621,"y":234,"width":280,"height":11}},{"id":"06864efc-f88c-4869-bb86-b4167515a067","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":140,"box":{"x":70,"y":249,"width":816,"height":11}},{"id":"167ed9fe-ba52-45ea-9f5d-65b66dae6936","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":140,"box":{"x":70,"y":264,"width":825,"height":11}},{"id":"9ca1fdde-ab87-4fa9-b027-c210e74e58e4","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":140,"box":{"x":69,"y":279,"width":837,"height":11}},{"id":"b0a4b14e-b147-40a0-aa62-774cd8fd7c31","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":140,"box":{"x":69,"y":294,"width":769,"height":11}},{"id":"30c44589-08b4-4157-84b4-84aa167373cf","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":140,"box":{"x":69,"y":309,"width":775,"height":11}},{"id":"3d7b0c1f-96ea-4d00-ba3b-e8f317038908","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":140,"box":{"x":69,"y":324,"width":839,"height":12}},{"id":"c0da443d-58d9-4e95-a0c9-a5efb0d398e3","block_type":"box","text":"seek to make indirect investments (","page_number":140,"box":{"x":69,"y":340,"width":255,"height":10}},{"id":"f589d173-51be-43ae-9b81-d3008065c7ef","block_type":"box","text":"e.g.","page_number":140,"box":{"x":326,"y":341,"width":24,"height":10}},{"id":"7cb9c1d9-2eb8-4c00-8191-f44a9cb76901","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":140,"box":{"x":353,"y":339,"width":514,"height":12}},{"id":"a0e02f50-3211-4077-a8d3-efd98dafeb4c","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":140,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"78dee19a-2fde-4c09-b112-f572d7448114","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":140,"box":{"x":69,"y":370,"width":795,"height":11}},{"id":"fa9d85ee-e1d5-4a80-96f2-0cf1a093945e","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":140,"box":{"x":68,"y":385,"width":799,"height":11}},{"id":"e3e92493-9408-4b1a-8762-7166aeeb77d0","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":140,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"7522363d-905b-465e-b22c-204905a7d795","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":140,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"6e7524f2-9774-469c-af31-237dc26fd8be","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":140,"box":{"x":69,"y":430,"width":772,"height":11}},{"id":"9799a1e9-85d8-4b20-aac9-684410947e62","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":140,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"22eb8978-0896-48d3-93fa-ff69aed6973b","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":140,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"8bd24b72-a891-4466-805d-8cfbdf1fe2b1","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":140,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"f0d8f569-f567-4de8-8f9d-5e42dfef1e88","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":140,"box":{"x":70,"y":498,"width":818,"height":11}},{"id":"e8733360-51ed-4405-9098-2f08ec72d40b","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":140,"box":{"x":69,"y":514,"width":821,"height":10}},{"id":"f99febb8-84e7-42aa-989b-0a3a1842fb85","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":140,"box":{"x":69,"y":528,"width":806,"height":12}},{"id":"5649d358-804b-4a24-9485-2de4e126464e","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":140,"box":{"x":70,"y":543,"width":839,"height":12}},{"id":"19cd368d-f6b6-443c-885d-cab167984d57","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":140,"box":{"x":69,"y":559,"width":826,"height":11}},{"id":"706c115f-6c09-4752-b1eb-4020d5db50f8","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":140,"box":{"x":69,"y":574,"width":807,"height":11}},{"id":"8f56e860-4f17-49cc-8d89-79f703d23bc9","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":140,"box":{"x":69,"y":589,"width":830,"height":11}},{"id":"b8f754de-a720-4bbf-8320-9fac27216400","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":140,"box":{"x":69,"y":604,"width":765,"height":11}},{"id":"369c0591-c2e0-48e6-ae3f-06c4da99d2f0","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":140,"box":{"x":69,"y":619,"width":781,"height":11}},{"id":"150d2116-1f7c-4945-9800-da514365b9e5","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":140,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"78bce619-1203-4268-bef6-3ccdb0c9a7e4","block_type":"box","text":"restrictions could negatively impact a client’s per formance or ability to meet its investment objective.","page_number":140,"box":{"x":69,"y":649,"width":720,"height":12}},{"id":"ddcbf58b-bb2f-4b1d-a19e-83a379f60083","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":140,"box":{"x":101,"y":672,"width":807,"height":11}},{"id":"d1ff90d7-4630-430f-88f2-eee01414b974","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":140,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"f9525816-edc3-4b3e-9d63-8ec02a4dd22a","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":140,"box":{"x":70,"y":702,"width":829,"height":12}},{"id":"6367c25e-ac7b-41da-a9f2-8135a4f60d83","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":140,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"3c2c110d-166f-42a3-81ef-13026479ffd0","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":140,"box":{"x":68,"y":732,"width":841,"height":12}},{"id":"3e354441-c740-4442-bf6b-e5866bcf0932","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":140,"box":{"x":69,"y":748,"width":770,"height":11}},{"id":"43390df6-79bc-4e53-b72c-6d6b67ebdf08","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":140,"box":{"x":69,"y":763,"width":769,"height":11}},{"id":"18148429-1a5d-42c0-9eae-422ea3277bcf","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":140,"box":{"x":70,"y":778,"width":794,"height":11}},{"id":"21599520-3470-4003-bb0b-c6216b783554","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":140,"box":{"x":69,"y":793,"width":757,"height":11}},{"id":"7df304db-efdf-41f5-b4ae-631c3c8944ad","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":140,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"0d64909d-ab55-49a4-93bb-9fcc7065c68e","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":140,"box":{"x":69,"y":823,"width":833,"height":11}},{"id":"37f84820-dcd4-45ac-b4ea-b5025aff9d37","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":140,"box":{"x":69,"y":838,"width":827,"height":11}},{"id":"7b2309e0-ead9-4c3b-a666-d6162ef0fd44","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":140,"box":{"x":68,"y":853,"width":803,"height":12}},{"id":"a965ad73-312a-40a4-b476-e52d8a5e973d","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":140,"box":{"x":70,"y":869,"width":802,"height":11}},{"id":"781a0f7e-57b6-4c16-85a5-d84255c52c5e","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":140,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"c7832720-aca5-47bd-999f-183eadde2cae","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":140,"box":{"x":69,"y":899,"width":834,"height":11}},{"id":"074d4bb4-dcbf-4a54-ac93-25ad3b597efe","block_type":"box","text":"II-96","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c3a1f2cc-3513-4063-a4f0-b37ef19b6565","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8f86ea91-19c5-41c4-b43c-9830b4752798","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":141,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"279f7945-26d3-471f-8d5c-d16b3142f20a","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":141,"box":{"x":69,"y":60,"width":831,"height":11}},{"id":"2098fb4c-089c-475e-9211-3fd8da2700df","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":141,"box":{"x":69,"y":75,"width":566,"height":11}},{"id":"ae7f99ec-3f83-4f41-948e-975a84336a76","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":141,"box":{"x":102,"y":98,"width":798,"height":11}},{"id":"6fcb7379-8cdc-4074-8a29-080839b341d6","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":141,"box":{"x":69,"y":113,"width":823,"height":11}},{"id":"4c9f3d8c-0c8b-45d4-a08b-e8c055ea5a99","block_type":"box","text":"strategy with respect to such security or asset.","page_number":141,"box":{"x":69,"y":128,"width":333,"height":11}},{"id":"4a5b4cbf-da70-462a-9d5f-fde03f73ee19","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":141,"box":{"x":102,"y":151,"width":785,"height":11}},{"id":"280bc0de-ac9b-45d1-aec3-07edcc707fac","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":141,"box":{"x":70,"y":166,"width":760,"height":11}},{"id":"0b0e1a30-8456-459e-8671-102aaa0c3582","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":141,"box":{"x":70,"y":181,"width":796,"height":11}},{"id":"8e493db6-aa27-4ce6-8485-2b0ca52147a1","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":141,"box":{"x":70,"y":196,"width":830,"height":11}},{"id":"ccc1c84b-ea9f-41c8-aa9d-b7b1e8c77550","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":141,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"b10d4dd8-1311-44d9-ab8f-b60746567afa","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":141,"box":{"x":68,"y":226,"width":829,"height":11}},{"id":"4a952364-de2b-499c-abd3-fc0b00c158db","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":141,"box":{"x":69,"y":241,"width":784,"height":11}},{"id":"683a3c85-f7f2-4d31-ae2c-88b7561fed5e","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":141,"box":{"x":70,"y":257,"width":797,"height":11}},{"id":"d3e93ee4-c3f5-4838-8ab9-0392de6de3dd","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":141,"box":{"x":70,"y":271,"width":837,"height":12}},{"id":"93269d41-5480-4af8-a073-1721c0d0b4f3","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":141,"box":{"x":70,"y":286,"width":746,"height":12}},{"id":"909680fc-18e2-4dcc-9bf0-7ae3af8453a7","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (","page_number":141,"box":{"x":102,"y":309,"width":686,"height":11}},{"id":"b4182d32-a061-4c91-9cda-cbefb1910e3b","block_type":"box","text":"e.g.","page_number":141,"box":{"x":790,"y":311,"width":25,"height":9}},{"id":"4e72ff8e-e0f9-4fd4-bc9d-e9339151a4ee","block_type":"box","text":", custodians,","page_number":141,"box":{"x":817,"y":309,"width":90,"height":11}},{"id":"9d8154d7-5f71-4d78-a6f4-055951630d23","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":141,"box":{"x":69,"y":324,"width":756,"height":11}},{"id":"b75d3773-91c3-4191-a0c0-e68686d5f08e","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":141,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"d1f8ec8b-67c6-4add-a92b-262632f050ca","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":141,"box":{"x":69,"y":355,"width":772,"height":11}},{"id":"0af82e04-f9f6-4136-8041-adb92117c860","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":141,"box":{"x":70,"y":370,"width":800,"height":11}},{"id":"979b0bac-5ef5-4906-ba5a-961c697c030a","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":141,"box":{"x":69,"y":385,"width":771,"height":11}},{"id":"04a95c3e-e6a6-4558-8194-9f5d49262504","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":141,"box":{"x":69,"y":400,"width":839,"height":11}},{"id":"bd9e267a-eb3f-4b23-ac0c-d3e72a0eba27","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":141,"box":{"x":70,"y":415,"width":785,"height":11}},{"id":"56fe6026-8153-4807-a56e-01e86772a13f","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":141,"box":{"x":70,"y":430,"width":786,"height":11}},{"id":"03264cee-ed89-4e21-aef0-3d1895d4d25e","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":141,"box":{"x":69,"y":445,"width":837,"height":12}},{"id":"f094c8bf-e351-4f0a-9f00-5079b9acea7e","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":141,"box":{"x":69,"y":460,"width":809,"height":12}},{"id":"fdb74c5a-1295-42a1-a656-2c18bd4048e8","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":141,"box":{"x":102,"y":483,"width":788,"height":11}},{"id":"cb32e4ac-61c3-4229-8e88-da639151c069","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":141,"box":{"x":69,"y":498,"width":795,"height":11}},{"id":"abbd2c77-89ae-4dac-9eb0-be09bb53e668","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":141,"box":{"x":69,"y":513,"width":835,"height":11}},{"id":"edb5d69b-3ce9-46fc-9ad0-8eab422850fe","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":141,"box":{"x":70,"y":528,"width":363,"height":9}},{"id":"d801837e-fd82-4fa5-a42b-3f0dcf001a87","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":141,"box":{"x":102,"y":551,"width":757,"height":11}},{"id":"f9ff976a-3f42-494e-ae02-299f4a35742f","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":141,"box":{"x":70,"y":566,"width":826,"height":11}},{"id":"d279b041-9823-46f0-90b2-536bb9540179","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":141,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"d22b08fa-b6fe-412d-82d9-152f8fc33372","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":141,"box":{"x":69,"y":597,"width":782,"height":11}},{"id":"92d4ff62-16a4-460e-bb5a-1ac73bff8485","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":141,"box":{"x":70,"y":612,"width":835,"height":11}},{"id":"f3537a71-abd4-47d5-8eec-831e7b825fda","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":141,"box":{"x":69,"y":627,"width":465,"height":11}},{"id":"1412199c-5199-4e91-9178-3bb47f341f94","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":141,"box":{"x":102,"y":649,"width":804,"height":12}},{"id":"1989c5c8-0709-4eeb-beed-552b81dab550","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":141,"box":{"x":69,"y":664,"width":840,"height":12}},{"id":"8d1336af-54d9-4392-994b-0486588971c7","block_type":"box","text":"provider.","page_number":141,"box":{"x":70,"y":680,"width":58,"height":11}},{"id":"b90af745-00ce-4c14-946f-73e25f8b5fda","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":141,"box":{"x":102,"y":702,"width":778,"height":12}},{"id":"4f47cb06-890e-4108-839f-28f8bfe40bcc","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":141,"box":{"x":69,"y":717,"width":831,"height":12}},{"id":"ad12ac14-17e4-4e35-8c9c-cc9b459fc162","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":141,"box":{"x":68,"y":732,"width":485,"height":11}},{"id":"645c47a0-738f-4b10-8ae6-34f396c3d2e7","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":141,"box":{"x":102,"y":755,"width":742,"height":11}},{"id":"f9bfbf41-05fe-4486-8213-4b64404ff8fa","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":141,"box":{"x":69,"y":770,"width":517,"height":12}},{"id":"ef558c31-a69a-4fb6-8852-69612d1a4ed5","block_type":"box","text":"PURCHASE OF SHARES","page_number":141,"box":{"x":395,"y":800,"width":188,"height":10}},{"id":"9fa487ce-0687-4a33-887c-899b3da6d0bf","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":141,"box":{"x":102,"y":823,"width":800,"height":11}},{"id":"7877d4b5-6be8-411d-b85c-902a61cee66b","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":141,"box":{"x":69,"y":838,"width":771,"height":11}},{"id":"0910d067-3839-4b95-8b25-d2158283a799","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Shor t Obligations Fund are","page_number":141,"box":{"x":69,"y":853,"width":822,"height":11}},{"id":"eeaa4253-2bc6-461e-bd15-1737cfa769f3","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":141,"box":{"x":68,"y":868,"width":809,"height":11}},{"id":"376c0701-aacd-4433-9b8f-7df1063b0fd2","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to cer tain investors purchasing shares of Funds","page_number":141,"box":{"x":69,"y":883,"width":781,"height":11}},{"id":"eff9c846-a301-4b8e-8c75-e098546b3f23","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":141,"box":{"x":68,"y":898,"width":833,"height":11}},{"id":"fa56e521-60dd-4b62-9ad9-8f5c4689be18","block_type":"box","text":"II-97","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8e4b19de-7ddb-412f-8e33-fcedbcf143d6","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7a04273d-0390-44be-8001-476d19ed18af","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":142,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"98031e09-82ba-45a6-95c3-8e22235cb14b","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":142,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"a4766c0f-a377-4165-89e8-dbf829516caa","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":142,"box":{"x":69,"y":75,"width":804,"height":11}},{"id":"656c3883-d868-465a-aea3-a65cdb3e1ea1","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":142,"box":{"x":70,"y":90,"width":816,"height":11}},{"id":"94cda928-d6c8-428d-9fb7-107749a5550f","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":142,"box":{"x":68,"y":104,"width":835,"height":12}},{"id":"c79d7ace-d92f-4a8d-9d38-e10a53798832","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":142,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"1e2c0ab2-9909-4130-8b38-3b7cd1b51c95","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":142,"box":{"x":69,"y":135,"width":757,"height":11}},{"id":"f4016e8e-c5a5-4ebc-a4f5-ae599a97a543","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":142,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"8919ddef-c3bd-4306-b953-111b62783cc6","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":142,"box":{"x":101,"y":173,"width":799,"height":11}},{"id":"28cfd94e-06b9-4115-8820-2ae8ce19d98e","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":142,"box":{"x":68,"y":188,"width":798,"height":12}},{"id":"92ef557b-bd2c-4bc0-8217-bd3b340d961e","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":142,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"46b8eb60-4356-485d-bcec-75765793b08e","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":142,"box":{"x":68,"y":218,"width":786,"height":12}},{"id":"7a557589-75cc-491a-b2e3-0a26d8a3ea97","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":142,"box":{"x":69,"y":234,"width":839,"height":11}},{"id":"573e0b9f-8665-4ffc-b09b-40a56e0c25af","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":142,"box":{"x":69,"y":249,"width":795,"height":11}},{"id":"1270a3a9-60be-4e76-8d86-32b2fd580961","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":142,"box":{"x":68,"y":264,"width":819,"height":11}},{"id":"711280d5-6228-4203-be1e-889fe5ef5be7","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":142,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"b0fe47f4-983d-4ac2-b52c-ca09932a9efb","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":142,"box":{"x":69,"y":294,"width":803,"height":11}},{"id":"52649618-5e59-44d1-bd17-69d3e44c25aa","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":142,"box":{"x":70,"y":309,"width":812,"height":11}},{"id":"85903750-f678-4e5e-964b-1fc1b235d977","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":142,"box":{"x":68,"y":324,"width":828,"height":11}},{"id":"58bfe0b4-1c0f-4275-af33-69630f9ba927","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":142,"box":{"x":68,"y":339,"width":788,"height":12}},{"id":"14d5c33c-2d83-48c4-83d1-86aee62d172e","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":142,"box":{"x":69,"y":355,"width":779,"height":11}},{"id":"05ef9409-8cfa-4428-9ecd-501180907ccd","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":142,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"d90e82ef-4b2f-427e-98a0-b28cd982fce9","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":142,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"d08cc721-5ac5-46a3-ba9b-aef211e601d1","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":142,"box":{"x":68,"y":399,"width":762,"height":12}},{"id":"d3a44387-580e-4a29-be78-9486affbd5cb","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":142,"box":{"x":101,"y":423,"width":768,"height":11}},{"id":"6f00b241-4219-4f1b-9ee9-06103bde81b0","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":142,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"08113c59-c208-450b-8d77-13dbc1d76b29","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":142,"box":{"x":69,"y":452,"width":769,"height":12}},{"id":"8d191b35-e904-4f02-a855-4d57188422e2","block_type":"box","text":"investment is $25.","page_number":142,"box":{"x":70,"y":467,"width":132,"height":11}},{"id":"665256f5-2e66-4d73-ae86-e7f7f59bce12","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":142,"box":{"x":102,"y":491,"width":802,"height":11}},{"id":"209e4177-0851-4cb8-bcad-4301cf18d70d","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for cer tain investors","page_number":142,"box":{"x":69,"y":506,"width":833,"height":11}},{"id":"8e3b2d5c-aafb-4539-b78f-4d5f5d8e03d5","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":142,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"f3179291-8b4a-4f36-9efc-d439e48c7d4e","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":142,"box":{"x":70,"y":536,"width":751,"height":11}},{"id":"33cc00fc-f351-4db7-bdcb-8325c184c3db","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":142,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"e4c20322-13ff-4dc5-b531-2a6132a136cf","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":142,"box":{"x":102,"y":574,"width":768,"height":11}},{"id":"929ef9be-0297-42a6-bd67-96936db77333","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":142,"box":{"x":68,"y":589,"width":807,"height":11}},{"id":"3532226b-be5d-4a7d-817a-361f7a254b49","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":142,"box":{"x":69,"y":604,"width":836,"height":11}},{"id":"79776f3f-4ce1-4da6-901b-9ed4737aa5a4","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":142,"box":{"x":69,"y":619,"width":814,"height":11}},{"id":"e579491d-e9d0-43e7-8ba2-6978598b72ec","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":142,"box":{"x":68,"y":634,"width":740,"height":11}},{"id":"b97f736a-1fda-4493-80b8-f88989a1e042","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":142,"box":{"x":102,"y":657,"width":795,"height":11}},{"id":"9068ad80-cc5e-4e5e-aff8-5c68c7a5666f","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":142,"box":{"x":70,"y":672,"width":813,"height":11}},{"id":"c5d2bc9d-d344-44ff-affa-1facb3ea6841","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":142,"box":{"x":68,"y":687,"width":827,"height":11}},{"id":"ab4eba34-315b-49b5-92f0-ec62eeba2def","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":142,"box":{"x":68,"y":702,"width":750,"height":12}},{"id":"25767bcb-72d7-4c16-9a0c-b2c90dfa24c3","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":142,"box":{"x":101,"y":725,"width":776,"height":11}},{"id":"562768ca-4132-494c-b0e4-f30000d39816","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":142,"box":{"x":69,"y":740,"width":831,"height":11}},{"id":"990342b6-fc71-4c5f-a449-1d6aaa841ad0","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":142,"box":{"x":69,"y":755,"width":822,"height":11}},{"id":"938f7591-89cb-4143-b8e7-685d1b43dc18","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":142,"box":{"x":69,"y":770,"width":802,"height":12}},{"id":"e2b5637a-d69f-4055-bd3b-3bd62f264b28","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":142,"box":{"x":70,"y":785,"width":839,"height":12}},{"id":"f76e9368-f058-41dc-83b5-a87a30fc48a3","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":142,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"71584f2a-cc70-445e-910c-1fe96fcbd228","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":142,"box":{"x":68,"y":816,"width":827,"height":11}},{"id":"c1dfdb7d-17ab-4084-9cac-6a1846309ddf","block_type":"box","text":"group of individuals whose sole organizational nexus is that its par ticipants are credit cardholders of a company,","page_number":142,"box":{"x":68,"y":831,"width":803,"height":11}},{"id":"391c6091-4250-4308-8f17-a47b983109a4","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":142,"box":{"x":70,"y":846,"width":788,"height":11}},{"id":"792b9f1c-6a38-4d93-a05c-c6d22fb865d9","block_type":"box","text":"adviser.","page_number":142,"box":{"x":69,"y":861,"width":53,"height":9}},{"id":"0abb57b3-c8b8-4dbe-bac0-53d050d67e93","block_type":"box","text":"With cer tain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":142,"box":{"x":101,"y":884,"width":795,"height":11}},{"id":"bc9297cf-9f80-47db-bf6a-667f19f4dfd8","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":142,"box":{"x":69,"y":899,"width":821,"height":11}},{"id":"e6c12046-cde3-4721-88cd-e08a3b97d265","block_type":"box","text":"II-98","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"64d09027-cfff-45aa-84f2-d7f4d5439399","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6399d657-8d25-4b11-8c1f-f521dfbb4e59","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":143,"box":{"x":69,"y":45,"width":803,"height":11}},{"id":"bb2e0c00-65ea-469d-ba68-dc6cb291a0c0","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":143,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"8e9b8556-21df-4273-b460-a311541923e8","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":143,"box":{"x":68,"y":75,"width":747,"height":11}},{"id":"3570b779-651e-494e-8ad4-d75df414a91a","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":143,"box":{"x":70,"y":90,"width":809,"height":11}},{"id":"9a8738f6-32de-4808-9595-8a43480699f6","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":143,"box":{"x":69,"y":105,"width":819,"height":11}},{"id":"1eb40987-2762-492d-a2f0-2710f2a29028","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":143,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"5cd92335-473c-483f-8d3c-ebb20237b059","block_type":"box","text":"also be restricted from making additional investments.","page_number":143,"box":{"x":69,"y":135,"width":388,"height":12}},{"id":"685fdec2-8b05-439e-b665-4a9c8234119c","block_type":"box","text":"In-Kind Purchases","page_number":143,"box":{"x":102,"y":158,"width":127,"height":9}},{"id":"fa513ff1-a2a4-4333-b0c1-91b2c85895e1","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":143,"box":{"x":230,"y":158,"width":649,"height":11}},{"id":"2df65945-c074-4866-a5dc-c8f36a8f9840","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":143,"box":{"x":69,"y":173,"width":779,"height":11}},{"id":"0a30833f-15c3-40f2-bd31-259b1a1a7c0e","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":143,"box":{"x":70,"y":188,"width":820,"height":11}},{"id":"afd224bc-b9ed-47d0-8523-d9e49b025268","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":143,"box":{"x":69,"y":203,"width":827,"height":12}},{"id":"29ff24cb-32db-4619-8634-89fc9da35ade","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":143,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"10b5a7d5-b82e-43bc-af2d-4c739a1725ed","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":143,"box":{"x":69,"y":234,"width":817,"height":11}},{"id":"3e716454-39e3-4499-ad31-a34daf6d1629","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":143,"box":{"x":68,"y":249,"width":837,"height":11}},{"id":"05a6090d-7c3e-4302-945e-2386e1481dfd","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":143,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"5fbc492d-5519-433f-9f66-1a93251fc089","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":143,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"730bb286-388d-4c10-9c7e-3e528764f6a0","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":143,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"1c18627e-bf30-4ba8-a0ab-6bc4a6ccc108","block_type":"box","text":"has settled.","page_number":143,"box":{"x":69,"y":309,"width":83,"height":9}},{"id":"130c38ca-f34b-4ecd-895b-0c127b3d4edf","block_type":"box","text":"Institutional Shares","page_number":143,"box":{"x":69,"y":340,"width":142,"height":8}},{"id":"e9189157-bb7e-40eb-a699-19c49b27e98c","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":143,"box":{"x":102,"y":362,"width":759,"height":11}},{"id":"95f0acd3-b98c-4808-bbcb-f0457c3bb759","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":143,"box":{"x":70,"y":377,"width":756,"height":12}},{"id":"44e30f14-eb78-4ec0-9577-bdda84b9426a","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":143,"box":{"x":70,"y":392,"width":775,"height":12}},{"id":"038ad7e9-131d-4587-813c-2677a194158e","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":143,"box":{"x":70,"y":407,"width":839,"height":12}},{"id":"4816c27a-57af-4f7b-bcaa-c4d121b7c8c4","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":143,"box":{"x":69,"y":423,"width":807,"height":11}},{"id":"31f198ca-825c-4c04-8ff7-35c0e5a7aeb4","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":143,"box":{"x":69,"y":438,"width":276,"height":11}},{"id":"d3473460-de02-4f24-a00b-eb13a78d55b9","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":143,"box":{"x":102,"y":460,"width":259,"height":12}},{"id":"3b03481f-d84a-411d-b045-6e30ba947eb5","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":143,"box":{"x":369,"y":460,"width":540,"height":12}},{"id":"bd66051e-af3e-4c4a-99a4-c4426ae9c9a3","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":143,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"60430ba6-62b3-40da-a290-b532719bf14a","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":143,"box":{"x":69,"y":491,"width":796,"height":11}},{"id":"9a8017f9-c264-4e9b-8f8f-7256de308b49","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":143,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"58e06229-cb90-4d36-b24b-0f5f3c75a39c","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":143,"box":{"x":69,"y":521,"width":840,"height":11}},{"id":"ad5cbae6-e475-41a7-897b-f54d42d5cb2f","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":143,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"4c8f07b6-7ed8-4e85-8923-966f89229d45","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":143,"box":{"x":69,"y":551,"width":802,"height":11}},{"id":"b5c0d3b5-6945-49ce-b07b-2be2aa752806","block_type":"box","text":"these fees and conditions.","page_number":143,"box":{"x":68,"y":566,"width":189,"height":9}},{"id":"72a76af3-aee7-4168-8d5d-d410a32b5852","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":143,"box":{"x":102,"y":589,"width":805,"height":11}},{"id":"174cd91b-9eb1-413e-b48f-1eb6775a9136","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":143,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"c928086c-f9b1-46e0-835d-ba4f42487b18","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":143,"box":{"x":69,"y":619,"width":817,"height":11}},{"id":"0d1e50fb-7e04-4e0d-9878-a807b1c78f03","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":143,"box":{"x":70,"y":634,"width":831,"height":12}},{"id":"4258126c-c5f7-4f46-8c19-c1a2fc800107","block_type":"box","text":"incurred by the Fund.","page_number":143,"box":{"x":70,"y":650,"width":147,"height":11}},{"id":"d5d5bfd1-f804-4b05-a88c-60c7c42784d5","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":143,"box":{"x":102,"y":672,"width":774,"height":11}},{"id":"2ea4f2e9-b888-4ad3-8c5e-6694ea98dff0","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":143,"box":{"x":68,"y":687,"width":834,"height":11}},{"id":"09cebc94-c149-4a17-9ece-3325139dc1a4","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":143,"box":{"x":70,"y":702,"width":773,"height":11}},{"id":"c1db62bd-c0c0-465f-a5b7-12df7b8fb7a7","block_type":"box","text":"immediate family members of such persons, individuals and “Institutional Investors” with a minimum initial","page_number":143,"box":{"x":70,"y":717,"width":762,"height":12}},{"id":"87c4b266-ebe1-4041-a043-58b27e1a2aa2","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":143,"box":{"x":70,"y":732,"width":821,"height":12}},{"id":"3d68d47d-06fc-4f89-80c5-f202ebeb68dc","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":143,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"188cf2c0-ba8d-4cc7-9e39-cb395c1b8a84","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":143,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"5d0aa787-78e4-4915-af4f-95a3118d6ca9","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":143,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"0860bcc1-0dad-4edd-bb3f-065f1914ed86","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":143,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"53a7a43f-ddc1-49a4-911f-9191f998ae14","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":143,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"ba605990-9771-4730-b5e7-f58ac1c270ad","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":143,"box":{"x":69,"y":823,"width":789,"height":12}},{"id":"a7846a61-d6f2-4ced-a0f7-9be8f0033466","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":143,"box":{"x":70,"y":838,"width":772,"height":12}},{"id":"46c44194-4eaa-4e40-b78f-e179c73e5c65","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":143,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"8854535b-1a03-43cd-a9c0-79c37b44380e","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":143,"box":{"x":68,"y":869,"width":783,"height":11}},{"id":"b1a667b2-c8dc-4d11-83ee-8486f8aca59b","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":143,"box":{"x":69,"y":884,"width":785,"height":11}},{"id":"87c3164d-c6ad-4a6f-a9d1-00258d4b8996","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":143,"box":{"x":69,"y":899,"width":838,"height":11}},{"id":"4b1c6bb7-2326-419d-a073-e74c3afd707c","block_type":"box","text":"II-99","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"04f8e0d1-e19c-4180-88e7-e3ab0cb10986","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0da44864-2a66-489a-9032-02adf2c5a893","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":144,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"3c1dd54a-e839-4301-9264-b6e7a7be6305","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":144,"box":{"x":69,"y":60,"width":751,"height":11}},{"id":"600e0bbe-02bc-4e2d-b594-97e04ef41943","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":144,"box":{"x":69,"y":74,"width":817,"height":12}},{"id":"5e2ad63c-46b4-4323-a798-a6190e0b018a","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":144,"box":{"x":69,"y":90,"width":773,"height":11}},{"id":"4dbae751-aa6a-4372-bbce-caebd0e0aa86","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":144,"box":{"x":69,"y":105,"width":771,"height":11}},{"id":"1e9d0140-4c61-4fb4-9ff7-63ffff18b7f2","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":144,"box":{"x":69,"y":120,"width":822,"height":11}},{"id":"df486386-ea53-44c6-94a0-33b58a227aa5","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit plans), (ii) otherwise have","page_number":144,"box":{"x":68,"y":135,"width":771,"height":12}},{"id":"053936ae-6865-46d9-b133-178074eb1ee2","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":144,"box":{"x":70,"y":150,"width":801,"height":11}},{"id":"ae344fad-9e07-4af6-b00d-4ca1e3165379","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":144,"box":{"x":69,"y":166,"width":770,"height":11}},{"id":"0e76a989-fff6-465b-a672-2e675d5998a4","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":144,"box":{"x":102,"y":188,"width":280,"height":12}},{"id":"8568af5f-41db-4349-9f22-01e2a92a70f5","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":144,"box":{"x":389,"y":188,"width":496,"height":11}},{"id":"fa01931f-d6b0-4ea6-9410-5e3e9bd0ae14","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":144,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"289952ba-111f-4946-a979-f6f6aa832047","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":144,"box":{"x":70,"y":219,"width":828,"height":11}},{"id":"426613fc-f7c0-4a51-8d6a-b04b5b5efcd4","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":144,"box":{"x":70,"y":234,"width":838,"height":11}},{"id":"7ddb5c59-a9ea-41cf-bc28-8cced1cfe3ba","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":144,"box":{"x":68,"y":249,"width":826,"height":11}},{"id":"1ba86bc3-963a-48b8-9e29-9092bc8d6e77","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":144,"box":{"x":69,"y":264,"width":279,"height":11}},{"id":"e58d14f6-bfb0-4662-b51b-8138326064b0","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":144,"box":{"x":69,"y":294,"width":382,"height":11}},{"id":"d0a17b1d-4205-44c8-9bc4-d50110e71370","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":144,"box":{"x":102,"y":317,"width":770,"height":11}},{"id":"5eda7d87-b215-46e2-959f-5f7c12edd927","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":144,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"3b8bf448-c2d3-4220-9e57-9833439ce42a","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":144,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"99428493-ce44-4c40-8da8-ca36d6190a2d","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":144,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"ef2c504a-c5e7-4846-9d12-1e571b455711","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":144,"box":{"x":69,"y":377,"width":815,"height":11}},{"id":"aa41c24c-1529-4f35-b718-2baf671c9046","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":144,"box":{"x":69,"y":392,"width":791,"height":11}},{"id":"eb0d8239-e13f-44cc-9861-53ffb316c766","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":144,"box":{"x":70,"y":407,"width":727,"height":12}},{"id":"0ce638b1-208b-4787-b172-9c7b85b90074","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":144,"box":{"x":102,"y":430,"width":770,"height":11}},{"id":"e0f1e90c-0b1f-4ba8-b6bd-8f74963c7c7c","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":144,"box":{"x":70,"y":445,"width":812,"height":12}},{"id":"fd885060-4d82-411d-a3b2-b22dd4b4b4d5","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":144,"box":{"x":69,"y":460,"width":791,"height":12}},{"id":"24db834e-0501-45eb-9c56-19abb97a5702","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":144,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"6980edc9-1e03-4935-b14e-0a3295a4eae1","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":144,"box":{"x":68,"y":491,"width":808,"height":11}},{"id":"d88d46de-78e5-457c-8416-b72ebdd469c2","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":144,"box":{"x":69,"y":506,"width":834,"height":11}},{"id":"6ec16200-a7bf-4ee7-bf5b-109d37113cc1","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":144,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"c0cc069b-b2e6-47ad-bfe5-fbfd92cb88e4","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":144,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"0d66fed8-f93b-44e3-955a-13ce0cfd293c","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":144,"box":{"x":70,"y":551,"width":805,"height":11}},{"id":"9a487285-110b-418f-a027-c8a96a4fc7c2","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":144,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"88d4ab39-4779-46a5-81c9-1dc8fca203c2","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":144,"box":{"x":69,"y":581,"width":826,"height":12}},{"id":"bb76a818-4315-46bb-8ae3-657674f74358","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":144,"box":{"x":69,"y":596,"width":802,"height":12}},{"id":"d8798526-ac73-4c28-b38e-ee131ca8f2f4","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":144,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"6a28d9f2-6200-47f1-897a-d1b807094775","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":144,"box":{"x":69,"y":627,"width":358,"height":9}},{"id":"ba3c243a-a8c0-494f-9240-2bf29e908369","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":144,"box":{"x":102,"y":649,"width":734,"height":12}},{"id":"2db6cafb-fcbd-42c9-b28a-e9997d05cf3a","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":144,"box":{"x":70,"y":664,"width":785,"height":11}},{"id":"27fc3fd4-56f1-47ab-a5b8-3789495530eb","block_type":"box","text":"periods indicated.","page_number":144,"box":{"x":70,"y":680,"width":124,"height":11}},{"id":"6ed8d43a-04ae-4c9a-9bf8-9b79dfe48699","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":702,"width":806,"height":11}},{"id":"0ad8ccbd-4e47-429d-864b-c82b1798b22a","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":718,"width":830,"height":11}},{"id":"2336c0c5-788d-487b-a0c0-c21b692e2ced","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":732,"width":832,"height":12}},{"id":"f6d454ab-7a24-46d5-8c12-8e362c1b070a","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":748,"width":714,"height":11}},{"id":"acf6d834-c082-415a-9823-6d82ecd09767","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":144,"box":{"x":69,"y":778,"width":297,"height":11}},{"id":"c6e37d31-264e-421d-8e06-6df336888018","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":144,"box":{"x":102,"y":801,"width":761,"height":11}},{"id":"1e0359a6-d552-4c2f-a747-fe98889ccfe3","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":144,"box":{"x":69,"y":816,"width":800,"height":11}},{"id":"c8b9bace-5cc9-4a75-96b4-93a936b62def","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":144,"box":{"x":69,"y":831,"width":812,"height":11}},{"id":"7ae84914-7999-4825-918b-3bffa775aeb6","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":144,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"9b8e274e-f5a3-4826-9953-dac34d5f68a4","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":144,"box":{"x":69,"y":861,"width":578,"height":9}},{"id":"022af6f8-8783-428e-bf21-41a36757b0f8","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":144,"box":{"x":102,"y":884,"width":734,"height":11}},{"id":"7e7f409e-ef7b-4853-b99e-6d03206b4259","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":144,"box":{"x":70,"y":899,"width":800,"height":11}},{"id":"61d05fc8-9f2a-4880-adfa-420f22755cb2","block_type":"box","text":"II-100","page_number":144,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"612ffb75-3dbf-4045-b48b-e3368e37604a","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4fd158d1-eac3-443d-80ea-9611b11c567d","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":145,"box":{"x":101,"y":45,"width":806,"height":11}},{"id":"9b150513-a9e4-4cad-a588-791ba89cff02","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":145,"box":{"x":68,"y":60,"width":830,"height":11}},{"id":"8cc7950b-cae2-4693-ab05-4e3fad55e37c","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":145,"box":{"x":69,"y":75,"width":832,"height":11}},{"id":"6b3e059b-5dca-4107-9248-c4d552d748dc","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":145,"box":{"x":69,"y":90,"width":714,"height":11}},{"id":"f48a4de0-b7b0-44df-b895-9f7c0b7cc9ef","block_type":"box","text":"Reduced Initial Sales Charges","page_number":145,"box":{"x":69,"y":120,"width":219,"height":11}},{"id":"7bbb1dec-457a-4de6-af84-6abbd0b299a5","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":145,"box":{"x":102,"y":143,"width":782,"height":11}},{"id":"48d03a7b-3b24-4925-8b80-4fc7f3955d62","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":145,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"a5dfa27e-3b3a-498c-8023-6ce96792f4d0","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":145,"box":{"x":68,"y":173,"width":809,"height":11}},{"id":"242881cf-9500-4802-a562-cfb38f34b335","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":145,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"e7f0df38-6d2d-43dd-87f7-38b6dea86d83","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":145,"box":{"x":69,"y":203,"width":812,"height":12}},{"id":"dd7ff2f0-33fd-421d-a6a6-acbfc3b3aa34","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":145,"box":{"x":69,"y":218,"width":813,"height":12}},{"id":"25236a76-9502-48d6-ad40-105018c50807","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":145,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"c0810445-0bf9-4cf5-8327-486f9b31bdd7","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":145,"box":{"x":70,"y":249,"width":603,"height":11}},{"id":"fef340b4-f242-46d2-9b99-8b8391398e76","block_type":"box","text":"Reinvested Dividends.","page_number":145,"box":{"x":102,"y":272,"width":156,"height":8}},{"id":"2eead0a8-c749-40d4-8ff3-cfc11659df52","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":145,"box":{"x":265,"y":271,"width":566,"height":12}},{"id":"011e713e-5b1d-4c66-ba9c-7373cc250583","block_type":"box","text":"reinvestment of dividends.","page_number":145,"box":{"x":69,"y":286,"width":186,"height":10}},{"id":"aa662bb3-c8d4-46ef-b351-755c29ce59bf","block_type":"box","text":"Right of Accumulation.","page_number":145,"box":{"x":102,"y":309,"width":158,"height":11}},{"id":"a5853345-f0f5-4845-bda6-a22de3f54d24","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":145,"box":{"x":267,"y":309,"width":574,"height":11}},{"id":"08724ff8-5913-480d-9ec7-ab61fc41efdc","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":145,"box":{"x":69,"y":324,"width":826,"height":12}},{"id":"d61aac00-1efb-4fa6-8ff2-59da1628a6b2","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":145,"box":{"x":69,"y":339,"width":810,"height":12}},{"id":"6719b492-6699-42e3-91b2-6044df176cda","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":145,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"082971a8-dd8d-4a13-885f-446b0456f660","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":145,"box":{"x":69,"y":370,"width":780,"height":11}},{"id":"38255d43-a891-4c16-956c-bff989dbb45d","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":145,"box":{"x":70,"y":385,"width":828,"height":11}},{"id":"22487a2a-4afd-49c4-be3c-b21d2927fe5d","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":145,"box":{"x":69,"y":400,"width":804,"height":11}},{"id":"551bffa3-2cfb-4a25-b0ab-5e2d9340c105","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":145,"box":{"x":70,"y":415,"width":794,"height":11}},{"id":"d8929c8c-3b98-4035-b456-741ae477823e","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":145,"box":{"x":70,"y":430,"width":814,"height":11}},{"id":"d6ab89e3-4b37-4e4d-8d65-7c3d73daec3e","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":145,"box":{"x":70,"y":445,"width":828,"height":12}},{"id":"cf4a2940-b18d-4cbd-9860-52b2ec17b35a","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":145,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"fa24043c-b270-4f1b-aa3e-6f64ed402a42","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":145,"box":{"x":70,"y":475,"width":776,"height":12}},{"id":"24317b15-a283-4e92-bf7a-477e0f4eff8b","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":145,"box":{"x":68,"y":491,"width":835,"height":11}},{"id":"9b2c06c6-c544-4c15-8caa-98bc5375990c","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":145,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"cdbb9d84-81e9-43af-86e1-32224fdebae2","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":145,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"d8b465e9-f42e-46ef-a6b9-4b865b8fc9bf","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":145,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"20734383-ca5b-4c3b-8d9e-92927152ffa3","block_type":"box","text":"Letter of Intent.","page_number":145,"box":{"x":102,"y":559,"width":109,"height":9}},{"id":"f2223665-e079-466e-991a-9492bc2f3c2e","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":145,"box":{"x":217,"y":559,"width":681,"height":11}},{"id":"5122d086-a85b-44a7-beee-62d926397204","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":145,"box":{"x":70,"y":574,"width":820,"height":11}},{"id":"08f9dae6-d4a9-48a5-8026-921973dbfec7","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":145,"box":{"x":68,"y":589,"width":792,"height":11}},{"id":"37d91cc1-bdf6-4d37-bf3c-f0f721d0b08a","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":145,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"0d6f86a9-27e3-4507-acb3-95c2b4f11a81","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":145,"box":{"x":69,"y":619,"width":760,"height":11}},{"id":"11783721-cf2b-4248-99b5-4e884648e5d0","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":145,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"fe47fa92-d24a-4238-914d-09d29edffcbd","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":145,"box":{"x":70,"y":649,"width":826,"height":12}},{"id":"de2fc520-80ac-4568-8baa-fb89dfa44391","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":145,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"02ab1e71-2087-48f1-9e40-7b15eac77d5d","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":145,"box":{"x":70,"y":680,"width":764,"height":11}},{"id":"d3982a92-0da5-481b-b169-9c20645749a4","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":145,"box":{"x":70,"y":695,"width":800,"height":11}},{"id":"38ce7301-8c07-4518-ae61-222a024deeac","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":145,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"06b3ab2f-2423-4f55-ba38-0ec106d3f8c5","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":145,"box":{"x":68,"y":725,"width":835,"height":11}},{"id":"09f147c3-77d2-434b-877c-9214a13a1d83","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":145,"box":{"x":70,"y":740,"width":811,"height":11}},{"id":"73900242-b72d-45cf-81a1-849d64cc4701","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":145,"box":{"x":69,"y":755,"width":814,"height":11}},{"id":"9a5cb968-38e8-4825-afff-c134b8295d3a","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":145,"box":{"x":68,"y":770,"width":827,"height":12}},{"id":"ccc0c948-82b6-45f9-af1e-69a019b6e1c6","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":145,"box":{"x":69,"y":785,"width":827,"height":12}},{"id":"0bca0b29-8fc8-4600-b432-adfd064838ca","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":145,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"f24a6f8b-a5b2-40a8-83c9-c18106045492","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":145,"box":{"x":70,"y":816,"width":807,"height":11}},{"id":"4a8cbf1b-06dc-46b6-91d1-92f2f923e3af","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":145,"box":{"x":69,"y":831,"width":423,"height":11}},{"id":"6483b413-2ddd-4e6c-9635-52ea99c2bae5","block_type":"box","text":"Placement Fees.","page_number":145,"box":{"x":102,"y":854,"width":116,"height":8}},{"id":"c9c48c0c-1d7e-4c74-86d9-96a2804d1a59","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":145,"box":{"x":102,"y":876,"width":777,"height":11}},{"id":"c3ceedf7-4d68-4f6d-9d76-df1bc7e64b72","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":145,"box":{"x":68,"y":891,"width":704,"height":12}},{"id":"582a8fd3-4d17-43c8-bfdd-5d368ef1f49b","block_type":"box","text":"II-101","page_number":145,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b8ce4c0b-730f-4d57-aba8-f64ffb74257e","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"61dc1285-28b1-41bf-a5a8-de15d6112be5","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":146,"box":{"x":102,"y":45,"width":741,"height":11}},{"id":"d3cf91f9-63b9-4cee-a288-03bb547fffc7","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":72,"width":361,"height":10}},{"id":"d911ca78-c59a-461e-9a8c-de8759f8e774","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":146,"box":{"x":535,"y":72,"width":288,"height":9}},{"id":"6fbc0bbb-b0d3-497c-8f00-b6a6c592ab12","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":87,"width":361,"height":10}},{"id":"ed13206d-6860-406c-b78f-d363b6ab6b65","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":88,"width":288,"height":8}},{"id":"6581540f-2230-41a9-b626-cbd56de71cfe","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":102,"width":345,"height":10}},{"id":"d8efc55d-8b3f-443a-9a45-40c633cc1f5d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":103,"width":305,"height":9}},{"id":"9b5f6d17-e5cb-49b5-a88a-172f3df7526c","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":146,"box":{"x":101,"y":126,"width":776,"height":12}},{"id":"c306bf1a-a816-4f15-bfa9-d4fc3a312af9","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":146,"box":{"x":69,"y":142,"width":774,"height":11}},{"id":"b9390b9e-eab7-496b-b5f5-b898278d4b59","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":146,"box":{"x":70,"y":157,"width":824,"height":11}},{"id":"f9cbabfc-32c4-449e-8058-340ebc0a0e3e","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":146,"box":{"x":69,"y":172,"width":695,"height":11}},{"id":"7f4d2f14-4cd3-4119-8926-4310c24cbfd7","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":199,"width":410,"height":11}},{"id":"c69c8a71-f073-4faf-8106-fbffa8fbf445","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":146,"box":{"x":583,"y":200,"width":240,"height":9}},{"id":"b16fdbf9-f8cd-4eda-9680-99913c4d553a","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":214,"width":361,"height":11}},{"id":"c43d453b-6698-4d66-a610-f384c19ec65c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":215,"width":288,"height":9}},{"id":"a5fddeca-d953-4b6c-868c-5166bc9c6a55","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":229,"width":345,"height":11}},{"id":"6e442c38-83a7-4d28-bf62-7c64c991f209","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":230,"width":305,"height":9}},{"id":"b6013da9-f4bf-4412-b1df-f98699b7a13a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":146,"box":{"x":101,"y":254,"width":806,"height":11}},{"id":"56da6955-6aac-4907-9251-9bf03ea4356d","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":146,"box":{"x":68,"y":269,"width":821,"height":11}},{"id":"1919d74e-4337-4bf3-b057-4c37c7669df7","block_type":"box","text":"SM","page_number":146,"box":{"x":890,"y":269,"width":11,"height":5}},{"id":"0c14ae46-8fe9-4554-908e-40b497f7b9d8","block_type":"box","text":",","page_number":146,"box":{"x":903,"y":276,"width":2,"height":3}},{"id":"0177b7f2-320c-44e5-8ad6-31198949c9da","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":146,"box":{"x":70,"y":284,"width":816,"height":11}},{"id":"75a79cca-7678-4031-9857-34a7a33f3c79","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":146,"box":{"x":70,"y":299,"width":835,"height":11}},{"id":"156acf19-11f8-4056-8064-0e312419c9b7","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":314,"width":520,"height":12}},{"id":"caa38834-ba72-44bc-8f04-97703e09f056","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":341,"width":361,"height":11}},{"id":"35eb721c-d5f2-429e-8eaa-3c957f3d9ebd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":146,"box":{"x":535,"y":342,"width":288,"height":9}},{"id":"40fac03c-e805-4245-ad6b-5cb709fa46ee","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":356,"width":361,"height":11}},{"id":"3e1cd02b-4475-42f9-b8b3-d8e8d900467b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":357,"width":288,"height":9}},{"id":"b556623c-ed36-43d6-a724-f789890d89ba","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":372,"width":345,"height":10}},{"id":"00575673-7524-462a-87b8-bbcd5a0500e7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":372,"width":305,"height":9}},{"id":"8e3aabf0-4e8a-44ee-a670-531ef00668c9","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":146,"box":{"x":101,"y":396,"width":743,"height":11}},{"id":"121aa48a-e4e9-437f-baf8-6871d32054cc","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":411,"width":674,"height":12}},{"id":"335404e6-26e1-4ca6-a74d-462d0f272ced","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":438,"width":361,"height":11}},{"id":"98e35869-bb71-4cc6-a9b1-966741e22091","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":439,"width":288,"height":9}},{"id":"f517bb03-3011-47c2-b084-1bcc00bc6a1a","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":453,"width":361,"height":11}},{"id":"bf64a68b-523a-4470-bd39-c4ea00f6d598","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":535,"y":454,"width":288,"height":9}},{"id":"4d362041-d57f-40af-a8cc-9d2d8ed24183","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":469,"width":345,"height":10}},{"id":"8a8f854d-1c11-488f-95ef-ac6cfa4bd603","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":146,"box":{"x":518,"y":469,"width":305,"height":9}},{"id":"05cf4fc7-027d-4961-95bf-76eae9379a97","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":146,"box":{"x":101,"y":493,"width":808,"height":11}},{"id":"4d22ee8c-ef68-4b1b-b20a-6bc7e6d7b601","block_type":"box","text":"may be up to the following amounts:","page_number":146,"box":{"x":69,"y":508,"width":257,"height":12}},{"id":"28a8e10a-0d68-412c-a241-94e0277839e9","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":535,"width":410,"height":11}},{"id":"641cdeda-948a-412b-8ce1-f787908c9f51","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":583,"y":536,"width":240,"height":9}},{"id":"13948a01-80c5-4c34-b492-0d1f9a4d1763","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":550,"width":361,"height":11}},{"id":"c60a90f5-a3f5-4771-bd73-c603e68a2a86","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":535,"y":551,"width":288,"height":9}},{"id":"21b002fe-9368-4637-b49f-e9b654d90fa5","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":566,"width":345,"height":10}},{"id":"f8a92502-b55c-447a-bf62-4af5789a9b1d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":146,"box":{"x":518,"y":566,"width":305,"height":9}},{"id":"ac267e09-ddcd-447e-b195-2427a4eb1f99","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Por tfolio of BlackRock Funds V, the","page_number":146,"box":{"x":101,"y":590,"width":768,"height":11}},{"id":"88c504db-bcee-4ee7-a3b9-01c08a8272ff","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":605,"width":371,"height":12}},{"id":"cefe65f0-a0fe-4aa4-949c-0c91f3f64d85","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":632,"width":361,"height":11}},{"id":"8d48c3a4-7d45-47f1-8bc7-6823375ec84d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":146,"box":{"x":535,"y":633,"width":288,"height":9}},{"id":"27b56c5d-f107-41dc-a28d-c81e79f4b2d1","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":647,"width":361,"height":11}},{"id":"84c69f82-83f2-4cda-b51a-e96436e8b4fb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":146,"box":{"x":535,"y":648,"width":288,"height":9}},{"id":"0dbfc640-86f0-4eb5-bbd4-41e7d1ddd1e6","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":663,"width":345,"height":10}},{"id":"8c77bb40-7db9-4eb4-96ff-be8c9071038f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":146,"box":{"x":518,"y":663,"width":305,"height":9}},{"id":"b0b7a8b6-5b52-4350-9fd2-ae5e785c000d","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income","page_number":146,"box":{"x":101,"y":687,"width":778,"height":11}},{"id":"47ef3b2d-40f2-4ef3-8f24-17d39caffc3e","block_type":"box","text":"Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V, the","page_number":146,"box":{"x":69,"y":702,"width":830,"height":12}},{"id":"c95174d1-f862-407e-8f7c-e90d84375b5f","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":717,"width":371,"height":12}},{"id":"841ff9f6-ab03-4a61-ad87-639e9c012f5d","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":744,"width":410,"height":12}},{"id":"b470666c-3319-43f6-99d1-f5509222b05a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":146,"box":{"x":583,"y":745,"width":240,"height":9}},{"id":"9c9dcf62-5528-4a72-b599-9c9494aa3912","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":760,"width":361,"height":10}},{"id":"f9a29adf-5fe5-4695-acc6-830213582964","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":760,"width":288,"height":9}},{"id":"3a775e2b-1e12-426a-b8c9-da2d3846d4bc","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":775,"width":345,"height":10}},{"id":"abebfbfc-62fc-41ce-a2d2-abc9e9ba87d0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":775,"width":305,"height":9}},{"id":"4e13e49d-e5e7-4997-a75c-ddbbb6ed6c22","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":799,"width":779,"height":11}},{"id":"dfea7439-a724-40ee-b143-0bccc5fa6468","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":146,"box":{"x":70,"y":814,"width":780,"height":12}},{"id":"803c05b1-6623-40c9-8252-1f6e4398300d","block_type":"box","text":"$250,000 and above . . . .","page_number":146,"box":{"x":167,"y":841,"width":182,"height":12}},{"id":"6348d47d-2b69-43cb-a438-8649e8e79a1a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":355,"y":842,"width":468,"height":9}},{"id":"e6e46aa9-73df-4c63-b9d1-903fd00e80c1","block_type":"box","text":"II-102","page_number":146,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b3c547fe-eedf-4a31-9c57-1efad2a0f3d2","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5ad2cf95-29a2-4d71-9a74-b6d5496e1919","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":147,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"d8ffe3b3-77cc-46ee-9b8f-96f9a68c34d1","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":147,"box":{"x":70,"y":60,"width":819,"height":11}},{"id":"f0ea86e6-8ffc-442c-9a14-d326e04876df","block_type":"box","text":"the following amounts:","page_number":147,"box":{"x":68,"y":75,"width":161,"height":11}},{"id":"c182a9a7-4a89-44f7-81c4-d1595da21765","block_type":"box","text":"$100,000 and above . . . .","page_number":147,"box":{"x":167,"y":102,"width":182,"height":11}},{"id":"14eae0fe-626a-487e-881a-af4466718c96","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":355,"y":103,"width":468,"height":9}},{"id":"ce3c15b7-f9a5-4eef-91e9-0c7ef6bd38fd","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":147,"box":{"x":101,"y":126,"width":779,"height":11}},{"id":"0f939f01-e394-4176-abc1-15bcb771cb98","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":147,"box":{"x":70,"y":142,"width":775,"height":11}},{"id":"fe6572b1-742b-46aa-b148-fe3dbf6cb423","block_type":"box","text":"$250,000 and above . . . .","page_number":147,"box":{"x":167,"y":169,"width":182,"height":11}},{"id":"7361a26b-0b90-4068-bcb7-68bcb06e71c7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":355,"y":169,"width":468,"height":9}},{"id":"bf1a158c-59b4-48ea-b2e1-4d2746e309b7","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":147,"box":{"x":101,"y":193,"width":788,"height":12}},{"id":"3d36991c-3864-4004-9e9c-5249c2773802","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":147,"box":{"x":69,"y":208,"width":792,"height":11}},{"id":"227620d1-2367-495e-840e-4bc5611aea3e","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":147,"box":{"x":70,"y":224,"width":787,"height":11}},{"id":"68dda794-3ae6-4698-81cd-3b2db6580299","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":147,"box":{"x":69,"y":239,"width":834,"height":11}},{"id":"1a3fb3b5-d1cd-4b06-a202-1323917b0357","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":147,"box":{"x":70,"y":254,"width":729,"height":11}},{"id":"fffa343b-f61d-433b-993f-911d1eee833a","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":281,"width":410,"height":11}},{"id":"f32feddf-47aa-4c05-9afc-c9184b9e6b04","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":147,"box":{"x":583,"y":282,"width":240,"height":8}},{"id":"674b5958-3988-493f-b9b3-44aaa454a529","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":296,"width":361,"height":10}},{"id":"40be5bb5-5048-46bd-babb-4f825b13fc89","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":147,"box":{"x":535,"y":297,"width":288,"height":9}},{"id":"3c6316b9-3479-4d77-8f30-e37f378f3d8e","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":311,"width":345,"height":11}},{"id":"8f8ee87d-104b-45b3-ac77-42b6538400e9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":518,"y":312,"width":305,"height":9}},{"id":"2be09931-d581-4140-be77-efd5383b2f7e","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":147,"box":{"x":101,"y":336,"width":801,"height":11}},{"id":"429e67cd-6593-43ad-8678-d19d2359ef77","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":147,"box":{"x":69,"y":351,"width":769,"height":11}},{"id":"20b2b7ee-52f3-4a55-b7b9-24558cecf9a6","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":147,"box":{"x":70,"y":366,"width":818,"height":10}},{"id":"7bcaf869-35a4-4a67-a6e5-8a5357e0ab16","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":147,"box":{"x":68,"y":381,"width":401,"height":11}},{"id":"1628595d-0632-47af-9c9e-c1a81c714d20","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":408,"width":410,"height":11}},{"id":"52972f10-877e-4407-aa53-c6b4444f5e6e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":147,"box":{"x":583,"y":409,"width":240,"height":9}},{"id":"3d1d4322-1452-4dee-8275-69e8d85a97ce","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":423,"width":361,"height":11}},{"id":"df1bb240-b9d4-4267-ab2f-c304c4b1a15c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":147,"box":{"x":535,"y":424,"width":288,"height":9}},{"id":"aeaaacfa-f840-4338-9be1-de4c48494dad","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":438,"width":345,"height":11}},{"id":"020fa242-9b91-41a2-8fe4-f60f97769893","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":518,"y":439,"width":305,"height":9}},{"id":"7312fd87-b902-4332-93a9-cf8a64e32f60","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":147,"box":{"x":101,"y":463,"width":398,"height":11}},{"id":"def94c38-a531-4a55-8448-6441b8dd7e17","block_type":"box","text":"®","page_number":147,"box":{"x":500,"y":463,"width":6,"height":5}},{"id":"8ce1aa8a-ee03-498d-a865-0e7f9d59b12c","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":147,"box":{"x":513,"y":463,"width":264,"height":10}},{"id":"75f5aeb9-8776-4023-863b-1747132fe2bf","block_type":"box","text":"®","page_number":147,"box":{"x":778,"y":463,"width":6,"height":5}},{"id":"abd29575-acf2-43ce-895d-f0c4381b74c5","block_type":"box","text":"Index 2035","page_number":147,"box":{"x":791,"y":463,"width":79,"height":9}},{"id":"dd3c0e96-6bb5-4750-b171-0c5ae62b1242","block_type":"box","text":"Fund, BlackRock LifePath","page_number":147,"box":{"x":70,"y":478,"width":177,"height":11}},{"id":"6db26338-e360-4399-8c66-875e3ed2e7e1","block_type":"box","text":"®","page_number":147,"box":{"x":249,"y":478,"width":6,"height":5}},{"id":"df47d9e6-9232-42c0-b121-5ad90afc9093","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":147,"box":{"x":261,"y":478,"width":265,"height":11}},{"id":"2b9eb3f1-8e79-49e1-9856-803f19fb0077","block_type":"box","text":"®","page_number":147,"box":{"x":527,"y":478,"width":6,"height":5}},{"id":"b2f9e949-6194-43bd-b29b-7701026e46b6","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":147,"box":{"x":539,"y":478,"width":265,"height":11}},{"id":"ae721797-177c-480f-84e6-27a69db6de5c","block_type":"box","text":"®","page_number":147,"box":{"x":805,"y":478,"width":6,"height":5}},{"id":"55bea790-fbca-42eb-aebc-124f99a75877","block_type":"box","text":"Index 2050","page_number":147,"box":{"x":817,"y":478,"width":80,"height":9}},{"id":"18520c52-d676-4f3b-96bc-14c5024cf2f6","block_type":"box","text":"Fund, BlackRock LifePath","page_number":147,"box":{"x":70,"y":493,"width":177,"height":11}},{"id":"bbe1ffda-8403-48ef-9fc9-4020ed99f142","block_type":"box","text":"®","page_number":147,"box":{"x":248,"y":494,"width":6,"height":4}},{"id":"9235c22f-b683-417f-af0b-46e202be44df","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":147,"box":{"x":261,"y":493,"width":263,"height":11}},{"id":"50542121-a6d2-40b1-acc4-858cb56ceebe","block_type":"box","text":"®","page_number":147,"box":{"x":526,"y":494,"width":6,"height":4}},{"id":"849ee9eb-ec47-4575-8b17-edc11fe928a5","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":147,"box":{"x":538,"y":493,"width":264,"height":11}},{"id":"b5e7d8af-c62d-4566-ad06-93198c7d9be6","block_type":"box","text":"®","page_number":147,"box":{"x":803,"y":494,"width":6,"height":4}},{"id":"cfce4714-f505-48ff-9140-dd5ee5f1bfbc","block_type":"box","text":"Index 2065","page_number":147,"box":{"x":815,"y":493,"width":80,"height":9}},{"id":"6d571a1e-4984-43d4-9c86-5d44c2dcc397","block_type":"box","text":"Fund, BlackRock LifePath","page_number":147,"box":{"x":70,"y":508,"width":177,"height":11}},{"id":"b473b0af-5343-4b4f-8619-234c308e2fdc","block_type":"box","text":"®","page_number":147,"box":{"x":248,"y":509,"width":6,"height":4}},{"id":"aa06b496-7729-4115-8db5-837f93b06f1d","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":147,"box":{"x":261,"y":508,"width":290,"height":9}},{"id":"fcc43598-193f-4068-acb1-5275b32959d4","block_type":"box","text":"®","page_number":147,"box":{"x":552,"y":509,"width":6,"height":4}},{"id":"bbecbd33-79b1-4b87-ba0a-1709081b97f0","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":147,"box":{"x":564,"y":508,"width":324,"height":11}},{"id":"a4a3d361-5eb3-442e-9c44-dfc8ccf95fab","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":147,"box":{"x":68,"y":523,"width":401,"height":12}},{"id":"faebc577-850c-4c5e-991c-f71b38258c1c","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":147,"box":{"x":167,"y":550,"width":206,"height":12}},{"id":"77ca1e9e-dbd0-4806-83f4-96d40bf22709","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":147,"box":{"x":380,"y":551,"width":443,"height":9}},{"id":"93d519d5-6444-462c-a790-d81a5d16ee43","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":147,"box":{"x":101,"y":575,"width":657,"height":11}},{"id":"208de9aa-ffd3-4542-a831-f21c20d35480","block_type":"box","text":"SM","page_number":147,"box":{"x":760,"y":575,"width":10,"height":5}},{"id":"5c426090-751e-43e3-9cdd-02c6ac499e82","block_type":"box","text":", the placement","page_number":147,"box":{"x":773,"y":575,"width":110,"height":11}},{"id":"da1c9770-e173-4f2e-808d-d6c8d689eb55","block_type":"box","text":"fees may be up to the following amounts:","page_number":147,"box":{"x":68,"y":590,"width":294,"height":11}},{"id":"597c121b-832f-4552-87bb-94cd1777e756","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":147,"box":{"x":167,"y":617,"width":206,"height":11}},{"id":"220ab772-64ad-4fbf-8b8c-affdde342092","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":147,"box":{"x":380,"y":618,"width":443,"height":9}},{"id":"bc7a6298-2c25-4015-aa57-f091cc1cc525","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":147,"box":{"x":101,"y":642,"width":787,"height":11}},{"id":"54e5b4eb-1b8a-4214-b6f7-da6ed865945e","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":147,"box":{"x":70,"y":657,"width":808,"height":11}},{"id":"49fb7c9f-2825-4cb6-b7ed-2a7c03e65f37","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":147,"box":{"x":70,"y":672,"width":393,"height":11}},{"id":"e539fbcf-100d-44a1-b76b-f7257edc0dc3","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":147,"box":{"x":102,"y":695,"width":740,"height":11}},{"id":"c02f31f9-45c7-40b2-9a00-593e8522f632","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":147,"box":{"x":69,"y":709,"width":823,"height":12}},{"id":"85367e26-44af-4fdb-97bf-996b67258a41","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":147,"box":{"x":68,"y":724,"width":780,"height":12}},{"id":"232d4859-d2d0-48e0-8113-a721db77becc","block_type":"box","text":"$1 million).","page_number":147,"box":{"x":69,"y":739,"width":79,"height":12}},{"id":"c1a310a0-a262-4290-9ecc-466a24d7b1c4","block_type":"box","text":"Other.","page_number":147,"box":{"x":102,"y":763,"width":41,"height":9}},{"id":"62ee311a-10cf-4779-88b7-c42fa27e07bc","block_type":"box","text":"The following persons may also buy Investor A or Investor P Shares without paying a sales charge:","page_number":147,"box":{"x":149,"y":763,"width":698,"height":11}},{"id":"43f46c2c-0bfc-48ba-b825-f036c17e86ba","block_type":"box","text":"(a) cer tain employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do","page_number":147,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"cfa3e000-4dcc-4bb5-887e-2926d45bc0d8","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs); (b) rollovers of current investments through cer tain employer","page_number":147,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"1b001c67-49e9-42b2-864f-ed6312b79e3d","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":147,"box":{"x":69,"y":808,"width":825,"height":11}},{"id":"00333af6-c1ed-4401-9fe2-80d169b753f5","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":147,"box":{"x":68,"y":823,"width":773,"height":11}},{"id":"34f26ae5-5fb7-4129-9277-0cd2ccc57440","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":147,"box":{"x":70,"y":839,"width":838,"height":11}},{"id":"ff45d476-ed2c-4f82-b038-0a2e47c6da80","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":147,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"ed10fb9b-e6d3-4201-acb6-94dd26377df6","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":147,"box":{"x":69,"y":869,"width":836,"height":11}},{"id":"092adafa-7b63-40ed-a687-b4351e2097f6","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust depar tments exercising","page_number":147,"box":{"x":69,"y":884,"width":793,"height":11}},{"id":"adf9a0e4-0bbf-4239-9a62-42f7b173f912","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":147,"box":{"x":69,"y":899,"width":811,"height":11}},{"id":"ba15b713-3615-4ecd-ba66-bcc6b5d469db","block_type":"box","text":"II-103","page_number":147,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"af38001d-aeb4-42f8-9460-fc34454d3409","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f76429f7-05d2-4332-90a9-1c337e0f8d74","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":148,"box":{"x":68,"y":45,"width":827,"height":11}},{"id":"8ef5d457-51b5-40bd-92cf-5a1787a82cab","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":148,"box":{"x":70,"y":60,"width":782,"height":11}},{"id":"2e8ee2d1-8f9e-43aa-81b4-be72da65132e","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":148,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"89d1cc5e-402e-4d85-84e0-d5ba8c4eba7d","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":148,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"2b605613-8f28-45e1-861f-444f9053bd83","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":148,"box":{"x":70,"y":105,"width":799,"height":11}},{"id":"31f2a772-c39c-4cf5-9269-b5a625493d8c","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":148,"box":{"x":69,"y":120,"width":752,"height":11}},{"id":"6256b97c-7304-48b0-91a8-8b201321759b","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":148,"box":{"x":70,"y":135,"width":836,"height":11}},{"id":"3e360cc3-97b2-466c-9f7c-02965b289b77","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":148,"box":{"x":69,"y":150,"width":812,"height":12}},{"id":"bb7579fc-236f-4f60-858d-f95145181f07","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":148,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"1f8cb05c-08a1-429e-abf0-68db7d799a58","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":148,"box":{"x":69,"y":181,"width":788,"height":11}},{"id":"214d9698-85b4-4ab8-a6af-952f36cd385a","block_type":"box","text":"including: (a) officers, directors and par tners; (b) employees and retirees; (c) employees or registered representatives","page_number":148,"box":{"x":70,"y":196,"width":838,"height":11}},{"id":"593581f0-fcf6-4941-945c-e6328b1143c6","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":148,"box":{"x":69,"y":211,"width":810,"height":11}},{"id":"ef94654f-f8a4-4adc-b521-f62a6f09d5a7","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":148,"box":{"x":68,"y":226,"width":787,"height":11}},{"id":"18a3ae17-6ee1-4b85-bb59-55456c05caee","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":148,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"42291405-571a-4b5d-857f-c6ac9c03c25b","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":148,"box":{"x":70,"y":256,"width":808,"height":12}},{"id":"3000ebcc-fa36-406b-b853-761d12eadb90","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":148,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"a93c76a7-8e0f-4d19-945e-e18b3db65580","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":148,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"ca937918-0c7d-46a1-996a-7d3e228d7d6d","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":148,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"e78b2a2c-5b8c-42ac-a0d3-65a900464e5f","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":148,"box":{"x":70,"y":317,"width":831,"height":11}},{"id":"b98cac24-daeb-4ece-a260-36c8b90c41f8","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":148,"box":{"x":69,"y":332,"width":783,"height":11}},{"id":"380486f1-3dad-4ad7-9449-b43d4809b317","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":148,"box":{"x":70,"y":347,"width":668,"height":11}},{"id":"01a2d814-b057-416d-902d-3af418085ae9","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset","page_number":148,"box":{"x":102,"y":369,"width":754,"height":12}},{"id":"cf99d634-623c-46e6-bb57-bdba64298c67","block_type":"box","text":"Income Por tfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":148,"box":{"x":70,"y":385,"width":823,"height":11}},{"id":"52eeece3-56cc-471f-96b9-841c3f5c7d99","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":148,"box":{"x":69,"y":400,"width":833,"height":10}},{"id":"1bdfd6ea-63ae-432f-9e2e-6ea52b4b08a3","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni","page_number":148,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"17a48c94-424b-4dce-b918-a737972273de","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Oppor tunities Fund of BlackRock","page_number":148,"box":{"x":70,"y":430,"width":781,"height":11}},{"id":"56abd65e-5660-4634-aa2f-4ce99b74468b","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series","page_number":148,"box":{"x":70,"y":445,"width":819,"height":11}},{"id":"c05fe2ec-9c0c-47ec-a47b-b28a7ee79466","block_type":"box","text":"Trust, BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":148,"box":{"x":68,"y":460,"width":835,"height":12}},{"id":"5be8a95d-3bd7-42a7-9543-45772696f00d","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":148,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"977d9b00-905b-4d46-b558-7d8be7f271b3","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock","page_number":148,"box":{"x":70,"y":490,"width":792,"height":11}},{"id":"3528a3a2-f1e3-43a2-8b97-01e65d78d54c","block_type":"box","text":"Floating Rate Income Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of","page_number":148,"box":{"x":70,"y":506,"width":813,"height":11}},{"id":"975059e7-a0f7-48fe-aaed-53a4c97ba2d9","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":148,"box":{"x":70,"y":521,"width":837,"height":11}},{"id":"6a38a80f-f82d-4c77-be8a-b2b1681c8f22","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":148,"box":{"x":70,"y":536,"width":790,"height":11}},{"id":"efeb024d-8292-4b7e-a7c5-95a194721b88","block_type":"box","text":"shor ter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":148,"box":{"x":69,"y":551,"width":736,"height":11}},{"id":"082b61b4-2fe1-49d7-bf56-ddbad178cdcf","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":148,"box":{"x":101,"y":574,"width":763,"height":11}},{"id":"bb90c435-a5ff-453c-b2b9-45bc47158aa8","block_type":"box","text":"Funds and BlackRock Shor t Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":148,"box":{"x":70,"y":589,"width":782,"height":11}},{"id":"6116a8b2-ff1d-4701-bef8-d542ca5cc2ca","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":148,"box":{"x":70,"y":604,"width":832,"height":11}},{"id":"0e2d33fa-c494-4e59-9752-903125b82448","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":148,"box":{"x":68,"y":618,"width":839,"height":12}},{"id":"1a050507-85d6-41f1-80b9-975a24dced1c","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":148,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"973b3d45-4fb4-4ad1-b21d-51707c79cced","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":148,"box":{"x":69,"y":649,"width":811,"height":12}},{"id":"8cd05996-c715-48e2-b093-c2f01ec9adf2","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":148,"box":{"x":70,"y":664,"width":818,"height":12}},{"id":"5b2076cc-0fd5-442d-ba8d-dc14b927aa06","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":148,"box":{"x":69,"y":680,"width":836,"height":11}},{"id":"960675ef-e741-4e4c-9c6c-d6ad12ea7e79","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":148,"box":{"x":69,"y":695,"width":830,"height":11}},{"id":"3eb81849-1c95-4077-9ca5-73dfe88325ab","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":148,"box":{"x":70,"y":710,"width":778,"height":11}},{"id":"3dd12a7c-8914-4785-88e5-264cb23cb696","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":148,"box":{"x":70,"y":725,"width":526,"height":11}},{"id":"af29da67-6fd5-4d33-870a-21c67d9a8d6b","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":148,"box":{"x":101,"y":748,"width":788,"height":11}},{"id":"0e0a442d-144a-4f29-b50e-ccebfdc96968","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through cer tain employer-sponsored retirement plans","page_number":148,"box":{"x":69,"y":763,"width":819,"height":11}},{"id":"1bbedacb-c05f-4ed1-8347-823507e608ff","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":148,"box":{"x":69,"y":778,"width":820,"height":11}},{"id":"45bae06a-396e-4ceb-bef7-e8222c826d4f","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions from IRA and 403(b)(7) accounts due","page_number":148,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"bc40604c-961b-4413-9efa-0a2bf970d8d6","block_type":"box","text":"to the shareholder reaching the applicable age triggering such distributions; (d) redemptions made with respect to","page_number":148,"box":{"x":68,"y":808,"width":812,"height":11}},{"id":"cd184d7d-ffdf-449a-8abd-b1b8456e9658","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":148,"box":{"x":69,"y":823,"width":803,"height":11}},{"id":"112849a8-e999-4e8e-ac1c-499b752ef621","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":148,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"5652eec1-e7c1-4a20-b971-fbd41063901f","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":148,"box":{"x":69,"y":853,"width":835,"height":12}},{"id":"0e4024a4-fb21-4fb1-8e04-71e5c6e00c66","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":148,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"59fc9e64-d8f9-4089-98df-c201959d5e5e","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":148,"box":{"x":70,"y":884,"width":772,"height":11}},{"id":"8af61ec7-57b6-466a-811a-735fd4df2397","block_type":"box","text":"Systematic Withdrawal Plan (described below); (h) redemptions related to the payment of BNY Mellon Investment","page_number":148,"box":{"x":69,"y":899,"width":805,"height":11}},{"id":"63ea0092-d6d5-4c85-a586-050e4e48f36a","block_type":"box","text":"II-104","page_number":148,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2c69077b-fa63-4220-987f-f1863e2c993d","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2483248c-32ca-4262-a9b8-7b7f3fc89f84","block_type":"box","text":"Servicing Trust Company custodial IRA fees; and (i) redemptions when a shareholder can demonstrate hardship, in","page_number":149,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"a0739a4d-fcfb-4e3f-9dc9-9efc1f65e1f5","block_type":"box","text":"the absolute discretion of a Fund.","page_number":149,"box":{"x":68,"y":60,"width":239,"height":9}},{"id":"2c220bee-2f6c-4118-abfc-b313db77669b","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":149,"box":{"x":101,"y":82,"width":794,"height":12}},{"id":"f901c18e-3b35-4f84-93a0-9686b4a1cc95","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":149,"box":{"x":68,"y":97,"width":776,"height":12}},{"id":"02d8cd94-6112-40c6-b39d-dffdf237d115","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":149,"box":{"x":70,"y":113,"width":821,"height":11}},{"id":"f2a819fc-9fc5-4490-a531-061966f3fe1a","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":149,"box":{"x":70,"y":128,"width":800,"height":10}},{"id":"a23bbb95-c1f3-4ea5-82f1-4943c0c9e35e","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":149,"box":{"x":70,"y":143,"width":806,"height":11}},{"id":"b445cd43-0d13-4965-bf4f-2ae3e3df9ea1","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":149,"box":{"x":70,"y":158,"width":823,"height":11}},{"id":"97538cb5-21bb-4bef-9c7a-595436e6d385","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":149,"box":{"x":70,"y":173,"width":770,"height":11}},{"id":"562e2c39-3088-48ea-b56a-50cd6337c9bf","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":149,"box":{"x":70,"y":188,"width":766,"height":11}},{"id":"22a38246-39fe-4ad5-8be6-cc6acdec612c","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":149,"box":{"x":69,"y":203,"width":837,"height":12}},{"id":"6eb6c562-39fe-4f0b-9a18-cbcd0d883cc3","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":149,"box":{"x":70,"y":219,"width":805,"height":11}},{"id":"8bd683fc-5998-49fb-b1e1-f13da62572a2","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":149,"box":{"x":70,"y":233,"width":832,"height":12}},{"id":"f469405a-8ab1-49e6-9a0b-d53c3f0a1203","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":149,"box":{"x":70,"y":249,"width":828,"height":11}},{"id":"9901a80d-b104-43a6-ba9e-92f839be07e6","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":149,"box":{"x":70,"y":264,"width":746,"height":11}},{"id":"56cb1a9c-3ec1-4b52-9840-bd38e6aa1472","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":149,"box":{"x":70,"y":279,"width":307,"height":11}},{"id":"8e2c5fa3-8c57-4e97-9b28-e1ae9c32ab91","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":149,"box":{"x":102,"y":302,"width":799,"height":11}},{"id":"d275c610-7dde-4904-a80b-656bcd00ca5f","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":149,"box":{"x":68,"y":317,"width":829,"height":11}},{"id":"ba1860b3-8837-429f-88d5-40e623dbfe76","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":149,"box":{"x":68,"y":332,"width":317,"height":11}},{"id":"987d5e32-77b9-43b8-8718-4e7d68213eb7","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":149,"box":{"x":101,"y":355,"width":326,"height":11}},{"id":"b4e17b00-9fdd-44ed-a17a-cc26d38b8da5","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":149,"box":{"x":434,"y":355,"width":413,"height":11}},{"id":"843338c8-102c-4f26-837b-27928bc7959b","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":149,"box":{"x":69,"y":370,"width":811,"height":11}},{"id":"fda716d7-f350-442d-b423-277d09767dba","block_type":"box","text":"public or private investment company.","page_number":149,"box":{"x":70,"y":385,"width":266,"height":11}},{"id":"be29b1bc-f2e8-4d99-9be5-1e0d71186fe3","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":149,"box":{"x":102,"y":408,"width":372,"height":11}},{"id":"334a702d-a3be-4dc2-8433-2c696139ab98","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":149,"box":{"x":481,"y":407,"width":421,"height":12}},{"id":"dd748ddc-f92a-4d5f-8487-0a2fe14b0976","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":149,"box":{"x":70,"y":423,"width":825,"height":11}},{"id":"d317ecfc-231a-4339-8b9f-62e9a32cf479","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":149,"box":{"x":69,"y":438,"width":830,"height":11}},{"id":"800af011-d4a6-44f1-8926-5628b712764c","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":149,"box":{"x":69,"y":468,"width":405,"height":11}},{"id":"352f1c95-a1ca-4a0e-bde7-4dcc26e0386d","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncer tain","page_number":149,"box":{"x":102,"y":491,"width":799,"height":11}},{"id":"2516658f-7479-4d6a-86fc-024c27143c23","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":149,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"2c634f90-a9d0-48e0-ba9c-933365ef9754","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":149,"box":{"x":70,"y":520,"width":778,"height":12}},{"id":"7d525c24-423a-459c-8f9d-588672e4488c","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":149,"box":{"x":70,"y":536,"width":826,"height":11}},{"id":"74bcfd01-36c8-4fd9-8aed-cd55f9b4b512","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":149,"box":{"x":69,"y":551,"width":311,"height":9}},{"id":"487836c8-c6b3-45ab-be9d-f7e509b58558","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":149,"box":{"x":102,"y":574,"width":789,"height":11}},{"id":"42e410ba-60e2-4fbf-a795-2745a00b5ee7","block_type":"box","text":"intermediary associated with the account.","page_number":149,"box":{"x":70,"y":589,"width":297,"height":11}},{"id":"f7d8fd6f-ad45-46c8-8a9e-28af27879acc","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":149,"box":{"x":102,"y":612,"width":669,"height":11}},{"id":"31a460ed-b620-4da7-999b-ff258125d318","block_type":"box","text":"The deferred sales charge alternatives may be par ticularly appealing to investors who do not qualify for the","page_number":149,"box":{"x":101,"y":634,"width":763,"height":12}},{"id":"998e2225-ec05-4f15-8cc7-1235a9d4ca4e","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":149,"box":{"x":69,"y":649,"width":815,"height":12}},{"id":"d1e305f2-5cc2-4e3a-985f-4e165d9f138c","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":149,"box":{"x":68,"y":664,"width":813,"height":12}},{"id":"e334f8b0-c76a-41be-a77d-04d5b033a869","block_type":"box","text":"CDSC shares.","page_number":149,"box":{"x":69,"y":680,"width":97,"height":9}},{"id":"1dca0320-eb2a-4085-a720-b1576f70ede7","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":149,"box":{"x":102,"y":702,"width":804,"height":12}},{"id":"b815852e-1f08-457f-bd3c-199a4f743e1c","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":149,"box":{"x":69,"y":717,"width":827,"height":11}},{"id":"d82382da-9896-409e-9634-14b43b271773","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":149,"box":{"x":69,"y":732,"width":786,"height":12}},{"id":"c4a0ff63-5995-451e-a92d-62d61b31a06f","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":149,"box":{"x":70,"y":748,"width":831,"height":11}},{"id":"51dd3439-36bb-4cab-9ac8-368bad912183","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":149,"box":{"x":69,"y":763,"width":809,"height":11}},{"id":"5259b746-f800-4961-8a9e-f425542e717b","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":149,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"24f7f3a0-73dc-4f1c-a080-d49139309304","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":149,"box":{"x":70,"y":793,"width":822,"height":11}},{"id":"1ac93f91-a84f-4953-b02d-bf5eb9071bf6","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":149,"box":{"x":69,"y":808,"width":618,"height":11}},{"id":"3b4a0730-8482-48fd-b375-514a97ba8b15","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":149,"box":{"x":102,"y":831,"width":782,"height":11}},{"id":"6b886b8d-7e95-4e1d-ad48-6a20c3e344d0","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":149,"box":{"x":70,"y":846,"width":764,"height":11}},{"id":"4d510960-d353-4864-bf15-fd7c374a44f3","block_type":"box","text":"connection with sales of Investor C Shares to cer tain employer-sponsored retirement plans sponsored by the Fund,","page_number":149,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"69305a7b-21fc-419f-ac1a-6902c7050cf5","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":149,"box":{"x":70,"y":876,"width":806,"height":11}},{"id":"679951e1-74e7-476a-bb2b-f97caf507388","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":149,"box":{"x":70,"y":891,"width":813,"height":11}},{"id":"20efc701-c6de-4dcb-9153-85e668e21c02","block_type":"box","text":"II-105","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"74fa8ad9-a183-47d8-9f63-b970999eae14","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"49552752-38f4-48b1-918c-1b21b86eaa01","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":150,"box":{"x":68,"y":45,"width":811,"height":11}},{"id":"da19bd34-4946-4e74-a8df-f77738b83027","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":150,"box":{"x":68,"y":60,"width":554,"height":11}},{"id":"968ddf15-9ae8-4c13-829b-bc7271d22dc3","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":150,"box":{"x":102,"y":82,"width":783,"height":11}},{"id":"28d4c20e-bd60-444d-81eb-8515cb95fc93","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":150,"box":{"x":70,"y":98,"width":808,"height":11}},{"id":"3e22fee0-375f-4522-9436-c9cd9940d2f8","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":150,"box":{"x":70,"y":113,"width":797,"height":11}},{"id":"f4a95857-8961-4437-ad0d-c53d4497b241","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":150,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"6764daae-1e73-430c-9829-e3c500453537","block_type":"box","text":"Investor A Shares.","page_number":150,"box":{"x":70,"y":143,"width":128,"height":9}},{"id":"a9d74da1-7873-4953-b7d3-c82066bd0948","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":150,"box":{"x":102,"y":166,"width":378,"height":9}},{"id":"40d48a21-a9b2-4971-94b3-debb0138e8f3","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":150,"box":{"x":102,"y":188,"width":804,"height":12}},{"id":"81fa3dca-e218-48ae-ab10-5e81198a5f02","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":150,"box":{"x":69,"y":203,"width":794,"height":12}},{"id":"ba9fce97-ad10-4425-aa8a-6af6bbf8ffc2","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":150,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"3845b99f-6db7-4db8-b2b1-c68ad5abe0ca","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":150,"box":{"x":69,"y":234,"width":806,"height":11}},{"id":"9b8a3f8f-ff84-4832-8787-67f8fb8ca793","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":150,"box":{"x":70,"y":249,"width":793,"height":11}},{"id":"9d7ceea3-55d7-4269-9b60-4a2d6be17e6a","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":150,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"d4bcee8a-22e2-46ce-86ae-cb1bd6216d07","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":150,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"5421ef85-efc7-4432-8659-9c955cc5837d","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":150,"box":{"x":69,"y":294,"width":793,"height":11}},{"id":"36921b29-f000-4995-80e9-34e4b4cdf146","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":150,"box":{"x":69,"y":309,"width":817,"height":11}},{"id":"0f9754b2-85d6-4cc4-bace-8c3a2a156481","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":150,"box":{"x":68,"y":324,"width":814,"height":12}},{"id":"02e68e57-2d64-45ae-8738-09000eaeb60a","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":150,"box":{"x":69,"y":339,"width":828,"height":12}},{"id":"b84367b0-b97d-408a-9e20-6f69a0b655b9","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":150,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"c4ecfef8-3646-43a3-9a82-f5b1f580f803","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":150,"box":{"x":69,"y":370,"width":718,"height":11}},{"id":"cd3f99f8-8e1d-473f-b0de-9d067f6c13a3","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":150,"box":{"x":102,"y":392,"width":764,"height":12}},{"id":"559adae6-a236-4473-a8e6-10748ce795c9","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":150,"box":{"x":70,"y":408,"width":816,"height":11}},{"id":"240f3e44-73ee-431a-a82b-7b19dd672115","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":150,"box":{"x":69,"y":423,"width":772,"height":11}},{"id":"5c831fbd-9dd8-44c1-b61c-22d415244e26","block_type":"box","text":"“Investor C Conversions”).","page_number":150,"box":{"x":70,"y":438,"width":186,"height":11}},{"id":"32baf879-1ed4-4d69-8ca9-b5f86f312f84","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":150,"box":{"x":101,"y":460,"width":776,"height":11}},{"id":"a25c9841-0bae-46df-bfdd-d0b79c23939a","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":150,"box":{"x":69,"y":475,"width":824,"height":11}},{"id":"246f648d-0acf-4a26-bf50-35501f2b59d5","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":150,"box":{"x":70,"y":491,"width":827,"height":11}},{"id":"7fd609e5-f905-4d32-bddb-4fb03b2c8d3f","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":150,"box":{"x":69,"y":506,"width":833,"height":11}},{"id":"8b7256b2-3727-4cb5-a66e-d7e8920363b9","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":150,"box":{"x":69,"y":521,"width":818,"height":11}},{"id":"bc443aba-1089-439a-b2bc-04126d57cb9a","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":150,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"783a201d-d201-4b69-a11a-1365cc1cd893","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":150,"box":{"x":69,"y":551,"width":445,"height":11}},{"id":"11e66b14-2e2d-47cf-b50f-78ff10fd35f5","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":150,"box":{"x":102,"y":574,"width":396,"height":11}},{"id":"109cb9f3-f324-4a5b-b5c9-4770bd3bafa5","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":150,"box":{"x":102,"y":596,"width":804,"height":12}},{"id":"a7c26d86-4d81-49e9-b615-c8835389fb6a","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":150,"box":{"x":70,"y":612,"width":826,"height":11}},{"id":"e6054b39-db6f-4a1f-b484-4acfe76bd993","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":150,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"ef57214b-59b1-4f02-a793-f98cd43c7b67","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":150,"box":{"x":68,"y":642,"width":795,"height":11}},{"id":"ab36e523-61a6-4835-bd99-a5f3969caf4b","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":150,"box":{"x":69,"y":657,"width":840,"height":11}},{"id":"d7f9c556-0165-46ae-8736-cafa394ec809","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":150,"box":{"x":70,"y":672,"width":804,"height":11}},{"id":"d235d2e6-4554-4111-bdd2-97ac3c630fe2","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":150,"box":{"x":69,"y":687,"width":772,"height":11}},{"id":"bae8753f-61de-4163-923b-fa2f8fa7cb0a","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":150,"box":{"x":70,"y":702,"width":790,"height":12}},{"id":"79990d63-ff53-4e1a-b740-50a091a07d5b","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":150,"box":{"x":69,"y":717,"width":776,"height":9}},{"id":"eb340fb9-932f-40c2-8db3-9d2174aedd9b","block_type":"box","text":"redemption.","page_number":150,"box":{"x":69,"y":733,"width":83,"height":10}},{"id":"3150ff0a-cbae-43c6-90ba-e2410a7f9624","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":150,"box":{"x":102,"y":755,"width":734,"height":11}},{"id":"aff5ee08-7806-46a9-a98e-c0b3efbf8572","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":150,"box":{"x":70,"y":770,"width":769,"height":11}},{"id":"c30b9746-b033-4d61-a07c-a0ad06340bf0","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":150,"box":{"x":102,"y":793,"width":572,"height":11}},{"id":"3814ea87-d25f-4427-b21e-6d4ec28d0473","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":150,"box":{"x":101,"y":816,"width":740,"height":11}},{"id":"1457b160-8f93-455b-9cc4-26571a0b3377","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":150,"box":{"x":70,"y":831,"width":802,"height":11}},{"id":"455eab45-d2f1-4249-98bc-ec9062c682a2","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":150,"box":{"x":69,"y":846,"width":786,"height":11}},{"id":"c348b079-cd57-4572-b4e1-105cf6410c13","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":150,"box":{"x":70,"y":861,"width":797,"height":11}},{"id":"c0eaa2f5-8b29-4bac-b50c-c5de5d9e6309","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":150,"box":{"x":69,"y":876,"width":776,"height":11}},{"id":"b613ab0f-6a7a-4182-bb8f-3dcce4f27a50","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":150,"box":{"x":69,"y":891,"width":747,"height":11}},{"id":"d8eee21d-8878-438d-8cb8-6b83852bfe1d","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":150,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"7ad43a54-cb44-49f5-bca8-12ae28ad402c","block_type":"box","text":"II-106","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"86e90d59-cc7c-4559-80de-a271a181b1f7","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8788201b-0257-42b2-b857-bd02e292e241","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":151,"box":{"x":68,"y":45,"width":836,"height":11}},{"id":"a17fc246-d004-4064-b772-09125a2cb454","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":151,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"6193b969-46d3-4985-9168-f64f3f459acf","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":151,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"276640d1-99d8-46b0-9fe8-9f2071504622","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":151,"box":{"x":70,"y":90,"width":834,"height":11}},{"id":"8beb2b3c-d825-4079-be92-702d1ab60dd5","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":151,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"491135bc-dc26-408b-b4b5-e61f1e5bda49","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":151,"box":{"x":70,"y":120,"width":791,"height":11}},{"id":"0cb1c406-fef7-4caa-915e-6fab2a25ee7b","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":151,"box":{"x":70,"y":135,"width":784,"height":12}},{"id":"61867c36-cc69-4e65-8514-5338f68b4f95","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":151,"box":{"x":69,"y":150,"width":824,"height":12}},{"id":"74922f12-c465-4d2f-ac78-a505feab073b","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":151,"box":{"x":69,"y":166,"width":451,"height":11}},{"id":"618de2e7-b439-4d78-8683-4935f7e9673e","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":151,"box":{"x":102,"y":188,"width":781,"height":11}},{"id":"40884ca6-2c3d-4130-9069-984a1ad3d010","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":151,"box":{"x":70,"y":203,"width":813,"height":12}},{"id":"b77c62ff-2c5d-45c4-ad7a-59bfe0022216","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":151,"box":{"x":69,"y":218,"width":462,"height":12}},{"id":"5cef5ab5-b731-411f-900d-2c3d81dff68d","block_type":"box","text":"Class R Shares","page_number":151,"box":{"x":69,"y":249,"width":110,"height":9}},{"id":"5c17fd69-f2b5-4d01-8308-d2cbda5fc243","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":151,"box":{"x":102,"y":271,"width":775,"height":11}},{"id":"2eefd1b6-505a-40f2-9fc1-0cd930faad99","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":151,"box":{"x":69,"y":287,"width":799,"height":11}},{"id":"423432a1-4244-4fbd-b956-db7a7e2be642","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":151,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"0171a2ab-4869-47d4-aa39-c756ae8ce466","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":151,"box":{"x":69,"y":317,"width":772,"height":11}},{"id":"248a6b94-fb45-444c-aa35-48054d5d9eaf","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":151,"box":{"x":69,"y":332,"width":836,"height":11}},{"id":"7f2416db-8144-41da-b97d-7731b1cc15cc","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":151,"box":{"x":68,"y":347,"width":636,"height":11}},{"id":"bdc897ba-ee4e-42b7-a400-2847dc809c5b","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":151,"box":{"x":102,"y":370,"width":791,"height":11}},{"id":"c904c009-b03f-47ff-b2e0-7d49ec8209cb","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":151,"box":{"x":69,"y":385,"width":440,"height":11}},{"id":"91b24bb5-d729-4d7e-b133-7d90dec90fdb","block_type":"box","text":"Class K Shares","page_number":151,"box":{"x":69,"y":415,"width":109,"height":9}},{"id":"65e22966-29bd-4ec7-8e2c-23fb557aa23e","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":151,"box":{"x":102,"y":438,"width":797,"height":11}},{"id":"1433412a-db7d-4eee-ada7-01d640f6179f","block_type":"box","text":"only to (i) cer tain employee benefit plans, such as health savings accounts, and cer tain employer-sponsored","page_number":151,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"0d8dfb80-50dd-4d6f-b507-e36ae3800288","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":151,"box":{"x":69,"y":468,"width":827,"height":11}},{"id":"a3d64ce7-93b0-4ce8-ae70-82e4f71a2015","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":151,"box":{"x":69,"y":483,"width":817,"height":11}},{"id":"54e0d7c2-983a-43fa-b340-e4243ce54d12","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":151,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"905737eb-c09f-438f-b25d-a9532b5ac586","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":151,"box":{"x":68,"y":514,"width":748,"height":10}},{"id":"a0f22d67-fadd-4f30-a7fd-a2d4718a8d7f","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":151,"box":{"x":68,"y":528,"width":828,"height":12}},{"id":"40e1b967-58e4-435d-ab57-7096cf876c2b","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":151,"box":{"x":70,"y":543,"width":760,"height":12}},{"id":"737e6698-fd06-408c-8d52-da7a64afc2b3","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":151,"box":{"x":70,"y":559,"width":823,"height":11}},{"id":"2f250666-383c-475c-8678-15acd871c8c2","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":151,"box":{"x":69,"y":574,"width":836,"height":11}},{"id":"6324dd51-0703-44fd-9f8b-8907ec5e1024","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":151,"box":{"x":70,"y":589,"width":814,"height":11}},{"id":"ba6ded90-7fcc-42a6-8081-ca1439586ea4","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":151,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"01585744-8a3c-445b-9428-0960890f8a11","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":151,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"88cdd8e0-2754-47c7-9532-6767922d8975","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":151,"box":{"x":70,"y":634,"width":818,"height":12}},{"id":"922cde2e-5d58-4b68-9444-a48a69ceffb4","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":151,"box":{"x":69,"y":649,"width":833,"height":12}},{"id":"c3eafbeb-82d0-4f56-aa9a-601194a8ae55","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":151,"box":{"x":69,"y":664,"width":807,"height":12}},{"id":"2840f777-1cd8-4055-b888-552a1fcc5dbb","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":151,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"6750a77e-679d-4b57-a88d-b38555e27693","block_type":"box","text":"distribution and marketing agreement.","page_number":151,"box":{"x":69,"y":695,"width":270,"height":11}},{"id":"0a5c1823-e4fd-40ed-9f75-a26ceed490c5","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":151,"box":{"x":102,"y":717,"width":734,"height":12}},{"id":"21cc6eff-83fc-4404-ab90-515dfa7fdd46","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":151,"box":{"x":70,"y":732,"width":817,"height":12}},{"id":"60e5b647-d4aa-4b98-b24d-875f6388e2e0","block_type":"box","text":"Eligible individuals who would like to conver t existing holdings to Class K Shares must contact BlackRock.","page_number":151,"box":{"x":70,"y":748,"width":753,"height":11}},{"id":"6e372384-9dd4-4c95-8b3e-21418d699433","block_type":"box","text":"Class G Shares","page_number":151,"box":{"x":69,"y":778,"width":110,"height":9}},{"id":"5c7d7bf7-4289-450b-a26d-1aefa2e97985","block_type":"box","text":"Cer tain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":151,"box":{"x":102,"y":801,"width":804,"height":11}},{"id":"9ec4a06e-0194-4918-a415-2f096993c121","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":151,"box":{"x":69,"y":816,"width":826,"height":11}},{"id":"3113cf90-910e-4238-93c3-c1b553c039de","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":151,"box":{"x":68,"y":830,"width":836,"height":12}},{"id":"bfa65055-aaf3-4f37-8b4c-df83a5ff9672","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":151,"box":{"x":69,"y":846,"width":803,"height":11}},{"id":"c5171974-490d-4939-be9a-54f2b5ebd25e","block_type":"box","text":"eligibility requirements.","page_number":151,"box":{"x":69,"y":861,"width":164,"height":11}},{"id":"bdf280e2-81dd-45de-9e5c-e6e24951d142","block_type":"box","text":"II-107","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"811cd6b4-6425-43a1-b7f3-bfbbb4ba1942","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"efc5d2e9-2a07-4506-a6e0-b6cfdbe714e2","block_type":"box","text":"Service Shares","page_number":152,"box":{"x":68,"y":45,"width":109,"height":9}},{"id":"a1a43f6b-395a-47a0-81b0-abe6c9e24b5d","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":152,"box":{"x":102,"y":67,"width":788,"height":12}},{"id":"2cc70b05-a25f-40ce-91b8-0108afab012d","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":152,"box":{"x":70,"y":82,"width":815,"height":12}},{"id":"190f8e94-3e9b-4afc-a199-eef539c200d8","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":152,"box":{"x":69,"y":98,"width":693,"height":11}},{"id":"212eb6d5-6ad6-48c4-8882-a368afc86a73","block_type":"box","text":"®","page_number":152,"box":{"x":763,"y":98,"width":6,"height":4}},{"id":"f2c4061a-49a7-4aeb-b6f9-7bc0a84b3734","block_type":"box","text":"Fund in 1996; and","page_number":152,"box":{"x":775,"y":98,"width":130,"height":10}},{"id":"16a9ec34-416d-4afb-920a-678b7637ac5c","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":152,"box":{"x":69,"y":113,"width":287,"height":11}},{"id":"9e09d368-1ebe-4fdf-a28e-c82f853f0718","block_type":"box","text":"SM","page_number":152,"box":{"x":357,"y":113,"width":11,"height":5}},{"id":"9c3e9284-9115-4222-8770-ee00a8e47f06","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":152,"box":{"x":374,"y":113,"width":534,"height":11}},{"id":"c7a9fa89-3f32-4596-8f81-567152c46739","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":152,"box":{"x":69,"y":128,"width":776,"height":11}},{"id":"e79453b7-3b9d-4160-9dff-a75c4ef3fe45","block_type":"box","text":"BlackRock Shares","page_number":152,"box":{"x":69,"y":158,"width":133,"height":9}},{"id":"7ff578a8-0fbd-401b-85c8-6ee385ff046c","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":152,"box":{"x":102,"y":181,"width":760,"height":11}},{"id":"49ee64dd-fe47-449c-99f8-621db303294f","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":152,"box":{"x":69,"y":196,"width":813,"height":11}},{"id":"333783c6-2639-4bda-9f40-105e8a7db746","block_type":"box","text":"fee-based programs.","page_number":152,"box":{"x":68,"y":211,"width":145,"height":11}},{"id":"62746f2d-9e37-406b-adc4-d74c5a82aff8","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":152,"box":{"x":69,"y":241,"width":348,"height":11}},{"id":"5c75e4bf-f818-4a1c-abd1-302c7858cb01","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":152,"box":{"x":102,"y":264,"width":790,"height":11}},{"id":"c60c5089-59d9-4f1f-836d-8e3dfe29f0a9","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":152,"box":{"x":69,"y":279,"width":761,"height":11}},{"id":"cdc0bc65-f6ed-4335-9cdb-cea4cbf5d816","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":152,"box":{"x":69,"y":294,"width":541,"height":11}},{"id":"bb462ae4-83cf-4ea8-b08a-de832f258171","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":152,"box":{"x":102,"y":317,"width":803,"height":11}},{"id":"ced5700e-1241-4570-9189-a7efa98a11bc","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":152,"box":{"x":70,"y":332,"width":783,"height":11}},{"id":"f07f4352-2b53-475f-98c5-416a3c46f185","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":152,"box":{"x":70,"y":347,"width":809,"height":11}},{"id":"b6f6273c-0555-4038-8546-9dc4527dea8c","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":152,"box":{"x":69,"y":362,"width":360,"height":11}},{"id":"dde911d2-54f8-46ad-9b7a-5d2ad8cbb173","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":152,"box":{"x":102,"y":385,"width":770,"height":11}},{"id":"5e965d97-eab6-41f4-a4a9-7c9fb1e6989b","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":152,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"073f68e3-0a4a-422a-99a0-dac0e286832a","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":152,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"851345c1-cdff-459c-8722-e2dc3320bb23","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":152,"box":{"x":68,"y":430,"width":355,"height":11}},{"id":"81854559-9b66-41ab-8493-96c383b59c7b","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":152,"box":{"x":102,"y":453,"width":727,"height":11}},{"id":"6eda3507-d5fd-4163-b4be-5b1d20426bb9","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":152,"box":{"x":69,"y":468,"width":799,"height":11}},{"id":"632222a3-3537-4215-9e7b-ae3a21910757","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":152,"box":{"x":69,"y":483,"width":813,"height":11}},{"id":"534f0b36-80b0-4438-9ef0-0f7fe988f74f","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for cer tain suppor t services rendered by Service Organizations to","page_number":152,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"439b4894-ab70-434f-87bf-3257c694c8f1","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":152,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"cc905edb-7895-4814-987f-ab8a4174faf3","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":152,"box":{"x":69,"y":528,"width":789,"height":12}},{"id":"d2e943bd-413b-49bd-be16-16daf8313c6c","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":152,"box":{"x":70,"y":543,"width":562,"height":12}},{"id":"bf828b6a-c236-40b8-86ba-a2165feb057b","block_type":"box","text":"The suppor t services provided by Service Organizations are general shareholder liaison services, which include,","page_number":152,"box":{"x":101,"y":566,"width":798,"height":11}},{"id":"fa0e299f-2ffe-4927-8538-50af63fc537f","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":152,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"21c9c7ae-d188-4728-a162-8b52b59d85cf","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and cer tain other matters","page_number":152,"box":{"x":70,"y":596,"width":776,"height":12}},{"id":"5ed48eb8-ec34-42a3-9bed-caad23681c1c","block_type":"box","text":"per taining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":152,"box":{"x":70,"y":612,"width":835,"height":11}},{"id":"a8697df8-f920-425b-9072-841ebce69026","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":152,"box":{"x":69,"y":627,"width":791,"height":11}},{"id":"e7b384c1-fbb2-4cbc-8467-01e0c8a14831","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":152,"box":{"x":69,"y":642,"width":813,"height":11}},{"id":"aa90334c-f87b-406a-a9b3-0e5741ea54f3","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":152,"box":{"x":68,"y":657,"width":501,"height":11}},{"id":"f188a50b-973f-4f10-9c31-cdbdd87691bc","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":152,"box":{"x":102,"y":680,"width":783,"height":11}},{"id":"40f370f7-16a6-48b7-a9c0-8d5e8b30f304","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":152,"box":{"x":68,"y":695,"width":810,"height":11}},{"id":"c0e15217-1a40-4742-a0ca-2e4abe4d3760","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":152,"box":{"x":69,"y":710,"width":813,"height":11}},{"id":"93989889-882a-4514-81a3-90a91cd8b01b","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":152,"box":{"x":68,"y":725,"width":836,"height":11}},{"id":"c805b074-5483-4e32-b5bf-fa2dd708c4b3","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quar terly.","page_number":152,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"592d40fd-9675-4023-b030-db7932a13613","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":152,"box":{"x":69,"y":755,"width":832,"height":11}},{"id":"474b2353-aab1-4b70-a973-132e13d1a8e6","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":152,"box":{"x":68,"y":770,"width":803,"height":12}},{"id":"f880fd1b-909b-4ee2-8cb6-b4e291b7f589","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":152,"box":{"x":68,"y":785,"width":788,"height":12}},{"id":"952b44b4-ad68-4a5c-8948-c61297c9c745","block_type":"box","text":"expenses, adver tising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":152,"box":{"x":69,"y":801,"width":798,"height":11}},{"id":"f34e1d34-80c4-4b5d-8aa0-c3de909308aa","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":152,"box":{"x":69,"y":816,"width":755,"height":11}},{"id":"f646b50c-4937-464c-ae24-289b7fe47b0f","block_type":"box","text":"compensation for selling different classes of shares.","page_number":152,"box":{"x":69,"y":831,"width":375,"height":11}},{"id":"8fcdd032-4ca4-4856-ab23-e55726b7479d","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":152,"box":{"x":102,"y":853,"width":803,"height":12}},{"id":"cbf05978-c1cf-4209-b88d-ce38cad8966b","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":152,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"1c84f9f0-b4f0-48b6-814f-5b76f3beadfe","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":152,"box":{"x":68,"y":884,"width":788,"height":11}},{"id":"1907ec5d-7513-4ffc-9296-1089df18fa6d","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":152,"box":{"x":70,"y":899,"width":818,"height":9}},{"id":"6d9ad3aa-4ed0-49ec-9aa7-8e6e97e49d22","block_type":"box","text":"II-108","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"682041b8-0497-4a4a-8c51-b3eefba6369b","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"da16e0a2-696d-4562-98f6-47fdd54aca12","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":153,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"f07b6122-d7a0-4a13-840e-b70d451df7a4","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":153,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"bcbbc0ff-45da-4db9-8079-e88364a69f17","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":153,"box":{"x":69,"y":75,"width":778,"height":11}},{"id":"38445e73-dd33-4e93-b3a7-c2c1bead034c","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":153,"box":{"x":70,"y":90,"width":773,"height":11}},{"id":"9fadb174-762f-474a-99c8-1138056372e4","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":153,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"6f47212e-46d6-4d39-a875-93935090a017","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":153,"box":{"x":69,"y":120,"width":837,"height":12}},{"id":"29e217de-cc53-4003-a4d7-8f551879be9a","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":153,"box":{"x":70,"y":135,"width":801,"height":11}},{"id":"b9611e82-59f6-417f-b5b7-dd94fbc610f8","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":153,"box":{"x":69,"y":150,"width":787,"height":12}},{"id":"b0dd5363-5af3-4472-8a03-391fd414a268","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":153,"box":{"x":70,"y":166,"width":802,"height":11}},{"id":"4584e451-204d-4521-ab13-5c93fdaf227e","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":153,"box":{"x":69,"y":181,"width":826,"height":11}},{"id":"54aee2eb-9554-4aa2-b91a-c281a3f5526f","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":153,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"e0e666e7-6fd6-4595-b29d-40c699389adf","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":153,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"37c5861e-eb5b-4c8b-8772-524a7fabe733","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":153,"box":{"x":68,"y":226,"width":792,"height":11}},{"id":"5ee1ca4d-f40d-4de6-a835-c3a695edbfd8","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":153,"box":{"x":70,"y":241,"width":831,"height":11}},{"id":"a90b5c41-2282-40cd-af38-3e8977d799cd","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":153,"box":{"x":69,"y":256,"width":807,"height":11}},{"id":"b3cc589b-f913-4a2e-8a9e-a27d75e9dd24","block_type":"box","text":"easily accessible place.","page_number":153,"box":{"x":69,"y":272,"width":167,"height":11}},{"id":"dbc9541e-ceb3-49ef-bc99-8aa1bf4727e9","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":153,"box":{"x":102,"y":294,"width":804,"height":11}},{"id":"02afe812-70c3-4975-ba21-ab6cf2ea9b54","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":153,"box":{"x":70,"y":309,"width":542,"height":11}},{"id":"91b943f0-cd59-44f6-b91d-9f225acaa390","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":153,"box":{"x":102,"y":332,"width":734,"height":11}},{"id":"80d609ee-1bd6-434a-b0f8-c528f1f0d404","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":153,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"1cab67be-d5b0-4d71-a84f-12d5fb905163","block_type":"box","text":"fiscal year.","page_number":153,"box":{"x":68,"y":362,"width":75,"height":11}},{"id":"7e6539b8-6c47-4d62-80f1-cdd4a1e6fd81","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":153,"box":{"x":69,"y":392,"width":396,"height":11}},{"id":"bd221ec2-913c-4813-88c4-b6a9b9296e00","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":153,"box":{"x":101,"y":415,"width":777,"height":11}},{"id":"7ae3e1bc-57a3-4161-b178-d561607c86e8","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":153,"box":{"x":70,"y":430,"width":835,"height":11}},{"id":"a2c7363a-ee61-486c-9e22-f3f40e71b1a9","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":153,"box":{"x":68,"y":445,"width":822,"height":11}},{"id":"73d88f8c-2438-4f2b-82d5-4f450e557c0e","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":153,"box":{"x":69,"y":460,"width":778,"height":12}},{"id":"a51172db-c51d-4838-a578-75a729ee0b77","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":153,"box":{"x":69,"y":475,"width":840,"height":12}},{"id":"7e1bc0d2-c201-47b1-9c1f-239effa3d91a","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":153,"box":{"x":69,"y":491,"width":803,"height":11}},{"id":"4b0ce2b6-b42e-4b29-b0fa-fe90d6fcc721","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":153,"box":{"x":69,"y":506,"width":794,"height":11}},{"id":"9276374f-6c29-4e88-a4bb-8e19ec92bace","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":153,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"4a5ccbac-8b86-4b4d-a287-b75f17812d7d","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":153,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"66e6e2a0-8961-473a-85d6-ddb9c055c79e","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":153,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"6117df27-bce7-4ec1-b6ca-3c3746045269","block_type":"box","text":"and Class R Shares of your Fund.","page_number":153,"box":{"x":69,"y":566,"width":236,"height":11}},{"id":"eb606087-8002-4147-8566-eece41197a7f","block_type":"box","text":"Other Payments by the Fund","page_number":153,"box":{"x":69,"y":597,"width":206,"height":11}},{"id":"bc76a690-7272-4ce2-8298-051c1711727a","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":153,"box":{"x":102,"y":619,"width":800,"height":11}},{"id":"41a8bf41-3dee-4581-8b6a-cea34af01ae6","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":153,"box":{"x":68,"y":634,"width":816,"height":12}},{"id":"e4c3a512-6fb2-4e9a-960f-6d4b803f02f9","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":153,"box":{"x":69,"y":649,"width":794,"height":12}},{"id":"a19f4d20-a6b4-4535-9ab0-50533eaaafa6","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":153,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"5b58217a-9ac5-4e9f-91e8-4c1895aa4582","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":153,"box":{"x":68,"y":680,"width":841,"height":11}},{"id":"52b23483-6e81-4a80-8d40-6a8b859c142c","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":153,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"ae0f7048-506f-42c4-b6a2-b13fa58e7030","block_type":"box","text":"of these payments may be substantial.","page_number":153,"box":{"x":69,"y":710,"width":276,"height":11}},{"id":"65a35c4e-d764-4002-afb8-e429819c902f","block_type":"box","text":"Additional Payments by BlackRock","page_number":153,"box":{"x":68,"y":740,"width":256,"height":11}},{"id":"2485bc16-ca3e-4322-9014-4302e29ea72d","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":153,"box":{"x":102,"y":763,"width":803,"height":11}},{"id":"4a06e0a0-e3e2-4d1b-b6c4-21ebfd38e384","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":153,"box":{"x":69,"y":778,"width":823,"height":11}},{"id":"10b25576-672e-4234-bca0-6a129f925bd1","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":153,"box":{"x":70,"y":793,"width":768,"height":11}},{"id":"7391bc3a-819c-4079-b8e4-464789275003","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":153,"box":{"x":69,"y":808,"width":830,"height":11}},{"id":"2808a7c7-a38f-438f-868c-c4995420f469","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":153,"box":{"x":69,"y":823,"width":599,"height":11}},{"id":"29451c9f-34b4-4882-91ed-6d884462303f","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":153,"box":{"x":101,"y":846,"width":776,"height":11}},{"id":"85b7e26b-fbf6-4328-95c1-f5d9253a97a7","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":153,"box":{"x":70,"y":861,"width":832,"height":11}},{"id":"d09a50aa-9f00-4277-b06b-bdf453181d90","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":153,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"36ea7714-8b26-4fed-ade6-16b275ca9722","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":153,"box":{"x":69,"y":891,"width":802,"height":11}},{"id":"5b4449cb-7ae1-4943-a9fc-fe20e2ce4544","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":153,"box":{"x":69,"y":906,"width":802,"height":12}},{"id":"f27c3d35-e5e3-45dc-801f-8ebe5037740c","block_type":"box","text":"II-109","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"466bf660-60f5-4dde-a57b-13f91a02abd2","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8e62e0ce-4e87-47f4-97c7-64434cb0007e","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":154,"box":{"x":70,"y":45,"width":796,"height":11}},{"id":"88cafc05-dd4c-466b-98a4-1e2d61173191","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":154,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"3b218c62-154c-475a-b36d-cc7b80b6cfd2","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":154,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"6ef6086f-351b-4088-acf0-09d52e6571b4","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":154,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"dbcfcd8f-9845-4f0a-9464-6d6bfda78bab","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":154,"box":{"x":69,"y":105,"width":818,"height":11}},{"id":"06dcaf91-c03a-41bb-b19c-2b9540eba05a","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":154,"box":{"x":70,"y":120,"width":294,"height":11}},{"id":"a04f25c9-a698-43f4-97dc-1c442db81744","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":154,"box":{"x":101,"y":143,"width":803,"height":11}},{"id":"8721370f-c598-4ca6-b920-1b60b197d434","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":154,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"25f95679-d94a-4dc6-bf25-b9a376ab6e84","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":154,"box":{"x":69,"y":173,"width":623,"height":11}},{"id":"92a10c83-b2e3-4fde-852f-6f7ee6be0218","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":154,"box":{"x":102,"y":196,"width":765,"height":11}},{"id":"283a6075-ed00-4e0b-8dcd-5acf45218ca6","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":154,"box":{"x":69,"y":211,"width":841,"height":11}},{"id":"6ae5da00-723a-4fca-8173-cf98c9fc2cc6","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":154,"box":{"x":68,"y":226,"width":806,"height":11}},{"id":"c45c9aa0-b583-4f68-aad5-da2c51ca9793","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":154,"box":{"x":69,"y":241,"width":776,"height":11}},{"id":"092d2834-cad0-41b6-9f20-138c9d676edd","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":154,"box":{"x":70,"y":256,"width":802,"height":11}},{"id":"0661b540-e113-488c-bccc-96d2e68cb087","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":154,"box":{"x":68,"y":271,"width":811,"height":12}},{"id":"ae2d2c8b-c40e-40a7-9ca2-ff0ef2c2d8ce","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":154,"box":{"x":69,"y":287,"width":538,"height":11}},{"id":"0bdd2464-d6d5-48a9-8a87-e02b28672a41","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":154,"box":{"x":101,"y":309,"width":795,"height":11}},{"id":"97543655-59eb-4569-aed5-b37633fe281a","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":154,"box":{"x":69,"y":324,"width":807,"height":12}},{"id":"ddd3c0be-d95b-4262-b76a-58b92940b842","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":154,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"a81e28a1-2324-4625-a74d-974edca75755","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":154,"box":{"x":68,"y":355,"width":819,"height":11}},{"id":"3aab2a5f-abb0-4e43-8a1c-22f62733c04d","block_type":"box","text":"Funds.","page_number":154,"box":{"x":70,"y":370,"width":44,"height":9}},{"id":"cb030037-8d69-4d07-a99f-ad390bee6d6f","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":154,"box":{"x":101,"y":392,"width":270,"height":12}},{"id":"95b31680-6e2a-44ff-b09f-d63f55cdfa43","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. 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These payments","page_number":154,"box":{"x":68,"y":566,"width":805,"height":11}},{"id":"ed2c7d1c-c5fc-4d5c-93f9-0ca17c376f75","block_type":"box","text":"normally will not exceed the sum of (a) 0.25% of such year’s Fund sales by that Service Organization, and (b) 0.21%","page_number":154,"box":{"x":69,"y":581,"width":828,"height":12}},{"id":"d28df72f-2fe0-4981-acaf-7a821f839e1b","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":154,"box":{"x":69,"y":596,"width":523,"height":12}},{"id":"de0d8663-1b23-4007-afde-7633d650ac40","block_type":"box","text":"B. Shareholder Services","page_number":154,"box":{"x":102,"y":619,"width":172,"height":9}},{"id":"de47353d-120f-43b1-85a0-91edbd95f350","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. 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BlackRock","page_number":158,"box":{"x":70,"y":341,"width":833,"height":11}},{"id":"29d61ed5-dfc1-4fe0-8eeb-a51d53b5747d","block_type":"box","text":"configures these tools and calculators and localizes the content for Service Organizations as par t of its customary","page_number":158,"box":{"x":69,"y":356,"width":817,"height":11}},{"id":"acc72bf9-e0a4-4594-9ccd-37e4dde006d2","block_type":"box","text":"digital marketing suppor t and promotion of the Funds or other BlackRock funds, iShares ETFs and other exchange","page_number":158,"box":{"x":69,"y":371,"width":815,"height":11}},{"id":"0c9f5985-e13c-4e8b-846f-d00b3f17019b","block_type":"box","text":"traded products.","page_number":158,"box":{"x":68,"y":386,"width":116,"height":11}},{"id":"ae5c98f9-9f82-4097-9652-49c220629cb3","block_type":"box","text":"F. Conflicts","page_number":158,"box":{"x":102,"y":409,"width":78,"height":9}},{"id":"0ebff11a-bf4f-4a3d-ad95-5e88991918d1","block_type":"box","text":"Additional Payments made by BlackRock to a Service Organization or its affiliates or other incentive","page_number":158,"box":{"x":101,"y":431,"width":710,"height":12}},{"id":"8eb5b30d-29af-423e-8f35-5cb730fd19ec","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":158,"box":{"x":69,"y":446,"width":803,"height":12}},{"id":"7d3cfe6a-28c0-47ab-b14d-348fd84bdd82","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":158,"box":{"x":69,"y":462,"width":788,"height":11}},{"id":"f8ec2f13-2390-4c1d-90b9-5d0f3150beda","block_type":"box","text":"Additional Payments and other incentive arrangements may also be impor tant factors in the Service Organization’s","page_number":158,"box":{"x":68,"y":477,"width":819,"height":11}},{"id":"1887216b-b4ca-4b2e-8846-e1e4f50e2e60","block_type":"box","text":"willingness to recommend the BlackRock Fund complex in general.","page_number":158,"box":{"x":68,"y":492,"width":473,"height":11}},{"id":"170c7f91-2c46-474e-97be-bfba99503e13","block_type":"box","text":"BlackRock may be motivated to pay Additional Payments and other incentive compensation to promote the sale","page_number":158,"box":{"x":102,"y":515,"width":793,"height":11}},{"id":"7fab2b7c-fe3a-41c8-93fe-c1086fcca7f0","block_type":"box","text":"of Fund shares to Customers of Service Organizations and the retention of those investments by such Customers. To","page_number":158,"box":{"x":69,"y":530,"width":835,"height":11}},{"id":"b598d64f-95ab-49f4-a4b0-12d5eccac159","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":158,"box":{"x":68,"y":545,"width":833,"height":11}},{"id":"f995d506-2af9-42ec-bb0a-8f575da8408c","block_type":"box","text":"BlackRock benefits from the incremental management and other fees paid by the Fund with respect to those assets.","page_number":158,"box":{"x":70,"y":560,"width":830,"height":11}},{"id":"fa663e4c-536a-4029-9475-2561530777d6","block_type":"box","text":"Service Organizations may have financial incentives for recommending a par ticular Fund, share class or fund","page_number":158,"box":{"x":102,"y":583,"width":774,"height":11}},{"id":"b7fcb497-c15a-4702-9807-7526cc3b791e","block_type":"box","text":"complex over another. Service Organizations may charge their Customers additional fees in connection with the","page_number":158,"box":{"x":69,"y":598,"width":794,"height":11}},{"id":"b86b2d9f-55ef-4540-8448-08468ff170a2","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":158,"box":{"x":70,"y":613,"width":818,"height":11}},{"id":"2d3241ee-89a2-47f3-9f1b-6f9d9fb55b33","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":158,"box":{"x":69,"y":628,"width":836,"height":11}},{"id":"3732afb6-c6e7-4ef5-b925-ca008e7d4fc1","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":158,"box":{"x":69,"y":643,"width":723,"height":11}},{"id":"27666bfe-bf6c-4842-ac77-e5941d6e1034","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations from a","page_number":158,"box":{"x":102,"y":666,"width":759,"height":11}},{"id":"019f90e7-d01c-43bc-a4ac-37c67fcb9bc2","block_type":"box","text":"Service Organization to purchase or sell shares of a Fund and when considering which share class is most","page_number":158,"box":{"x":69,"y":681,"width":760,"height":11}},{"id":"d5b02449-8eb0-4526-a7a4-ae215a1c24c2","block_type":"box","text":"appropriate.","page_number":158,"box":{"x":69,"y":696,"width":84,"height":11}},{"id":"6b9d7179-86b5-4eac-9ed5-72e2be068119","block_type":"box","text":"You should consult with your Service Organization, and review carefully any disclosure by the Service","page_number":158,"box":{"x":160,"y":696,"width":738,"height":11}},{"id":"d593e8b2-e08f-481e-bf65-6149d1aac282","block_type":"box","text":"Organization, as to compensation received by it or its affiliates and for more information about the payments","page_number":158,"box":{"x":69,"y":711,"width":795,"height":11}},{"id":"9670400d-54ce-4ac6-b017-bd0a17b46abd","block_type":"box","text":"described above.","page_number":158,"box":{"x":69,"y":726,"width":122,"height":9}},{"id":"abebc4c7-5706-4b92-a277-cf49a04b093d","block_type":"box","text":"REDEMPTION OF SHARES","page_number":158,"box":{"x":385,"y":756,"width":208,"height":9}},{"id":"94cad29f-1116-4009-9ed5-92e919961704","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":158,"box":{"x":102,"y":778,"width":798,"height":12}},{"id":"f126f49c-a257-4b83-9f42-ff49d241337e","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":158,"box":{"x":68,"y":794,"width":836,"height":11}},{"id":"8728e081-b201-4238-bd16-c8f585dc7a7c","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":158,"box":{"x":69,"y":809,"width":840,"height":11}},{"id":"861dc609-1fc3-4526-95d9-e6e7dcc43ec7","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":158,"box":{"x":70,"y":824,"width":814,"height":11}},{"id":"57210fdc-a7ad-4e7c-8582-867636eafb31","block_type":"box","text":"than cash. Redemptions in kind may be used in applicable circumstances, generally if the relevant shareholder is","page_number":158,"box":{"x":68,"y":839,"width":809,"height":11}},{"id":"0fd6471d-b356-4d69-ae00-311335e28a13","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":158,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"33fbf355-016d-46d9-aed2-c3fc43b1c135","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":158,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"e1d7d077-361d-4cfc-a60a-f718978749ad","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":158,"box":{"x":70,"y":884,"width":797,"height":12}},{"id":"99d586e9-085d-4c41-be80-da67a9e08516","block_type":"box","text":"II-114","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f5e5ce3d-509c-4437-8425-2796c90fb705","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0b2f24a4-5827-4807-bf98-714cfdb7070a","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":159,"box":{"x":69,"y":44,"width":833,"height":12}},{"id":"d8ee88f0-5926-437f-9201-92ebe272c4e4","block_type":"box","text":"for any shareholder of the Fund.","page_number":159,"box":{"x":68,"y":60,"width":227,"height":11}},{"id":"467ca306-3704-4696-b6f8-0c1ef26a8855","block_type":"box","text":"The redemption price is the NAV per share next determined after the initial receipt of proper notice of","page_number":159,"box":{"x":101,"y":82,"width":722,"height":11}},{"id":"1370584a-1852-4843-b97b-d144d3e857a8","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":159,"box":{"x":69,"y":98,"width":818,"height":11}},{"id":"7df9a312-4bee-44e9-9244-817239a431fb","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":159,"box":{"x":68,"y":113,"width":821,"height":11}},{"id":"fc665a68-e5f1-4450-8939-d1c9d056c25a","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":159,"box":{"x":69,"y":128,"width":815,"height":11}},{"id":"bb9e3fda-c388-4252-b3e7-16389b1bd366","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":159,"box":{"x":68,"y":143,"width":812,"height":11}},{"id":"68912b20-19d4-403f-85f0-20e532bb1f67","block_type":"box","text":"redemption.","page_number":159,"box":{"x":69,"y":158,"width":83,"height":11}},{"id":"d9bd2bdd-c43c-4f11-8e68-2beaa59155b7","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":159,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"d1e913e8-33e8-40b0-8dca-c2b6d95e2b01","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":159,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"7a87c162-3dc7-48c2-8c06-ec027d32de1a","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":159,"box":{"x":68,"y":211,"width":811,"height":11}},{"id":"8440e0a4-2045-4f34-826e-b4f717a5c52b","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":159,"box":{"x":69,"y":226,"width":741,"height":11}},{"id":"1f58ec7a-6049-47c4-831b-a64f243fba44","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":159,"box":{"x":69,"y":241,"width":813,"height":11}},{"id":"e70166d9-4c72-4a3a-bc67-1c87ad70ac96","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":159,"box":{"x":69,"y":256,"width":787,"height":11}},{"id":"9a639028-f46c-4665-b2f9-4e67cd12cd2c","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":159,"box":{"x":69,"y":271,"width":685,"height":12}},{"id":"6e5015e1-f082-4f7b-aaf5-7fd3a2aa3a43","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":159,"box":{"x":102,"y":294,"width":798,"height":11}},{"id":"b7720be7-4118-4ebb-a577-2b5f4e810a96","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":159,"box":{"x":69,"y":309,"width":820,"height":11}},{"id":"1bd357d8-d94d-4715-be2a-14eed8ca1446","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":159,"box":{"x":69,"y":324,"width":653,"height":12}},{"id":"dbce077e-3b03-4ac1-b662-08bcd819f50d","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":159,"box":{"x":102,"y":347,"width":803,"height":11}},{"id":"1be5db17-92b2-4339-a75b-c971f03e13a1","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":159,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"c3630dc6-6731-4127-a142-be2bd2b055f5","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":159,"box":{"x":68,"y":377,"width":824,"height":12}},{"id":"3cbce2c1-49e3-4245-b1fc-ecd17c0a5700","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":159,"box":{"x":70,"y":392,"width":825,"height":12}},{"id":"b993be01-5fdd-4130-9fb8-14c48cdfb160","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":159,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"8628bf7e-c6f4-42ed-9ff3-1b6906ee2011","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":159,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"ed1e6f2f-ed08-491c-b584-681c5e1cbd99","block_type":"box","text":"Redemption","page_number":159,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"a48c2c9e-3ccf-4f8f-a887-66ebae97e27e","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":159,"box":{"x":70,"y":476,"width":481,"height":10}},{"id":"f5aa16f7-76ea-4586-806d-8d718f85ff4b","block_type":"box","text":"Redeem by Telephone:","page_number":159,"box":{"x":102,"y":498,"width":162,"height":11}},{"id":"e5647d5d-2cc5-469b-8826-2509872b84a0","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":159,"box":{"x":270,"y":498,"width":571,"height":11}},{"id":"bb682d99-b4e2-4233-a9ea-0b320d9108c1","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":159,"box":{"x":68,"y":513,"width":829,"height":12}},{"id":"037a1c7b-b85f-4f60-ab96-48f7f7b9bcab","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":159,"box":{"x":69,"y":528,"width":798,"height":12}},{"id":"ea2f4e33-6b5c-45a6-a79b-3422c30fc7d8","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":159,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"c0909bf4-2bb9-46c3-aed6-f89500af48eb","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":159,"box":{"x":68,"y":559,"width":831,"height":11}},{"id":"38c54cb0-033c-4740-880f-236192f2579c","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":159,"box":{"x":69,"y":574,"width":822,"height":11}},{"id":"d87b4c2f-0106-418f-9dd1-3c8154176a7a","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":159,"box":{"x":70,"y":589,"width":791,"height":11}},{"id":"023254c3-c863-40db-9617-480c008859af","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, cer tain redemption","page_number":159,"box":{"x":68,"y":604,"width":818,"height":11}},{"id":"9eba7fd5-3b9c-4b25-bc5c-57b8ee8bfc34","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":159,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"5c35978c-fc51-45ed-80ba-ae59490aae66","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":159,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"2d7fc538-dc8e-4431-80a8-41e57043620a","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":159,"box":{"x":69,"y":650,"width":834,"height":11}},{"id":"38784f18-ed64-4d77-b98a-2cdf213f5341","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":159,"box":{"x":69,"y":664,"width":825,"height":12}},{"id":"c5f228c9-58eb-4b2d-b30e-a25538a8d760","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a par t of these programs","page_number":159,"box":{"x":68,"y":680,"width":840,"height":11}},{"id":"4614018e-b90f-4888-86ed-9f24b49bb795","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":159,"box":{"x":68,"y":695,"width":835,"height":11}},{"id":"cf449820-98de-4aeb-9912-96897ee878f4","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":159,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"8afa8190-94b2-4e30-beef-d547ed88daf2","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":159,"box":{"x":69,"y":725,"width":835,"height":11}},{"id":"c16b06fc-5bbd-494f-bc3d-91c167a45f8a","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":159,"box":{"x":70,"y":740,"width":603,"height":11}},{"id":"8b6625f4-bdd0-48e8-80c8-742e4e5590fa","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":159,"box":{"x":102,"y":763,"width":774,"height":11}},{"id":"1fdab734-b130-4ed6-8246-b8d22458e440","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":159,"box":{"x":69,"y":778,"width":795,"height":11}},{"id":"c0d88f50-7c72-4e40-92f9-7bbb2591c86d","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":159,"box":{"x":70,"y":793,"width":821,"height":11}},{"id":"c10d347a-f33a-4f28-aa5c-554c3dfbec01","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":159,"box":{"x":68,"y":808,"width":823,"height":11}},{"id":"f06ccbdf-5ff7-4ecd-9c52-ecaba647b7ab","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":159,"box":{"x":69,"y":823,"width":823,"height":11}},{"id":"1245752b-d688-414e-8651-4cd52a506c56","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":159,"box":{"x":69,"y":838,"width":809,"height":11}},{"id":"31493475-82fa-4086-874c-74527408d351","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":159,"box":{"x":69,"y":853,"width":833,"height":12}},{"id":"7c3a921f-b01a-4cf6-a7f1-aa164d5698e8","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":159,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"e27fd8cb-daf6-4b5c-8de8-074636c5a7ca","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":159,"box":{"x":69,"y":884,"width":785,"height":11}},{"id":"ac23bcef-faf6-4697-a028-76f21c420822","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":159,"box":{"x":69,"y":899,"width":820,"height":11}},{"id":"b8e6fde6-159c-43ff-b929-853313974d03","block_type":"box","text":"II-115","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"68390926-43fb-458e-8732-be99082cfc5b","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":159,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b1ae5b9e-9aad-4707-a589-52d6ba9d5b5d","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":160,"box":{"x":69,"y":45,"width":782,"height":11}},{"id":"cc2e62ef-f823-4b26-b26b-7aa12faf6bbf","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":160,"box":{"x":69,"y":60,"width":838,"height":11}},{"id":"54873ddc-256d-48d6-baff-28928a70972b","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":160,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"5e24d75b-57c4-424b-9cea-d2382af398f2","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":160,"box":{"x":69,"y":90,"width":800,"height":11}},{"id":"bfb97697-72f2-4e5b-992d-63924993b25f","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":160,"box":{"x":102,"y":113,"width":776,"height":11}},{"id":"5afd98f9-9772-487f-8871-2555d54ccffe","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":160,"box":{"x":70,"y":128,"width":823,"height":11}},{"id":"ff8872f8-c258-478a-857d-fa2aa046a4f7","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":160,"box":{"x":69,"y":143,"width":820,"height":11}},{"id":"2ff4e73f-9645-44ea-85c7-a2fc8387cfec","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":160,"box":{"x":68,"y":158,"width":826,"height":11}},{"id":"f5f2a6dc-f7a6-4c96-bd14-986fe3c818a4","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":160,"box":{"x":68,"y":173,"width":817,"height":11}},{"id":"0cbccf31-4dba-40fd-b895-351a44fd7e95","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":160,"box":{"x":70,"y":188,"width":648,"height":11}},{"id":"e83562e9-cc40-4aa5-873a-56ccc4cf5fa4","block_type":"box","text":"Redeem by VRU:","page_number":160,"box":{"x":102,"y":211,"width":120,"height":11}},{"id":"30b5a12c-1370-4d1d-940e-2c46d6ae36ac","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":160,"box":{"x":229,"y":211,"width":667,"height":11}},{"id":"0f6c4eae-2b9f-4613-bb46-3bcb0f620a29","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":160,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"6eff1718-36ca-4cf5-846f-25cd7ce69416","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":160,"box":{"x":68,"y":241,"width":644,"height":11}},{"id":"9f409408-e011-42cf-8691-adb58debceaa","block_type":"box","text":"Redeem by Internet:","page_number":160,"box":{"x":102,"y":264,"width":147,"height":11}},{"id":"3ef6ce22-a680-494e-a109-e2ca3f4954ef","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":160,"box":{"x":255,"y":264,"width":637,"height":11}},{"id":"e54e1a9d-214a-435f-a17a-cd5925c39683","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":160,"box":{"x":70,"y":279,"width":836,"height":11}},{"id":"5932f2a4-7673-4a3f-a854-a9e43591071b","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":160,"box":{"x":68,"y":294,"width":823,"height":11}},{"id":"3f6d9722-8ec3-4f71-b509-7dff5111cbce","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":160,"box":{"x":68,"y":309,"width":789,"height":11}},{"id":"4e795a0b-f5e2-4715-8ec7-debaa91fc71e","block_type":"box","text":"institutional investors.","page_number":160,"box":{"x":70,"y":325,"width":155,"height":8}},{"id":"5f0b600b-0ace-4c08-8b49-087910a6e073","block_type":"box","text":"Redeem in Writing:","page_number":160,"box":{"x":102,"y":347,"width":137,"height":11}},{"id":"ff6a1ee8-338a-4660-aaa8-82017eb56091","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":160,"box":{"x":247,"y":347,"width":639,"height":11}},{"id":"29383271-292e-4058-821e-182ba8f57c0a","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":160,"box":{"x":68,"y":362,"width":831,"height":11}},{"id":"53d1790c-020c-436c-badf-5f6ecfb64a87","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 1350 Penn Avenue Suite 102, Pittsburgh,","page_number":160,"box":{"x":68,"y":377,"width":745,"height":12}},{"id":"5c6b7c99-7dba-4ce4-8c0a-d537dae32166","block_type":"box","text":"Pennsylvania 15222. If you hold share cer tificates issued by your Fund, the letter must be accompanied by","page_number":160,"box":{"x":69,"y":392,"width":764,"height":12}},{"id":"9c365ccd-f435-4924-98db-ddbb65389f30","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":160,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"bb69f4e6-ad68-4c88-802f-0bf7fd3232bd","block_type":"box","text":"generally be required but may be waived in cer tain limited circumstances. You can obtain a medallion signature","page_number":160,"box":{"x":68,"y":423,"width":794,"height":11}},{"id":"f83f2912-9cb2-4cea-9f66-fefba6e236cd","block_type":"box","text":"guarantee stamp from a bank, securities dealer, securities broker, credit union, savings and loan association,","page_number":160,"box":{"x":68,"y":438,"width":782,"height":11}},{"id":"ba150b4f-fc33-404a-8924-4ac9f0d6cc1b","block_type":"box","text":"national securities exchange or registered securities association. A notary public seal will not be acceptable. If you","page_number":160,"box":{"x":69,"y":453,"width":817,"height":11}},{"id":"91545065-7419-4abd-a31b-c3d8f0857ba1","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":160,"box":{"x":69,"y":468,"width":836,"height":11}},{"id":"fdeca34d-6819-4af2-bc37-29768e858858","block_type":"box","text":"or wire to the bank account of record.","page_number":160,"box":{"x":69,"y":483,"width":266,"height":9}},{"id":"5da9b9dc-bdc9-4661-8f9c-0f54e1877938","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":160,"box":{"x":102,"y":506,"width":802,"height":11}},{"id":"c1f7f3c3-f954-440f-b02e-dc194cd73e6c","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":160,"box":{"x":69,"y":521,"width":489,"height":11}},{"id":"6e29a165-3415-493f-863d-f2c50ea9baf6","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":160,"box":{"x":101,"y":543,"width":668,"height":12}},{"id":"da56af91-187d-44e0-9f21-1c4a40a01130","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":160,"box":{"x":102,"y":566,"width":800,"height":11}},{"id":"cf21a5f0-280d-48bf-9439-63a9c741d48e","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":160,"box":{"x":69,"y":581,"width":838,"height":12}},{"id":"72f4544c-f744-47b3-ab43-2270c80b9855","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":160,"box":{"x":69,"y":596,"width":811,"height":11}},{"id":"3e759f04-9598-46db-8736-49722998bdb6","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":160,"box":{"x":69,"y":612,"width":789,"height":11}},{"id":"e5ff9f2d-cad0-4999-9d95-28e53afc733b","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":160,"box":{"x":69,"y":627,"width":775,"height":11}},{"id":"49ee9e3d-3726-4711-b9f8-dbbc187ad798","block_type":"box","text":"redeemed by the Fund.","page_number":160,"box":{"x":69,"y":642,"width":162,"height":11}},{"id":"f2236321-f173-4c1f-b7ee-fe73f1038112","block_type":"box","text":"Note on Low Balance Accounts.","page_number":160,"box":{"x":102,"y":665,"width":223,"height":8}},{"id":"fd23994c-4318-4993-8240-ae73e4d985ba","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":160,"box":{"x":332,"y":664,"width":503,"height":12}},{"id":"bbbdb075-4f5a-4c50-8f69-628b65a4f310","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":160,"box":{"x":70,"y":679,"width":752,"height":12}},{"id":"7191fdfe-6053-470b-acf8-3d8dc9f2bba8","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":160,"box":{"x":70,"y":694,"width":829,"height":12}},{"id":"f0ebfe5a-40bc-48fa-bdc5-905163df4c63","block_type":"box","text":"for any reason, including market fluctuation.","page_number":160,"box":{"x":68,"y":710,"width":313,"height":11}},{"id":"7e35ca10-4798-476a-9899-a00b863a5158","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":160,"box":{"x":101,"y":732,"width":775,"height":12}},{"id":"d2d5d0b3-4dbe-4339-a212-8e8b6eb5582a","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":160,"box":{"x":70,"y":748,"width":773,"height":11}},{"id":"7f5af3dd-96cf-47d0-8130-eebcbfb5814a","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":160,"box":{"x":70,"y":762,"width":776,"height":12}},{"id":"53f59019-cf57-4746-b18a-6dac2e6a1619","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":160,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"321f609b-a1c5-4b74-b90a-744cfd387aac","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":160,"box":{"x":69,"y":793,"width":811,"height":11}},{"id":"959881b9-3a2a-4c83-95a9-4a097220594f","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":160,"box":{"x":69,"y":808,"width":435,"height":11}},{"id":"c7f814b2-db8b-4505-bb0d-f7b947d9114d","block_type":"box","text":"Redemptions in Kind:","page_number":160,"box":{"x":102,"y":831,"width":153,"height":11}},{"id":"c066c9a4-0ad6-4522-8393-d1a16d2e71b3","block_type":"box","text":"Each Fund reserves the right to honor any request for redemption by making payment in","page_number":160,"box":{"x":263,"y":831,"width":624,"height":11}},{"id":"4fad7766-000c-41b2-aac4-5da4a1048254","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":160,"box":{"x":68,"y":846,"width":833,"height":11}},{"id":"cdb74d77-b6ec-4a39-9101-e44fb3508ffa","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":160,"box":{"x":70,"y":860,"width":825,"height":12}},{"id":"2e5e5f82-93ed-453b-a4fc-c2bed04f5d25","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":160,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"a53750f0-589d-43ca-9f05-beb3aed1b622","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":160,"box":{"x":69,"y":891,"width":672,"height":11}},{"id":"fa85aaf0-b0c4-461b-b778-51b1f31467c0","block_type":"box","text":"II-116","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1906f615-c071-4ac8-b2c6-566c9b51cbf3","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3d392370-0693-459b-94e4-61a1aa8c78ab","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":161,"box":{"x":101,"y":45,"width":787,"height":11}},{"id":"a72c5571-313a-46ab-8389-bac7eca87277","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":161,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"12a9763a-a347-49e1-98d3-f96367d94c69","block_type":"box","text":"various circumstances and subject to the Funds’ policies and procedures and any applicable laws or regulations. In","page_number":161,"box":{"x":68,"y":75,"width":822,"height":11}},{"id":"9d85681b-185f-49fd-a9df-4be98d36db15","block_type":"box","text":"effecting such redemption in kind, the Manager may select securities to distribute to the redeeming shareholder by","page_number":161,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"9410a503-9e6e-4d80-b5eb-b04424acecd9","block_type":"box","text":"considering cer tain factors, including, without limitation, the por tfolio management team’s model or optimal por tfolio,","page_number":161,"box":{"x":69,"y":105,"width":838,"height":11}},{"id":"d11d937e-e9c1-426a-a292-f5d451ae0e8d","block_type":"box","text":"risk management considerations, compliance considerations, the active positioning of a Fund post-redemption, the","page_number":161,"box":{"x":69,"y":120,"width":818,"height":12}},{"id":"4411e3ac-9fca-48c8-8f17-fad905b72444","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":161,"box":{"x":70,"y":135,"width":801,"height":11}},{"id":"79928a99-31fc-448f-8b15-9f06734cb9b7","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":161,"box":{"x":69,"y":150,"width":832,"height":12}},{"id":"c8f5dfb7-3e99-4444-97d2-1dc851884e34","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":161,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"43321409-7f17-40cb-a33a-a43abe67c89b","block_type":"box","text":"and the interests of the remaining shareholders in the Index Fund to not be diluted.","page_number":161,"box":{"x":69,"y":181,"width":594,"height":11}},{"id":"f5d05890-3d8e-40bb-b92d-bbb3c88619ef","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":161,"box":{"x":101,"y":203,"width":795,"height":12}},{"id":"cb16e0a3-8853-443b-8a63-03ace4c0dd97","block_type":"box","text":"efficiently or for any other por tfolio management purpose, and (b) externalize cer tain transaction costs that would","page_number":161,"box":{"x":69,"y":218,"width":810,"height":12}},{"id":"74e2f03a-0b3a-4eec-a0af-7dbb7b3a8c20","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":161,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"cdd7f47c-38fc-4ce2-9550-4ecf969e8280","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":161,"box":{"x":69,"y":249,"width":828,"height":10}},{"id":"832d29c7-e9a6-43cb-9642-a905037ac354","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":161,"box":{"x":68,"y":264,"width":838,"height":11}},{"id":"7f9a43cf-578a-4b19-a3bf-db6b57216175","block_type":"box","text":"considerations when determining whether to effect a redemption in kind. However, there can be no assurance that","page_number":161,"box":{"x":69,"y":279,"width":817,"height":11}},{"id":"7146e01e-922b-4edc-ada6-7d0fba0e83a5","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":161,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"5b48e15d-6647-4596-98fd-0f57970fe344","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":161,"box":{"x":70,"y":309,"width":837,"height":11}},{"id":"90ce5019-7206-4bec-8cad-bbba1f2bae64","block_type":"box","text":"other things, how they hold their Fund shares or the small value of the redemptions.","page_number":161,"box":{"x":69,"y":324,"width":598,"height":12}},{"id":"e52fd5be-7777-4836-803d-f250b3f9868e","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":161,"box":{"x":102,"y":347,"width":756,"height":11}},{"id":"4cdedc42-4e7b-42dc-b383-cf5872bfdee5","block_type":"box","text":"combination thereof, a Fund, in its discretion, may accept large purchase orders from one or more financial","page_number":161,"box":{"x":69,"y":362,"width":764,"height":11}},{"id":"9d2cb262-4c92-444e-9e99-b2eb5e5405fa","block_type":"box","text":"institutions that are willing, upon redemption of their investment in the Fund, to receive their redemption proceeds in","page_number":161,"box":{"x":70,"y":377,"width":830,"height":12}},{"id":"f694b637-5f78-4625-addb-69de1642713a","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":161,"box":{"x":69,"y":392,"width":821,"height":12}},{"id":"1ac39ab2-e4bc-4a56-8bf0-c2b822f67177","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":161,"box":{"x":68,"y":408,"width":837,"height":11}},{"id":"839d5238-e980-4266-abbf-46452f0f842d","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":161,"box":{"x":68,"y":423,"width":784,"height":11}},{"id":"87214992-08cd-4e1b-bfcc-149e21927850","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":161,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"f18e6222-0f23-4e69-b8b5-a7aeef0a12d0","block_type":"box","text":"things, limitations on frequency of redemptions in kind under the Fund’s policies and availability of shareholders able","page_number":161,"box":{"x":68,"y":453,"width":835,"height":11}},{"id":"3a089cba-0a76-4070-afad-0db7be06072b","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":161,"box":{"x":68,"y":468,"width":796,"height":11}},{"id":"c15cc6a3-54e6-4eef-b0cf-c06f396ecb52","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":161,"box":{"x":70,"y":483,"width":816,"height":11}},{"id":"bcbf881b-c9a4-4169-994c-d3eecf13b341","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":161,"box":{"x":69,"y":498,"width":788,"height":11}},{"id":"500b90a9-57e8-41c5-822d-22cb5c66e69e","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":161,"box":{"x":102,"y":521,"width":779,"height":11}},{"id":"a72746b5-fb97-4d87-a7e4-6b46c13fb073","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":161,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"b9c02797-c7a1-4b14-a66f-acc3a38bf1c7","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":161,"box":{"x":68,"y":551,"width":800,"height":11}},{"id":"b9f70d02-d3e0-4ba1-ba82-7ef43e0f5b08","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":161,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"d4acf640-cfb1-4e5b-9d9c-7ffb8f1d5dc8","block_type":"box","text":"the NAV of the corresponding Fund.","page_number":161,"box":{"x":68,"y":581,"width":251,"height":12}},{"id":"6bad1726-fd8d-46cf-9a94-1e85e3b5e9e4","block_type":"box","text":"Repurchase","page_number":161,"box":{"x":69,"y":612,"width":85,"height":11}},{"id":"1c80e0e1-623f-41fe-92bd-7ed3d21baade","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":161,"box":{"x":101,"y":634,"width":800,"height":12}},{"id":"22eb8159-5fd9-4d07-8a4b-c5409b44ee06","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":161,"box":{"x":70,"y":649,"width":833,"height":12}},{"id":"0113925a-9f14-4905-a139-560d63e858b4","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":161,"box":{"x":69,"y":665,"width":822,"height":11}},{"id":"bf43fd2c-27ad-45d6-ad8a-6c87c6d973d7","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":161,"box":{"x":70,"y":680,"width":809,"height":11}},{"id":"80e88815-7b7d-42d1-8233-922c289ee837","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":161,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"f97f84af-0253-4fcb-b3f5-5b62608b3bc0","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":161,"box":{"x":70,"y":710,"width":796,"height":11}},{"id":"6a089102-d819-4a79-9472-4279b2d298cf","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":161,"box":{"x":69,"y":725,"width":812,"height":11}},{"id":"49124cb8-6d28-45bf-9b25-e3576ffad4a9","block_type":"box","text":"next business day.","page_number":161,"box":{"x":69,"y":740,"width":130,"height":11}},{"id":"2717ff64-c849-4a43-95b8-0e1b4b78ab9c","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":161,"box":{"x":101,"y":763,"width":783,"height":11}},{"id":"553d5063-2c8d-4559-80e2-9d20897067f2","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":161,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"addaede6-1705-408b-9a50-536ffe1f23dd","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":161,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"08564183-f323-427e-b013-9d5bc88ce8ed","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":161,"box":{"x":70,"y":808,"width":814,"height":11}},{"id":"c8785b0f-19fd-4106-9a4e-0eaa9b6e8b65","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":161,"box":{"x":69,"y":823,"width":788,"height":11}},{"id":"9a19abe4-b8b5-47a3-bff4-e24031e2e65d","block_type":"box","text":"redeem shares as set out above.","page_number":161,"box":{"x":69,"y":839,"width":235,"height":8}},{"id":"adc31bd7-231e-4a15-9243-92df4eed4133","block_type":"box","text":"II-117","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ab486c06-670e-44a4-9665-6227ecf280e5","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"29f22963-2739-4914-af4b-141dc94014cb","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":162,"box":{"x":69,"y":45,"width":440,"height":11}},{"id":"de16a571-d00e-4bb0-b4bc-51cd392e2db5","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":162,"box":{"x":102,"y":67,"width":791,"height":11}},{"id":"2e90c976-ce11-4948-8c39-815c07d7c6d2","block_type":"box","text":"reinvest all or a por tion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":162,"box":{"x":69,"y":82,"width":815,"height":12}},{"id":"a6fb6494-5a57-4a92-a0a4-cdf9c101e4c7","block_type":"box","text":"Shares of the same or another BlackRock fund without paying a front-end sales charge. This right may be exercised","page_number":162,"box":{"x":69,"y":98,"width":822,"height":11}},{"id":"48ab1b86-b982-48a5-8683-ed37937f9ae1","block_type":"box","text":"within 90 days of the redemption, provided that the Investor A or Investor P Shares, as applicable, of that fund is","page_number":162,"box":{"x":68,"y":113,"width":806,"height":11}},{"id":"dbefe2c9-7498-4467-8c83-b9f014eb16a7","block_type":"box","text":"currently open to new investors or the shareholder has a current account in that closed fund. Shares will be","page_number":162,"box":{"x":69,"y":128,"width":768,"height":11}},{"id":"1bd9c345-a00d-4ab6-afa2-a0eb03244a37","block_type":"box","text":"purchased at the NAV calculated at the close of trading on the day the request is received in good order. To exercise","page_number":162,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"3706c385-af41-47fc-9695-1bef19afff74","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":162,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"d32a2ccb-5fa5-448b-b43f-580f772ca74a","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":162,"box":{"x":69,"y":173,"width":764,"height":11}},{"id":"e1785edd-480c-47fe-8b93-d85f73b7ccd9","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":162,"box":{"x":69,"y":188,"width":400,"height":12}},{"id":"22d86e9b-e84b-4462-bd1f-03e604d85bce","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":162,"box":{"x":384,"y":218,"width":210,"height":9}},{"id":"904cc8f1-85e8-4ed7-9578-b5be8a35f72c","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":162,"box":{"x":102,"y":241,"width":747,"height":11}},{"id":"86b60647-3e44-41bc-b143-a3230b710904","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":162,"box":{"x":70,"y":256,"width":781,"height":11}},{"id":"8252b837-d710-4848-802c-e3170236c0d0","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":162,"box":{"x":68,"y":271,"width":836,"height":11}},{"id":"7281629b-56d6-4b70-afb0-dab03e2a90f2","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":162,"box":{"x":69,"y":286,"width":641,"height":11}},{"id":"f35197c9-a1e0-4811-a4a5-bb4aae93e78e","block_type":"box","text":"Investment Account","page_number":162,"box":{"x":69,"y":316,"width":146,"height":9}},{"id":"f0b1f61c-79b8-479b-9a7b-d2644b861841","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":162,"box":{"x":102,"y":339,"width":774,"height":11}},{"id":"2846195e-7180-4506-beef-9e450b91a244","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":162,"box":{"x":70,"y":354,"width":796,"height":11}},{"id":"3d7d4787-b7ce-4ed0-b911-0b3da37579c7","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":162,"box":{"x":70,"y":369,"width":807,"height":11}},{"id":"c4f181eb-9c1b-4a58-8547-7a02cdd50e55","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":162,"box":{"x":68,"y":384,"width":830,"height":11}},{"id":"852dd0c6-fd7e-4232-a9d7-6b93fdfa5162","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":162,"box":{"x":69,"y":399,"width":829,"height":11}},{"id":"0b1cfde2-8add-4b25-bcfa-a5b59db66140","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":162,"box":{"x":68,"y":414,"width":815,"height":12}},{"id":"c63d1d26-d426-4504-a031-ccb01c6da026","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":162,"box":{"x":70,"y":429,"width":781,"height":12}},{"id":"37d460c4-d000-4bf1-9781-bfd3688f67a6","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":162,"box":{"x":69,"y":445,"width":825,"height":11}},{"id":"f09b87d6-b707-438a-b57c-234bd4b790b9","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":162,"box":{"x":69,"y":460,"width":785,"height":11}},{"id":"15d72286-78d0-43d2-82bc-72e181a1776d","block_type":"box","text":"automatically at the Transfer Agent.","page_number":162,"box":{"x":69,"y":475,"width":251,"height":11}},{"id":"ae79c4fb-27bf-48bd-9273-aea737d39348","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":162,"box":{"x":101,"y":498,"width":750,"height":11}},{"id":"deb0f9b4-5e01-4411-a670-edb7c4e2164a","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":162,"box":{"x":69,"y":513,"width":797,"height":11}},{"id":"b3464d17-01ca-4d80-9bf3-957a72dfe66c","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":162,"box":{"x":69,"y":528,"width":797,"height":11}},{"id":"24da9016-70b3-4077-8564-7e60b5bac351","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":162,"box":{"x":69,"y":543,"width":826,"height":11}},{"id":"d7e01fed-64c5-47b9-a4b9-e337c0e5fc04","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":162,"box":{"x":68,"y":558,"width":792,"height":11}},{"id":"0c44d127-8722-4835-9fb2-9317f039f8d7","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":162,"box":{"x":69,"y":573,"width":824,"height":11}},{"id":"cd1c9794-2cbc-4dce-b0c4-0277e9d96588","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":162,"box":{"x":69,"y":588,"width":820,"height":11}},{"id":"d7f4e97f-0030-4419-923d-00d7eeb0cb4c","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":162,"box":{"x":68,"y":603,"width":833,"height":12}},{"id":"bdda99f5-2c50-417f-83db-b3a0fe1a31d0","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":162,"box":{"x":68,"y":618,"width":795,"height":12}},{"id":"ab425d3d-a30c-485d-b96a-73215e1ea9c4","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":162,"box":{"x":70,"y":634,"width":822,"height":11}},{"id":"a7ddcb96-fb5f-4d29-a66e-ef1b4540dd2f","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":162,"box":{"x":69,"y":649,"width":814,"height":11}},{"id":"67779bc3-1dd3-4186-be0e-8844dbc69ebb","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":162,"box":{"x":68,"y":664,"width":822,"height":11}},{"id":"e8525cc8-fa55-4559-bf5e-2b38e21b0edb","block_type":"box","text":"issued.","page_number":162,"box":{"x":70,"y":679,"width":49,"height":9}},{"id":"29744ac8-4c5a-407f-9f90-3310c59e77c2","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":162,"box":{"x":102,"y":702,"width":785,"height":11}},{"id":"7a794126-6e27-453f-9ef1-96167cf33a15","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":162,"box":{"x":68,"y":717,"width":830,"height":11}},{"id":"ee1f9781-da83-48a2-8adc-93dbc2018f9c","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":162,"box":{"x":68,"y":732,"width":790,"height":11}},{"id":"eebf306b-ad8d-47a4-896d-5886a1a98090","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":162,"box":{"x":69,"y":747,"width":831,"height":11}},{"id":"b7906b73-fd8e-496e-83cf-4c5d4f0c8e39","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":162,"box":{"x":68,"y":762,"width":652,"height":11}},{"id":"4bd62501-9114-47a7-918f-692ee186183c","block_type":"box","text":"Exchange Privilege","page_number":162,"box":{"x":69,"y":792,"width":138,"height":11}},{"id":"34adbb43-7a65-4c3a-bece-ac274a78edc5","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":162,"box":{"x":102,"y":815,"width":797,"height":11}},{"id":"4a6ae6d6-a42b-4783-bbdd-6dc53096d52f","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":162,"box":{"x":69,"y":830,"width":832,"height":11}},{"id":"ae0de4dc-9535-4b19-b3af-81975334026b","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":162,"box":{"x":68,"y":845,"width":788,"height":12}},{"id":"0dc1f046-b170-4266-a439-8122984bd471","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":162,"box":{"x":69,"y":860,"width":796,"height":12}},{"id":"9e774e55-2a6d-4d3f-af72-9792ef090e63","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":162,"box":{"x":69,"y":875,"width":824,"height":12}},{"id":"81cd8385-1bc6-4a4c-b87a-04a82468e826","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":162,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"f13b97fd-647c-42af-84f5-087b34ac03a7","block_type":"box","text":"II-118","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"09102f76-9c9a-424e-9cf2-aac0b707d090","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4e624459-a7cd-4c21-b929-6ee6c9204d3c","block_type":"box","text":"into which you wish to make the exchange. Exercise of the exchange privilege is treated as a sale of the exchanged","page_number":163,"box":{"x":70,"y":45,"width":820,"height":11}},{"id":"1185513e-7815-4d85-aedd-a0546fde596c","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":163,"box":{"x":69,"y":60,"width":600,"height":11}},{"id":"7fda368c-60e9-4f07-8ebf-fab81d7d21de","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":163,"box":{"x":102,"y":82,"width":648,"height":12}},{"id":"b177ad20-ebb4-488c-b9c2-2c5598690504","block_type":"box","text":"Institutional Shares","page_number":163,"box":{"x":757,"y":83,"width":137,"height":8}},{"id":"cfa7c146-bed0-448c-b04e-666469210b70","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":163,"box":{"x":69,"y":98,"width":817,"height":11}},{"id":"51fe3ce6-3ad0-48cc-b2c3-a0ac5ecfee0e","block_type":"box","text":"Investor A Shares of other Funds to the extent such shares are offered by your financial intermediary. Investor P","page_number":163,"box":{"x":70,"y":113,"width":798,"height":11}},{"id":"c99d3b03-3d1a-4b52-ad11-081410668766","block_type":"box","text":"Shares are exchangeable for Investor P Shares of other Funds, to the extent such shares are offered by your financial","page_number":163,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"bab49ed6-2018-4ca0-9c94-6e0234b8f102","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":163,"box":{"x":70,"y":143,"width":834,"height":11}},{"id":"00258558-30bb-4bd5-b960-742eb7a456d3","block_type":"box","text":"for Class G Shares of other Funds.","page_number":163,"box":{"x":68,"y":158,"width":246,"height":9}},{"id":"c29ba790-b67f-4a4a-a787-2b4bfb1a4fb1","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":163,"box":{"x":102,"y":181,"width":800,"height":11}},{"id":"34cacad2-8004-4376-aa3b-714863758889","block_type":"box","text":"market fund are effected on the basis of relative NAV per Institutional Share. Exchanges of Investor A or Investor A1","page_number":163,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"3017ae2b-ed4a-4a4b-8ea3-ad0001ddd817","block_type":"box","text":"Shares outstanding (“outstanding Investor A Shares”) for Investor A Shares of a second fund, or for shares of a","page_number":163,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"a743ce27-b867-4ea1-837a-ac0eca9d3ae8","block_type":"box","text":"money market fund (“new Investor A Shares”) are effected on the basis of relative NAV per share. Exchanges of","page_number":163,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"d538bffe-afa2-4df0-8889-974bdc1b9eea","block_type":"box","text":"Investor P Shares outstanding for Investor P Shares of a second fund are effected on the basis of relative NAV per","page_number":163,"box":{"x":70,"y":241,"width":814,"height":11}},{"id":"3867bc04-de28-4d1d-871b-49a2cad66275","block_type":"box","text":"share. Exchanges of Class K Shares outstanding for Class K Shares of a second fund, or for shares of a money","page_number":163,"box":{"x":69,"y":256,"width":796,"height":12}},{"id":"67e0231b-ea10-464c-abe7-23129e56041d","block_type":"box","text":"market fund are effected on the basis of relative NAV per share. Exchanges of Class G Shares outstanding for Class","page_number":163,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"ec80b102-9d6f-4fad-aef6-59a71cd4d22e","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":163,"box":{"x":69,"y":286,"width":561,"height":11}},{"id":"05d377b1-69ab-41ca-90ef-45fec28dea41","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":163,"box":{"x":102,"y":309,"width":229,"height":11}},{"id":"bd775158-c5d1-43b7-a10c-a458ce69b7cc","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":163,"box":{"x":338,"y":309,"width":570,"height":11}},{"id":"1d21e489-ebbf-47b9-a858-1040184d8f7d","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":163,"box":{"x":70,"y":324,"width":827,"height":12}},{"id":"52357e92-9bed-484e-a328-fe066a124e33","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":163,"box":{"x":68,"y":339,"width":839,"height":12}},{"id":"f6338769-9bab-472c-82f5-a95f0c112f10","block_type":"box","text":"the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":163,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"d0b8ab4f-d19b-43b7-9a9d-b288b10d61be","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":163,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"e5ff644b-bc9e-4cfc-a8bf-205e13e82351","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":163,"box":{"x":68,"y":385,"width":781,"height":11}},{"id":"0661ac06-e397-4163-9d89-00240c70b2e3","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":163,"box":{"x":68,"y":400,"width":654,"height":11}},{"id":"d2059c42-ed82-4fb0-88d4-1a3690413f10","block_type":"box","text":"Exchanges of Service Shares.","page_number":163,"box":{"x":102,"y":423,"width":211,"height":11}},{"id":"ad6028e9-26ce-4d58-9db8-15d671088bce","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":163,"box":{"x":319,"y":423,"width":588,"height":11}},{"id":"0b9fc959-3c6a-4687-8f9e-a82299af5d47","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":163,"box":{"x":69,"y":438,"width":342,"height":11}},{"id":"1cb2dcfa-55bb-4dbf-b125-0461c6818e54","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":163,"box":{"x":102,"y":460,"width":335,"height":12}},{"id":"a3de1770-bbff-45a8-a6fb-d38b5edc6b3d","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":163,"box":{"x":443,"y":460,"width":455,"height":12}},{"id":"a26b8e93-f2fb-470e-a20e-d6ac86495bc9","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":163,"box":{"x":70,"y":475,"width":788,"height":12}},{"id":"fe9d2377-f37e-442e-ab4d-ee595408402b","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":163,"box":{"x":70,"y":491,"width":793,"height":11}},{"id":"fde671de-1cab-4000-a1ed-d02aba3fbf09","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":163,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"27d3e3d1-2470-4af0-9f83-ef05d8f31ac0","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":163,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"9a9d0e25-b3e6-401a-99fe-150bbf57cc85","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":163,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"0ac80683-73d9-4e95-accb-c274399a8538","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":163,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"aff27dea-dbe8-4bae-b496-bf24a9a19a54","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":163,"box":{"x":69,"y":566,"width":758,"height":11}},{"id":"a69d467b-4961-4ce5-aceb-1331f5791a40","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":163,"box":{"x":69,"y":581,"width":822,"height":12}},{"id":"363711b8-05f7-46a1-bb14-d9f1657f63fc","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":163,"box":{"x":69,"y":596,"width":782,"height":12}},{"id":"0b440c1b-100d-4394-a9ad-b320e800786a","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":163,"box":{"x":70,"y":612,"width":814,"height":11}},{"id":"acddd8c6-c82b-400d-91d8-eafb64d9dc08","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":163,"box":{"x":69,"y":627,"width":830,"height":11}},{"id":"34792126-ab2a-41b0-bee8-1d81ea14ca16","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":163,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"b073d89f-03eb-44ef-9913-f14dc6e69558","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":163,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"9c25b63f-1710-4803-929a-f2ddc7670393","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":163,"box":{"x":70,"y":672,"width":781,"height":11}},{"id":"5ddc8f85-4105-49f2-b7ca-5d05742abf41","block_type":"box","text":"exchange.","page_number":163,"box":{"x":69,"y":687,"width":70,"height":11}},{"id":"eff69ee9-4bf3-4df9-9afb-af4ae7f3efe0","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":163,"box":{"x":102,"y":710,"width":337,"height":11}},{"id":"f11e4404-4df3-4112-84c8-94f17e90531b","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":163,"box":{"x":445,"y":710,"width":448,"height":11}},{"id":"59606f2c-dd3f-400a-a4f5-4496b65f13f1","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":163,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"dd2fc6d5-c87c-4907-81db-daea72a88d8f","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":163,"box":{"x":69,"y":740,"width":796,"height":11}},{"id":"f57179dd-5d04-4abd-ac80-aa0bb9292fff","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":163,"box":{"x":70,"y":755,"width":324,"height":11}},{"id":"28eb9a70-4c31-405f-be56-2ddf594820fd","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":163,"box":{"x":102,"y":778,"width":245,"height":11}},{"id":"d54a1b47-567c-4755-a0e8-59b65f5a5b7b","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":163,"box":{"x":353,"y":778,"width":543,"height":11}},{"id":"15d99a76-579a-4af4-8b4f-3906b0e33cc4","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":163,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"fc3d819c-141e-494b-a3ca-e999311b40ba","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":163,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"a9c6a090-ebed-4d46-a275-4036e5c39f3f","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":163,"box":{"x":69,"y":823,"width":512,"height":12}},{"id":"c429e0ad-5f60-44ae-8e57-077d992fdbff","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":163,"box":{"x":101,"y":846,"width":772,"height":11}},{"id":"fdba39dd-0ece-4d68-bfc0-dd8dffd9b09d","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":163,"box":{"x":68,"y":861,"width":824,"height":11}},{"id":"a6c5a56d-5583-4251-a0e8-9522731dbb56","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":163,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"ceecd482-b38f-4c0e-a531-3453aec84c05","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":163,"box":{"x":68,"y":891,"width":817,"height":12}},{"id":"f03737b0-484e-4f8a-addf-10ab4b3883fa","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":163,"box":{"x":69,"y":906,"width":826,"height":12}},{"id":"477d4696-fe29-45b2-9f41-1918a435bfd5","block_type":"box","text":"II-119","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b8af3062-c895-48f5-abfa-ea8c1df857e2","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8470f94b-4228-4b5c-945b-a3edac48f074","block_type":"box","text":"available from the Transfer Agent. Once this election has been made, the shareholder may simply contact the Fund by","page_number":164,"box":{"x":69,"y":45,"width":840,"height":11}},{"id":"1692635f-37bf-4d39-a1c2-7128b8aa87a7","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":164,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"ea2f6f26-1652-4bd1-9c67-a73462800413","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":164,"box":{"x":68,"y":75,"width":815,"height":11}},{"id":"c43796b6-b566-4e73-bd15-01281ee052cb","block_type":"box","text":"Transfer Agent in writing.","page_number":164,"box":{"x":68,"y":90,"width":175,"height":11}},{"id":"144be04b-c53e-46e2-91ed-a89af599ea76","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":164,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"2844de3d-f5c4-456f-9ec5-91d6cb5c7e73","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":164,"box":{"x":69,"y":128,"width":828,"height":11}},{"id":"dce797e2-30a6-4ec9-84c1-a8b6ed39ee2a","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":164,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"537fa870-3bb8-4aa7-adcf-224997420a8a","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to par ticipate in the","page_number":164,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"4e1a10b5-5b99-4589-ae80-5c26c51f2fad","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":164,"box":{"x":68,"y":173,"width":763,"height":11}},{"id":"012214d8-32cf-4669-bcbc-03ee33cf2818","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":164,"box":{"x":69,"y":188,"width":424,"height":12}},{"id":"7a1e28a1-538d-4a39-adf4-d1794a770648","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":164,"box":{"x":101,"y":211,"width":790,"height":11}},{"id":"bb475ffd-07de-406f-aedc-81d4bacee374","block_type":"box","text":"must be legally available for sale in the state of the investor’s residence. For U.S. federal income tax purposes, a","page_number":164,"box":{"x":69,"y":226,"width":808,"height":11}},{"id":"a75de4ef-d1fa-4990-839e-270167ec5aff","block_type":"box","text":"share exchange is a taxable event and, accordingly, a capital gain or loss may be realized. Before making an","page_number":164,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"c570e26d-9c72-4045-91df-c51cd33942ca","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":164,"box":{"x":69,"y":256,"width":819,"height":12}},{"id":"ad58a2c2-af8a-4c6d-b7fc-53e413d884e3","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":164,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"fb3a8d65-62d0-41cc-be26-9e1b3b96d21d","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":164,"box":{"x":70,"y":286,"width":354,"height":12}},{"id":"d1ba7fb4-0a8e-48f9-97e2-4d7e33dc79b7","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":164,"box":{"x":101,"y":309,"width":782,"height":11}},{"id":"e0016f71-c39c-413c-b0da-c713f9bcb2e5","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":164,"box":{"x":68,"y":324,"width":800,"height":12}},{"id":"2fe2f6f5-8dd6-44b4-832d-9ff0061e46b5","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":164,"box":{"x":69,"y":340,"width":831,"height":11}},{"id":"e298b5d3-1a4d-4ad2-8570-e50466dd6006","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":164,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"619d6e02-7a26-404c-959f-cef35cb0a077","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":164,"box":{"x":69,"y":370,"width":506,"height":11}},{"id":"db5bd1b3-f751-4e16-892b-a8ba00b5a3db","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":164,"box":{"x":101,"y":392,"width":733,"height":12}},{"id":"d9d78637-11a7-4d9b-9f5f-9e0c04d9ae90","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":164,"box":{"x":69,"y":407,"width":793,"height":12}},{"id":"055419bb-0dc2-4f9b-b72e-e373f9de9c35","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":164,"box":{"x":70,"y":423,"width":832,"height":11}},{"id":"3cb4022e-b8fe-470a-b065-cd538d627664","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":164,"box":{"x":69,"y":438,"width":785,"height":11}},{"id":"d10269a7-745c-4ea1-99ba-dc54ba5ccb01","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":164,"box":{"x":68,"y":453,"width":825,"height":11}},{"id":"0db074a7-056f-4037-adb5-47c2eb70aee5","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":164,"box":{"x":68,"y":468,"width":837,"height":11}},{"id":"a94c5e30-5303-48b4-96b7-5d9da9b5539f","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":164,"box":{"x":69,"y":483,"width":767,"height":11}},{"id":"dcd2fbf9-098d-4e58-862b-e3d6f6942dae","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":164,"box":{"x":69,"y":498,"width":750,"height":11}},{"id":"ad609c7f-8694-46a1-82de-b6ee23f28cc9","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":164,"box":{"x":102,"y":521,"width":757,"height":11}},{"id":"d48ed300-f7f3-4011-ab2f-f12ee6e8d13e","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":164,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"af8e5683-d455-4f58-a3ff-49c8afba02aa","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":164,"box":{"x":69,"y":551,"width":805,"height":11}},{"id":"cd7ef9c6-4e42-4cb3-b4dc-6591ac250c9a","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":164,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"e13f167b-ae94-49e2-9fa2-8cfeb4f1a70c","block_type":"box","text":"may be distributed by the Distributor.","page_number":164,"box":{"x":69,"y":582,"width":262,"height":10}},{"id":"3f14be00-661a-4a4d-820a-f987a1287f49","block_type":"box","text":"Participation in Fee-Based Programs","page_number":164,"box":{"x":69,"y":612,"width":266,"height":11}},{"id":"84a58b48-f2c7-40a4-9327-44e6d024e369","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":164,"box":{"x":102,"y":634,"width":780,"height":12}},{"id":"6eddcb90-b3d4-4db8-a9a5-4178f9035d20","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":164,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"032cbf14-cb2d-40b8-a69a-d3094f8e3d8f","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":164,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"11632669-b45f-446f-a1bc-75340d5fb767","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":164,"box":{"x":69,"y":680,"width":770,"height":11}},{"id":"cc6edd14-bde1-4aa2-a9b6-dfeb82b754b2","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":164,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"ad2f93e8-6aaa-4294-a6ed-845fcf747cc6","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":164,"box":{"x":70,"y":710,"width":808,"height":11}},{"id":"72354f05-1972-489d-9208-97ffed7ecf14","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":164,"box":{"x":70,"y":725,"width":838,"height":11}},{"id":"a7dff2a2-b63f-40a4-837f-0eebf915eab0","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":164,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"716f1f75-b323-46fc-b540-f642d6e55c24","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":164,"box":{"x":70,"y":755,"width":555,"height":11}},{"id":"ae52fc7e-f619-4e37-8582-734861228b42","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":164,"box":{"x":102,"y":778,"width":788,"height":11}},{"id":"d9b0aad3-a598-49cb-82fe-b10a1c09f073","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":164,"box":{"x":69,"y":793,"width":817,"height":10}},{"id":"cf1c9200-8828-4f42-81cc-cba82fb4a76c","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":164,"box":{"x":69,"y":808,"width":796,"height":11}},{"id":"10f622f4-7ba1-439e-ba4b-070a97d5dd31","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":164,"box":{"x":70,"y":823,"width":754,"height":12}},{"id":"7567c1af-eab4-4bc3-bb6f-18a35ed23b67","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":164,"box":{"x":70,"y":838,"width":820,"height":12}},{"id":"110186f7-505f-4685-951c-8d9a3901b4d3","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":164,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"390d8a45-d6d8-472e-bef5-9842348e6cba","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":164,"box":{"x":70,"y":869,"width":791,"height":11}},{"id":"c440afe7-ec30-4d91-b93d-aad7efae3368","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":164,"box":{"x":69,"y":884,"width":756,"height":11}},{"id":"6a67745c-bb29-42ca-9cb1-e24320002b31","block_type":"box","text":"II-120","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8aa23efd-2bee-4dd1-b4d8-47bff7c0dc4d","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"868fc0f1-ab44-40fa-a952-36bd558e48cd","block_type":"box","text":"Cer tain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":165,"box":{"x":102,"y":45,"width":793,"height":11}},{"id":"f5253b4d-8080-4cdc-b408-a594cb8e5aea","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":165,"box":{"x":68,"y":60,"width":791,"height":11}},{"id":"355b205e-54e7-4cd1-a62e-136971ef3df4","block_type":"box","text":"intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":165,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"3522326c-4c07-404b-87f5-7710e037c303","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":165,"box":{"x":69,"y":90,"width":807,"height":11}},{"id":"2f772eca-3399-47a1-ae42-6092c070ddfe","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":165,"box":{"x":69,"y":105,"width":801,"height":11}},{"id":"c36e8f56-4aad-4056-9ec8-81c8b3ae26e0","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":165,"box":{"x":69,"y":120,"width":424,"height":11}},{"id":"5a97627d-db39-472f-b5e5-aea43856ecdf","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":165,"box":{"x":102,"y":143,"width":752,"height":11}},{"id":"07f5e79d-3eeb-483d-90c0-4fe50314ce8c","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":165,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"0f8fedcf-5538-4611-a608-7f1ee28a5bac","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":165,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"8fc0f8b5-ab8d-45f1-ac95-9e459652b035","block_type":"box","text":"information.","page_number":165,"box":{"x":70,"y":188,"width":83,"height":9}},{"id":"9581d4b1-ea2e-47ac-a683-339aafa7cc3b","block_type":"box","text":"Retirement and Education Savings Plans","page_number":165,"box":{"x":69,"y":219,"width":296,"height":11}},{"id":"13b89d40-4ea2-42c8-a8c4-42ea4d980b4e","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":165,"box":{"x":102,"y":241,"width":805,"height":11}},{"id":"67f7e21e-ff2c-499e-bcdf-ac7f951afa0f","block_type":"box","text":"intermediary. Under these plans, investments may be made in a Fund (other than a Municipal Fund) and cer tain of","page_number":165,"box":{"x":70,"y":256,"width":815,"height":11}},{"id":"0480186e-e8ad-4b33-bc50-8a3080c606d7","block_type":"box","text":"the other mutual funds sponsored by the Manager or its affiliates as well as in other securities. There may be fees","page_number":165,"box":{"x":68,"y":271,"width":819,"height":12}},{"id":"4fee6f5a-888d-469a-9533-07d69174c222","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":165,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"5512e20e-2a35-461a-8387-6d1738d494c5","block_type":"box","text":"your financial intermediary.","page_number":165,"box":{"x":68,"y":302,"width":191,"height":11}},{"id":"4aa55f11-6760-4c5c-8f7b-f3a8f0733a26","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":165,"box":{"x":102,"y":324,"width":796,"height":11}},{"id":"1496c76e-0877-413c-a2a1-2334551539bd","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":165,"box":{"x":68,"y":339,"width":784,"height":12}},{"id":"57ba8928-44a7-41dd-8b8d-3bc7d86e598e","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":165,"box":{"x":69,"y":355,"width":801,"height":11}},{"id":"3655d7a6-9714-44b4-9005-8fb6bcec874c","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":165,"box":{"x":69,"y":370,"width":753,"height":11}},{"id":"693b257c-ecdb-4d75-b3d6-ff3e49fa235e","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":165,"box":{"x":69,"y":385,"width":354,"height":11}},{"id":"c43181bf-6570-4bde-a599-ad93311bb5f6","block_type":"box","text":"Automatic Investment Plans","page_number":165,"box":{"x":68,"y":415,"width":207,"height":9}},{"id":"451dfd49-0a54-4b6c-95de-65a1b9eeaf44","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":165,"box":{"x":102,"y":438,"width":773,"height":11}},{"id":"5320d4f8-0c59-42a6-9eae-cfafced28289","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":165,"box":{"x":69,"y":453,"width":477,"height":11}},{"id":"e0ced2e2-5f08-40c5-9841-ff76a16e2fc1","block_type":"box","text":"®","page_number":165,"box":{"x":547,"y":453,"width":6,"height":5}},{"id":"9fe09f2a-eeb1-47b4-b8e6-b9ae3d050e0c","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":165,"box":{"x":559,"y":453,"width":272,"height":11}},{"id":"dc77dda5-7166-4f65-a269-95f99830a805","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":165,"box":{"x":70,"y":468,"width":787,"height":11}},{"id":"e7a3885e-ef09-46d8-936b-1316a994b997","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":165,"box":{"x":69,"y":482,"width":822,"height":12}},{"id":"1a2fdc51-ed7c-4a72-acba-0c9bf7ab3e57","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":165,"box":{"x":68,"y":498,"width":805,"height":11}},{"id":"deb3663b-4714-482e-b72a-501eb6f2e837","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":165,"box":{"x":68,"y":529,"width":285,"height":8}},{"id":"d387e4bd-bdda-41f3-8f23-ceade7b0eb6e","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":165,"box":{"x":102,"y":551,"width":782,"height":11}},{"id":"cbfbcc5a-ba15-48c0-bd41-a89cd6fc2c74","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":165,"box":{"x":69,"y":566,"width":828,"height":11}},{"id":"64dce329-6c2f-4149-a322-64f1a4dfcf5f","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":165,"box":{"x":69,"y":581,"width":839,"height":9}},{"id":"caccdde6-8b51-4e96-82b5-94acd909b33d","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":165,"box":{"x":70,"y":596,"width":822,"height":12}},{"id":"307fa5b2-db16-4a74-8c32-3f9f3d8f0077","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":165,"box":{"x":69,"y":612,"width":614,"height":11}},{"id":"5ef45401-a7f3-4243-b8f3-04a11b633508","block_type":"box","text":"Systematic Withdrawal Plans","page_number":165,"box":{"x":68,"y":642,"width":214,"height":11}},{"id":"72736922-d650-45af-9a65-54826f2992f1","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":165,"box":{"x":102,"y":664,"width":780,"height":12}},{"id":"62591611-cf08-4382-a350-2f5c84e9631c","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":165,"box":{"x":70,"y":679,"width":742,"height":12}},{"id":"8d1a3bbe-65bf-47a4-855a-e4f47f4c5968","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":165,"box":{"x":69,"y":694,"width":834,"height":12}},{"id":"98c6077f-8b5b-4416-b946-7b3a64480172","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":165,"box":{"x":68,"y":710,"width":823,"height":11}},{"id":"897a4a16-2767-4821-a885-7c0338b4fad2","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":165,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"43203630-f676-4eb4-8b19-f23447d527a3","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":165,"box":{"x":69,"y":740,"width":800,"height":11}},{"id":"de8b6864-fca9-4bf8-89f6-0a85f3e8909b","block_type":"box","text":"www.blackrock.com.","page_number":165,"box":{"x":68,"y":755,"width":142,"height":9}},{"id":"272e6e49-fd75-42a3-ae23-8d3ad2730d6e","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":165,"box":{"x":102,"y":778,"width":789,"height":11}},{"id":"9314ddac-f8c8-41e6-8538-377cc0c47111","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":165,"box":{"x":68,"y":793,"width":774,"height":11}},{"id":"ccb3c0a3-69fe-491f-93f4-a33a942bbbeb","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":165,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"cc0a939d-5468-4990-ab5a-de66574f124a","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":165,"box":{"x":69,"y":823,"width":817,"height":11}},{"id":"cc0f514d-40f8-48d4-beb9-49eae86a9c7b","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":165,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"147d9c4d-c85b-413a-8061-fd336b5b5e9c","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":165,"box":{"x":69,"y":853,"width":820,"height":12}},{"id":"c91de2c7-52b7-4e4d-a23d-c32aef348819","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":165,"box":{"x":69,"y":869,"width":810,"height":11}},{"id":"e98ade34-0f53-40b3-9b1d-a4859b575d01","block_type":"box","text":"II-121","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"629beb55-19aa-4769-88d4-28f34c0c386c","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ceb98689-f3f8-4a07-b360-49137103b9de","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quar terly) and 6% (semi","page_number":166,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"6cea2955-b3b0-4fd7-826d-8e149dc1f0c8","block_type":"box","text":"annually), respectively, of an account’s NAV on the redemption date. SWP redemptions of Investor C Shares in excess","page_number":166,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"0cfdb446-bf64-4142-b8da-696106831190","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":166,"box":{"x":69,"y":75,"width":367,"height":11}},{"id":"cef26046-b511-4be5-b467-ddc28af553fb","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":166,"box":{"x":102,"y":98,"width":798,"height":11}},{"id":"6afc6ae4-1626-4c95-ae3c-21ac1efb765a","block_type":"box","text":"to Buy, Sell, Exchange and Transfer Shares” or “How to Buy, Sell and Exchange Shares,” as applicable, in the Fund’s","page_number":166,"box":{"x":68,"y":113,"width":834,"height":11}},{"id":"122abec9-7e73-4f72-bcab-41e5d8c66934","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":166,"box":{"x":69,"y":128,"width":311,"height":11}},{"id":"251ca2e0-4b5a-4090-9cd2-4dc4a140ab89","block_type":"box","text":"Dividend Allocation Plan","page_number":166,"box":{"x":69,"y":158,"width":176,"height":9}},{"id":"93d5e87b-38e3-4747-bf70-aaa41bde9102","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":166,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"02b1e6b4-daf3-4e17-b4a6-02451dca5d70","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":166,"box":{"x":69,"y":196,"width":763,"height":11}},{"id":"e9666bc7-25cf-49d9-af23-72d81ded8fae","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":166,"box":{"x":69,"y":211,"width":814,"height":11}},{"id":"f9aff80e-2fa0-479f-b66d-1034e2a18a0e","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":166,"box":{"x":70,"y":226,"width":771,"height":11}},{"id":"dd0e3f20-609b-4b99-a9dc-a0b77d6b389c","block_type":"box","text":"PRICING OF SHARES","page_number":166,"box":{"x":406,"y":256,"width":167,"height":9}},{"id":"4e432bd1-055c-462f-894f-5414305ed76c","block_type":"box","text":"Determination of Net Asset Value","page_number":166,"box":{"x":69,"y":286,"width":243,"height":9}},{"id":"cc4f702c-4bf3-4411-bb31-b34a272336e6","block_type":"box","text":"Valuation of Shares.","page_number":166,"box":{"x":101,"y":309,"width":145,"height":9}},{"id":"9fa14763-8dbe-43b4-9b81-15c2b94bbd8b","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":166,"box":{"x":252,"y":309,"width":626,"height":11}},{"id":"4025b983-8b0b-40e8-831e-c66438bd3cb4","block_type":"box","text":"regular trading hours on the NYSE (currently 4:00 p.m. Eastern Time) on each business day the NYSE is open.","page_number":166,"box":{"x":69,"y":324,"width":785,"height":11}},{"id":"1ed21790-fed3-4705-bb0e-2543fa0e7492","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":166,"box":{"x":68,"y":339,"width":343,"height":11}},{"id":"6ab28b50-f029-4326-be64-f18d4bdaac41","block_type":"box","text":"Equity Investments.","page_number":166,"box":{"x":102,"y":362,"width":143,"height":11}},{"id":"5552a314-f629-4879-a5df-d580a8547c95","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":166,"box":{"x":252,"y":362,"width":439,"height":11}},{"id":"48ac8579-48a3-4d89-bff5-f37be265440d","block_type":"box","text":"e.g.","page_number":166,"box":{"x":693,"y":363,"width":25,"height":10}},{"id":"04dc150c-8a2b-4428-867e-ba740d257045","block_type":"box","text":", NYSE), on separate","page_number":166,"box":{"x":720,"y":362,"width":147,"height":11}},{"id":"650ee5f3-1bab-42cd-b358-b8192dc834a6","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":166,"box":{"x":68,"y":377,"width":799,"height":11}},{"id":"017fe4ed-c5ae-4aa9-a26f-5951531ea40f","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":166,"box":{"x":70,"y":392,"width":808,"height":11}},{"id":"568c94a4-40ff-4e17-ad55-015f0501d811","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":166,"box":{"x":68,"y":407,"width":820,"height":11}},{"id":"30459e52-442d-4cd3-9c5b-6904ecb4a611","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":166,"box":{"x":70,"y":422,"width":805,"height":11}},{"id":"f15b318c-5140-4159-91bf-5a597f73154f","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":166,"box":{"x":69,"y":437,"width":793,"height":11}},{"id":"ffbe0127-9e23-4fda-8309-b8950c53a68f","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":166,"box":{"x":70,"y":452,"width":836,"height":11}},{"id":"78136388-b5c3-440d-b1a5-823722f72e4f","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":166,"box":{"x":68,"y":468,"width":815,"height":11}},{"id":"5976917a-8e61-4596-b4d8-ab7977762b01","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":166,"box":{"x":70,"y":482,"width":837,"height":12}},{"id":"cc305de8-5894-4aa4-bb0d-9296a224d8d8","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":166,"box":{"x":69,"y":498,"width":832,"height":11}},{"id":"63e7fa97-74e2-43a9-bded-45f749d8aeea","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":166,"box":{"x":68,"y":513,"width":828,"height":11}},{"id":"08f14505-5756-4258-be0c-7533d764cc0d","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":166,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"67368d4e-39ac-4c79-bf75-f771c263bba4","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":166,"box":{"x":70,"y":543,"width":798,"height":11}},{"id":"9ef66201-bd60-4677-9d46-66e77e5fedda","block_type":"box","text":"defined below).","page_number":166,"box":{"x":69,"y":558,"width":106,"height":11}},{"id":"2565dea4-36b5-43a6-900b-5f871a267342","block_type":"box","text":"Fixed-Income Investments.","page_number":166,"box":{"x":102,"y":581,"width":194,"height":9}},{"id":"d361370d-6450-43a8-81c4-dc81214e11d8","block_type":"box","text":"Fixed-income securities are generally valued using prices provided by dealers or","page_number":166,"box":{"x":304,"y":581,"width":565,"height":11}},{"id":"b99ffc65-0a42-4d85-8861-be0c5d576d5c","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":166,"box":{"x":70,"y":596,"width":825,"height":11}},{"id":"dd4b9996-e989-4000-b650-55dc3dfbff3e","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":166,"box":{"x":69,"y":611,"width":823,"height":11}},{"id":"87e63c24-c8ed-4241-bb06-dc417c027792","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":166,"box":{"x":69,"y":626,"width":443,"height":11}},{"id":"4d582e0b-4c30-4ff5-aca1-1074a02bb813","block_type":"box","text":"e.g.","page_number":166,"box":{"x":514,"y":628,"width":24,"height":9}},{"id":"fc4992f5-ce06-482e-845f-79fba7b6116a","block_type":"box","text":", recent representative bids and offers), credit","page_number":166,"box":{"x":541,"y":626,"width":328,"height":11}},{"id":"ffb6b1a0-a78a-44e0-aef0-1a3ca30a8fd7","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":166,"box":{"x":69,"y":641,"width":834,"height":11}},{"id":"008fa889-aaa3-4b58-aed5-93a127b77df4","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":166,"box":{"x":69,"y":656,"width":769,"height":11}},{"id":"b3873787-3bc0-4648-8c12-4390a9ab81dc","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":166,"box":{"x":70,"y":671,"width":797,"height":12}},{"id":"066a71ff-5ddf-4e3d-a41d-c0f4ef474f76","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":166,"box":{"x":69,"y":686,"width":821,"height":12}},{"id":"3e145aad-f7ff-40af-84ec-f8a0aa19444d","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":166,"box":{"x":68,"y":702,"width":798,"height":11}},{"id":"ac73b5ed-f06a-4563-a8e0-ce116e06554f","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":166,"box":{"x":69,"y":717,"width":825,"height":11}},{"id":"d48b49a4-fb82-4f75-b197-2df6c69e6c32","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":166,"box":{"x":69,"y":732,"width":791,"height":11}},{"id":"b55ef036-3a83-4e32-9cb4-95bae4801ab2","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":166,"box":{"x":69,"y":747,"width":814,"height":11}},{"id":"ea6f86e4-1fab-4552-ba36-de57a4591bd1","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":166,"box":{"x":68,"y":762,"width":802,"height":11}},{"id":"6f85fa52-3f1b-4b70-876f-993f7f9faace","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":166,"box":{"x":69,"y":777,"width":773,"height":11}},{"id":"bc87e9ac-124d-4e8f-87e8-68b977c000ea","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":166,"box":{"x":69,"y":792,"width":795,"height":12}},{"id":"8d251580-f0ab-4354-9d79-8a64b1b0c536","block_type":"box","text":"attributes of the tranche.","page_number":166,"box":{"x":69,"y":807,"width":176,"height":9}},{"id":"adf4a3e3-d45d-4493-ac58-167a2a63c739","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":166,"box":{"x":101,"y":830,"width":344,"height":11}},{"id":"f4c51428-f5d5-4786-ab68-bf75540e0723","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":166,"box":{"x":453,"y":830,"width":416,"height":11}},{"id":"97d5eb5d-1162-4773-afc8-f88c55e121cb","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":166,"box":{"x":70,"y":845,"width":829,"height":11}},{"id":"2a0c6142-0101-4e94-a985-d27310036f66","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":166,"box":{"x":69,"y":860,"width":824,"height":12}},{"id":"00c3d0d4-fcfb-4d76-bb3a-6bea6b9a3d8b","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":166,"box":{"x":68,"y":875,"width":838,"height":12}},{"id":"8b630e5b-fac1-4d9e-8620-12bb337e8dde","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":166,"box":{"x":68,"y":891,"width":820,"height":11}},{"id":"bbbab480-5c50-4768-b0dd-6317a877a380","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":166,"box":{"x":68,"y":906,"width":808,"height":11}},{"id":"0013af30-620f-4a72-abb1-bc8b8105d40e","block_type":"box","text":"II-122","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"dbde49e2-354a-447f-b79d-ba81ba340671","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"78cb633e-c5bf-402d-a5fd-29db97d89c5a","block_type":"box","text":"day’s price will be used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of","page_number":167,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"52f06adc-731f-4827-b14f-1d9424c1f3e2","block_type":"box","text":"the option, in which case such option will be treated as a Fair Value Asset. Customized exchange-traded equity","page_number":167,"box":{"x":68,"y":60,"width":789,"height":11}},{"id":"4ce24a6f-73be-44a1-bdd0-a9e6f3c7762d","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":167,"box":{"x":69,"y":75,"width":807,"height":11}},{"id":"ed5c5f65-c4d2-42c6-906b-66d7c8902fdd","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":167,"box":{"x":69,"y":90,"width":824,"height":11}},{"id":"3ee1bd6e-379c-49a4-8c2f-e4a058a77c5d","block_type":"box","text":"on exchanges, are valued at their last sale price or settle price as of the close of such exchanges. Swap agreements","page_number":167,"box":{"x":69,"y":105,"width":833,"height":11}},{"id":"a930d58e-1f65-4577-83bf-37c94d51acf1","block_type":"box","text":"and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in","page_number":167,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"eb7616bf-e42e-43d1-b8da-bb97ffb158c8","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":167,"box":{"x":69,"y":136,"width":301,"height":8}},{"id":"f4012121-8b45-4a22-8964-90ee1f9072df","block_type":"box","text":"Underlying Funds.","page_number":167,"box":{"x":102,"y":158,"width":128,"height":11}},{"id":"84d20a8d-eb7e-401f-8833-869bbb5cabce","block_type":"box","text":"Shares of underlying open-end funds that are not traded on an exchange (including money","page_number":167,"box":{"x":237,"y":158,"width":640,"height":11}},{"id":"56929810-68aa-4a7a-b5ef-0927f4b53e1c","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":167,"box":{"x":69,"y":173,"width":830,"height":11}},{"id":"ea9b899a-1f4a-47b3-829c-6417f6f5fbff","block_type":"box","text":"at their most recent closing price.","page_number":167,"box":{"x":69,"y":188,"width":238,"height":12}},{"id":"66c0d415-577e-414c-82e5-4aeb4ba577f7","block_type":"box","text":"General Valuation Information.","page_number":167,"box":{"x":101,"y":211,"width":220,"height":9}},{"id":"d81539e0-4516-4999-bdb7-de48282395b0","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":167,"box":{"x":328,"y":211,"width":564,"height":11}},{"id":"f533cdb2-5643-4d10-b30f-be051e40e6a3","block_type":"box","text":"market makers to value each Fund’s securities and other assets and liabilities are based on information available at","page_number":167,"box":{"x":69,"y":226,"width":831,"height":9}},{"id":"1c527dfb-f6a7-479b-ae95-d726301af6b9","block_type":"box","text":"the time the Fund values its assets and liabilities. In the event that a pricing service quotation is revised or updated","page_number":167,"box":{"x":68,"y":241,"width":828,"height":11}},{"id":"bde7dded-63bf-4e1d-93f0-a94a1be40c5a","block_type":"box","text":"subsequent to the day on which the Fund valued such security, the revised pricing service quotation generally will be","page_number":167,"box":{"x":69,"y":257,"width":829,"height":11}},{"id":"0e1d3d07-21de-4447-b561-5b094e6de3a7","block_type":"box","text":"applied prospectively. Such determination will be made considering per tinent facts and circumstances surrounding","page_number":167,"box":{"x":69,"y":271,"width":817,"height":12}},{"id":"d08f724f-e36d-4ef2-ba42-ae8054890508","block_type":"box","text":"the revision.","page_number":167,"box":{"x":68,"y":287,"width":87,"height":9}},{"id":"55acef2d-a494-4575-b67c-1fa749227257","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":167,"box":{"x":102,"y":309,"width":784,"height":11}},{"id":"24e8d6fb-7462-4df3-9be8-cd63bee4875c","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":167,"box":{"x":69,"y":325,"width":823,"height":11}},{"id":"af6a467c-6904-4d28-a218-f26ef466ac12","block_type":"box","text":"matrices, yield curves and other specified inputs and assumptions. This may result in the assets being valued at a","page_number":167,"box":{"x":69,"y":339,"width":818,"height":12}},{"id":"6d2db6b8-5a71-4385-8c4a-64ff8d1f3c67","block_type":"box","text":"price different from the price that would have been determined had the evaluated pricing method not been used. The","page_number":167,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"6ee41495-57db-4a32-a92a-1fa397947492","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":167,"box":{"x":70,"y":370,"width":832,"height":11}},{"id":"c13bf92d-bfce-41a7-9ac2-594a6f0f41ef","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":167,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"74515acf-8579-47e8-8522-60cce90a84d4","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":167,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"c8d4058e-17f6-435e-a8cd-8d1f2c41f976","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":167,"box":{"x":70,"y":415,"width":833,"height":11}},{"id":"3e48ec20-13c6-418f-97cf-dc151565fe79","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":167,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"0d6c914a-d2b5-4eb3-8be8-b1bfdc69c183","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":167,"box":{"x":70,"y":446,"width":741,"height":11}},{"id":"3132428d-6565-41f7-a3aa-2e6886c50e65","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":167,"box":{"x":102,"y":468,"width":800,"height":11}},{"id":"1453471b-5b73-465d-b9ab-9ffd187758b9","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":167,"box":{"x":69,"y":483,"width":811,"height":11}},{"id":"f86f0878-384b-4c45-9a0e-ae6fc9c189a1","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":167,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"46b65034-402a-4b20-a738-c697b9ceb14e","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":167,"box":{"x":68,"y":513,"width":824,"height":12}},{"id":"2facd636-be8e-44cd-aca1-8e344bf913d0","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":167,"box":{"x":69,"y":528,"width":817,"height":12}},{"id":"d1dea90d-fd4d-4232-bff6-fba83d5c5afc","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":167,"box":{"x":69,"y":543,"width":802,"height":12}},{"id":"466f87c9-5992-4506-9808-e92a80a88fa3","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":167,"box":{"x":69,"y":559,"width":685,"height":11}},{"id":"fc527e6b-0032-49dd-b326-4349059d735d","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":167,"box":{"x":102,"y":581,"width":795,"height":12}},{"id":"176b3ac8-721e-412c-8c92-29dd8486b9d0","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":167,"box":{"x":68,"y":596,"width":805,"height":12}},{"id":"94c6b9ba-c91f-4eb2-b631-c715ffaf83a0","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":167,"box":{"x":69,"y":612,"width":529,"height":11}},{"id":"dfb00d32-16e7-41fb-82f6-dae2beceae5a","block_type":"box","text":"Fair Value.","page_number":167,"box":{"x":102,"y":634,"width":74,"height":9}},{"id":"a31c37fc-3840-4e3f-8248-e7a053890fc4","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":167,"box":{"x":183,"y":634,"width":693,"height":11}},{"id":"5c464f24-3543-44e7-96c2-760fee65e4b8","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":167,"box":{"x":70,"y":649,"width":785,"height":12}},{"id":"e48c1fd9-25a5-4ddc-aa7b-974272c8633b","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":167,"box":{"x":69,"y":664,"width":816,"height":12}},{"id":"113fb7cc-2847-41f7-9ac2-2ddd1ba3d87c","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":167,"box":{"x":70,"y":680,"width":779,"height":11}},{"id":"b9f23440-e83b-47ae-89cf-a623f5856f57","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":167,"box":{"x":70,"y":695,"width":773,"height":11}},{"id":"6badf33c-bd06-4f4b-987d-85cf1335e42f","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":167,"box":{"x":69,"y":710,"width":772,"height":11}},{"id":"3178c173-dcb7-44e0-8e90-9800f0c64a37","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":167,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"e411cae1-c2ec-4f6c-8b81-c4d64abdad7c","block_type":"box","text":"(","page_number":167,"box":{"x":69,"y":740,"width":3,"height":11}},{"id":"fdb61ada-5e55-4c88-b260-b92ae27e639e","block_type":"box","text":"e.g.","page_number":167,"box":{"x":74,"y":742,"width":25,"height":9}},{"id":"11dbe5bb-a33b-4e26-a852-07417ee0899d","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":167,"box":{"x":101,"y":740,"width":806,"height":11}},{"id":"19d75266-6580-4704-8253-1e35515e6dd5","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":167,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"aac4ab22-f026-4c59-9aee-f2eec9e0b0ff","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":167,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"02580580-342a-40bb-9c3f-46b279028dfe","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":167,"box":{"x":70,"y":785,"width":838,"height":12}},{"id":"16bd3714-c3e3-459b-baab-0d23fdc16a86","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":167,"box":{"x":69,"y":801,"width":824,"height":11}},{"id":"14150f75-445a-44fc-b36a-c826aa8f3aad","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":167,"box":{"x":69,"y":816,"width":828,"height":11}},{"id":"d30aada8-10b1-4750-bae1-81bf10effd7a","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":167,"box":{"x":69,"y":831,"width":793,"height":11}},{"id":"573f776c-b3cc-45d9-b15d-8e9fa3709d4b","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":167,"box":{"x":70,"y":846,"width":819,"height":11}},{"id":"f793ce67-cf28-43e4-bb36-c871de5769c6","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":167,"box":{"x":68,"y":861,"width":810,"height":11}},{"id":"705dfdcc-7b33-4400-a3c9-99813a2e05e2","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":167,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"8c7ecd5e-5f2a-4fa2-840e-8ebd475aa88e","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":167,"box":{"x":69,"y":891,"width":822,"height":12}},{"id":"b08dff07-5e99-4919-8b5e-a20a664e9e02","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":167,"box":{"x":68,"y":906,"width":814,"height":12}},{"id":"d988ccd5-83d6-45ee-b724-ad1603c3ce72","block_type":"box","text":"II-123","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0d405519-1b5f-4c6f-8576-a173139e7f53","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1704d236-a184-4925-a99d-e4d87a423e73","block_type":"box","text":"closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign assets in one or","page_number":168,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"803b2389-21a1-4baa-b5b0-83aa7e1aa2fd","block_type":"box","text":"more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of a Fund’s","page_number":168,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"4775389c-89f5-4442-b7f1-1636cce6b938","block_type":"box","text":"pricing time.","page_number":168,"box":{"x":70,"y":75,"width":85,"height":11}},{"id":"21b89792-d1b2-404f-b910-2c29aac12a71","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":168,"box":{"x":102,"y":98,"width":794,"height":11}},{"id":"a821e7dc-5b56-4da8-831c-69016fd3e507","block_type":"box","text":"and significant inputs used in the fair valuation of Fund assets or liabilities. In addition, the Funds’ accounting agent","page_number":168,"box":{"x":69,"y":113,"width":829,"height":11}},{"id":"56cef79b-d2d6-4459-baf7-82d506d15827","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":168,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"5c348525-e4be-4e08-9fab-4c6faac8807f","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":168,"box":{"x":70,"y":143,"width":808,"height":11}},{"id":"013be522-3c58-4372-abd0-1e3225eb1088","block_type":"box","text":"assets and liabilities of the Funds.","page_number":168,"box":{"x":69,"y":158,"width":245,"height":9}},{"id":"a1935a36-df25-46ab-912f-48e42d8c0501","block_type":"box","text":"When determining the price for a Fair Value Asset, BlackRock will seek to determine the price that a Fund might","page_number":168,"box":{"x":101,"y":181,"width":795,"height":11}},{"id":"17c1a6f9-ac1f-44eb-a183-9bac1678751c","block_type":"box","text":"reasonably expect to receive from the current sale of that asset or liability in an arm’s-length transaction on the date","page_number":168,"box":{"x":69,"y":196,"width":832,"height":11}},{"id":"575e3187-5f29-4cd4-9b22-85a3f11f59e6","block_type":"box","text":"on which the asset or liability is being valued, and does not seek to determine the price a Fund might reasonably","page_number":168,"box":{"x":69,"y":211,"width":805,"height":11}},{"id":"53487d3c-2087-41b6-867d-cacf077ec68f","block_type":"box","text":"expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value","page_number":168,"box":{"x":69,"y":226,"width":834,"height":11}},{"id":"df0c0552-8cb4-4d8a-a797-546ce4caba8b","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":168,"box":{"x":69,"y":241,"width":744,"height":11}},{"id":"e9ff29ef-4721-4150-875e-e50ad377f541","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":168,"box":{"x":69,"y":257,"width":791,"height":11}},{"id":"f4399d13-39f7-4089-b80e-983f2d7b5ae4","block_type":"box","text":"valuation models.","page_number":168,"box":{"x":68,"y":272,"width":125,"height":8}},{"id":"7f3ba3a4-b977-4099-9272-6ae3774a71d8","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. When determining the fair","page_number":168,"box":{"x":102,"y":294,"width":785,"height":11}},{"id":"ade6d929-433f-43a8-8369-11912f12c11c","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on cer tain factors, including","page_number":168,"box":{"x":68,"y":309,"width":822,"height":11}},{"id":"8d4bd8ec-3dd7-43d8-8253-d5d1d295e59a","block_type":"box","text":"the asset type). For example, the investment may be initially priced based on the original cost of the investment or,","page_number":168,"box":{"x":68,"y":324,"width":820,"height":12}},{"id":"cbc1b17c-b1ce-46e4-bc07-8f8f4fb5a86b","block_type":"box","text":"alternatively, using proprietary or third-par ty models that may rely upon one or more unobservable inputs. Prices of","page_number":168,"box":{"x":69,"y":339,"width":818,"height":12}},{"id":"c63f9962-6b56-4d1a-93bc-e0606bf7268f","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":168,"box":{"x":69,"y":355,"width":766,"height":11}},{"id":"f7f151ac-924a-41af-afe8-00a3377765a2","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":168,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"10141ab4-cef8-4449-bc4d-e7ca1760527c","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":168,"box":{"x":69,"y":385,"width":378,"height":11}},{"id":"372223b9-b9e1-440f-8b7c-87f243968896","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":168,"box":{"x":101,"y":407,"width":784,"height":12}},{"id":"a5fa7c9b-86cc-4d34-804a-b1d4b89361c0","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":168,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"0c9e1ec0-a3aa-4021-8474-fc788f59b91a","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":168,"box":{"x":70,"y":438,"width":834,"height":11}},{"id":"32e3b6f2-01b6-4301-bae4-5a6550be9ebb","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":168,"box":{"x":68,"y":453,"width":728,"height":11}},{"id":"662e2f02-c2bd-42e1-91d6-76e9461a6aa0","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":168,"box":{"x":102,"y":475,"width":786,"height":12}},{"id":"8eaed74a-4dd7-481c-b2d4-f5a9bdeedff1","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":168,"box":{"x":68,"y":491,"width":809,"height":11}},{"id":"072b1317-585f-4ee8-a615-02a41194c7ef","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":168,"box":{"x":70,"y":506,"width":821,"height":11}},{"id":"30e03ba4-ec6c-478b-afa9-68a8bb19cb75","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":168,"box":{"x":70,"y":521,"width":818,"height":11}},{"id":"6bdb3500-dcfd-4a5f-ba46-a23b98b6405e","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":168,"box":{"x":69,"y":536,"width":641,"height":11}},{"id":"ab106f4f-688c-43bf-a6a4-cf7c5862568d","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":168,"box":{"x":102,"y":559,"width":786,"height":11}},{"id":"b84ebb11-17cc-40fd-9bcc-0320c1d7436c","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":168,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"dd9d8f44-4aae-401a-ae81-e5079607aeef","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":168,"box":{"x":69,"y":589,"width":780,"height":11}},{"id":"4ea556ad-caed-45da-9e24-192698a84986","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":168,"box":{"x":70,"y":604,"width":810,"height":11}},{"id":"94b40da3-33e0-4522-92e3-2d62dfb00d94","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":168,"box":{"x":70,"y":619,"width":810,"height":11}},{"id":"48411ae9-0305-4201-9a11-bd8c3572feee","block_type":"box","text":"par ty determination of fair market value.","page_number":168,"box":{"x":70,"y":634,"width":285,"height":11}},{"id":"a1e658ea-275d-465b-98e8-f8dfd19f39f1","block_type":"box","text":"Computation of Offering Price Per Share","page_number":168,"box":{"x":69,"y":665,"width":292,"height":11}},{"id":"889d405e-4719-4ead-8b75-adaabb5d1f44","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":168,"box":{"x":102,"y":687,"width":791,"height":11}},{"id":"fec8a281-a258-4284-a79d-2c897e173ce2","block_type":"box","text":"the offering price for shares of your Fund.","page_number":168,"box":{"x":68,"y":702,"width":295,"height":12}},{"id":"d3987042-2171-42f7-bf21-3f5e7f3d7163","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":168,"box":{"x":303,"y":732,"width":373,"height":10}},{"id":"e2fe5f5f-ed62-4e1c-962b-07fe77e2f8cb","block_type":"box","text":"Transactions in Portfolio Securities","page_number":168,"box":{"x":68,"y":762,"width":257,"height":9}},{"id":"9b41704e-7de8-40fd-af90-21534019c0ab","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":168,"box":{"x":102,"y":785,"width":798,"height":11}},{"id":"bc78fab3-bd50-421f-904e-3f8b16d6b8fd","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":168,"box":{"x":69,"y":800,"width":839,"height":11}},{"id":"bf666b2b-1046-43d1-9296-c90f6a81346b","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":168,"box":{"x":70,"y":815,"width":822,"height":11}},{"id":"fc3ff5f9-d1cc-499c-af84-28b6f797789c","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":168,"box":{"x":69,"y":830,"width":820,"height":11}},{"id":"ac02539c-ea09-4213-bb77-c2e9dd2a7c88","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":168,"box":{"x":68,"y":845,"width":798,"height":11}},{"id":"75a4ab8d-276f-43d2-b8c2-2584041a2cfe","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":168,"box":{"x":69,"y":860,"width":765,"height":12}},{"id":"0e0688bf-29db-40a1-8411-878635e6b3bd","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":168,"box":{"x":69,"y":876,"width":768,"height":11}},{"id":"39efcb99-6389-4d19-9e2b-0d3a6c95274f","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":168,"box":{"x":70,"y":891,"width":830,"height":11}},{"id":"2d7a7d0a-3ba3-426e-af0a-91df5c53f05d","block_type":"box","text":"II-124","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"caa8a567-e41f-482d-8ef4-72c627daeeea","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eec95617-a141-4bef-a66a-0dbb9ecfb214","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":169,"box":{"x":69,"y":45,"width":760,"height":11}},{"id":"2046bfed-d0f6-49e2-9f5b-6fd62330f7db","block_type":"box","text":"reasonable in relation to the services provided.","page_number":169,"box":{"x":69,"y":60,"width":336,"height":11}},{"id":"fffc0612-6f51-45f7-bad1-3cb7e29bdce6","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":169,"box":{"x":102,"y":82,"width":794,"height":12}},{"id":"bea7e643-eea7-4dd4-839b-c9b2ec51e39b","block_type":"box","text":"Master Por tfolio, it is expected that all transactions in por tfolio securities will be entered into by the Master Por tfolio.","page_number":169,"box":{"x":70,"y":98,"width":835,"height":11}},{"id":"d0825bee-fc09-4040-a984-1c07e72fd839","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":169,"box":{"x":102,"y":120,"width":784,"height":12}},{"id":"a7e6db2f-b97b-4175-aa99-8eead4ef6dd7","block_type":"box","text":"the best price and most favorable execution for a Fund, taking into account a variety of factors including: (i) the size,","page_number":169,"box":{"x":68,"y":135,"width":829,"height":12}},{"id":"3659938d-3631-40e8-82de-08d01913f50c","block_type":"box","text":"nature and character of the security or instrument being traded and the markets in which it is purchased or sold;","page_number":169,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"7dece767-a723-4526-bdd6-6939364b75b7","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":169,"box":{"x":69,"y":166,"width":826,"height":11}},{"id":"de0c5d5e-65db-4013-9a9a-439c00af5fb2","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":169,"box":{"x":69,"y":181,"width":789,"height":11}},{"id":"77276c9a-2018-4d13-bfc5-258d86f2a661","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":169,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"7b404a15-81ab-4458-bee6-22c5c2af51d6","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":169,"box":{"x":69,"y":211,"width":769,"height":11}},{"id":"a01a7af3-4181-4824-a12e-1e2c08f3ba0d","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":169,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"5aafe95b-b66c-4c58-b79e-a68534623245","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":169,"box":{"x":69,"y":241,"width":391,"height":11}},{"id":"696a0b5a-b6d1-4d61-831c-c4481ffb631b","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":169,"box":{"x":102,"y":264,"width":801,"height":11}},{"id":"77b21dbf-ce45-4a05-af4a-5909768729ff","block_type":"box","text":"to cause an account to pay a broker or dealer a commission for effecting a transaction that exceeds the amount","page_number":169,"box":{"x":68,"y":279,"width":802,"height":11}},{"id":"25c498e2-fe0b-4346-8dc8-5740ccfe8448","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":169,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"621ad917-239c-45f2-8599-879de14635f4","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":169,"box":{"x":69,"y":309,"width":790,"height":11}},{"id":"2c5cb48d-dca4-43ae-b7c5-5219bada4892","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":169,"box":{"x":70,"y":324,"width":827,"height":12}},{"id":"43e54647-895c-4af7-9a66-85a756ee7197","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":169,"box":{"x":68,"y":339,"width":753,"height":12}},{"id":"1975e6f2-9c4f-4ef4-b2c1-84dcf327c72c","block_type":"box","text":"per formance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":169,"box":{"x":70,"y":355,"width":818,"height":11}},{"id":"581bc530-3531-4ec3-b0fd-fe00fd9937cc","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":169,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"c9d34572-1e7f-4d03-87ac-7cd04e579e15","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":169,"box":{"x":70,"y":385,"width":775,"height":11}},{"id":"13caf897-a54c-4b13-a48d-76acf58f986b","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":169,"box":{"x":69,"y":400,"width":764,"height":11}},{"id":"e2d75847-f32d-4193-b251-11db02962c6b","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":169,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"264583f9-0064-426c-9522-96520278759b","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":169,"box":{"x":69,"y":430,"width":599,"height":11}},{"id":"31683dfa-c535-42f9-91ea-93dfabce2f30","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":169,"box":{"x":102,"y":453,"width":796,"height":11}},{"id":"89455520-aeb7-4b5a-aa37-a5dbb2c37451","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":169,"box":{"x":70,"y":468,"width":829,"height":11}},{"id":"a9f9dead-6a35-4cb6-a13d-8e26d98e4755","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":169,"box":{"x":68,"y":483,"width":839,"height":11}},{"id":"655a7db6-d65d-4db7-83d1-24e831f95123","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":169,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"d5c6c5ec-6845-4a2a-b6c5-834218f6f4b1","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":169,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"f2654645-8cf9-4d13-87a8-ccc4039cdfa9","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Cer tain Funds","page_number":169,"box":{"x":69,"y":528,"width":808,"height":12}},{"id":"ddc1a58f-4158-4f66-a6a9-948170fefb40","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":169,"box":{"x":69,"y":544,"width":818,"height":11}},{"id":"e72a5583-8e93-4253-8069-45ccdc3d97a6","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":169,"box":{"x":70,"y":559,"width":813,"height":11}},{"id":"459ea10d-142a-411e-ad91-5b898b4f4608","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":169,"box":{"x":70,"y":574,"width":801,"height":11}},{"id":"2235f2ae-3415-47c2-863a-18437f1d19a4","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":169,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"3e877d1e-17dc-4f87-8891-b198835b9e30","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":169,"box":{"x":69,"y":604,"width":790,"height":11}},{"id":"4c04f6dc-07b3-4273-a37c-9e0599478233","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":169,"box":{"x":70,"y":619,"width":361,"height":11}},{"id":"45db3943-a73d-4dfa-bfd0-5cd4274e9d78","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":169,"box":{"x":102,"y":642,"width":791,"height":11}},{"id":"09d8ea07-0c79-4328-b07c-a1e8bd4e28ac","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":169,"box":{"x":69,"y":657,"width":819,"height":11}},{"id":"ccdf9fcf-3d69-4444-885b-501c9c3f3cb7","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":169,"box":{"x":69,"y":672,"width":772,"height":11}},{"id":"efa479ea-680e-4fdd-954d-3e672d439445","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":169,"box":{"x":70,"y":687,"width":785,"height":11}},{"id":"947d02d6-cee8-46dc-b733-97dc136e6b5b","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":169,"box":{"x":70,"y":702,"width":806,"height":12}},{"id":"887caff1-8199-4220-9f50-9dc1b845d872","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":169,"box":{"x":68,"y":718,"width":772,"height":11}},{"id":"1847f57e-47ac-468d-90c5-7fd2197989b1","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":169,"box":{"x":69,"y":732,"width":838,"height":12}},{"id":"bc735733-7a8f-4265-9539-fc519b432a2f","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":169,"box":{"x":68,"y":748,"width":769,"height":11}},{"id":"96d6b0d4-b931-499a-af5e-a1ef77523f45","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":169,"box":{"x":69,"y":763,"width":801,"height":11}},{"id":"e017df34-d251-4639-a094-928fa2f40cea","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":169,"box":{"x":69,"y":778,"width":778,"height":11}},{"id":"a2b430db-b54a-46b9-8cff-0a5d0703d856","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":169,"box":{"x":69,"y":793,"width":363,"height":11}},{"id":"d6933d40-7b39-4648-b421-6c9975acfb00","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":169,"box":{"x":102,"y":816,"width":749,"height":11}},{"id":"3e71b647-b947-403f-bd5b-f7ffb931a49a","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":169,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"be626e47-9621-4260-acf9-67cbcbf1fbee","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":169,"box":{"x":70,"y":846,"width":752,"height":11}},{"id":"35133f0f-1fe9-4042-879a-277db6609945","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":169,"box":{"x":70,"y":861,"width":823,"height":11}},{"id":"ebfcd63c-b31f-4b6c-91e5-6bfd83ad6a75","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":169,"box":{"x":70,"y":876,"width":822,"height":11}},{"id":"0ebe307d-8146-4d93-a389-26803b320601","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":169,"box":{"x":69,"y":891,"width":840,"height":12}},{"id":"e09949e6-95fc-4a16-b732-94c225ea941f","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":169,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"03b088fb-228d-4c01-9087-ab43600eeb01","block_type":"box","text":"II-125","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5032919e-fff6-428f-9f83-b3c76670a78f","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"21fd5823-76f9-499e-b234-9f91d7602c5b","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":170,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"4ce4ddc4-e26f-44b0-9144-c3818c2ca96b","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":170,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"3387d473-ff7c-4751-a164-6c88cffed61a","block_type":"box","text":"paid by a Fund to BlackRock are not reduced as a result of BlackRock’s receipt of research services. In some cases,","page_number":170,"box":{"x":70,"y":75,"width":832,"height":11}},{"id":"ba08d3ad-9a97-400e-aebd-5834374baa3c","block_type":"box","text":"BlackRock may receive a service from a broker that has both a “research” and a “non-research” use. When this","page_number":170,"box":{"x":70,"y":90,"width":798,"height":11}},{"id":"9c7f14c5-1601-48c4-b417-391f3e535620","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":170,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"c831ca56-4dae-4238-8cf3-f45e6dd43805","block_type":"box","text":"research uses of the service. The percentage of the service that is used for research purposes may be paid for with","page_number":170,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"44593a50-83b5-437c-82a0-5116e4c50eee","block_type":"box","text":"client commissions, while BlackRock will use its own funds to pay for the percentage of the service that is used for","page_number":170,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"9bb7bb81-583f-4877-8d81-75ddcca710f7","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":170,"box":{"x":69,"y":150,"width":797,"height":12}},{"id":"9d88c84a-2d1f-4f00-bb37-eba8ee0210df","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":170,"box":{"x":70,"y":166,"width":815,"height":11}},{"id":"c5d27fda-3962-4a78-b0fe-6e5a1e7b5308","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":170,"box":{"x":68,"y":181,"width":555,"height":11}},{"id":"0408bb71-f07c-4fa0-b2c8-a1b944e7b49c","block_type":"box","text":"Under MiFID II, investment managers in the EU, including BIL, are not able to use soft dollars to pay for research","page_number":170,"box":{"x":102,"y":203,"width":802,"height":12}},{"id":"b5b563ec-e224-4e69-9a6c-a8172b6f9ecd","block_type":"box","text":"from brokers. Investment managers in the EU are required to either pay for research out of their own profit and loss","page_number":170,"box":{"x":68,"y":218,"width":825,"height":12}},{"id":"7722d622-5533-490c-afd9-2fe994797e8d","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":170,"box":{"x":69,"y":234,"width":798,"height":11}},{"id":"5b3a2864-d786-4e6d-89b7-98f305b00062","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":170,"box":{"x":68,"y":249,"width":824,"height":11}},{"id":"aebd366e-8b98-439b-8f58-ffea38848010","block_type":"box","text":"payments for research are unbundled from the payments for execution. BIL will pay for any research out of its own","page_number":170,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"0dfa012a-a521-4098-bab8-fe39116fa178","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":170,"box":{"x":69,"y":279,"width":547,"height":11}},{"id":"f735767a-6eec-4e81-b2d2-34026a69f29c","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Por tfolio with respect","page_number":170,"box":{"x":102,"y":302,"width":804,"height":11}},{"id":"40459da1-3348-4a3e-b74f-4a306952eb55","block_type":"box","text":"to the Feeder Fund (or affiliated persons of such persons), will be made in accordance with Rule 17e-1 under the","page_number":170,"box":{"x":68,"y":317,"width":806,"height":11}},{"id":"db08ffe8-3946-4451-a60b-0c6d383c709f","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":170,"box":{"x":70,"y":332,"width":836,"height":11}},{"id":"50b7902e-2085-48b0-99b9-6a17ac3aa9f3","block_type":"box","text":"is primarily responsible for the execution of the Master Por tfolio’s por tfolio transactions and the allocation of","page_number":170,"box":{"x":70,"y":347,"width":777,"height":11}},{"id":"bf2b3a4a-7497-48a6-bb20-fef24425d6e2","block_type":"box","text":"brokerage.","page_number":170,"box":{"x":69,"y":362,"width":74,"height":11}},{"id":"a374e874-6817-48d4-8d28-a7eb4d7212a3","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":170,"box":{"x":102,"y":385,"width":781,"height":11}},{"id":"a2bdad18-1542-4de7-9324-1c2914dbdc5d","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":170,"box":{"x":68,"y":400,"width":810,"height":11}},{"id":"b568fd69-12df-43df-a8b9-ffc30855e090","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":170,"box":{"x":69,"y":415,"width":771,"height":11}},{"id":"0f8c8ad6-2584-4dd7-9655-e7bb189dd564","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":170,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"e4aef50f-04f6-4f12-985d-341fe056dc6d","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":170,"box":{"x":68,"y":445,"width":821,"height":12}},{"id":"87b58d79-4f6c-4385-b8bd-9ba7958a9efe","block_type":"box","text":"Section 28(e).","page_number":170,"box":{"x":69,"y":460,"width":99,"height":11}},{"id":"46ad2482-7755-4564-a7e9-676cd080d581","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":170,"box":{"x":102,"y":483,"width":755,"height":9}},{"id":"d10fc147-64ff-4adf-8128-e67325a6f810","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":170,"box":{"x":69,"y":498,"width":828,"height":11}},{"id":"67930496-e412-4172-9603-fb74ab53e872","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":170,"box":{"x":69,"y":513,"width":799,"height":11}},{"id":"f2a9553c-29b0-46f5-88b2-92a6dd06f14a","block_type":"box","text":"execute transactions for those mutual funds.","page_number":170,"box":{"x":69,"y":528,"width":319,"height":9}},{"id":"9fa538fc-decf-4898-98f4-35f4d6a619d0","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":170,"box":{"x":102,"y":551,"width":770,"height":11}},{"id":"5909aae7-8a3f-408f-8d88-10899a341b58","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":170,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"4c6903a6-402f-43fa-9c4a-2b311f8a10a7","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":170,"box":{"x":70,"y":581,"width":816,"height":12}},{"id":"ebc7c25c-99fe-49f7-ab28-d99784935acb","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":170,"box":{"x":69,"y":597,"width":805,"height":11}},{"id":"abae891b-896c-42ea-8fcb-06bc036e480c","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":170,"box":{"x":68,"y":612,"width":773,"height":11}},{"id":"0a2f9955-3a87-49bc-a35b-b145ee2d4da9","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":170,"box":{"x":69,"y":627,"width":798,"height":11}},{"id":"fcb7f86b-fc29-4672-9d6b-fcc35a292bc2","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":170,"box":{"x":70,"y":642,"width":812,"height":11}},{"id":"94f6638b-e570-4a2d-8833-e728fc01cd40","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":170,"box":{"x":69,"y":657,"width":754,"height":11}},{"id":"eb939fe0-1f61-4f51-a02c-5cb40e5b2612","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":170,"box":{"x":69,"y":672,"width":540,"height":11}},{"id":"865edcf4-8516-409a-a96a-c50e26440d10","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":170,"box":{"x":102,"y":695,"width":798,"height":11}},{"id":"4f681c4d-20b8-4ab6-baa9-5aad96d174f7","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":170,"box":{"x":68,"y":710,"width":597,"height":11}},{"id":"1ab3c7fd-3b4a-4aa4-85a2-0f9ce20ea9d8","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":170,"box":{"x":102,"y":733,"width":802,"height":11}},{"id":"0155f551-b85d-42aa-8cdc-f70d5e6f56ad","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":170,"box":{"x":68,"y":748,"width":822,"height":11}},{"id":"c666790f-d2eb-425c-9393-321687ff6bae","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":170,"box":{"x":69,"y":763,"width":804,"height":11}},{"id":"fcd211cf-38c2-42a5-924f-638921ad3954","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":170,"box":{"x":69,"y":778,"width":832,"height":11}},{"id":"a157b871-8a70-416c-bd3d-04dd1f0d73d7","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":170,"box":{"x":69,"y":793,"width":762,"height":11}},{"id":"38b8d900-5778-46ca-8b8d-e559cfe026d0","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":170,"box":{"x":68,"y":808,"width":770,"height":11}},{"id":"bad7ffda-8008-4029-b00c-30931552bed4","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":170,"box":{"x":69,"y":823,"width":828,"height":11}},{"id":"49c50bf2-950b-45ad-9060-01560ae019cf","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":170,"box":{"x":70,"y":838,"width":814,"height":12}},{"id":"7eca8dae-e114-4aed-b4a3-623177239a2a","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":170,"box":{"x":69,"y":853,"width":825,"height":12}},{"id":"c75bc5ef-7389-4019-8bbb-4df88725f74d","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":170,"box":{"x":69,"y":869,"width":645,"height":11}},{"id":"7f6e3857-35d5-4208-81e7-24a489133f27","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":170,"box":{"x":102,"y":891,"width":797,"height":12}},{"id":"01480b6a-cf9e-474c-90c2-299483d01cae","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":170,"box":{"x":69,"y":906,"width":826,"height":12}},{"id":"f91c56a0-2c50-493d-82ce-85560b0f08d6","block_type":"box","text":"II-126","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6c31fe37-c6be-449b-b480-e1d3301cd676","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eabd7d13-716c-4099-b5d9-2df7d42f8219","block_type":"box","text":"as brokers. The Funds will primarily engage in transactions with these dealers or deal directly with the issuer unless a","page_number":171,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"905c85df-c874-4817-b5e3-537018f3964a","block_type":"box","text":"better price or execution could be obtained by using a broker. Prices paid to a dealer with respect to both foreign and","page_number":171,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"af8f5408-af71-4289-8bd6-688045b1251d","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":171,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"541ee62a-d3be-459a-b9f3-2e4f01a3d053","block_type":"box","text":"is willing to purchase and sell the specific security at the time, and includes the dealer’s normal profit.","page_number":171,"box":{"x":70,"y":90,"width":730,"height":11}},{"id":"0f43dc70-ab02-422e-948e-0a76036dc177","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":171,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"8a08c4bb-1799-4a94-a065-46a247dc5973","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":171,"box":{"x":69,"y":128,"width":807,"height":11}},{"id":"9429933f-8658-4b34-9e64-5c933bb68b7c","block_type":"box","text":"instruments are generally traded on a “net” basis with dealers acting as principal for their own accounts without a","page_number":171,"box":{"x":70,"y":143,"width":812,"height":11}},{"id":"a4947f75-48de-466b-943b-e71a4af7b14c","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":171,"box":{"x":69,"y":158,"width":807,"height":11}},{"id":"310e881d-8539-479c-a257-f51e823d5d31","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":171,"box":{"x":68,"y":173,"width":827,"height":11}},{"id":"6ca7086d-4c40-43d3-a4a6-aa6f8e49842e","block_type":"box","text":"with the rules of the Commission. As a result, the por tfolio turnover rates of a money market fund will be relatively","page_number":171,"box":{"x":68,"y":188,"width":817,"height":11}},{"id":"258b765e-06f4-4aad-a7d6-13552cc55aa4","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":171,"box":{"x":69,"y":204,"width":802,"height":11}},{"id":"6dc292f1-b839-4a1d-a0f3-d2b23c950660","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":171,"box":{"x":69,"y":218,"width":700,"height":12}},{"id":"5eda1537-1ce1-492b-be6e-b24cbde0dec9","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":171,"box":{"x":102,"y":241,"width":756,"height":11}},{"id":"76d3bdd5-582f-49fd-989b-bb9292377a7e","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":171,"box":{"x":68,"y":256,"width":804,"height":12}},{"id":"a6e4f455-2f81-45a6-aaa5-5d5f105bfead","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":171,"box":{"x":69,"y":271,"width":766,"height":12}},{"id":"0b508e21-2eeb-4c51-ba0e-ed8612f1e7e6","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an under taking from issuers of commercial paper or dealers","page_number":171,"box":{"x":101,"y":294,"width":780,"height":11}},{"id":"91cd9824-4425-4b8a-a1ee-f2dbea85dd3b","block_type":"box","text":"selling commercial paper to consider the repurchase of such securities from a Fund prior to maturity at their original","page_number":171,"box":{"x":69,"y":309,"width":826,"height":11}},{"id":"b6a1eabe-d5f0-4fdf-9c41-c71fe5ff9890","block_type":"box","text":"cost plus interest (sometimes adjusted to reflect the actual maturity of the securities), if it believes that a Fund’s","page_number":171,"box":{"x":69,"y":324,"width":806,"height":11}},{"id":"abe6a57a-e388-4f9b-b578-284126c4b1c3","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":171,"box":{"x":69,"y":339,"width":776,"height":12}},{"id":"a45f394b-6621-4a36-bef4-95934e38cead","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":171,"box":{"x":70,"y":355,"width":800,"height":11}},{"id":"8f4870f7-0fa4-4e5b-a190-c24a9cd6449a","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":171,"box":{"x":69,"y":370,"width":352,"height":11}},{"id":"c45bfc23-4af8-4b03-88d4-7b5de8c9c55e","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":171,"box":{"x":102,"y":392,"width":800,"height":12}},{"id":"bf17d001-619b-413a-b9c0-c6c089449c5f","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":171,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"9e41d4f2-244e-4651-a8fd-c259ca777808","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":171,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"28b3cc19-5a9d-43ad-b4a0-f2c07ba79edc","block_type":"box","text":"These factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry,","page_number":171,"box":{"x":68,"y":438,"width":788,"height":11}},{"id":"0a35ceec-5ddc-477e-977a-aa02dffd6543","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":171,"box":{"x":69,"y":453,"width":759,"height":11}},{"id":"567bf210-e97a-4dff-8b8d-bfedc0ed7058","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":171,"box":{"x":69,"y":468,"width":780,"height":11}},{"id":"a3c33efc-f6e5-4fb2-96f6-e229960dcb41","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":171,"box":{"x":69,"y":483,"width":777,"height":11}},{"id":"b41d028a-e6b2-46fc-a7ee-ada4cfe67306","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":171,"box":{"x":69,"y":498,"width":788,"height":11}},{"id":"91b69929-986d-407c-a3bf-2fb996b55463","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":171,"box":{"x":69,"y":514,"width":811,"height":11}},{"id":"1f6017dc-1871-49c8-8241-29a3fb6ed4b8","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":171,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"d8287c94-6669-4a9a-9553-63c7a8cf56da","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater per formance compensation to","page_number":171,"box":{"x":68,"y":543,"width":808,"height":12}},{"id":"1e402c2d-7408-4005-81b9-80bdcf7d7634","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":171,"box":{"x":70,"y":559,"width":832,"height":11}},{"id":"c9606265-e3ef-40c2-833b-3d48856935f7","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":171,"box":{"x":70,"y":574,"width":836,"height":11}},{"id":"1f150e3a-0fbe-4a01-84e7-941189b7279f","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":171,"box":{"x":69,"y":589,"width":613,"height":11}},{"id":"59fe1472-c821-486a-b4f6-e055b2f62a2f","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":171,"box":{"x":102,"y":612,"width":802,"height":11}},{"id":"74690a09-0705-4e99-9fc1-6e6616b3b374","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":171,"box":{"x":69,"y":627,"width":800,"height":11}},{"id":"bd87d430-21a3-424d-8716-37569d515ed3","block_type":"box","text":"accounts and compliance constraints.","page_number":171,"box":{"x":69,"y":642,"width":269,"height":11}},{"id":"ad363e0f-224a-45f3-98d3-b7a9f46b8417","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":171,"box":{"x":102,"y":664,"width":736,"height":12}},{"id":"e9018eaf-8295-45aa-b6e2-70df36f3a722","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":171,"box":{"x":69,"y":680,"width":808,"height":11}},{"id":"1aea68f3-666c-4537-a795-b0bf59264dac","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":171,"box":{"x":69,"y":695,"width":821,"height":11}},{"id":"27f57d7c-9b36-4802-be11-ddf1704f1d19","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":171,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"872bf196-511e-4ef9-93ec-915b180ad447","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":171,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"e65d0063-2d1e-4fd6-90ee-9733f2a21b9d","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":171,"box":{"x":69,"y":740,"width":793,"height":11}},{"id":"e228ac4a-a37b-4054-96a3-5b061ba7cdf8","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":171,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"c9e23f21-d074-4706-b13f-5602cf568cf7","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":171,"box":{"x":69,"y":770,"width":828,"height":11}},{"id":"04f2489c-5c64-47e2-ac7c-59744937d0e6","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":171,"box":{"x":68,"y":785,"width":839,"height":12}},{"id":"0af9bfd0-aac3-4207-a9d9-245cdb859e58","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":171,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"1970128b-603a-410b-9b57-eb386c7d340a","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":171,"box":{"x":69,"y":816,"width":819,"height":11}},{"id":"335c889e-b319-4aba-874a-a7908746d2fa","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":171,"box":{"x":69,"y":831,"width":808,"height":11}},{"id":"227f2b4b-b8f7-4fe4-b303-b4d133f165fc","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":171,"box":{"x":69,"y":846,"width":791,"height":11}},{"id":"8e28d615-07ef-40d7-84e8-80ca77f6f7f5","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":171,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"0b8c7ae5-56e4-4906-a476-bdce93c79f15","block_type":"box","text":"clients may be used as well.","page_number":171,"box":{"x":69,"y":876,"width":200,"height":11}},{"id":"cb912fc8-8a85-414a-a91e-80baf190bbef","block_type":"box","text":"II-127","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"258e4d88-2b13-47c7-93fb-5f7eea319ca1","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5b9171b5-b62a-4f9c-9d6b-2b6ed8cae8ba","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":172,"box":{"x":102,"y":45,"width":789,"height":11}},{"id":"f1c92149-ab17-4131-8f0b-d6949bb9cbe1","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":172,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"ed1abeff-1b98-4c4f-8b2f-e4b2116f39e4","block_type":"box","text":"and strategies of those accounts. For example, BlackRock may decide that it may be entirely appropriate for a growth","page_number":172,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"ec3cb3f8-c2e0-44ee-a792-8e0ffeb610cb","block_type":"box","text":"fund to sell a security at the same time a value fund is buying that security. To the extent that transactions on behalf","page_number":172,"box":{"x":68,"y":90,"width":833,"height":11}},{"id":"faeb3dd5-edeb-4676-864a-fefb068da90f","block_type":"box","text":"of more than one client of BlackRock or its affiliates during the same period may increase the demand for securities","page_number":172,"box":{"x":69,"y":105,"width":829,"height":11}},{"id":"4bced0ca-4d47-4f6c-bbae-06892fe6a9d1","block_type":"box","text":"being purchased or the supply of securities being sold, there may be an adverse effect on price. For example, sales","page_number":172,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"4b3b5092-8cec-4683-a55b-4ba29ce2a02f","block_type":"box","text":"of a security by BlackRock on behalf of one or more of its clients may decrease the market price of such security,","page_number":172,"box":{"x":69,"y":135,"width":806,"height":11}},{"id":"b8cf4d23-7429-49f7-83dd-603b26a0b81d","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":172,"box":{"x":69,"y":150,"width":814,"height":12}},{"id":"368bf669-276b-447d-8f84-8930da9631d6","block_type":"box","text":"consideration at or about the same time that would involve a Fund or other clients or funds for which BlackRock or an","page_number":172,"box":{"x":69,"y":166,"width":836,"height":9}},{"id":"b92ad650-acff-4d27-b3d7-fe4a86d6178c","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":172,"box":{"x":69,"y":181,"width":773,"height":11}},{"id":"1c0a5a2a-7743-43a0-8a62-2a14f978acdc","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":172,"box":{"x":69,"y":196,"width":467,"height":11}},{"id":"cff7bae0-c9d2-4ffb-a895-124bc3ec7a39","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":172,"box":{"x":102,"y":218,"width":741,"height":12}},{"id":"b1818135-51a4-4b04-a90b-d2f38e368754","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":172,"box":{"x":69,"y":234,"width":721,"height":11}},{"id":"ca0c97d0-4049-47d8-9005-086421d844d4","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":172,"box":{"x":69,"y":249,"width":824,"height":11}},{"id":"07e36fab-33fb-4ac7-9fa5-f5cb2c7147ba","block_type":"box","text":"will be aggregated in a single order if the trader believes the aggregated trade would provide each client with an","page_number":172,"box":{"x":68,"y":264,"width":795,"height":11}},{"id":"6f0a4a72-a143-4d8f-9a88-e66ca6601f09","block_type":"box","text":"oppor tunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":172,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"7f8b64bf-8397-4210-b2c7-fca3b6f0a84f","block_type":"box","text":"aggregated order will be shared pro rata among the clients in the aggregated order. Generally, if an order for a","page_number":172,"box":{"x":69,"y":294,"width":783,"height":11}},{"id":"09acf085-1bb8-4c1e-9234-c557bacd6900","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":172,"box":{"x":70,"y":309,"width":796,"height":11}},{"id":"7e075c51-e54c-44b4-a077-4504a98af9ec","block_type":"box","text":"accounts par ticipating in the order will receive the average price except in the case of cer tain international markets","page_number":172,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"c13af4b0-5d45-4566-becb-0c48ce9877b6","block_type":"box","text":"where average pricing is not permitted. While in some cases this practice could have a detrimental effect upon the","page_number":172,"box":{"x":68,"y":339,"width":819,"height":12}},{"id":"d2c1b52c-8eb4-4ec4-a892-7911dd2cce7f","block_type":"box","text":"price or value of the security as far as a Fund is concerned, in other cases it could be beneficial to the Fund.","page_number":172,"box":{"x":70,"y":355,"width":771,"height":11}},{"id":"2db04633-bfb1-4296-ad0e-7409260a6c21","block_type":"box","text":"Transactions effected by BlackRock on behalf of more than one of its clients during the same period may increase","page_number":172,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"3f2d25b1-435f-4bb5-91ab-660a572e8eb1","block_type":"box","text":"the demand for securities being purchased or the supply of securities being sold, causing an adverse effect on price.","page_number":172,"box":{"x":68,"y":385,"width":835,"height":11}},{"id":"1b0e8a99-7596-4937-80f9-79874b3cf38e","block_type":"box","text":"The trader will give the aggregated order to the broker-dealer that the trader has identified as being able to provide","page_number":172,"box":{"x":68,"y":400,"width":817,"height":11}},{"id":"5458e219-c9cc-4512-bf7d-a1b27e3f9e37","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":172,"box":{"x":68,"y":415,"width":823,"height":11}},{"id":"693c5d91-7d2f-429a-8001-c5d6930dcaa2","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":172,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"5c74f373-8d4b-403f-90a8-d0f98cb92d50","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":172,"box":{"x":101,"y":453,"width":767,"height":11}},{"id":"1d5f31c2-4c75-4e1f-baff-7f1061f21610","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":172,"box":{"x":69,"y":468,"width":826,"height":11}},{"id":"8584bd4a-2ecf-4a22-89d9-83f09ecb4c7c","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":172,"box":{"x":69,"y":483,"width":816,"height":11}},{"id":"4a060807-6e47-436a-a077-aad580753142","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":172,"box":{"x":70,"y":498,"width":833,"height":11}},{"id":"cbb47f84-c269-459d-893e-f2a69628850a","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":172,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"1ec88fa9-fe89-468d-80a2-2492ee3d0b0e","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":172,"box":{"x":101,"y":536,"width":786,"height":11}},{"id":"d6737ebf-4b0a-4878-b75a-108556a740b7","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":172,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"042449ab-cf80-44cc-8a8e-563c77df34d5","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":172,"box":{"x":69,"y":566,"width":751,"height":11}},{"id":"470c2f69-ab26-4e8c-935b-3049725db9a8","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":172,"box":{"x":68,"y":582,"width":829,"height":11}},{"id":"3b56e293-9f58-4881-9d16-58ae09940228","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":172,"box":{"x":68,"y":596,"width":799,"height":12}},{"id":"67afba29-1792-4423-944d-9f7b3b2ce102","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":172,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"4c435a04-3e9d-43f2-957d-1b98c2d3c61b","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":172,"box":{"x":68,"y":627,"width":820,"height":11}},{"id":"54c2e656-e1af-44fe-90ed-eda02644b8d7","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":172,"box":{"x":70,"y":642,"width":812,"height":11}},{"id":"ee845fc6-4691-4c24-8290-e96e65fa3aed","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":172,"box":{"x":69,"y":657,"width":781,"height":10}},{"id":"c3f24659-3d2e-4307-bc2a-bc29b61fae3f","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":172,"box":{"x":69,"y":672,"width":805,"height":11}},{"id":"5adf85fb-aeb6-4686-a18f-3ccdb9b67be9","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":172,"box":{"x":69,"y":687,"width":840,"height":11}},{"id":"e6bbd604-b03e-4b10-b618-7f43f900313e","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":172,"box":{"x":69,"y":702,"width":815,"height":11}},{"id":"f09f7a7e-f9f7-44e5-847d-dd5bd015fe43","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":172,"box":{"x":69,"y":718,"width":713,"height":11}},{"id":"350177c5-4367-4147-8a50-ae7b721b41eb","block_type":"box","text":"Portfolio Turnover","page_number":172,"box":{"x":69,"y":748,"width":129,"height":9}},{"id":"da560b94-b748-437a-a0be-2acf71874ec9","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":172,"box":{"x":101,"y":770,"width":798,"height":12}},{"id":"d6fc4b7d-5bc9-4247-ba34-11d11a97e41c","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":172,"box":{"x":69,"y":785,"width":839,"height":11}},{"id":"cb496f5e-b762-489b-a83d-e215c3a3f34e","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":172,"box":{"x":68,"y":801,"width":814,"height":11}},{"id":"f4a77dec-d9fb-41b4-b0fe-d72f5e8cb119","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":172,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"ec7c38aa-9029-41d2-9d3a-47a7a5407866","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":172,"box":{"x":69,"y":831,"width":818,"height":11}},{"id":"cd544432-e34b-45aa-8656-33dacbd73bfd","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":172,"box":{"x":69,"y":846,"width":519,"height":11}},{"id":"c5b6e1b6-e4af-4591-ac56-ee5cd48290b9","block_type":"box","text":"II-128","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"16272b1f-6de1-46bd-be7d-8b11fb953e40","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd4a9a06-60f9-4218-a34f-f610bf08732c","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":173,"box":{"x":396,"y":45,"width":186,"height":10}},{"id":"c5fc4186-1377-45a2-8d73-1931da31a5ca","block_type":"box","text":"Dividends","page_number":173,"box":{"x":69,"y":76,"width":69,"height":8}},{"id":"2b602c84-8d72-4c14-a508-93a060301ff0","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":173,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"4625cbb6-e06f-417a-8fc4-7de7a9d4b4b8","block_type":"box","text":"investment income are paid as set for th in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":173,"box":{"x":70,"y":113,"width":795,"height":11}},{"id":"12025649-b101-447a-92f4-53461af6b6bd","block_type":"box","text":"realized capital gains, if any, as set for th in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":173,"box":{"x":69,"y":128,"width":837,"height":12}},{"id":"2eda9247-3d3f-447c-a572-2c7ad6509829","block_type":"box","text":"distribution at or about the end of the calendar year in order to comply with U.S. federal tax requirements that cer tain","page_number":173,"box":{"x":69,"y":143,"width":836,"height":12}},{"id":"bb35cc30-7716-48ba-a087-fa4366eda27c","block_type":"box","text":"percentages of its ordinary income and capital gains be distributed during the year. If, in any fiscal year, a Fund has","page_number":173,"box":{"x":70,"y":159,"width":822,"height":11}},{"id":"6a22a563-33bf-4f18-9c10-8c81f7832dd0","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":173,"box":{"x":69,"y":174,"width":739,"height":11}},{"id":"f4275fc0-2012-4da9-9f9c-a7af450fe826","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":173,"box":{"x":102,"y":196,"width":773,"height":12}},{"id":"e4d76ea1-2caf-49e1-8343-76461076e962","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":173,"box":{"x":70,"y":212,"width":819,"height":11}},{"id":"32a52dc5-acda-4160-967e-ca7f3d7b07a3","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":173,"box":{"x":69,"y":227,"width":807,"height":11}},{"id":"7c5e8c8d-1779-49c0-87ca-c42e5626bfcd","block_type":"box","text":"whether they are reinvested in shares of the Fund or received in cash. The per share dividends on front-end load","page_number":173,"box":{"x":68,"y":242,"width":800,"height":11}},{"id":"4cc54a4a-805a-4e53-b1ad-badc5a03ff7b","block_type":"box","text":"shares, CDSC shares and Service Shares will be lower than the per share dividends on Institutional Shares as a","page_number":173,"box":{"x":69,"y":257,"width":801,"height":11}},{"id":"9caa7270-da53-490a-802e-605c42f99a24","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":173,"box":{"x":69,"y":272,"width":783,"height":11}},{"id":"e83255ee-b5b1-4b3c-80a2-fa0bf93b2e00","block_type":"box","text":"applicable to front-end load shares and Service Shares, and the service and distribution fees applicable to Class R","page_number":173,"box":{"x":69,"y":287,"width":820,"height":11}},{"id":"942f7c12-5809-45bb-9aa3-1e711d0db1a2","block_type":"box","text":"Shares. Similarly, the per share dividends on CDSC shares and Class R Shares will be lower than the per share","page_number":173,"box":{"x":69,"y":302,"width":794,"height":11}},{"id":"01d3f628-6fca-435f-b3d5-843ffa765873","block_type":"box","text":"dividends on front-end load shares and Service Shares as a result of the distribution fees and higher transfer agency","page_number":173,"box":{"x":69,"y":317,"width":834,"height":12}},{"id":"525ea099-ddcd-4efa-a20f-315ea8b87ca8","block_type":"box","text":"fees applicable to CDSC shares and the distribution fees applicable to Class R Shares, and the per share dividends","page_number":173,"box":{"x":68,"y":332,"width":826,"height":11}},{"id":"3f344a74-6212-4017-8e5f-783ae0f232db","block_type":"box","text":"on CDSC shares will be lower than the per share dividends on Class R Shares as a result of the higher distribution","page_number":173,"box":{"x":69,"y":348,"width":816,"height":11}},{"id":"57f38014-11d8-43f8-860b-964d3ed0654e","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":173,"box":{"x":68,"y":363,"width":461,"height":11}},{"id":"8b14194f-d687-4b48-a1d8-d3281ddfb27c","block_type":"box","text":"Taxes","page_number":173,"box":{"x":68,"y":393,"width":42,"height":9}},{"id":"f331216e-4655-490a-8f22-8a2a1e37fe3e","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":173,"box":{"x":102,"y":416,"width":732,"height":11}},{"id":"9334a946-bd23-458a-be1c-37bba11f4821","block_type":"box","text":"companies under the Code. As long as a Fund so qualifies, the Fund (but not its shareholders) will not be subject to","page_number":173,"box":{"x":69,"y":431,"width":825,"height":11}},{"id":"20703168-c75a-4f81-aae2-5b162ea16afb","block_type":"box","text":"U.S. federal income tax on the par t of its investment company taxable income and net realized capital gains that it","page_number":173,"box":{"x":70,"y":446,"width":817,"height":11}},{"id":"cd1c903a-2169-4aba-a2b6-b4706e3ca93a","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":173,"box":{"x":69,"y":461,"width":832,"height":11}},{"id":"538ba6a3-d173-4e85-9e5a-e411e5d5d72c","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":173,"box":{"x":69,"y":476,"width":791,"height":11}},{"id":"3ee4564b-6cbb-4a28-b4ec-2a43d8376cd1","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":173,"box":{"x":69,"y":491,"width":786,"height":12}},{"id":"d014bf15-e79d-4f50-8bc8-e6fdb8f89831","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":173,"box":{"x":69,"y":506,"width":831,"height":11}},{"id":"5631b5e4-e681-4dd7-8816-a3cdf49bbb76","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":173,"box":{"x":68,"y":521,"width":819,"height":12}},{"id":"f4523f0c-779b-459f-ac28-9821887b4fdc","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":173,"box":{"x":69,"y":537,"width":824,"height":11}},{"id":"ec611078-b343-4a43-99af-1620da32bb62","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":173,"box":{"x":69,"y":552,"width":739,"height":11}},{"id":"2fb2a178-83bf-406f-ae3d-284af23ef15e","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":173,"box":{"x":101,"y":574,"width":792,"height":12}},{"id":"9824bc2b-06af-497e-99e1-925b2ee2b2fc","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":173,"box":{"x":68,"y":589,"width":819,"height":12}},{"id":"f95dd610-592c-4494-a90c-fc511a3b2e64","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":173,"box":{"x":70,"y":605,"width":830,"height":11}},{"id":"bac906b1-2d58-4af7-b758-9006b4890205","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":173,"box":{"x":68,"y":620,"width":744,"height":11}},{"id":"7fb9a404-757b-4f96-93ed-214cf53a2cde","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":173,"box":{"x":69,"y":635,"width":835,"height":11}},{"id":"3d0a9bc5-2f3f-461c-be99-6bf4247692cd","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":173,"box":{"x":69,"y":650,"width":808,"height":11}},{"id":"048ee504-2d28-44d7-b0e4-b7f1c1debc4f","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":173,"box":{"x":69,"y":665,"width":767,"height":11}},{"id":"12f41456-69a1-41ab-b996-b9440f06c683","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":173,"box":{"x":70,"y":680,"width":826,"height":12}},{"id":"be10a50b-ec62-4ee5-905a-d13fe2fc9318","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":173,"box":{"x":68,"y":695,"width":521,"height":12}},{"id":"4d16a8b8-6497-4925-8f1d-9c5d20b05790","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":173,"box":{"x":102,"y":718,"width":798,"height":11}},{"id":"c88a61a3-c310-4436-ac38-09252d6c73ec","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":173,"box":{"x":69,"y":733,"width":762,"height":11}},{"id":"9db86953-2877-4e30-ad43-9354461a53e0","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":173,"box":{"x":70,"y":748,"width":789,"height":11}},{"id":"cea8bdf3-2bba-4f37-a8b5-8bba7deda320","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":173,"box":{"x":69,"y":763,"width":837,"height":12}},{"id":"1ffbd658-747a-4246-b46a-7094605a48cb","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":173,"box":{"x":69,"y":778,"width":831,"height":12}},{"id":"82d4790f-164e-48f2-8b5a-04ac8f4a04ce","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":173,"box":{"x":69,"y":794,"width":837,"height":11}},{"id":"ebc5dfe2-7d5c-44de-83c7-d5fdd32c7cda","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":173,"box":{"x":69,"y":809,"width":825,"height":11}},{"id":"ec0de676-eedc-4caa-a3c8-874519a9bf35","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":173,"box":{"x":69,"y":824,"width":811,"height":11}},{"id":"2d27cc7a-b787-493a-916a-ff0d3dd5ef30","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":173,"box":{"x":70,"y":839,"width":813,"height":11}},{"id":"e226b3dd-a6d7-4d46-8fec-8465fe390325","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":173,"box":{"x":69,"y":854,"width":834,"height":11}},{"id":"a7f4101f-8677-4391-804c-d255e44d7eb6","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":173,"box":{"x":69,"y":869,"width":790,"height":11}},{"id":"fa0acb75-47c7-4c36-b26f-867e9640cfd9","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":173,"box":{"x":69,"y":884,"width":771,"height":12}},{"id":"019b677e-348f-462a-8a2d-e6444919e18d","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":173,"box":{"x":69,"y":899,"width":512,"height":11}},{"id":"4905cf26-42f7-4940-a59d-b4b1715176ae","block_type":"box","text":"II-129","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4517c974-a300-4bfd-b45b-46d27a806511","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8a27bddd-cca6-465d-a088-7abc252b610a","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":174,"box":{"x":101,"y":45,"width":759,"height":11}},{"id":"a99fc903-48bb-4905-9226-33d45f2b8814","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":174,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"a1c95649-39f8-4d83-b854-2d3848b79c21","block_type":"box","text":"determined on a calendar year basis, and at least 98.2% of its capital gain net income, determined, in general, as if","page_number":174,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"cfdfa89e-7215-4209-9a62-c081e01cba87","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":174,"box":{"x":68,"y":90,"width":832,"height":11}},{"id":"b48399d2-84c3-49f4-8581-2eb3282c9c92","block_type":"box","text":"previous years. While each Fund intends to distribute its income and capital gains in the manner necessary to avoid","page_number":174,"box":{"x":70,"y":105,"width":825,"height":11}},{"id":"ada261c2-c9e0-437a-ab04-9751d277d1cd","block_type":"box","text":"imposition of the 4% excise tax, there can be no assurance that a sufficient amount of the Fund’s taxable income","page_number":174,"box":{"x":70,"y":120,"width":810,"height":11}},{"id":"37bcfc4a-0dc1-45d1-bbe8-0f1d35ebe6d2","block_type":"box","text":"and capital gains will be distributed to avoid entirely the imposition of the tax. In such event, a Fund will be liable for","page_number":174,"box":{"x":69,"y":135,"width":828,"height":12}},{"id":"abfa520c-9cca-4118-ac15-b05677117f55","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":174,"box":{"x":68,"y":150,"width":666,"height":12}},{"id":"f739c721-24ca-430a-b1bb-64027f3cfb3f","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":174,"box":{"x":102,"y":173,"width":790,"height":11}},{"id":"61282b07-86cc-4e7c-97c2-90be03931a21","block_type":"box","text":"have been reduced to zero. In the event that the Fund were to experience an ownership change as defined under the","page_number":174,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"53bc3aef-4ea7-4dd7-b154-8325985211c6","block_type":"box","text":"Code, the Fund’s loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to","page_number":174,"box":{"x":69,"y":203,"width":770,"height":12}},{"id":"97e9ac94-bc5c-4712-a4ab-19d7a8824866","block_type":"box","text":"limitation.","page_number":174,"box":{"x":70,"y":219,"width":68,"height":8}},{"id":"fe138f07-9600-462a-aa29-1b9ce7cfcaf4","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net shor t-term capital gain over net long","page_number":174,"box":{"x":102,"y":241,"width":803,"height":11}},{"id":"c41226e0-3ea6-49df-ae56-24074ea80b6e","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":174,"box":{"x":68,"y":256,"width":790,"height":12}},{"id":"2bf69a8b-975c-4f99-84f3-61f16fed6788","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net shor t-term capital loss (including","page_number":174,"box":{"x":70,"y":271,"width":815,"height":12}},{"id":"54dde200-e4de-4b3f-a994-feee33541e50","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":174,"box":{"x":68,"y":286,"width":748,"height":12}},{"id":"945be55e-b30c-42ab-b468-0fbf10320c4c","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":174,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"2e3ad780-a804-4a2e-9b8a-7d9cf5a4c720","block_type":"box","text":"Distributions paid by a Fund that are repor ted as exempt-interest dividends will not be subject to regular U.S. federal","page_number":174,"box":{"x":70,"y":317,"width":829,"height":11}},{"id":"d9f62016-5677-4356-9609-4bfc3c56c6a9","block_type":"box","text":"income tax. Cer tain dividend income and long-term capital gains are eligible for taxation at a reduced rate that","page_number":174,"box":{"x":70,"y":332,"width":785,"height":11}},{"id":"bee25937-0dfa-4a07-8b5c-fa4a057fc439","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":174,"box":{"x":69,"y":347,"width":795,"height":11}},{"id":"4cf8b8c8-eb25-4989-abc3-e2b37565dfd9","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":174,"box":{"x":70,"y":362,"width":809,"height":11}},{"id":"4020351c-fc36-443c-9240-12a3df26e167","block_type":"box","text":"taxable to such shareholder at long-term capital gain rates provided the shareholder has held the shares on which","page_number":174,"box":{"x":68,"y":377,"width":814,"height":12}},{"id":"6b11931d-78b5-4d04-a1b0-0cda12264d2f","block_type":"box","text":"the dividend was paid for at least 61 days during the 121-day period that begins on the date that is 60 days before","page_number":174,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"854ba693-d8e9-47f1-b5ca-d7b166018dc7","block_type":"box","text":"the date on which the shares become ex-dividend with respect to such dividend (or, in the case of cer tain","page_number":174,"box":{"x":68,"y":407,"width":751,"height":11}},{"id":"b4341a4f-2ef2-4f1d-b928-67928dd2a248","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":174,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"c15b2c92-720b-4c98-a062-d79243aaf98e","block_type":"box","text":"was paid for at least 91 days during the 181-day period that begins on the date that is 90 days before the date on","page_number":174,"box":{"x":68,"y":438,"width":817,"height":11}},{"id":"9c017089-ce0f-4323-823e-d32e7e96a917","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":174,"box":{"x":68,"y":453,"width":813,"height":11}},{"id":"1abd7946-5c9f-49ca-8879-fa50fe2e3e09","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":174,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"740fcb7b-3fd7-40e2-a101-16bd15294241","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":174,"box":{"x":68,"y":483,"width":789,"height":11}},{"id":"ed129dcf-a9b3-4f71-b7b5-d4b0b26c791c","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":174,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"acee41c5-ae08-4838-87ad-00c4ea4351d0","block_type":"box","text":"constitute “qualified dividend income.”","page_number":174,"box":{"x":69,"y":513,"width":275,"height":11}},{"id":"aaa00801-fcfe-44a5-9bf7-85b73ce7926a","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":174,"box":{"x":101,"y":536,"width":806,"height":11}},{"id":"94bfd5c9-4ee2-44fb-a574-af1eace8647e","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":174,"box":{"x":70,"y":551,"width":368,"height":11}},{"id":"ca2954c8-20bd-49e9-904f-c27a039dc668","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":174,"box":{"x":101,"y":574,"width":772,"height":11}},{"id":"a4f2821c-3e93-4c5b-a3a0-13a98a9ba971","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":174,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"0b7a1eaf-3102-4e85-9d00-c96ef9aac0a8","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":174,"box":{"x":70,"y":604,"width":745,"height":11}},{"id":"e4282d80-8dcd-41aa-8afb-458498d16110","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":174,"box":{"x":69,"y":619,"width":795,"height":11}},{"id":"7d3b1393-9a73-4f84-88b1-aeba261cb82c","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":174,"box":{"x":70,"y":634,"width":838,"height":12}},{"id":"8865f05c-50eb-458d-af1d-2bfe2e3c9612","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":174,"box":{"x":69,"y":649,"width":809,"height":12}},{"id":"794a1fb7-f717-41b0-95de-bc864d237de8","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":174,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"2f35eac9-c383-4309-bcd6-4ce25a0eb8ef","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":174,"box":{"x":69,"y":680,"width":838,"height":11}},{"id":"82d939f2-f434-45c9-9508-9f7755502754","block_type":"box","text":"against their taxes.","page_number":174,"box":{"x":69,"y":695,"width":135,"height":11}},{"id":"e47aa056-0410-4cdc-a7e6-29758112e85d","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":174,"box":{"x":102,"y":717,"width":783,"height":12}},{"id":"ffaeb8ae-24f1-4737-b3e9-32eeab6a03ab","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":174,"box":{"x":68,"y":732,"width":812,"height":12}},{"id":"529092b6-f741-4913-9eed-04a3f1560c60","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":174,"box":{"x":69,"y":748,"width":769,"height":11}},{"id":"45edce83-7940-4d57-9f04-757966eb5547","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":174,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"8528335a-8e1b-403d-8ffb-7a07db747167","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":174,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"607c3e48-2b11-4f7a-8214-f2d7144e6694","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":174,"box":{"x":68,"y":793,"width":831,"height":11}},{"id":"83aa10b2-cc43-4cff-a3d8-f50d583f3193","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":174,"box":{"x":68,"y":808,"width":817,"height":11}},{"id":"534d05e0-a0b3-4e04-9efc-e276596d0e03","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":174,"box":{"x":70,"y":823,"width":797,"height":12}},{"id":"aeca1367-a89a-400d-8560-0718d967995c","block_type":"box","text":"dividends received by the shareholder.","page_number":174,"box":{"x":69,"y":839,"width":272,"height":10}},{"id":"6b7a1a81-20f9-4267-9017-6cb58543db99","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":174,"box":{"x":102,"y":861,"width":792,"height":11}},{"id":"49cc6487-743c-42f0-a737-13906c814c09","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":174,"box":{"x":69,"y":876,"width":835,"height":11}},{"id":"2a1072d7-0709-4996-be32-345d8e2abbf3","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":174,"box":{"x":68,"y":891,"width":809,"height":11}},{"id":"bee2026f-7deb-4748-815f-19286a4c4ea9","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":174,"box":{"x":68,"y":906,"width":819,"height":11}},{"id":"0f4c0f42-fb22-4299-b236-befb3ece0ca1","block_type":"box","text":"II-130","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bbbad606-f12c-4c8b-aa9c-56caeee81cbf","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"05b4bf7a-209a-43f4-8e23-a0c0d831b7f9","block_type":"box","text":"one of such months, then such dividend will be treated for tax purposes as being paid by the Fund and received by its","page_number":175,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"71a1e50e-f029-4644-91f5-9a17b60b4d71","block_type":"box","text":"shareholders on December 31 of the year in which the dividend was declared. In the case of a Fund with a non","page_number":175,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"e79e3b38-7980-4cce-b92f-d364bea017ad","block_type":"box","text":"calendar taxable year, if the Fund repor ts more capital gain dividends than it earns in such taxable year, then the","page_number":175,"box":{"x":69,"y":75,"width":804,"height":11}},{"id":"3f4889fe-dd2c-4dc4-a683-8dbdfddad6da","block_type":"box","text":"Fund will reduce the amounts repor ted as capital gains. Where possible, such reduction will first be allocated to","page_number":175,"box":{"x":70,"y":90,"width":797,"height":11}},{"id":"d686eff1-fe93-48e3-bb89-9a4e9359281c","block_type":"box","text":"dividends made after December 31 of such taxable year. A Fund may elect to defer recognizing, until the following","page_number":175,"box":{"x":69,"y":105,"width":810,"height":11}},{"id":"341bf2ba-4aaa-47d0-bb7f-e70c8c50919a","block_type":"box","text":"taxable year, cer tain net capital losses arising after October 31 of the current taxable year, and cer tain net ordinary","page_number":175,"box":{"x":68,"y":120,"width":826,"height":12}},{"id":"3a4a3d29-2f84-4cb5-a1d8-85473566b070","block_type":"box","text":"losses arising after October 31 and/or December 31 of the current taxable year. This may have the effect of","page_number":175,"box":{"x":70,"y":135,"width":772,"height":12}},{"id":"1dad3aaf-9e37-4394-bf61-da7c016ed4cd","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":175,"box":{"x":70,"y":150,"width":795,"height":12}},{"id":"3739e847-5756-416b-bac8-36c422845eab","block_type":"box","text":"taxable year.","page_number":175,"box":{"x":68,"y":166,"width":89,"height":11}},{"id":"3477b273-20fc-4253-876b-9cb3a0d8c871","block_type":"box","text":"No gain or loss will be recognized by Investor C shareholders on the conversion to Investor A Shares. A","page_number":175,"box":{"x":102,"y":188,"width":733,"height":12}},{"id":"871e64fb-c431-4f64-90f0-dec14f84cc0d","block_type":"box","text":"shareholder’s tax basis in the Investor A Shares acquired upon conversion will be the same as the shareholder’s tax","page_number":175,"box":{"x":69,"y":203,"width":832,"height":11}},{"id":"eed9f6ba-d1fa-4b8c-b960-d8b754927bb0","block_type":"box","text":"basis in the conver ted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":175,"box":{"x":69,"y":218,"width":809,"height":12}},{"id":"5368fa48-926d-4ba2-94a8-16396820ed91","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":175,"box":{"x":69,"y":234,"width":362,"height":11}},{"id":"a81aa823-3414-40ff-8a05-3e2742f380a5","block_type":"box","text":"If a shareholder of a Fund exercises an exchange privilege within 90 days of acquiring the shares of a Fund, but","page_number":175,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"e822730d-f4df-4ada-a25d-a5da1c522e9d","block_type":"box","text":"on or before January 31 of the following year, then the loss that the shareholder recognizes on the exchange will be","page_number":175,"box":{"x":69,"y":271,"width":824,"height":12}},{"id":"25a3e999-23ac-4ed4-a63a-179104487688","block_type":"box","text":"reduced (or the gain increased) to the extent any sales charge paid on the exchanged shares reduces any sales","page_number":175,"box":{"x":69,"y":287,"width":797,"height":11}},{"id":"225ed3a1-b7a8-498b-bf44-af8a520799ee","block_type":"box","text":"charge the shareholder would have owed upon the purchase of the new shares in the absence of the exchange","page_number":175,"box":{"x":69,"y":302,"width":791,"height":11}},{"id":"38142558-cc6a-415b-8675-6aaaddd9feaf","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":175,"box":{"x":70,"y":317,"width":646,"height":11}},{"id":"32e7de18-c3e0-42f0-992f-57b972bfda86","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":175,"box":{"x":101,"y":339,"width":762,"height":12}},{"id":"687d0e2e-219b-428f-a597-6c773e04a47a","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":175,"box":{"x":69,"y":355,"width":836,"height":11}},{"id":"7bbb30ee-f53e-491d-88d5-260444cf6f95","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":175,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"48f6c5e1-10fc-44bf-83c3-1ab8e7571607","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":175,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"0744dbaf-6fde-48a8-9cf5-ef0311c5d432","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":175,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"361a58fd-62b9-45c4-be82-152cadd1a16a","block_type":"box","text":"amounts treated as distributions to the shareholder of long-term capital gain (including any amounts credited to the","page_number":175,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"c6a34ba2-0c95-4166-837b-37a51a765ea3","block_type":"box","text":"shareholder as undistributed capital gains). Shareholders that hold shares of a Fund through a qualified tax-exempt","page_number":175,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"76200dad-2846-4195-810c-e203fa0c0c6c","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":175,"box":{"x":70,"y":445,"width":829,"height":11}},{"id":"3c862fe4-aec2-4d99-ad07-5ae2972a5ed3","block_type":"box","text":"special tax rules that apply to their investments.","page_number":175,"box":{"x":69,"y":461,"width":343,"height":11}},{"id":"0f2239ef-f69d-4332-94a8-5ea9c0391dd7","block_type":"box","text":"A loss realized on a sale or exchange of shares of a Fund will be disallowed if other substantially identical shares","page_number":175,"box":{"x":101,"y":483,"width":807,"height":11}},{"id":"b6c4288f-cadb-461e-9493-be3b0e52ccd7","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":175,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"cad5316a-4ea8-4993-b8f7-0221d4feb848","block_type":"box","text":"30 days before and ending 30 days after the date on which the shares are sold or exchanged. In such case, the","page_number":175,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"2c599eec-e5d0-4866-b39e-74b20a181cd6","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":175,"box":{"x":69,"y":528,"width":534,"height":12}},{"id":"d6ee4856-0e5d-4dd4-b28f-f891a0858179","block_type":"box","text":"A Fund is also generally required by law to repor t to each shareholder and to the IRS cost basis information for","page_number":175,"box":{"x":101,"y":551,"width":792,"height":11}},{"id":"de2974fa-c837-4aed-9733-608180c35d59","block_type":"box","text":"shares of the Fund acquired on or after January 1, 2012, and sold or redeemed after that date. This information","page_number":175,"box":{"x":69,"y":566,"width":800,"height":11}},{"id":"b0c07d4f-4e0b-44d6-bf1f-943d90d04141","block_type":"box","text":"includes the adjusted cost basis of the shares, the gross proceeds from disposition, and whether the gain or loss is","page_number":175,"box":{"x":70,"y":581,"width":828,"height":12}},{"id":"000de479-bf6c-47e1-b8f5-a7b32966ce72","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":175,"box":{"x":70,"y":596,"width":824,"height":12}},{"id":"0c62a47f-d388-42a2-8aa8-6f6c8d169fc8","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":175,"box":{"x":69,"y":612,"width":816,"height":11}},{"id":"617519b4-f344-40ac-a579-71f1501d95ba","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":175,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"ac6551d5-ec7f-476d-a6f7-639a10f537ae","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":175,"box":{"x":68,"y":642,"width":840,"height":11}},{"id":"00595364-0709-445f-abd8-4b310cb2e165","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":175,"box":{"x":69,"y":657,"width":788,"height":11}},{"id":"24600072-08ae-4d5a-9a86-7ad0f5c4073c","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these requirements will not","page_number":175,"box":{"x":69,"y":672,"width":797,"height":11}},{"id":"5f5e301b-2f13-4b3f-b1dc-c453cf5a3f7f","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":175,"box":{"x":69,"y":687,"width":821,"height":11}},{"id":"dd6055b5-d41c-46d4-8203-0e82edcb302a","block_type":"box","text":"redemption of such shares.","page_number":175,"box":{"x":69,"y":702,"width":195,"height":11}},{"id":"78ec2bc4-f33c-48df-a7d4-c6504ffdb3e9","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":175,"box":{"x":101,"y":725,"width":780,"height":11}},{"id":"ed0e0ab3-4132-4ee6-93e5-033ae396a972","block_type":"box","text":"purposes of por tfolio management when meeting redemption requests. When the Manager determines to do so, a","page_number":175,"box":{"x":70,"y":740,"width":814,"height":11}},{"id":"d020bf94-49bd-41a0-a47a-43d7b8a0b7e4","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":175,"box":{"x":70,"y":755,"width":810,"height":11}},{"id":"6bd6b7b4-e7c4-4ad0-9419-9d10fd9e3d08","block_type":"box","text":"shareholder, which may reduce the amount of taxable gains the Fund would otherwise be required to distribute.","page_number":175,"box":{"x":69,"y":770,"width":793,"height":12}},{"id":"4db88a70-d3d3-4ae3-b7e9-44e0f3955229","block_type":"box","text":"While a Fund may engage in redemptions in kind that have the effect of reducing or eliminating distributable","page_number":175,"box":{"x":101,"y":793,"width":770,"height":11}},{"id":"5a5e75a1-f8ad-4571-8664-9b3ff24bd3ef","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":175,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"356ba60c-2c97-40d6-82b1-9928c084b9a1","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":175,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"ddf655cb-6a22-42e3-a905-e90285e0e354","block_type":"box","text":"that each Fund will distribute capital gains.","page_number":175,"box":{"x":68,"y":839,"width":305,"height":11}},{"id":"f52afc38-3655-4f08-bd00-406426913b4d","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":175,"box":{"x":102,"y":861,"width":799,"height":11}},{"id":"83d0171b-060c-4531-8396-fd1c92484118","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":175,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"2f94dade-55a6-491f-85a7-3f6962368062","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":175,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"af65c388-b7f2-4c2b-bd63-014ee5025399","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":175,"box":{"x":69,"y":906,"width":803,"height":12}},{"id":"853e0dd9-d785-43eb-992a-070c38c7fa94","block_type":"box","text":"II-131","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d01772fb-6b62-4e83-af22-9211679419f1","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"baffdd19-63f3-4478-a297-6790ddf5da56","block_type":"box","text":"income rather than capital gains. In addition, section 1256 contracts held by a Fund at the end of each taxable year","page_number":176,"box":{"x":70,"y":45,"width":825,"height":11}},{"id":"fab713cd-565d-4974-9526-b22532ec93d6","block_type":"box","text":"(and, for purposes of the 4% excise tax, cer tain other dates as prescribed under the Code) are generally “marked-to","page_number":176,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"f31fe480-e394-43a0-9f80-1971c38aace6","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":176,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"58691569-222e-4002-93e3-6cafc5827214","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":176,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"3b58e57d-d39f-434c-8b9c-7db90c526cfe","block_type":"box","text":"distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of cer tain","page_number":176,"box":{"x":69,"y":105,"width":787,"height":11}},{"id":"766719e9-2def-48a5-a8a8-89c64e9b7c3f","block_type":"box","text":"derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation, regulation or","page_number":176,"box":{"x":69,"y":120,"width":816,"height":12}},{"id":"c61a3118-02ff-48d1-a27c-38e6199e8c5a","block_type":"box","text":"administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to use derivatives,","page_number":176,"box":{"x":69,"y":135,"width":832,"height":12}},{"id":"64fb16dd-7dfd-4623-a7b7-8bfb567106a7","block_type":"box","text":"the Fund may have to find other ways of achieving its investment objectives.","page_number":176,"box":{"x":68,"y":150,"width":542,"height":12}},{"id":"4ffd5fc0-1131-4b14-bff4-cbdd63ed61ee","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":176,"box":{"x":102,"y":173,"width":744,"height":11}},{"id":"b4bb04f9-6c8d-45b1-b20d-c05af2731ea7","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":176,"box":{"x":69,"y":188,"width":751,"height":11}},{"id":"162bf7cf-2ccd-481c-a416-12cd43220698","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":176,"box":{"x":69,"y":203,"width":819,"height":12}},{"id":"52e68e9a-af71-437a-b295-7eac40b8460e","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":176,"box":{"x":69,"y":219,"width":823,"height":11}},{"id":"c217a50b-ca1c-4d9d-aed1-cd075e87845d","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":176,"box":{"x":68,"y":234,"width":823,"height":11}},{"id":"003a34a9-2e20-40bb-a816-4bbd980f1754","block_type":"box","text":"which may be taxable at more favorable rates than ordinary income. Proposed regulations interpret what types of","page_number":176,"box":{"x":68,"y":249,"width":807,"height":11}},{"id":"1f37e685-63b5-49cf-81d5-56f7312c3f1b","block_type":"box","text":"swap agreements are to be treated as notional principal contracts rather than as section 1256 contracts. When","page_number":176,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"b7f2db44-890f-4f9c-9448-10617bd605e8","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":176,"box":{"x":68,"y":279,"width":838,"height":11}},{"id":"773f4195-6c3c-403f-a61f-c4eec6fb002b","block_type":"box","text":"of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":176,"box":{"x":69,"y":294,"width":695,"height":11}},{"id":"ce99680e-0329-47c1-97a2-6c873474deca","block_type":"box","text":"Cer tain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":176,"box":{"x":102,"y":317,"width":768,"height":11}},{"id":"7c182785-1b9c-4e63-84d2-1a91a81600e8","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":176,"box":{"x":69,"y":332,"width":769,"height":11}},{"id":"f96f61ca-6a44-4c7b-8977-32a5268efee3","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a por tion of the excess of the stated redemption","page_number":176,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"e5f0eb4d-8b80-4cac-befc-d317e3cd079d","block_type":"box","text":"price of the securities over their issue price (“original issue discount”) each year that the securities are held. Since","page_number":176,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"9ddbddee-3d31-4e33-8ecb-255e64ea4557","block_type":"box","text":"the original issue discount income earned by a Fund in a taxable year may not be represented by cash income, the","page_number":176,"box":{"x":68,"y":377,"width":818,"height":12}},{"id":"10dcaf18-94f0-435d-8f8f-444c7b7a5b7c","block_type":"box","text":"Fund may have to dispose of securities, which it might otherwise have continued to hold, or borrow to generate cash","page_number":176,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"50f45a5f-c1ea-4bac-9807-9e073cf2f4c7","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":176,"box":{"x":70,"y":407,"width":792,"height":12}},{"id":"a3853a3d-e95d-44ea-aca9-567fc24283ac","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":176,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"0a347c65-b3c9-46c0-a151-449873415396","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":176,"box":{"x":70,"y":438,"width":812,"height":11}},{"id":"cd362aba-69d5-4955-8d5d-05b6a3ebbe28","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments. Any transaction by the Fund in","page_number":176,"box":{"x":69,"y":453,"width":789,"height":11}},{"id":"ad107fc8-df04-4a4d-9357-807e53d34ae4","block_type":"box","text":"foreign currencies, foreign currency-denominated debt obligations or cer tain foreign currency options, futures","page_number":176,"box":{"x":68,"y":468,"width":777,"height":11}},{"id":"07295e0f-0a5b-4810-beb9-8b426b542c99","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":176,"box":{"x":69,"y":483,"width":810,"height":11}},{"id":"ec760a34-c279-473f-acd1-9189ed881b8e","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":176,"box":{"x":70,"y":498,"width":801,"height":11}},{"id":"0e8ee1a0-58ec-46e4-8dc3-69c25b994f1a","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":176,"box":{"x":69,"y":513,"width":762,"height":12}},{"id":"02de3f9e-0f9c-4a6a-a406-a240f45f0d7a","block_type":"box","text":"potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may","page_number":176,"box":{"x":70,"y":528,"width":827,"height":12}},{"id":"86130b57-de9f-4b96-85b0-6956afa73d01","block_type":"box","text":"accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary","page_number":176,"box":{"x":69,"y":544,"width":787,"height":11}},{"id":"e831bb05-2cca-40a1-bcc5-5b91a7266939","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":176,"box":{"x":70,"y":559,"width":822,"height":11}},{"id":"3b71f2be-73b6-4011-bd38-9bcfc49739a5","block_type":"box","text":"in subsequent taxable years.","page_number":176,"box":{"x":70,"y":574,"width":203,"height":11}},{"id":"bf09f4f6-8090-4c38-b5d1-2b83cb61fbc5","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":176,"box":{"x":102,"y":596,"width":795,"height":12}},{"id":"036c6af8-bf9f-4862-af19-fa573a8af8d7","block_type":"box","text":"through entities to the extent owned by U.S. persons) generally will be subject to a 30% U.S. withholding tax under","page_number":176,"box":{"x":68,"y":612,"width":816,"height":11}},{"id":"14061985-ca66-4e00-a500-ac7c554f5047","block_type":"box","text":"existing provisions of the Code applicable to foreign individuals and entities unless a reduced rate of withholding or a","page_number":176,"box":{"x":69,"y":627,"width":835,"height":11}},{"id":"21dceda2-fafc-40c5-a41f-102b13043216","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":176,"box":{"x":68,"y":642,"width":815,"height":11}},{"id":"e536d06b-a397-454b-8bc7-eb534773aba7","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly repor ted as capital gain dividends, generally will","page_number":176,"box":{"x":69,"y":657,"width":816,"height":11}},{"id":"10569d75-c0b7-4310-9185-0f6d7059f70e","block_type":"box","text":"not be subject to a 30% withholding tax, unless cer tain exceptions apply. Dividends derived by a regulated investment","page_number":176,"box":{"x":69,"y":672,"width":840,"height":11}},{"id":"6be10027-edc1-4fe2-b6ec-b2e696b59e8d","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":176,"box":{"x":69,"y":687,"width":781,"height":11}},{"id":"51cdb43c-5e00-430d-b4bd-9733cbbb1e6b","block_type":"box","text":"discount and market discount) and paid to shareholders who are nonresident aliens or foreign entities, if and to the","page_number":176,"box":{"x":69,"y":702,"width":824,"height":12}},{"id":"fa78dfa3-1ee4-481a-881e-e9862b112745","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":176,"box":{"x":69,"y":718,"width":832,"height":11}},{"id":"995dc4b7-b062-4737-90f8-187027787a87","block_type":"box","text":"will not be subject to U.S. withholding tax. Where possible, the Funds intend to repor t such dividends as interest","page_number":176,"box":{"x":68,"y":733,"width":808,"height":11}},{"id":"63b28c49-f954-4c84-975f-8af036639d9e","block_type":"box","text":"related dividends or shor t-term capital gain dividends. However, depending on its circumstances, a Fund may repor t","page_number":176,"box":{"x":69,"y":748,"width":826,"height":11}},{"id":"2e1a6fdf-88d3-4694-97d8-4f7c38d92cbd","block_type":"box","text":"all, some or none of its potentially eligible dividends as interest-related or as shor t-term capital gain dividends, and/","page_number":176,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"fa6c72e7-087b-4dcc-960d-33d51fff4766","block_type":"box","text":"or treat such dividends, in whole or in par t, as ineligible for this exemption from withholding. In order to qualify for","page_number":176,"box":{"x":69,"y":778,"width":811,"height":11}},{"id":"b1f27c9c-ea9a-4691-b485-18d0ef84835c","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":176,"box":{"x":68,"y":793,"width":784,"height":11}},{"id":"f55c8db5-c21f-48c6-bec9-fd80c735046a","block_type":"box","text":"relating to its foreign status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E or substitute","page_number":176,"box":{"x":69,"y":808,"width":828,"height":11}},{"id":"186e2d0d-6397-4b4b-9286-b19e678b2005","block_type":"box","text":"Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund repor ts the","page_number":176,"box":{"x":70,"y":823,"width":839,"height":12}},{"id":"74e9bc7a-3c1e-4240-bbbb-4e6fcbc3406b","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":176,"box":{"x":70,"y":839,"width":772,"height":11}},{"id":"802632ca-519d-483e-9a6b-19221af59a86","block_type":"box","text":"intermediaries with respect to the application of these rules to their accounts. It is not possible to predict what","page_number":176,"box":{"x":70,"y":853,"width":791,"height":11}},{"id":"2ed287bc-6357-4aaa-926c-4764ab7e891d","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":176,"box":{"x":70,"y":869,"width":787,"height":11}},{"id":"7aabc1a0-4e27-44b7-9f98-20e1172038d1","block_type":"box","text":"dividends under these rules.","page_number":176,"box":{"x":69,"y":884,"width":201,"height":9}},{"id":"5ecb8cfc-5923-4ecc-9c7c-40316c44a476","block_type":"box","text":"II-132","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"59373bf9-5c55-4af9-9e02-e2d6904fbd1c","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1fca5943-4c92-45f7-ab91-0912e65ad3c0","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":177,"box":{"x":102,"y":45,"width":747,"height":11}},{"id":"db0e179d-ffe0-4e2e-9bd5-c551200e83e7","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":177,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"9a25d807-6887-4a0f-b199-9b2c4eae2af9","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":177,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"2e7f3a62-09cc-4190-aa09-65962d5646cd","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":177,"box":{"x":69,"y":90,"width":817,"height":11}},{"id":"30ec85c2-b7ec-496c-9605-a2a316409867","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":177,"box":{"x":69,"y":105,"width":786,"height":11}},{"id":"ed4ba26d-0a51-47ac-92dd-a13d607cabcd","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":177,"box":{"x":69,"y":120,"width":800,"height":12}},{"id":"72a1cdd8-75c9-4048-b8b0-fccdaeb61985","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":177,"box":{"x":70,"y":135,"width":807,"height":12}},{"id":"d3bf8a62-5dc6-4a9b-8c02-77ac47eed587","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":177,"box":{"x":69,"y":150,"width":772,"height":12}},{"id":"a4a8b5d9-77e1-49f6-8c39-f937c64b17e1","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":177,"box":{"x":68,"y":166,"width":818,"height":11}},{"id":"6427e1c8-832b-49ca-beca-6ad94e249458","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":177,"box":{"x":68,"y":181,"width":820,"height":11}},{"id":"c599e725-9487-4432-8478-2de37a546e96","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":177,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"e9749cb8-13ea-4534-ab11-2ab76e229f0c","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":177,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"52509b23-b9ca-445f-a6d7-e454252f5374","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":177,"box":{"x":69,"y":226,"width":774,"height":11}},{"id":"38f419b2-5e2f-4b82-bb37-9eca1a3bf8dc","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":177,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"83c6f6ab-2017-4fe3-9136-6063725bcb01","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":177,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"86ee5cbe-fbc7-470a-af4a-f016d1059c71","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":177,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"1eb7d7a2-c374-4180-9254-dd6808be9bdc","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":177,"box":{"x":69,"y":286,"width":823,"height":12}},{"id":"94c8a42d-74d0-4725-b789-29487fdad9fd","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":177,"box":{"x":68,"y":302,"width":827,"height":11}},{"id":"9c891e1d-0f78-4c08-92d0-29cb0165998d","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":177,"box":{"x":69,"y":317,"width":596,"height":11}},{"id":"5a6b7ec9-b07c-484a-8597-6b8a763dc30b","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":177,"box":{"x":102,"y":339,"width":802,"height":12}},{"id":"c637dbb1-af7b-47b5-bd26-b3a365f6c116","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":177,"box":{"x":69,"y":355,"width":827,"height":11}},{"id":"e2a8c09c-672b-4e8a-b6b9-c3cca915716c","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":177,"box":{"x":69,"y":370,"width":804,"height":11}},{"id":"ea444707-b998-46b1-907a-95dd4547bbea","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":177,"box":{"x":69,"y":385,"width":824,"height":11}},{"id":"0445cc50-62a6-4fc1-a8c9-68f4a9ebce5b","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":177,"box":{"x":68,"y":400,"width":801,"height":11}},{"id":"abb8e37e-eeea-4d9d-91e1-c7145af283f6","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":177,"box":{"x":69,"y":415,"width":803,"height":11}},{"id":"2cd6b30d-f534-430c-bb69-60b07a2f8b55","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":177,"box":{"x":69,"y":430,"width":785,"height":11}},{"id":"c145bc50-30b5-435f-9908-039f29e6616b","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":177,"box":{"x":69,"y":445,"width":676,"height":12}},{"id":"6ff06be4-d622-4e2a-8c94-cee5fda254a1","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":177,"box":{"x":101,"y":468,"width":798,"height":11}},{"id":"a6859c80-44ee-473b-8577-9588e64f67cc","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":177,"box":{"x":69,"y":483,"width":651,"height":11}},{"id":"5971589f-43cb-4a1d-9e2b-2b879eea00c9","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":177,"box":{"x":102,"y":506,"width":731,"height":11}},{"id":"a7e7d66f-d8f1-4a95-b776-e82f2141289b","block_type":"box","text":"concerning the par ticular tax consequences to them of an investment in a Fund.","page_number":177,"box":{"x":69,"y":521,"width":570,"height":11}},{"id":"083574e3-37b5-4e94-81d8-890d8d2fbe76","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":177,"box":{"x":102,"y":544,"width":763,"height":11}},{"id":"af389017-00d5-4712-93f5-0c2c4c22933d","block_type":"box","text":"items paid to (i) cer tain foreign financial institutions and investment funds, and (ii) cer tain other foreign entities. To","page_number":177,"box":{"x":70,"y":559,"width":820,"height":11}},{"id":"6a5a6fec-8a11-4891-800b-cad2d51c8ae0","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":177,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"0b17de5b-c2a7-4378-adae-3ddd1cb39dde","block_type":"box","text":"repor t to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":177,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"8955822f-fc27-4ef9-85b4-206078fffe1f","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":177,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"089903fd-599c-4d9f-be12-a888c8968674","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":177,"box":{"x":68,"y":619,"width":791,"height":11}},{"id":"d6e93961-01e6-42c7-8306-aba3d5c954f6","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":177,"box":{"x":70,"y":634,"width":822,"height":12}},{"id":"c62ee80a-79fd-486e-a55e-0106746ca7f9","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":177,"box":{"x":70,"y":649,"width":739,"height":12}},{"id":"5d88ce18-1aa7-4565-8f9e-9160fd8b47e7","block_type":"box","text":"Under cer tain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":177,"box":{"x":102,"y":672,"width":786,"height":11}},{"id":"b41889a0-e370-431b-8b07-aa4075be354c","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":177,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"888d6f5a-423a-4bb2-92b9-7dbc3824e11d","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":177,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"26d7874e-95de-40bd-8960-ae7987f62230","block_type":"box","text":"is on file with the Fund or who, to the Fund’s knowledge, have furnished an incorrect number. When establishing an","page_number":177,"box":{"x":70,"y":717,"width":821,"height":12}},{"id":"6a86d418-8c34-4c25-bcf1-37908e12db60","block_type":"box","text":"account, an investor must cer tify under penalty of perjury that such number is correct and that such investor is not","page_number":177,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"526bdbfb-d53d-47f6-93fc-671ff3159ed5","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":177,"box":{"x":69,"y":748,"width":826,"height":11}},{"id":"42526f87-77c3-4ed2-b51e-a8f88f4fe72f","block_type":"box","text":"may be allowed as a refund or a credit against a shareholder’s U.S. federal income tax liability, provided that the","page_number":177,"box":{"x":69,"y":763,"width":802,"height":11}},{"id":"a1688ee9-954c-4674-82d7-9680d65ebc99","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":177,"box":{"x":69,"y":778,"width":364,"height":11}},{"id":"4f09654c-145b-48d1-ac32-e5e6656bf2a0","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":177,"box":{"x":102,"y":800,"width":774,"height":12}},{"id":"8842d9cf-1bb6-4c0b-978b-7bc1ef918140","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":177,"box":{"x":68,"y":815,"width":787,"height":12}},{"id":"71ffa4c4-6866-4b3d-9b3d-8b90ef05eea8","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":177,"box":{"x":68,"y":830,"width":835,"height":12}},{"id":"4a13b562-1220-4aa1-829a-6ce25fffc608","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":177,"box":{"x":68,"y":846,"width":809,"height":11}},{"id":"4488903b-c945-48d9-bc5b-115a19f9c430","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":177,"box":{"x":69,"y":861,"width":817,"height":11}},{"id":"4b4488c4-2911-490b-afe3-59c44e7f3fc6","block_type":"box","text":"determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax","page_number":177,"box":{"x":69,"y":876,"width":783,"height":11}},{"id":"cdbdca6a-feeb-42ba-8c2b-837ced07ac9d","block_type":"box","text":"advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":177,"box":{"x":69,"y":891,"width":710,"height":12}},{"id":"b8d1e215-be4d-45ba-bcbe-225035f8d8b2","block_type":"box","text":"II-133","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c0bda642-aba3-4e94-af16-5fff4fc9582e","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e5557c2e-52ef-49b3-90bb-3453f88833b4","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":178,"box":{"x":102,"y":45,"width":758,"height":11}},{"id":"28ab5af7-adb4-4b91-bfab-2fb48abc382a","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":178,"box":{"x":69,"y":60,"width":782,"height":11}},{"id":"bf1b7f8e-1249-4be6-bc2b-f9ff0572e8b9","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":178,"box":{"x":70,"y":75,"width":783,"height":11}},{"id":"8dded9c0-7138-402c-9f59-ef9ebc2b2846","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":178,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"c920db0c-1da9-47e1-b611-624f0e86cf7b","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":178,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"5317e542-b750-4c63-849d-be97ec4ba4bf","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":178,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"e6b7fd12-c510-40e0-9796-667435008e3f","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":178,"box":{"x":70,"y":135,"width":826,"height":11}},{"id":"1c22db9a-b096-4b64-a665-441794178678","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":178,"box":{"x":69,"y":150,"width":808,"height":12}},{"id":"e71e526c-01a4-4628-9836-022c5b5c05d8","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":178,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"2c0f679f-c218-49ce-af7b-2ff00d5fbeb6","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":178,"box":{"x":70,"y":181,"width":770,"height":11}},{"id":"f3ac9d46-458e-4b8b-817a-ad49f0c66065","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":178,"box":{"x":70,"y":196,"width":816,"height":11}},{"id":"8f02e81f-c0b2-44ab-9364-21815c900292","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":178,"box":{"x":70,"y":211,"width":796,"height":11}},{"id":"b92b3943-e441-4766-acb1-05e53a4604b8","block_type":"box","text":"investment oppor tunities.","page_number":178,"box":{"x":70,"y":226,"width":180,"height":11}},{"id":"aa1827b1-d75c-4630-8b48-212b83a69083","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":178,"box":{"x":102,"y":249,"width":801,"height":11}},{"id":"256ae3a1-a7e0-4fe2-80aa-c5791a108fb3","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":178,"box":{"x":70,"y":264,"width":839,"height":11}},{"id":"63c5ab73-ffe7-4614-913f-23293a586dec","block_type":"box","text":"eliminate such taxes. Shareholders of a Fund more than 50% by value of the assets of which at the close of a taxable","page_number":178,"box":{"x":69,"y":279,"width":840,"height":11}},{"id":"de9b4f57-7976-49c0-b2d9-651ce23e6d0f","block_type":"box","text":"year are foreign securities may be able to claim U.S. foreign tax credits with respect to such foreign taxes paid by the","page_number":178,"box":{"x":68,"y":294,"width":837,"height":11}},{"id":"e43b20a0-94b3-4b73-a870-3c3fbea9937b","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":178,"box":{"x":70,"y":309,"width":774,"height":11}},{"id":"4bd1b26d-bfd0-4988-a713-c69f56d8615f","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":178,"box":{"x":69,"y":324,"width":820,"height":12}},{"id":"84b77663-7d04-4230-8bed-997601c1ddc2","block_type":"box","text":"held in a Fund. In addition, a foreign tax credit may be claimed with respect to withholding tax on payments with","page_number":178,"box":{"x":69,"y":339,"width":795,"height":12}},{"id":"f6f2000e-646e-488a-97c1-7ae2bd3d8dec","block_type":"box","text":"respect to a security only if the holder of the security meets cer tain holding period requirements. Both the","page_number":178,"box":{"x":69,"y":355,"width":755,"height":11}},{"id":"300100b1-10f5-4158-881a-e5f62d430f57","block_type":"box","text":"shareholder and the Fund must meet these holding period requirements, and if a Fund fails to do so, it will not be","page_number":178,"box":{"x":69,"y":370,"width":811,"height":11}},{"id":"afd409c7-f081-4fbe-a51a-e194d8696b90","block_type":"box","text":"able to “pass through” to shareholders the ability to claim a credit or a deduction for the related foreign taxes paid by","page_number":178,"box":{"x":69,"y":385,"width":839,"height":11}},{"id":"b2a77e49-e411-447d-a1c4-29237d8f4165","block_type":"box","text":"the Fund. Fur ther, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":178,"box":{"x":68,"y":400,"width":812,"height":11}},{"id":"7b2fd651-911c-4769-8072-fa7bbab4e3cb","block_type":"box","text":"subject to foreign taxes, it may not be able to pass through to its shareholders the ability to take a foreign tax credit","page_number":178,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"9b39ced2-2fa2-4dd6-ac91-c6cb95ea6c31","block_type":"box","text":"for those taxes. If a Fund satisfies the applicable requirements, such Fund will be eligible to file an election with the","page_number":178,"box":{"x":68,"y":430,"width":827,"height":11}},{"id":"4347d84b-6f35-4682-ac87-0f22290c8219","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their propor tionate shares of such foreign","page_number":178,"box":{"x":70,"y":445,"width":829,"height":12}},{"id":"8a318745-443c-455d-8804-4dee4e569ec1","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such propor tionate shares as taxes paid by them, and","page_number":178,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"ccf312d7-e138-4c9d-8f5b-618a8824d24a","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":178,"box":{"x":69,"y":475,"width":788,"height":12}},{"id":"5d1b710a-7a0b-465b-8e89-4acf8bf277e1","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":178,"box":{"x":69,"y":491,"width":818,"height":11}},{"id":"63f79e92-6767-4d23-951e-768c91eb448f","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":178,"box":{"x":69,"y":506,"width":773,"height":11}},{"id":"aedacdba-8201-49dc-963c-2eb9cb9994d4","block_type":"box","text":"corporation may be subject to U.S. withholding tax on the income resulting from a Fund’s election described in this","page_number":178,"box":{"x":69,"y":521,"width":817,"height":11}},{"id":"843c0bdb-cd9a-4389-b706-8a8473a527f1","block_type":"box","text":"paragraph but may not be able to claim a credit or deduction against such U.S. tax for the foreign taxes treated as","page_number":178,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"84a23116-4728-4280-871c-d8a47c79fc83","block_type":"box","text":"having been paid by such shareholder. A Fund will repor t annually to its shareholders the amount per share of such","page_number":178,"box":{"x":69,"y":551,"width":821,"height":11}},{"id":"edcda721-0522-487e-8585-dafd37d0cae9","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":178,"box":{"x":68,"y":566,"width":527,"height":11}},{"id":"35166652-0fd9-4e49-b534-30d792fd9f2e","block_type":"box","text":"Cer tain transactions entered into by the Funds are subject to special tax rules of the Code that may, among","page_number":178,"box":{"x":102,"y":589,"width":768,"height":11}},{"id":"4e09f3da-571c-4737-8316-617585003262","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":178,"box":{"x":69,"y":604,"width":780,"height":11}},{"id":"bf405945-4fde-422d-8fd8-309950fbcc75","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":178,"box":{"x":69,"y":619,"width":797,"height":11}},{"id":"187fcca6-6f8a-41e8-91d4-61add2e35f54","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":178,"box":{"x":69,"y":634,"width":802,"height":11}},{"id":"93493e13-101e-4918-ac40-d0f9ec012e1b","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":178,"box":{"x":69,"y":649,"width":831,"height":12}},{"id":"c55070ae-a626-4578-a503-ae329657c94e","block_type":"box","text":"of distributions to shareholders. Special tax rules also may require a Fund to mark-to-market cer tain types of","page_number":178,"box":{"x":69,"y":664,"width":776,"height":12}},{"id":"a20b67cf-abd6-44ce-95fb-01eca767081a","block_type":"box","text":"positions in its por tfolio (","page_number":178,"box":{"x":70,"y":680,"width":177,"height":11}},{"id":"93c9d1ea-9d2a-47cf-8995-da7a8904ff55","block_type":"box","text":"i.e.","page_number":178,"box":{"x":249,"y":680,"width":20,"height":9}},{"id":"eff7692a-994f-4abb-a6fe-da617f21c4b5","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":178,"box":{"x":272,"y":680,"width":636,"height":11}},{"id":"d4d1d9ab-991c-4dc8-9dcf-35b11efffb80","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":178,"box":{"x":69,"y":695,"width":795,"height":11}},{"id":"cc2cb2a3-c30f-4425-bd63-2b5fcec06e8c","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":178,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"a8aca47a-b309-40e5-9878-44ea51a52d93","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":178,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"bf5f1106-c81d-4579-a551-63436589f0f9","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":178,"box":{"x":69,"y":740,"width":415,"height":11}},{"id":"cd847fbb-17df-4ae0-8cb1-87ed88932d59","block_type":"box","text":"Cer tain of a Fund’s investments in derivative instruments and foreign currency-denominated instruments, and","page_number":178,"box":{"x":102,"y":763,"width":781,"height":11}},{"id":"fe7d7fd7-cd7a-417d-8134-8c5646be5f61","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":178,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"bebde121-4293-479b-9f0d-19dd8bb615cf","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":178,"box":{"x":70,"y":793,"width":811,"height":11}},{"id":"b418923f-d5cf-4176-90c4-befb45b9eb99","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":178,"box":{"x":69,"y":808,"width":818,"height":11}},{"id":"c17f5444-c265-44d9-aeee-be66c70ce49c","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":178,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"8448ea1b-ca54-4ec6-8a4c-4ea0dc9e33f1","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":178,"box":{"x":69,"y":838,"width":834,"height":11}},{"id":"075ad5d5-1dea-4413-8bc5-4057363d9db5","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":178,"box":{"x":69,"y":853,"width":833,"height":12}},{"id":"b2b12d02-19fc-40e9-a8f8-644deb983c21","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":178,"box":{"x":69,"y":869,"width":805,"height":11}},{"id":"2e47682a-e5dd-4a49-88f8-d37c296351d2","block_type":"box","text":"II-134","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"faaea05e-4b76-4c33-aae6-f0bde2f46af5","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9c8f1ee2-6770-4711-8187-dac151f53087","block_type":"box","text":"earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of","page_number":179,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"7442f219-3bf7-43e1-968d-d188ea939b1e","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":179,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"6acd5037-f125-4ea8-b5ae-d57074bd3c15","block_type":"box","text":"capital asset.","page_number":179,"box":{"x":69,"y":75,"width":95,"height":11}},{"id":"5d6cdcd6-ae65-42d6-8fbb-aabda4de5fb6","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":179,"box":{"x":102,"y":98,"width":787,"height":11}},{"id":"ceb85bf7-af6a-4289-b061-9496ac3aa0a1","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":179,"box":{"x":70,"y":113,"width":836,"height":11}},{"id":"5ded0d7e-b755-4750-904e-bc02387455f1","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":179,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"cb7861b4-2932-4be7-84ad-0714f5926353","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":179,"box":{"x":69,"y":143,"width":805,"height":11}},{"id":"39f6b3e3-f644-48aa-a09b-62a65a4aec1f","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":179,"box":{"x":68,"y":158,"width":829,"height":11}},{"id":"b291513c-3683-4f1a-a7b9-e04ca2aab839","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":179,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"59fe1c31-9291-4af8-a986-6eb36e297c6e","block_type":"box","text":"Fund were to invest otherwise.","page_number":179,"box":{"x":70,"y":188,"width":216,"height":9}},{"id":"647867ce-6b16-4af4-9096-e61f3c50376c","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":179,"box":{"x":101,"y":211,"width":721,"height":11}},{"id":"01b5ec4c-29ff-46c8-9cf5-0e2f62bc247c","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":179,"box":{"x":70,"y":226,"width":787,"height":11}},{"id":"d3f75816-0908-47fd-9529-a53202cd0c3f","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":179,"box":{"x":70,"y":241,"width":831,"height":11}},{"id":"b402d195-706b-4f3f-8285-e81e6ca34be7","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":179,"box":{"x":68,"y":256,"width":823,"height":12}},{"id":"70bf17c1-1f4d-4bd8-ad53-4b2f0e8409c6","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":179,"box":{"x":69,"y":271,"width":825,"height":12}},{"id":"39698561-32b3-4ed5-b409-b0ae95d922bf","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":179,"box":{"x":68,"y":286,"width":838,"height":12}},{"id":"b7c575ad-fcc1-413b-9d94-fa4fb4a18419","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":179,"box":{"x":68,"y":302,"width":830,"height":11}},{"id":"4237b051-bee9-4cd7-8268-6fdb7acdbf19","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":179,"box":{"x":69,"y":317,"width":515,"height":11}},{"id":"4db796ee-3bcc-45d8-baf1-4c46ee14cde4","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":179,"box":{"x":102,"y":339,"width":798,"height":12}},{"id":"fe54f778-8b48-4d58-abe1-2837262b4911","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":179,"box":{"x":68,"y":355,"width":835,"height":11}},{"id":"b4f72e46-53d3-4076-9dc3-77d119e16dae","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":179,"box":{"x":70,"y":370,"width":827,"height":11}},{"id":"2acb7d22-68f9-46bb-9935-539332c8cfec","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":179,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"548b33de-9953-4290-8e74-0d329f7e3c84","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":179,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"3dfc8ef2-cc1c-4dbe-baec-123cd71ad84f","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":179,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"154eb637-3b60-4b90-b216-5dc9ba79c492","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":179,"box":{"x":70,"y":430,"width":797,"height":11}},{"id":"e16a9c4f-0a16-4cc7-b4c4-e578a88a0b55","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":179,"box":{"x":69,"y":445,"width":801,"height":11}},{"id":"d01c34cf-0de7-49cc-a9e1-e41a848c978f","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":179,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"f332d95f-18a5-46c2-986b-a5914cb7fcb5","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":179,"box":{"x":68,"y":475,"width":797,"height":12}},{"id":"e5bb900f-cf69-40a7-9d92-e743c15e276a","block_type":"box","text":"decrease in such value, but only to the extent of previously recognized “mark-to-market” gains. By making the mark","page_number":179,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"bfae866a-e25e-461b-aadc-571fbfb02610","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":179,"box":{"x":68,"y":506,"width":804,"height":11}},{"id":"35e1699e-7d7b-42c4-8132-573983a612a5","block_type":"box","text":"PFICs, but in any par ticular year might be required to recognize income in excess of the distributions it received from","page_number":179,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"66166e70-3763-4135-921b-3de8c20d48ff","block_type":"box","text":"PFICs.","page_number":179,"box":{"x":69,"y":536,"width":42,"height":9}},{"id":"b5a5c063-d14b-4084-8319-c8527def6b37","block_type":"box","text":"If a Fund were to invest in a PFIC and elect to treat the PFIC as a “qualified electing fund” under the Code, in lieu","page_number":179,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"12046ac9-aec1-4f98-82e7-8a3938a7bd24","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a por tion of the ordinary","page_number":179,"box":{"x":69,"y":574,"width":816,"height":11}},{"id":"54153e22-8451-40be-8603-6de0bf7865d7","block_type":"box","text":"earnings and net capital gains of the qualified electing fund, even if not distributed to the Fund, and such amounts","page_number":179,"box":{"x":69,"y":589,"width":816,"height":11}},{"id":"289a3fec-3b75-4444-a222-6568e64f7c8b","block_type":"box","text":"would be subject to the 90% and excise tax distribution requirements described above. In order to make this election,","page_number":179,"box":{"x":68,"y":604,"width":840,"height":11}},{"id":"d4cc7016-fc10-4717-b8f5-0d2d4651b002","block_type":"box","text":"the Fund would be required to obtain cer tain annual information from the PFICs in which it invests, which may be","page_number":179,"box":{"x":68,"y":619,"width":804,"height":11}},{"id":"8851d3fd-6ea0-4f3d-ba5d-9dbb5f171212","block_type":"box","text":"difficult or impossible to obtain.","page_number":179,"box":{"x":69,"y":634,"width":225,"height":11}},{"id":"72903bdc-618e-4351-adbb-41e68a088507","block_type":"box","text":"In cer tain situations, a Fund may, for a taxable year, defer all or a por tion of its net capital loss (or if there is no","page_number":179,"box":{"x":102,"y":657,"width":796,"height":11}},{"id":"6b23945e-6277-4eed-bfd7-2deaf55bef87","block_type":"box","text":"net capital loss, any net long-term or shor t-term capital loss) realized after October and its late-year ordinary loss","page_number":179,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"6e035bd9-8ab2-41a2-b665-4296ed3391d5","block_type":"box","text":"(defined as the sum of the excess of post-October foreign currency and PFIC losses over post-October foreign","page_number":179,"box":{"x":69,"y":687,"width":778,"height":11}},{"id":"88473c72-2717-4028-a268-d8828cec32d0","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":179,"box":{"x":69,"y":702,"width":838,"height":12}},{"id":"b584093d-46bb-412c-8d3c-78325bc6b00d","block_type":"box","text":"the next taxable year in computing its investment company taxable income and net capital gain, which will defer the","page_number":179,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"0f87d726-0007-4af2-bdfd-8bac2cd058ab","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":179,"box":{"x":69,"y":732,"width":830,"height":12}},{"id":"a98185d2-8b12-4459-a761-03d0007ec09b","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":179,"box":{"x":69,"y":748,"width":511,"height":11}},{"id":"974418c9-6acd-4593-8347-1f01b577ff7d","block_type":"box","text":"Municipal Funds","page_number":179,"box":{"x":102,"y":771,"width":115,"height":10}},{"id":"0e0646d3-0f0b-4388-99de-f90377b4a28c","block_type":"box","text":"Each Municipal Fund intends to qualify to pay “exempt-interest dividends” as defined in Section 852(b)(5) of the","page_number":179,"box":{"x":102,"y":793,"width":798,"height":11}},{"id":"35cf6f0d-68bf-4873-bb4a-de99b8d45ca8","block_type":"box","text":"Code. Under such section if, at the close of each quar ter of a Fund’s taxable year, at least 50% of the value of the","page_number":179,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"861dfb0a-6931-430f-b505-7000737c2867","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":179,"box":{"x":70,"y":823,"width":803,"height":12}},{"id":"ab177eb4-6d96-4606-8bf0-0680fedef2d2","block_type":"box","text":"Section 103(a) of the Code (relating generally to obligations of a state or local governmental unit), the Fund shall be","page_number":179,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"d23cdb17-b06b-4304-a304-e489237b818d","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":179,"box":{"x":69,"y":853,"width":752,"height":12}},{"id":"7626d892-a8a3-4c98-beca-74575b882cd7","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any par t thereof paid by a Fund that are attributable to","page_number":179,"box":{"x":70,"y":869,"width":817,"height":11}},{"id":"04ce759e-2ded-4c68-889d-596373e7496e","block_type":"box","text":"interest on tax-exempt obligations and repor ted by the Fund as exempt-interest dividends. A Fund will allocate","page_number":179,"box":{"x":70,"y":884,"width":780,"height":11}},{"id":"a2544c54-b2bf-4ee8-90c8-ec3c7be46ac3","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":179,"box":{"x":70,"y":899,"width":815,"height":11}},{"id":"d37523f2-3666-4d97-addd-06f7cc85547c","block_type":"box","text":"II-135","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"61198941-299c-431d-8ee2-bca09143062f","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ae43e6e3-7bb4-46e0-ac44-17df3c76fd77","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":180,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"2aa516d9-6a40-4f37-9475-041ced71c30d","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":180,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"13fd8bd8-6422-4aad-858a-c7246ca4ec2f","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":180,"box":{"x":68,"y":75,"width":730,"height":11}},{"id":"6109b1a7-8ef7-4d08-b6ac-5a77e6d5597f","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":180,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"59df4189-448c-48e7-82ff-1f19e6e6ecaf","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":180,"box":{"x":70,"y":113,"width":809,"height":11}},{"id":"a52e0e03-434b-4c40-858b-26e1523268de","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":180,"box":{"x":69,"y":128,"width":821,"height":11}},{"id":"f6d4bbb2-6f4a-4601-ad2c-8a61d8462c3b","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":180,"box":{"x":69,"y":143,"width":831,"height":11}},{"id":"333b2a3b-4de2-486e-9e1a-3de434033d77","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":180,"box":{"x":68,"y":158,"width":800,"height":11}},{"id":"f0a7f1cb-fc6b-42c6-802a-62b4b6e3fed9","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":180,"box":{"x":69,"y":173,"width":810,"height":11}},{"id":"b32b7698-eadc-4c1b-a7cf-97eeb33397e9","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":180,"box":{"x":70,"y":188,"width":836,"height":11}},{"id":"455381aa-6299-436f-9d6e-bd878b64f341","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":180,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"3a7ef08d-f030-4d78-961d-e75d42fa8948","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":180,"box":{"x":69,"y":218,"width":217,"height":12}},{"id":"e917723d-2da3-456e-9777-3e0ebd5d12ed","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":180,"box":{"x":102,"y":241,"width":788,"height":11}},{"id":"f3c3890e-e667-4623-92f8-c9aca894c592","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":180,"box":{"x":70,"y":256,"width":790,"height":11}},{"id":"de160fd7-3000-4465-8d35-7449bf3b3deb","block_type":"box","text":"constitute exempt-interest dividends.","page_number":180,"box":{"x":69,"y":272,"width":261,"height":10}},{"id":"f680c225-078d-4406-95dc-7dbfc30400e0","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":180,"box":{"x":102,"y":294,"width":765,"height":11}},{"id":"bef8deb9-dfc8-4b18-adee-afb6abec20dc","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":180,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"2995ad07-d64a-43dd-9181-601b77406885","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":180,"box":{"x":68,"y":324,"width":813,"height":12}},{"id":"34f89393-b2b5-47c1-97b1-f9d83fb8236d","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":180,"box":{"x":70,"y":339,"width":809,"height":12}},{"id":"8d211550-9fe1-45bb-b9f2-5b6b07ec1caa","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":180,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"28d3022c-be91-4b53-a614-1109fa2ab926","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":180,"box":{"x":69,"y":370,"width":388,"height":11}},{"id":"28166a62-dbe7-42a8-8b4e-c691ee121eb9","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":180,"box":{"x":101,"y":392,"width":787,"height":12}},{"id":"bcb8fb6f-2582-43a2-bd2b-a474927fa1b8","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":180,"box":{"x":69,"y":407,"width":817,"height":12}},{"id":"5caa8260-5819-4fb3-9cc9-3a336fff0a03","block_type":"box","text":"income dividends received by shareholders.","page_number":180,"box":{"x":70,"y":423,"width":309,"height":11}},{"id":"2da39fde-d312-4b81-b72b-4ec9ee61c752","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":180,"box":{"x":101,"y":446,"width":766,"height":11}},{"id":"0fa6f996-a873-4713-93a3-3902b6a22337","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":180,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"da5350fc-6b22-4842-967f-b76c742049d5","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":180,"box":{"x":70,"y":476,"width":815,"height":11}},{"id":"59852aa7-d8ac-4676-8030-948e5d6c572b","block_type":"box","text":"Fund’s disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of","page_number":180,"box":{"x":70,"y":491,"width":815,"height":11}},{"id":"96cefab1-6c65-403c-ab35-a542e29e4a92","block_type":"box","text":"the accrued market discount.","page_number":180,"box":{"x":68,"y":506,"width":208,"height":9}},{"id":"2562690d-ff0a-4e2b-a0dc-49dfb6691dc9","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":180,"box":{"x":101,"y":528,"width":801,"height":12}},{"id":"08f06ce4-ffef-4d45-99f6-d3b9b4d3e192","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on cer tain “PABs” issued after August 7, 1986. PABs","page_number":180,"box":{"x":68,"y":543,"width":818,"height":12}},{"id":"bb785072-a159-4deb-832b-d478619d18cc","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":180,"box":{"x":69,"y":559,"width":816,"height":11}},{"id":"5dfc1ba0-20e0-4b40-a9b4-3dfd225fd2aa","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":180,"box":{"x":69,"y":574,"width":351,"height":11}},{"id":"aaea08ae-dc73-4e5f-a8f7-7cc0502a4466","block_type":"box","text":"e.g.","page_number":180,"box":{"x":422,"y":575,"width":24,"height":10}},{"id":"d2b56b2b-e9f4-4d35-a90d-cee907c8f4cb","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":180,"box":{"x":449,"y":574,"width":441,"height":11}},{"id":"40e4da63-508a-41dc-af30-430383509d9e","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject cer tain investors in","page_number":180,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"b8ecfebc-4160-4d59-bac5-5c70ed91bbfa","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":180,"box":{"x":69,"y":604,"width":786,"height":11}},{"id":"9b5b33cf-8e54-4449-8015-aafeb382dccd","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":180,"box":{"x":70,"y":619,"width":782,"height":11}},{"id":"f210524e-1bab-450c-8b3b-71f617559e43","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":180,"box":{"x":69,"y":634,"width":740,"height":12}},{"id":"5d2ec002-11be-45c7-b908-a1068e834971","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":180,"box":{"x":102,"y":657,"width":802,"height":11}},{"id":"26375160-173d-4fc1-ad9f-883c63f9a554","block_type":"box","text":"the taxation of interest rate swaps are not entirely clear and may require a Fund to treat payments received under","page_number":180,"box":{"x":68,"y":672,"width":812,"height":11}},{"id":"fcb1b0d1-703b-4dd7-8f51-c74756d3ba9a","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":180,"box":{"x":69,"y":687,"width":794,"height":11}},{"id":"c662f352-7d3e-4613-837c-19acba78f17a","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":180,"box":{"x":70,"y":703,"width":776,"height":10}},{"id":"5dfa15bf-19d8-4b22-bedf-aed2983deaae","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax-exempt gross income propor tionately, they","page_number":180,"box":{"x":69,"y":717,"width":826,"height":12}},{"id":"0b14b8c8-432f-49fc-b2e5-700f904c851a","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":180,"box":{"x":69,"y":733,"width":436,"height":11}},{"id":"f0b94319-100d-45b3-ba2c-41882ffd18f6","block_type":"box","text":"Please see Par t I of your Fund’s SAI for cer tain state tax information relevant to an investment in BlackRock","page_number":180,"box":{"x":102,"y":755,"width":771,"height":11}},{"id":"138deb66-58ca-4708-a492-aa74f6ed281a","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":180,"box":{"x":69,"y":770,"width":828,"height":11}},{"id":"51251caf-9469-4222-81d3-4ccd92c8ab27","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":180,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"394df580-0391-40ed-8741-e1fa3d7f4f7c","block_type":"box","text":"within each applicable state.","page_number":180,"box":{"x":68,"y":801,"width":203,"height":11}},{"id":"645c934e-2e1c-428e-8ac0-58bb86eb7401","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master Por tfolio in","page_number":180,"box":{"x":102,"y":823,"width":774,"height":12}},{"id":"22ca27a4-bed3-4c58-a55f-56d3aa67a502","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":180,"box":{"x":68,"y":838,"width":837,"height":12}},{"id":"6af756ad-6dcf-4143-9d3b-31a0624f332b","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":180,"box":{"x":70,"y":853,"width":816,"height":12}},{"id":"b288e911-97c4-47c9-8a1d-466c6a72b342","block_type":"box","text":"(depending on the par ticular Master Por tfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":180,"box":{"x":69,"y":869,"width":830,"height":11}},{"id":"abe85b68-6ec6-4780-8f99-c5e84c2ca483","block_type":"box","text":"to change the classification of a Master Por tfolio, then the Board of Directors of a Feeder Fund would determine, in","page_number":180,"box":{"x":68,"y":884,"width":822,"height":11}},{"id":"6f6a1b3d-e5fe-4e5a-a82e-87a93275486b","block_type":"box","text":"its discretion, the appropriate course of action for the Feeder Fund. One possible course of action would be to","page_number":180,"box":{"x":70,"y":899,"width":783,"height":11}},{"id":"4c7480e4-a5fe-4047-9f86-4c8ece59b7b7","block_type":"box","text":"II-136","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e1178a12-2f0f-4d1d-97e5-c0041ea542d0","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fed61fb2-f294-4093-afcd-2c8f2a919b4d","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":181,"box":{"x":68,"y":45,"width":822,"height":11}},{"id":"112cfefb-6b32-47ad-9ce3-627f055bdbe7","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":181,"box":{"x":68,"y":60,"width":710,"height":11}},{"id":"792a4d2f-e1d3-4dc0-9dc4-3d17a2ab56e3","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":181,"box":{"x":102,"y":83,"width":796,"height":11}},{"id":"b8ef6ba6-d3e6-4de9-8aea-0f4b25851385","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":181,"box":{"x":68,"y":98,"width":828,"height":11}},{"id":"75b8ccf3-3c66-4ed8-84a0-e0fa16705eca","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":181,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"ff394551-e2f9-4d06-aa90-d1984525d85a","block_type":"box","text":"exempt from state income tax.","page_number":181,"box":{"x":69,"y":128,"width":216,"height":11}},{"id":"ce69b4e4-688c-487b-89dd-e36ae3250d26","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":181,"box":{"x":102,"y":150,"width":771,"height":12}},{"id":"26ec1e18-3dee-48a5-8828-c42a1f3c75ca","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":181,"box":{"x":68,"y":166,"width":823,"height":11}},{"id":"c9c83f42-f38f-4b20-b638-4d48ea38efa7","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":181,"box":{"x":68,"y":181,"width":309,"height":9}},{"id":"3d707d06-e07f-4f66-a15b-5a3476ab9f43","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":181,"box":{"x":101,"y":203,"width":749,"height":12}},{"id":"e3ad73d2-ca3e-47c1-a00c-31970fed5135","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":181,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"15481faf-bbff-4850-b4f2-f195f3c94115","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":181,"box":{"x":69,"y":234,"width":801,"height":11}},{"id":"e07abc17-d90c-484c-ad7d-5eac3b428aa3","block_type":"box","text":"decisions may have a retroactive effect.","page_number":181,"box":{"x":69,"y":249,"width":283,"height":11}},{"id":"c5e52364-ae79-48ae-85c0-09b18e1f6067","block_type":"box","text":"PERFORMANCE DATA","page_number":181,"box":{"x":403,"y":278,"width":173,"height":10}},{"id":"c1baf73d-deaa-4f7f-91d7-550ddeaf51f5","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":181,"box":{"x":102,"y":301,"width":738,"height":11}},{"id":"502ff5a7-d825-4568-ae6e-d57612ac97cc","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":181,"box":{"x":69,"y":316,"width":779,"height":11}},{"id":"4318df3e-c56e-43a2-b236-432f1c45522b","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":181,"box":{"x":69,"y":331,"width":833,"height":11}},{"id":"328ef4ba-3ec3-497b-96c8-bd7b03d80b75","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":181,"box":{"x":70,"y":346,"width":792,"height":12}},{"id":"5119ef75-3230-4129-818a-d328e949fece","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":181,"box":{"x":69,"y":361,"width":473,"height":12}},{"id":"8091b3b7-6277-4294-9025-9841836d3fca","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":181,"box":{"x":102,"y":384,"width":761,"height":11}},{"id":"5380886a-28f2-4f9d-84c4-c304dfadec99","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":181,"box":{"x":69,"y":399,"width":836,"height":12}},{"id":"41867199-6541-4389-ab30-63c93bf596c7","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":181,"box":{"x":68,"y":414,"width":798,"height":12}},{"id":"efff4324-3094-47d4-a70a-3ec7636bbb21","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":181,"box":{"x":69,"y":429,"width":765,"height":12}},{"id":"0d7e5ede-98e0-441e-8e92-5e3f0ba81c0b","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":181,"box":{"x":69,"y":445,"width":808,"height":11}},{"id":"0645c288-b87a-421d-9655-5c62e41a79a4","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":181,"box":{"x":69,"y":460,"width":813,"height":11}},{"id":"bcec890c-e838-4904-93ce-91d034b159f0","block_type":"box","text":"applicable to a complete redemption of the investment at the end of the specified period in the case of CDSC shares,","page_number":181,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"f209f170-34f5-41d3-a772-d12d468c2a9d","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":181,"box":{"x":69,"y":490,"width":546,"height":11}},{"id":"d8d67f19-fb1c-490b-acc2-22af11802268","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":181,"box":{"x":102,"y":513,"width":781,"height":11}},{"id":"ec6ae551-bf86-4472-96d5-c568cbbb7d70","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":181,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"9feddfd8-86c7-4cf8-9967-a94337c27918","block_type":"box","text":"value of such investment at the end of each period assuming payment of taxes on dividends received during such","page_number":181,"box":{"x":68,"y":543,"width":810,"height":11}},{"id":"4de7bae6-3c35-48a3-af7c-4f4de833aff3","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":181,"box":{"x":70,"y":558,"width":823,"height":11}},{"id":"835eae76-8b10-48e3-a164-18aaa62550fb","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":181,"box":{"x":69,"y":573,"width":780,"height":11}},{"id":"d261bc25-44cc-4b8a-817b-22c3aaa75b8d","block_type":"box","text":"including the maximum sales charge, in the case of front-end load shares and the CDSC that would be applicable to","page_number":181,"box":{"x":70,"y":588,"width":825,"height":12}},{"id":"1587370b-a65c-41c1-8ac4-723d6f1326a0","block_type":"box","text":"a complete redemption of the investment at the end of the specified period in the case of CDSC shares. The taxes","page_number":181,"box":{"x":69,"y":603,"width":817,"height":11}},{"id":"6b42fa81-e9e7-49a1-8b4e-9161156ef6af","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":181,"box":{"x":69,"y":618,"width":820,"height":12}},{"id":"e45761b8-e46c-4332-b2fe-aff705e8a044","block_type":"box","text":"income tax rates in effect on the reinvestment date for that dividend. The rates used correspond to the tax character","page_number":181,"box":{"x":70,"y":634,"width":833,"height":11}},{"id":"840ea8ff-14a3-406e-a3ef-f76efeaa4ed6","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":181,"box":{"x":69,"y":649,"width":797,"height":11}},{"id":"a6a1bbe3-5283-4d64-9eee-9ffa4c6469e7","block_type":"box","text":"taxable amount and tax character of each dividend are specified by each Fund on the dividend declaration date, but","page_number":181,"box":{"x":68,"y":664,"width":824,"height":11}},{"id":"11b56982-b09e-4170-afba-6125215e40b5","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":181,"box":{"x":69,"y":679,"width":837,"height":11}},{"id":"06a63bfb-27ee-4a08-80bb-4686d2f96f7f","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":694,"width":814,"height":11}},{"id":"60c6f406-d265-4087-8ed3-b553af129167","block_type":"box","text":"credits, are taken into account according to U.S. federal tax law. The ending value is determined assuming complete","page_number":181,"box":{"x":69,"y":709,"width":830,"height":11}},{"id":"4ecbcbb0-37f3-4370-8199-06af031f8c08","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":181,"box":{"x":69,"y":724,"width":774,"height":11}},{"id":"df932a65-6032-4b31-9c75-f2c14e794143","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":181,"box":{"x":102,"y":747,"width":752,"height":11}},{"id":"c1ed52fd-200c-48d9-ad52-58a15966c83d","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":181,"box":{"x":70,"y":762,"width":835,"height":11}},{"id":"0f50ce4a-6fac-4eb1-898b-a49d5b3acbb7","block_type":"box","text":"invested to the ending value of such investment at the end of each period assuming payment of taxes on dividends","page_number":181,"box":{"x":70,"y":777,"width":820,"height":12}},{"id":"3a4ca799-4739-4bec-b73b-362f5ba77d12","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":181,"box":{"x":69,"y":792,"width":756,"height":12}},{"id":"178d9fe2-8dab-42f7-a539-9c8b7718dd74","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":181,"box":{"x":69,"y":808,"width":772,"height":11}},{"id":"7bec6ede-ffa5-41aa-9cf8-83ca1b50cca5","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":181,"box":{"x":69,"y":823,"width":827,"height":11}},{"id":"93dafc76-19eb-458c-b29b-5e9410ecd569","block_type":"box","text":"charge in the case of front-end load shares and the CDSC that would be applicable to a complete redemption of the","page_number":181,"box":{"x":69,"y":838,"width":825,"height":11}},{"id":"496c0aa7-4ac4-45c8-8bc7-86fca96d88b7","block_type":"box","text":"investment at the end of the specified period in the case of CDSC shares and assuming, for all classes of shares,","page_number":181,"box":{"x":70,"y":853,"width":812,"height":11}},{"id":"fe01b4e6-952f-40b8-ab60-b615aa4332df","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":181,"box":{"x":69,"y":868,"width":795,"height":11}},{"id":"6b754034-770b-4da4-bb20-3671093fcc55","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":181,"box":{"x":69,"y":883,"width":768,"height":11}},{"id":"6bf7f7be-9052-4ef9-8492-d5631a5439b4","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":181,"box":{"x":69,"y":898,"width":810,"height":11}},{"id":"1dd62db0-a15b-4953-b4c5-f512de69f915","block_type":"box","text":"II-137","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"009b024a-8e85-4349-9af4-e0a9df503a07","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3102ff13-00e3-42f2-b426-6fbb70c9058f","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":182,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"7b4a8de2-5cc1-471a-88f1-c7bcacd19a15","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":182,"box":{"x":70,"y":60,"width":825,"height":11}},{"id":"aa094297-6342-46bc-ac32-30ebb93c9017","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":182,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"c63123cf-d3d0-4f75-a0f0-cac8ce80fed7","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":182,"box":{"x":69,"y":90,"width":743,"height":11}},{"id":"a6a042c2-6034-4b7f-97a4-3b18391c37f1","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":182,"box":{"x":69,"y":105,"width":814,"height":11}},{"id":"9af8d806-45a6-4bab-9330-d1fc379f04e7","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":182,"box":{"x":68,"y":120,"width":422,"height":12}},{"id":"419c4da5-db80-4ec2-ac86-b0d1bf35a468","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":182,"box":{"x":101,"y":143,"width":720,"height":11}},{"id":"72b2a598-c920-49c3-a483-a9067c8ea862","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":182,"box":{"x":70,"y":157,"width":813,"height":12}},{"id":"f2936736-58ac-496e-9268-8c8702c5f50a","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":182,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"2c508646-058c-4955-bfac-199c9de7fbd3","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":182,"box":{"x":69,"y":188,"width":837,"height":11}},{"id":"67de5921-7142-4377-87b3-fc35b54249c6","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":182,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"27c8a658-bf11-4612-8028-c0fb2bef7fdb","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":182,"box":{"x":68,"y":218,"width":815,"height":11}},{"id":"79376f8d-713e-45f6-96a3-14b2da97252d","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":182,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"b701f068-a3c0-4978-b67d-66d0235b57c2","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":182,"box":{"x":69,"y":249,"width":819,"height":11}},{"id":"468799e8-e794-4755-ae55-abf57ccce2f9","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":182,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"a8b15605-543d-4a39-993b-225cd0d68811","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":182,"box":{"x":69,"y":279,"width":686,"height":11}},{"id":"9bd76013-5093-44c2-81a0-0a05d2dbd009","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":182,"box":{"x":101,"y":302,"width":796,"height":11}},{"id":"83bead2e-8981-484a-8e00-380b5a6076d4","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":182,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"bba15170-44fc-4635-b189-74ad4069450c","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":182,"box":{"x":68,"y":332,"width":817,"height":11}},{"id":"93f5d140-9570-424a-9256-f867e7d8f098","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":182,"box":{"x":68,"y":347,"width":837,"height":11}},{"id":"7b7aa381-faf0-47d5-ae19-da9e34d763f3","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":182,"box":{"x":69,"y":362,"width":759,"height":11}},{"id":"17b5ef6b-395f-4c3f-ae54-a101ccd8a9ed","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":182,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"aebe9cf7-2759-4694-8087-8919041687cc","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":182,"box":{"x":70,"y":400,"width":819,"height":11}},{"id":"0b23b4f9-0496-4945-b9a0-bd06f857fdbb","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":182,"box":{"x":68,"y":415,"width":830,"height":11}},{"id":"c7f5fa00-4d90-4c9e-b822-d16adcab661d","block_type":"box","text":"less than their original cost.","page_number":182,"box":{"x":70,"y":430,"width":196,"height":11}},{"id":"86dadda6-774f-4ef9-800b-9c1042be4374","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":182,"box":{"x":102,"y":453,"width":782,"height":11}},{"id":"720ba70b-e576-4cf2-821c-4c82f49f7daf","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":182,"box":{"x":68,"y":468,"width":836,"height":11}},{"id":"a52260df-71f4-4607-a55f-f037636d2212","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in adver tisements directed to such investors may","page_number":182,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"e76a626e-cdfc-4ff1-aeb1-e2b7a0c2ee52","block_type":"box","text":"take into account the reduced, and not the maximum, sales charge or may take into account the CDSC waiver and,","page_number":182,"box":{"x":68,"y":498,"width":820,"height":11}},{"id":"5bcc6f46-fb16-4bef-9d33-d069414fc542","block_type":"box","text":"therefore, may reflect greater total return since, due to the reduced sales charges or the waiver of sales charges, a","page_number":182,"box":{"x":68,"y":513,"width":824,"height":12}},{"id":"3b8e5268-7de7-4deb-9daa-9096e05081f4","block_type":"box","text":"lower amount of expenses is deducted.","page_number":182,"box":{"x":70,"y":528,"width":278,"height":11}},{"id":"151de599-90bc-488c-a149-0acfcc044717","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":182,"box":{"x":102,"y":551,"width":741,"height":11}},{"id":"005c7871-6bb8-4aff-9f04-e82df0202a89","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":182,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"dddbc2f4-2377-4090-8543-dde4f44d5abe","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":182,"box":{"x":70,"y":581,"width":646,"height":12}},{"id":"5ec12516-c37d-4d09-8bbb-f57dfa69450a","block_type":"box","text":"Money Magazine, U.S.","page_number":182,"box":{"x":724,"y":581,"width":156,"height":12}},{"id":"19be5e58-7fbf-420c-9b6a-ddf1a2762c98","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":182,"box":{"x":70,"y":597,"width":533,"height":11}},{"id":"1c6c3ed1-275e-44b8-aca2-6b0cc2f4f99a","block_type":"box","text":"or other industry publications. When","page_number":182,"box":{"x":608,"y":597,"width":257,"height":11}},{"id":"c8e737df-5ed3-4c9d-8985-f70fdcddcbd6","block_type":"box","text":"comparing its per formance to a market index, a Fund may refer to various statistical measures derived from the","page_number":182,"box":{"x":69,"y":612,"width":797,"height":11}},{"id":"12bd0827-01a9-4ed6-b601-4115a6083aea","block_type":"box","text":"historical per formance of a Fund and the index, such as standard deviation and beta. As with other per formance","page_number":182,"box":{"x":69,"y":627,"width":803,"height":11}},{"id":"657652b3-d424-483e-a48e-4504651dcd90","block_type":"box","text":"data, per formance comparisons should not be considered indicative of a Fund’s relative per formance for any future","page_number":182,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"89a4efb1-25cb-4507-b50d-2383604dda9c","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted per formance ratings","page_number":182,"box":{"x":70,"y":657,"width":818,"height":11}},{"id":"d4301058-9d06-42ad-b3fb-45e6d4e98c4d","block_type":"box","text":"assigned by Morningstar in adver tising or supplemental sales literature. From time to time a Fund may quote in","page_number":182,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"07004150-e7ba-465d-8660-62df7428cd90","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":182,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"0f1e768d-be99-4eb7-97fa-bb4fdc41abd9","block_type":"box","text":"awards that may be given to the Manager. Cer tain Funds may also compare their per formance to composite indices","page_number":182,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"6783c0b7-e4fb-4fc7-84f3-eb14957fff2c","block_type":"box","text":"developed by Fund management.","page_number":182,"box":{"x":69,"y":718,"width":233,"height":11}},{"id":"4a259070-cb88-4c64-a8f3-bd1f6e52688f","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":182,"box":{"x":101,"y":740,"width":780,"height":11}},{"id":"8733d34e-9f2d-4c32-9110-433047e72544","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":182,"box":{"x":70,"y":755,"width":810,"height":11}},{"id":"f247b950-30ec-4660-b843-6aceeba5e5e4","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":182,"box":{"x":69,"y":770,"width":810,"height":12}},{"id":"ccf2d085-aae9-4d90-acd1-478175d5fbfa","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":182,"box":{"x":69,"y":785,"width":792,"height":12}},{"id":"599366da-0f0c-4141-8add-2015b8cc10a3","block_type":"box","text":"techniques, comparisons of the Fund’s per formance or por tfolio composition to that of other funds or types of","page_number":182,"box":{"x":68,"y":801,"width":788,"height":11}},{"id":"de31c41f-39e8-4127-991c-815e590f2d96","block_type":"box","text":"investments, indices relevant to the comparison being made, or to a hypothetical or model por tfolio. A Fund may also","page_number":182,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"f1711d4b-9e1d-4b28-8a0f-f57e4eaf0fa3","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":182,"box":{"x":69,"y":831,"width":830,"height":11}},{"id":"eddd8e32-4ae1-4628-80f5-9ff8875b75d4","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":182,"box":{"x":68,"y":846,"width":461,"height":11}},{"id":"ab873e87-3dd2-4d35-b716-597a03dc224a","block_type":"box","text":"II-138","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"35604bbe-7194-4451-86ab-26805a4da389","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9663c944-8f38-49f1-b7ac-f4be0ba50fbc","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":183,"box":{"x":308,"y":45,"width":362,"height":10}},{"id":"4475a3e1-0ffb-4a1c-9e72-07ec00251d16","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":183,"box":{"x":101,"y":68,"width":802,"height":11}},{"id":"07025d42-7fde-4cb6-a397-7d3ee99e122b","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":183,"box":{"x":70,"y":83,"width":809,"height":11}},{"id":"8832f854-9c42-402d-970d-b4b6a0e1a553","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":183,"box":{"x":69,"y":98,"width":833,"height":11}},{"id":"d9437a4e-a703-44fd-b875-9ecf9965d19d","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":183,"box":{"x":70,"y":113,"width":755,"height":11}},{"id":"738ed989-f71d-4b2e-b542-8e0528fb7ed0","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":183,"box":{"x":101,"y":136,"width":785,"height":11}},{"id":"82a2f772-6e57-4a96-b6f7-399ac9203740","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":183,"box":{"x":68,"y":151,"width":822,"height":11}},{"id":"7b1c9aec-bc3a-452a-ae0f-04f8a34e7917","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":183,"box":{"x":70,"y":166,"width":824,"height":11}},{"id":"393aa847-e88d-4cfc-8072-5938d889e8d4","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":183,"box":{"x":68,"y":181,"width":812,"height":12}},{"id":"4e0e753c-fdaa-45cd-9fc7-f9295f05720d","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":183,"box":{"x":69,"y":197,"width":392,"height":10}},{"id":"29dfccdd-f130-426e-992a-b8f2f2f2a69a","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":183,"box":{"x":101,"y":219,"width":749,"height":11}},{"id":"0f22ce5b-1a1b-4ad1-bee4-d38590b6c979","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":183,"box":{"x":70,"y":234,"width":759,"height":11}},{"id":"beca4fae-5957-417b-b973-18ebc27a47d0","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":183,"box":{"x":70,"y":250,"width":830,"height":11}},{"id":"3d524723-6135-4a3c-a06b-59103fc4eb5a","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":183,"box":{"x":69,"y":264,"width":838,"height":12}},{"id":"e7dfe2a1-d3e0-4900-adc9-5fc36aed2c19","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":183,"box":{"x":68,"y":280,"width":822,"height":11}},{"id":"9bae294d-2476-4375-bf1b-2a9d9f3a962e","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":183,"box":{"x":69,"y":295,"width":392,"height":11}},{"id":"a3bbf64a-0050-414c-b2f6-c4416b0672e3","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":183,"box":{"x":102,"y":317,"width":767,"height":12}},{"id":"f857dcff-5f4e-469a-96b8-d7f4479230dd","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":183,"box":{"x":68,"y":332,"width":827,"height":12}},{"id":"faf99d8b-4e62-40c0-bb27-76f4630dc577","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":183,"box":{"x":69,"y":348,"width":819,"height":11}},{"id":"f230f5f5-2eed-4102-8ba3-91311f58a86a","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":183,"box":{"x":69,"y":363,"width":684,"height":11}},{"id":"64524e8b-cb84-4bca-a855-18d4eb17177c","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":183,"box":{"x":102,"y":385,"width":766,"height":12}},{"id":"e1578c1b-cc73-436e-87c2-f138ce198d9b","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":183,"box":{"x":69,"y":401,"width":784,"height":11}},{"id":"e343df1c-56fa-420f-9796-eb89719e90ef","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":183,"box":{"x":69,"y":416,"width":805,"height":11}},{"id":"766d753b-c6be-42e9-9205-6faf5eab4677","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":183,"box":{"x":68,"y":431,"width":790,"height":11}},{"id":"1c88e9b2-39ed-458d-b70f-8acdb363c71e","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":183,"box":{"x":70,"y":446,"width":810,"height":11}},{"id":"fb9638a8-c134-4db3-8394-5ebfa46e0ba6","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":183,"box":{"x":69,"y":461,"width":788,"height":11}},{"id":"0a118262-3989-4f01-ae06-f4d459616ef0","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":183,"box":{"x":69,"y":476,"width":327,"height":11}},{"id":"d2e6b65d-5669-47b0-b531-d5b857677c68","block_type":"box","text":"GENERAL INFORMATION","page_number":183,"box":{"x":391,"y":506,"width":195,"height":9}},{"id":"c8311be1-52e9-499c-813e-f331dd9ece7e","block_type":"box","text":"Description of Shares","page_number":183,"box":{"x":69,"y":536,"width":156,"height":11}},{"id":"5b4a2182-4273-47b3-b33c-5210880c39bf","block_type":"box","text":"Shareholders of a Fund are entitled to one vote for each full share held and fractional votes for fractional shares","page_number":183,"box":{"x":102,"y":559,"width":800,"height":9}},{"id":"0d499ed5-7327-4ffe-8fea-19b892018fcf","block_type":"box","text":"held in the election of Directors and generally on other matters submitted to the vote of shareholders of the Fund.","page_number":183,"box":{"x":69,"y":574,"width":811,"height":11}},{"id":"56ae865e-6893-4a16-9453-466929798e00","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":183,"box":{"x":69,"y":589,"width":825,"height":11}},{"id":"15c64319-e6d6-4c30-a1c6-8340c1938cd8","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":183,"box":{"x":69,"y":604,"width":838,"height":11}},{"id":"dcbef5f6-5f79-4764-8f37-eeae573ae452","block_type":"box","text":"more than 50% of the shares voting in the election of Directors can, if they choose to do so, elect all the Directors of","page_number":183,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"e8d843d1-3cc4-4087-9323-103b77c39778","block_type":"box","text":"a Fund, in which event the holders of the remaining shares would be unable to elect any person as a Director.","page_number":183,"box":{"x":69,"y":634,"width":781,"height":12}},{"id":"ec8a208d-d4d2-4bfb-9991-23dc5f520017","block_type":"box","text":"No Fund intends to hold annual meetings of shareholders in any year in which the Investment Company Act does","page_number":183,"box":{"x":102,"y":657,"width":801,"height":11}},{"id":"5c2ee53b-5016-431d-b8e2-02d2cee23ac9","block_type":"box","text":"not require shareholders to act upon any of the following matters: (i) election of Directors; (ii) approval of a","page_number":183,"box":{"x":69,"y":672,"width":760,"height":11}},{"id":"d74c937e-8a65-40e3-b9e2-529fb91314c3","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":183,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"99fb22ca-4b87-471b-9cc6-8c033855667b","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":183,"box":{"x":69,"y":702,"width":790,"height":12}},{"id":"7cc1c979-ce65-4d1c-8dd7-ab4bdec86662","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":183,"box":{"x":69,"y":717,"width":787,"height":12}},{"id":"a715454b-c7cd-4206-94c3-db939aa961d7","block_type":"box","text":"Common Stock is entitled to par ticipate equally in dividends and distributions declared by a Fund and in the net","page_number":183,"box":{"x":69,"y":733,"width":797,"height":11}},{"id":"92868c75-5ad1-4ee3-9c95-b4143ecf8a0a","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":183,"box":{"x":69,"y":748,"width":658,"height":11}},{"id":"1eebf3cc-c7c7-4750-b3d2-644d29fa1999","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":183,"box":{"x":102,"y":770,"width":741,"height":12}},{"id":"9e29d044-20bf-4fcf-a4f4-767738ba2e7c","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":183,"box":{"x":69,"y":785,"width":790,"height":12}},{"id":"2f0732b5-9ed6-43f0-8750-48bca75926a6","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":183,"box":{"x":69,"y":801,"width":546,"height":11}},{"id":"50087a4c-2f9d-48b1-b1b1-fafda194db59","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":183,"box":{"x":102,"y":823,"width":712,"height":12}},{"id":"16e0c554-160a-4f0b-942e-e9e2de45b726","block_type":"box","text":"shareholders of such a trust may, under cer tain circumstances, be held personally liable as par tners for its","page_number":183,"box":{"x":69,"y":838,"width":765,"height":11}},{"id":"dcbf28e1-1122-4206-aae2-e4b7f97a9e61","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":183,"box":{"x":69,"y":853,"width":834,"height":12}},{"id":"0078e2d1-d78e-480f-a841-e26859f9cd50","block_type":"box","text":"with all amendments thereto (the “Declaration of Trust”), is on file in the office of the Secretary of the","page_number":183,"box":{"x":68,"y":869,"width":729,"height":11}},{"id":"70f881ea-b0d4-4501-be01-a04640eb2e55","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":183,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"fb3d5c71-31e9-4170-ac2b-4d618e90a88b","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":183,"box":{"x":68,"y":899,"width":761,"height":11}},{"id":"dbe6498c-c9cc-4245-8f01-61ed36d5e581","block_type":"box","text":"II-139","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c8342ae4-1bf3-4919-9d80-a3055fc951e4","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ff9a545-6f61-4ee8-a5fc-793f6d6323bb","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":184,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"07932b5f-bbb9-44e7-a694-b6b178baaa82","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":184,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"ccbd9887-bc95-47f6-8927-4cf3954adaba","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":184,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"ce9b7a4f-115c-4074-b869-fda80570255a","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":184,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"c0536a95-15a2-430e-a0ba-ab9c92a2c978","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":184,"box":{"x":70,"y":105,"width":699,"height":11}},{"id":"bbd1b469-f153-46f8-a12f-d6da7b860456","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":184,"box":{"x":102,"y":128,"width":413,"height":11}},{"id":"442cd568-1a90-4639-8d3c-9595e77eea51","block_type":"box","text":"Additional Information","page_number":184,"box":{"x":68,"y":158,"width":161,"height":9}},{"id":"e565b876-eb31-4a0d-8aa1-cc9de998d2ec","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":184,"box":{"x":102,"y":181,"width":789,"height":11}},{"id":"197ce5bf-5a62-45e0-8556-f0e6484bfcfd","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":184,"box":{"x":69,"y":196,"width":799,"height":11}},{"id":"6a2f5684-92b1-40d8-a6db-f6f91b14ea44","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":184,"box":{"x":70,"y":211,"width":837,"height":11}},{"id":"339d8136-6af7-469c-ae00-32fcb3624b7b","block_type":"box","text":"such name to any other company.","page_number":184,"box":{"x":69,"y":226,"width":238,"height":11}},{"id":"c72fa6e4-c28c-4e72-8675-bfbad4b1dfce","block_type":"box","text":"II-140","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"532598ce-0c07-443f-8729-a55c6ff60287","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b815a186-c577-4e07-975f-02a9db3f6e1b","block_type":"box","text":"APPENDIX A","page_number":185,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"56d83075-ea86-4965-83af-efc9eb234d74","block_type":"box","text":"Description of Bond Ratings","page_number":185,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"ad2f7c0e-4c8d-41d3-a5b6-5f77cdd9e5f8","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":185,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"bf8cd638-d05e-4f01-946d-1ba7321971d9","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the Securities and Exchange","page_number":185,"box":{"x":69,"y":106,"width":787,"height":12}},{"id":"b6958b70-a0fa-4efa-bf4d-4aeae22695d3","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":185,"box":{"x":69,"y":121,"width":817,"height":12}},{"id":"0a6e3f1f-30c8-458b-99b0-899cb06c21f4","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":185,"box":{"x":69,"y":137,"width":837,"height":11}},{"id":"c6c2570a-7f5f-4dd3-ad6e-cd9303bd17da","block_type":"box","text":"securities on a par ticular subsequent date.","page_number":185,"box":{"x":69,"y":152,"width":306,"height":11}},{"id":"a1fd6f84-0db1-457a-bd39-456cb816d0b2","block_type":"box","text":"NRSROs may rate specific investments (","page_number":185,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"9d4ad985-1cf6-407d-acb1-6ea78e4bb0c4","block_type":"box","text":"e.g.","page_number":185,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"3ce93696-b42e-405d-bbfe-7c94c270b334","block_type":"box","text":", bonds), issuers (","page_number":185,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"217a8bd9-4e8a-4297-8ab8-16d682650813","block_type":"box","text":"e.g.","page_number":185,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"84784671-c2e9-4542-b9a9-aafc61153bb4","block_type":"box","text":", corporations, governments and financial","page_number":185,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"05583b63-4de6-472c-8391-22432a2a9402","block_type":"box","text":"institutions) and/or programs (","page_number":185,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"8bb59c9c-8de3-4d61-bf88-572f6317762f","block_type":"box","text":"e.g.","page_number":185,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"600e7ba8-ea33-4849-8ec5-7a1e0033ad6c","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":185,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"5f1c65e1-225e-4fc8-a6fa-e0dec0dbd5c9","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":185,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"4a3e2837-7087-46fd-b2ed-048043f1bd99","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":185,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"a61cf971-c750-4aad-aa8a-00c391f9d856","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":185,"box":{"x":70,"y":235,"width":807,"height":11}},{"id":"82e2af99-0014-4d84-960d-946b8d43130d","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":185,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"77fcd379-12e6-49e8-8017-83162f2336d1","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":185,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"1b9ed2e8-5d47-4fe7-9b93-4bbc540f7c82","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":185,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"4602a943-3a04-4eac-8f0e-92c8aaab13dc","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":185,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"2e7f2d48-1f8a-4a31-aa50-5726905a6c6a","block_type":"box","text":"security (","page_number":185,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"76f7b4e2-903a-419b-96a5-b21a0fa465a7","block_type":"box","text":"e.g.","page_number":185,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"7917c4f6-1878-4ca5-a402-c15c116d2938","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":185,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"75de5212-4fec-4886-b86f-0cb890d284e4","block_type":"box","text":"highest of the multiple ratings.","page_number":185,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"bbfde390-dc24-4592-b0a7-a1b8f50f9b3a","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":185,"box":{"x":102,"y":348,"width":760,"height":12}},{"id":"83855607-759a-4610-af11-4554f364f6b1","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":185,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"5c705aca-c34a-48ee-b21a-b23b1707c708","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":185,"box":{"x":69,"y":378,"width":812,"height":12}},{"id":"da20cc25-f625-4de1-a5e7-9f804f448f92","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":185,"box":{"x":69,"y":394,"width":776,"height":11}},{"id":"b5b03f3a-1b87-44bb-b334-5c170f22a5d3","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":185,"box":{"x":69,"y":409,"width":756,"height":11}},{"id":"0080dae4-2043-4ab3-84bb-8352ba13c116","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":185,"box":{"x":70,"y":424,"width":835,"height":11}},{"id":"dbd75ec9-912e-40b0-b4f2-e970561e5de4","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":185,"box":{"x":68,"y":439,"width":836,"height":11}},{"id":"612fc559-b4da-4ed7-b003-6a5b5fdcb042","block_type":"box","text":"a prior issuance having a similar structure or the same sponsor.","page_number":185,"box":{"x":69,"y":454,"width":456,"height":11}},{"id":"4e80b903-c029-4064-aec7-476592d78df3","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":185,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"d725abb7-6a97-46b2-b688-e9fff896a2e6","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":185,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"53a0429b-3e3a-4bca-ae79-9ecbb928401c","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":185,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"46b006e4-2766-4674-99e6-d8a7d0c3034c","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":185,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"b8946140-8548-4202-915d-b86fcad90a0f","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":185,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"1dd1ef1d-0425-4d16-a269-656e27a37784","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":185,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"0e8d9f50-b753-47a9-ab8d-2a20365fd38b","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":185,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"4acb8a6d-64f1-46f5-90a7-98f4e05a4739","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":185,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"337b466c-30f1-442e-9937-455dfad5ac9a","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":185,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"735f8609-85ba-48e6-94d3-b3ad7e15a2da","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds (although BlackRock may","page_number":185,"box":{"x":70,"y":620,"width":811,"height":12}},{"id":"106217e6-9465-4fd9-a5db-83d279934882","block_type":"box","text":"deem such unrated securities to be of higher quality). Evaluation of these securities is dependent on BlackRock’s","page_number":185,"box":{"x":69,"y":635,"width":809,"height":12}},{"id":"20e25b5f-fbbc-498b-b465-b5ad35cbd2a1","block_type":"box","text":"judgment, analysis and experience in the evaluation of such securities.","page_number":185,"box":{"x":67,"y":651,"width":506,"height":11}},{"id":"300486d1-7e73-4c7f-a1d8-1dc481572003","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":185,"box":{"x":102,"y":673,"width":776,"height":12}},{"id":"59644712-7220-44b9-8ead-61b3a048bd2b","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":185,"box":{"x":69,"y":688,"width":818,"height":12}},{"id":"a4e4059f-ad1a-4def-a76c-55293fb875c5","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":185,"box":{"x":102,"y":711,"width":799,"height":11}},{"id":"587adf13-7796-40d2-9578-13821d99a18e","block_type":"box","text":"Fitch. Other terms used to describe such securities include “lower rated bonds,” “non-investment grade bonds,”","page_number":185,"box":{"x":70,"y":726,"width":798,"height":11}},{"id":"751309f2-f9e4-40b3-a2ce-b29fd78e1039","block_type":"box","text":"“below investment grade bonds,” and “junk bonds.”","page_number":185,"box":{"x":70,"y":742,"width":368,"height":11}},{"id":"a4fbaa50-f84b-4968-b88f-6cdc815d8822","block_type":"box","text":"The descriptions below relate to general long-term and shor t-term obligations of an issuer.","page_number":185,"box":{"x":101,"y":764,"width":643,"height":11}},{"id":"22295fb1-fa72-4ca2-92e9-0559e6350932","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":185,"box":{"x":68,"y":794,"width":616,"height":11}},{"id":"17e6aa3d-aa90-4dea-9ad4-a4181ee9c822","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":185,"box":{"x":102,"y":817,"width":777,"height":11}},{"id":"0daf924a-95fd-433c-9a11-a590dc4fc7a6","block_type":"box","text":"opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions,","page_number":185,"box":{"x":69,"y":832,"width":818,"height":11}},{"id":"59351ef6-5f87-4906-ae94-d7014b69e8eb","block_type":"box","text":"structured finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the","page_number":185,"box":{"x":69,"y":847,"width":812,"height":11}},{"id":"50c297a3-7c08-427c-95f4-7f80bf4d5c92","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":185,"box":{"x":69,"y":862,"width":812,"height":12}},{"id":"8a193d03-2450-47f2-a2bf-6306a3b677cc","block_type":"box","text":"loss in the event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are","page_number":185,"box":{"x":70,"y":877,"width":807,"height":12}},{"id":"631983f5-08fb-4fc3-b1d1-5726e0311e7f","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":185,"box":{"x":68,"y":892,"width":821,"height":12}},{"id":"ed97ff61-263e-415d-ae7a-849de4af262c","block_type":"box","text":"upon standard sources of variation (","page_number":185,"box":{"x":69,"y":908,"width":257,"height":11}},{"id":"0f7afc1b-736f-4096-a33c-86b1347dba3a","block_type":"box","text":"e.g.","page_number":185,"box":{"x":328,"y":909,"width":25,"height":10}},{"id":"eafcf310-f330-4859-831b-89335b9fd20b","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses","page_number":185,"box":{"x":355,"y":908,"width":548,"height":11}},{"id":"9dec199b-4726-49cc-bb6c-3fd3ee39ba95","block_type":"box","text":"A-1","page_number":185,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"d67eb143-0e97-4bce-8905-037484d2f06c","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3b09a118-330c-486c-9540-106136097794","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":186,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"99c609ef-454f-4dff-84fb-018993e60992","block_type":"box","text":"not address non-standard sources of variation in the amount of the principal obligation (","page_number":186,"box":{"x":69,"y":60,"width":627,"height":11}},{"id":"7c83bf7d-9a9e-4f1e-af6a-85478c154791","block_type":"box","text":"e.g.","page_number":186,"box":{"x":697,"y":61,"width":25,"height":10}},{"id":"0e29b9de-1231-4dca-80d2-e28bd38c976b","block_type":"box","text":", equity indexed), absent","page_number":186,"box":{"x":725,"y":60,"width":174,"height":11}},{"id":"ce1d5274-8df3-49a0-8eb2-27f7019e503f","block_type":"box","text":"an express statement to the contrary in a press release accompanying an initial rating. Long-term ratings are","page_number":186,"box":{"x":69,"y":75,"width":777,"height":11}},{"id":"0f26537c-b35e-467a-8210-41cfff0e1e31","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":186,"box":{"x":69,"y":90,"width":771,"height":11}},{"id":"b3151f65-f6a7-4a60-9817-d41119006c7e","block_type":"box","text":"likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in","page_number":186,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"c472b1c4-cadd-4997-92a4-04f3a4fc32f9","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":186,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"3c9b14ed-f9d1-4ea3-94e9-b8b1855393c7","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":186,"box":{"x":69,"y":135,"width":822,"height":12}},{"id":"77e6e0d5-51ff-4f6a-874e-184849d3a08d","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":186,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"8c4ae1d3-8746-4c52-9112-ce89b31104db","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":186,"box":{"x":69,"y":166,"width":784,"height":11}},{"id":"1b5b6ecc-55be-4a21-8522-781da1be19af","block_type":"box","text":"available although private and unpublished ratings may also be assigned.","page_number":186,"box":{"x":69,"y":181,"width":521,"height":11}},{"id":"3495938b-b5cf-4c33-b467-afbd5ff46896","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":186,"box":{"x":102,"y":203,"width":542,"height":12}},{"id":"0ace1178-70f7-43fc-bc52-e3085835d0b8","block_type":"box","text":"i.e.","page_number":186,"box":{"x":646,"y":204,"width":20,"height":8}},{"id":"9fe68744-6ef4-47f7-9bec-6ea53ebbc846","block_type":"box","text":", ratings on nonfinancial","page_number":186,"box":{"x":669,"y":203,"width":169,"height":12}},{"id":"5546ca0d-392d-43da-b5e4-bfea964b4c3d","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":186,"box":{"x":69,"y":218,"width":837,"height":12}},{"id":"e21cdb27-d26d-4509-98b5-b430b0d4ccf5","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":186,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"26f3b0ea-8925-4a1b-949a-613d09970a68","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":186,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"fdd50815-440d-498d-9102-75f654002f2d","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":186,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"b03e150c-563b-4a81-98fd-3965bc9b2a6a","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":186,"box":{"x":69,"y":279,"width":771,"height":11}},{"id":"c67f4d98-3ac0-4b4d-a9de-4346a46bb224","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":186,"box":{"x":69,"y":294,"width":821,"height":11}},{"id":"9d3b98cc-a25c-4e46-8b72-4fdd9a62b2be","block_type":"box","text":"of time.","page_number":186,"box":{"x":69,"y":309,"width":53,"height":9}},{"id":"743f8979-18df-453e-83ea-b92849f75fb9","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":186,"box":{"x":69,"y":339,"width":395,"height":12}},{"id":"d10407a4-cc88-4108-bea6-aaaa21680fab","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":186,"box":{"x":68,"y":367,"width":815,"height":11}},{"id":"56b5d6ec-748a-41b1-91ec-fcb54c22985d","block_type":"box","text":"risk.","page_number":186,"box":{"x":197,"y":383,"width":28,"height":8}},{"id":"829bda1f-0020-4d22-82dd-aa669da50340","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":186,"box":{"x":68,"y":402,"width":773,"height":12}},{"id":"34dcf8aa-684b-4057-86d4-454f0df7f16b","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":186,"box":{"x":68,"y":423,"width":776,"height":11}},{"id":"2eb2deaa-94be-4891-a7d7-3866d649fe3b","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":186,"box":{"x":70,"y":443,"width":813,"height":11}},{"id":"3e16850c-e119-4641-92f9-ee7616d9794b","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":186,"box":{"x":196,"y":458,"width":385,"height":11}},{"id":"0e19f0fe-cfb5-419b-b59f-d63ae9c2d994","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":186,"box":{"x":70,"y":478,"width":775,"height":11}},{"id":"a056643c-956e-4e7e-bff3-466a020a4548","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":186,"box":{"x":70,"y":498,"width":707,"height":11}},{"id":"163f73ac-7b1a-4219-b764-3b0c387fa7b6","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":186,"box":{"x":69,"y":518,"width":810,"height":12}},{"id":"7f6016ef-4a14-4203-b519-fc81752bd83f","block_type":"box","text":"credit risk.","page_number":186,"box":{"x":196,"y":534,"width":74,"height":8}},{"id":"e3083bd6-dd5a-4fb6-bdad-4d79b30ec289","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":186,"box":{"x":69,"y":554,"width":783,"height":11}},{"id":"57049499-658f-437c-9eb2-36e5004880dc","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":186,"box":{"x":197,"y":569,"width":322,"height":11}},{"id":"284491bd-e066-4177-b222-717b08d64e27","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":186,"box":{"x":69,"y":589,"width":834,"height":11}},{"id":"64523906-6a25-4619-b512-00381d5cb213","block_type":"box","text":"of principal or interest.","page_number":186,"box":{"x":196,"y":604,"width":160,"height":11}},{"id":"9ae2b2ac-5656-4faa-8d1a-78002c077dfc","block_type":"box","text":"Note:","page_number":186,"box":{"x":102,"y":624,"width":37,"height":9}},{"id":"b7684055-7bbd-48b2-8add-d004cddce648","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":186,"box":{"x":146,"y":624,"width":731,"height":11}},{"id":"6a739cd0-369d-40a3-a5bc-c583affb8c15","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":186,"box":{"x":69,"y":639,"width":831,"height":12}},{"id":"704900eb-4bd4-4318-b063-1ed20f5590c9","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":186,"box":{"x":70,"y":654,"width":829,"height":12}},{"id":"6a32309a-7069-4e14-807c-463d66de25fe","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":186,"box":{"x":68,"y":669,"width":795,"height":12}},{"id":"f29c2212-2331-404d-a43f-bafb77895399","block_type":"box","text":"companies, and securities firms.","page_number":186,"box":{"x":69,"y":685,"width":232,"height":11}},{"id":"2a975107-ab0f-4d62-af57-bd8aa88d1301","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":186,"box":{"x":102,"y":707,"width":787,"height":11}},{"id":"d5bd1c6c-6fa6-44c5-88cd-7201c0718568","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":186,"box":{"x":68,"y":722,"width":788,"height":12}},{"id":"9174d69e-0aa0-440c-8d95-f9b5351cb80c","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":186,"box":{"x":69,"y":738,"width":833,"height":11}},{"id":"6f3e3773-0301-46e3-ba8a-01aa837b738c","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":186,"box":{"x":70,"y":753,"width":809,"height":11}},{"id":"9818d2ae-cd91-47f4-ad2c-8f661048b267","block_type":"box","text":"that security.","page_number":186,"box":{"x":68,"y":768,"width":91,"height":11}},{"id":"45f6414a-18db-4d41-b6d4-3fce7251315b","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":186,"box":{"x":69,"y":798,"width":400,"height":11}},{"id":"0d99d5b7-fea5-46ad-ae76-4b3f10e76311","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":186,"box":{"x":69,"y":826,"width":658,"height":11}},{"id":"c9aff17b-78b0-4b47-9eed-c192db1157ef","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":186,"box":{"x":69,"y":846,"width":645,"height":11}},{"id":"4229e9a5-82aa-4e66-83d1-a65de3ed8d2e","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":186,"box":{"x":69,"y":866,"width":686,"height":11}},{"id":"2ccc9444-8bf1-4b2f-88a1-c15bae690237","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":186,"box":{"x":70,"y":886,"width":778,"height":12}},{"id":"fb57501d-165b-452b-9912-5d99f6397296","block_type":"box","text":"categories.","page_number":186,"box":{"x":196,"y":902,"width":77,"height":11}},{"id":"f351fa42-565f-45d5-b85c-ba2883bf4335","block_type":"box","text":"A-2","page_number":186,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"d4e3eb87-46a1-47b4-935b-4ce551a3ad07","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d0858a8d-a171-481a-b2d1-0b60ca99a970","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":187,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"74fe63ea-e66b-4526-9240-e144c4c190cc","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":187,"box":{"x":102,"y":67,"width":784,"height":12}},{"id":"a6f2c603-1e6a-4bc4-9a15-f4fdff8210e7","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":187,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"de718f43-5929-42b3-8984-d79e8700ea09","block_type":"box","text":"an issuer’s self-liquidity.","page_number":187,"box":{"x":69,"y":98,"width":170,"height":11}},{"id":"7e3f083b-a16a-46e0-a64e-dc2b133392a3","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":187,"box":{"x":102,"y":120,"width":736,"height":12}},{"id":"b5cf4d21-acc2-44d3-86ce-9d95037ae166","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":187,"box":{"x":70,"y":135,"width":796,"height":11}},{"id":"f50a9186-8ad2-4441-a44c-30586ae60f87","block_type":"box","text":"MIG Ratings","page_number":187,"box":{"x":102,"y":158,"width":85,"height":11}},{"id":"e7c59d3e-389d-4577-98d9-0e6fc4192430","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":187,"box":{"x":102,"y":181,"width":803,"height":11}},{"id":"2e6cab5b-9e39-437a-bad8-725140ee1679","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":187,"box":{"x":68,"y":196,"width":823,"height":11}},{"id":"b19b770c-66d8-4897-b12a-44d2e9588f94","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":187,"box":{"x":69,"y":211,"width":480,"height":11}},{"id":"e04ccf83-ce2c-4d50-82be-5c96fae140a9","block_type":"box","text":"MIG Scale","page_number":187,"box":{"x":102,"y":234,"width":71,"height":9}},{"id":"f0dc7476-3fd9-4727-9883-17a653d01d4b","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":187,"box":{"x":70,"y":261,"width":802,"height":12}},{"id":"4ffafb02-97c7-4243-9b40-e29cba1ddc70","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":187,"box":{"x":196,"y":276,"width":703,"height":12}},{"id":"65144822-d521-412b-ad68-1c5ef7f6b7d3","block_type":"box","text":"refinancing.","page_number":187,"box":{"x":197,"y":292,"width":80,"height":11}},{"id":"7c6792da-087f-46a2-93fb-ed8051d57623","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":187,"box":{"x":70,"y":312,"width":809,"height":11}},{"id":"c9dda2a2-7864-439e-867a-7d885b4286cc","block_type":"box","text":"large as in the preceding group.","page_number":187,"box":{"x":197,"y":327,"width":224,"height":11}},{"id":"d4dc4af0-b046-469b-a655-7285960f0e49","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":187,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"2fc2dbe0-b808-45ac-a5d9-002f37f20904","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":187,"box":{"x":197,"y":362,"width":554,"height":11}},{"id":"e3319877-e1e2-4469-a760-53a9ba2469a4","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":187,"box":{"x":69,"y":382,"width":813,"height":12}},{"id":"cbd0711b-afa3-49f4-b543-5d520dda9cc7","block_type":"box","text":"lack sufficient margins of protection.","page_number":187,"box":{"x":197,"y":397,"width":259,"height":12}},{"id":"978b2859-ea55-414b-853d-1e09c3b6edc8","block_type":"box","text":"VMIG Ratings","page_number":187,"box":{"x":68,"y":425,"width":100,"height":11}},{"id":"e84e0d58-7ca1-4f6e-a75a-75f042a7d5fc","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":187,"box":{"x":102,"y":448,"width":804,"height":11}},{"id":"330323cf-022f-43d2-af23-7db2dadca71a","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":187,"box":{"x":69,"y":463,"width":829,"height":11}},{"id":"d6ef983b-895b-4d0d-97f5-e1cd44e86811","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term payment obligation rating addresses the ability of","page_number":187,"box":{"x":68,"y":478,"width":836,"height":11}},{"id":"4c8df2aa-ffc9-4f99-bcd1-1867e091992c","block_type":"box","text":"the issuer or the liquidity provider meet any purchase-price payment obligation resulting from optional tenders (“on","page_number":187,"box":{"x":68,"y":493,"width":817,"height":11}},{"id":"045683e5-6c77-4833-acd9-dd9e1db6d066","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":187,"box":{"x":69,"y":508,"width":807,"height":12}},{"id":"1a9bea0b-e441-4e68-9d22-652bfeab1b63","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":187,"box":{"x":68,"y":523,"width":800,"height":12}},{"id":"155127c4-0d4a-4f7f-aa12-1154dad3ee8d","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":187,"box":{"x":70,"y":538,"width":832,"height":12}},{"id":"6bfafdba-193b-4e80-b49b-d23b0c65734b","block_type":"box","text":"VMIG ratings of demand obligations with conditional liquidity suppor t differ from transitions on the Prime scale to","page_number":187,"box":{"x":68,"y":554,"width":807,"height":11}},{"id":"1203e0bc-52d5-4c83-b8ce-77d31b68c15c","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":187,"box":{"x":69,"y":569,"width":812,"height":11}},{"id":"44a2f544-9847-4ce2-bfaa-23bae1e8e9d7","block_type":"box","text":"grade.","page_number":187,"box":{"x":68,"y":584,"width":43,"height":11}},{"id":"49c8aea2-231c-4e80-a329-8eda3a64914d","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":187,"box":{"x":102,"y":606,"width":807,"height":12}},{"id":"79a65e2d-ebe8-4e0b-845c-a98b5b8fad14","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":187,"box":{"x":70,"y":622,"width":833,"height":11}},{"id":"9be8646f-e542-4af2-91f0-92e99ff5bd3b","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":187,"box":{"x":70,"y":637,"width":635,"height":11}},{"id":"a3c89000-5bb7-4932-89bc-9014a04f67cb","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":187,"box":{"x":102,"y":659,"width":778,"height":12}},{"id":"209e72c7-3f77-4ce2-8af9-57500c791842","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":187,"box":{"x":70,"y":675,"width":795,"height":11}},{"id":"f0f53448-e1de-4048-a9f8-823a75b69fc3","block_type":"box","text":"liquidity of the corporate obligor.","page_number":187,"box":{"x":70,"y":690,"width":226,"height":11}},{"id":"9eeed1fb-96ee-4a79-b769-07416507fe54","block_type":"box","text":"VMIG Scale","page_number":187,"box":{"x":101,"y":712,"width":81,"height":9}},{"id":"db52b519-3d0f-4e16-bdbe-5c3a5e5a063b","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":187,"box":{"x":68,"y":740,"width":808,"height":11}},{"id":"bcc739f6-df55-48f7-afc5-5cab77b53c50","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections.","page_number":187,"box":{"x":196,"y":755,"width":613,"height":11}},{"id":"c8e0e3df-d146-4c63-b65e-150ccf9dddb3","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":187,"box":{"x":68,"y":775,"width":834,"height":12}},{"id":"37587e07-6341-4cb8-baff-9783acb90ec6","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections.","page_number":187,"box":{"x":196,"y":790,"width":533,"height":12}},{"id":"d69d0574-da2c-474e-b640-9dfb7d009b13","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":187,"box":{"x":68,"y":811,"width":768,"height":11}},{"id":"fc019f6e-5e6e-40d5-855d-6d91c5042ee3","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections.","page_number":187,"box":{"x":196,"y":826,"width":701,"height":11}},{"id":"022c2199-f5be-4f4a-998d-265e16e2752c","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":187,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"fa9cf896-cc49-4e0f-9779-f1f385fe8004","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":187,"box":{"x":197,"y":861,"width":711,"height":11}},{"id":"7eaa100c-6e96-4a7e-ada1-d3b3feb51538","block_type":"box","text":"may lack the structural or legal protections.","page_number":187,"box":{"x":197,"y":876,"width":308,"height":11}},{"id":"c0a6f9eb-5682-4f84-bb00-ec594e665148","block_type":"box","text":"A-3","page_number":187,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"7b42974d-a825-4ee0-9075-78ab62af7e6f","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4526cfb7-e925-40b7-b9fc-da2b29f37873","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":188,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"51f15694-2426-4c1e-a55c-353f8f22eec1","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":188,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"d419295a-af03-4ad0-8a7e-52e4d8a17ca3","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":188,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"76bd619d-3149-44fc-ac6c-56199dd15244","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":188,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"b70030c3-fe69-4dbb-acd5-b7b768fa082b","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":188,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"304ea1d9-19dc-45a1-8e89-747eb6a36b01","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":188,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"f34c6e8a-f034-4d3e-8f5a-fcc135a468ea","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":188,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"7d19f049-a05c-4675-9206-f707c48ec067","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":188,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"b513adb8-d9ea-4363-8b92-28928da2a005","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":188,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"d82d7eaa-e47f-4175-87d0-638708e1eddc","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":188,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"85e45f05-9edd-42b3-9cab-5881f761c14e","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":188,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"fce024a3-635a-441f-a463-75bfae9a31e0","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":188,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"ee4d4753-d27f-4efe-a31f-4d93a239d88e","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":188,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"e4ffdaff-4d27-43a5-a436-aca6676833bf","block_type":"box","text":"from these guidelines based on market practices.","page_number":188,"box":{"x":68,"y":256,"width":354,"height":12}},{"id":"efcca083-6c00-498b-9862-6b164ff50ec4","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":188,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"6511067d-344d-4222-b2d7-6b9fd7d656cd","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"11911041-8de8-472c-9221-3a493383639d","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":188,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"2c5c899d-076c-49ad-b164-468527659762","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":188,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"1af1eee3-50a9-4080-abe1-9387ecf469ee","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"11556499-2557-4e96-8346-a858751b3fcd","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":188,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"b2c9d91d-f8b7-4648-89d1-464338923250","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"941f024e-451e-4482-ac9f-d2a25d110403","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":188,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"6bb40d27-a247-4ead-98b8-f2967190b436","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":188,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"efb7322f-35c2-4aaf-aa20-7691f3d596cd","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":188,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"f969630a-01db-48b3-bad6-cf5d5a6853be","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":188,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"723c4613-d083-4f89-a6f2-bd36051d8d04","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":188,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"212fe5c8-6ed4-4da4-b5cd-7e6f68378934","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":188,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"c220d9cd-fe3b-4fdc-810c-9c192e758e41","block_type":"box","text":"obligations.)","page_number":188,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"d1ef53c3-609c-4def-bf22-713647d21322","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":188,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"3112a2be-d564-43e6-b99d-343a1ae4bb00","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":188,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"10c75545-dd4f-422e-9a3b-10fcd92e1ecf","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":188,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"b45d7c9c-fca2-4b33-ae87-ed3dde09edc2","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":188,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"3e991fd5-9c0d-406f-ba03-58c68bb77cbc","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":188,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"5dbf90df-3491-48a3-b4ce-81621503b247","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":188,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"4219e789-ddd1-4b81-92e0-698b22fc641a","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":188,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"fb991057-fde5-49a4-b058-93ebcf723f49","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":188,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"188d8a1d-f276-4016-8660-d4899e16f004","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":188,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"7d69f03d-7ac2-4718-bbd5-fc597446a463","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":188,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"22a86638-608b-423b-a96d-707f329b2fda","block_type":"box","text":"financial commitments on the obligation.","page_number":188,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"bceba00c-e762-4eef-af5f-b45ed1c9a77b","block_type":"box","text":"BB,","page_number":188,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"a708b0d8-0fb6-4e28-be23-8b326f1cd940","block_type":"box","text":"B,","page_number":188,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"55c1aab6-f05c-4a12-9c05-2e0fbe39d91a","block_type":"box","text":"CCC,","page_number":188,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"fa9b246d-442f-4acf-bed4-0c080be0e567","block_type":"box","text":"CC,","page_number":188,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"e67b9678-8e6e-41fd-ac14-f659349e565b","block_type":"box","text":"and C","page_number":188,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"77ecab5e-109a-4e9a-9744-274e3b5d6fe8","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":188,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"c70d4d07-d7df-4324-bb79-340a3355ab34","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":188,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"bdc24639-84b7-4dea-aa5f-e9bbec13b30e","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":188,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"97c8f074-ff30-4016-96da-ed843169599e","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":188,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"a598891a-2e01-4924-802f-640ce68fdf5a","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":188,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"9b9687ce-70e9-4312-b745-ab45f5239fda","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":188,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"f4174371-b024-481a-9b70-82abfb177666","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":188,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"4417319b-4e38-4311-9b68-7e61ca5b4cf6","block_type":"box","text":"on the obligation.","page_number":188,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"595d06a3-b3b1-4272-8fff-5a6f46739c17","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":188,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"b899a7ad-a2a7-44e2-a8e1-fcca237bcf5b","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":188,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"033770ab-4b9f-4082-9cfa-caba8ed87833","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":188,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"dbf7fd2f-c95f-465b-8c69-a0bf52b19176","block_type":"box","text":"financial commitments on the obligation.","page_number":188,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"4709b9d5-138b-44f7-be70-d5033a3f3f2b","block_type":"box","text":"A-4","page_number":188,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"63357680-e1e3-4ea1-af21-2cc733de7b34","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"df868195-4c4d-40f2-8576-8c206943fce6","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":189,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"08a6495b-79cf-4279-8a52-82a301311a48","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":189,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"d36f32e6-7f3e-40d2-a3f8-6b89fe9ad261","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":189,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"4cde2f4d-d0d5-443c-9afc-2136b327d21d","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":189,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"5eac7328-60e1-4d8a-b2c9-5ebbd44cb7a6","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":189,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"b4bbc14f-6a13-41fc-9ee1-0d1eb5fe91d8","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":189,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"13b833c0-8906-474d-af56-a3512c3f5aac","block_type":"box","text":"anticipated time to default.","page_number":189,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"ca9e5d43-d8f6-496e-86cf-f0dd7dd5db8c","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":189,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"b7019ae2-acc4-4c47-9558-5bcac2df6114","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":189,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"be0df6bd-8db4-469c-a18a-0ee900c9d08d","block_type":"box","text":"higher.","page_number":189,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"c20c4242-36d1-42a2-a571-6bf8c714c67b","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":189,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"78578705-eb27-487a-b76d-0c475aac68bf","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":189,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"26105c2d-e3f8-4101-b99a-c1048086141b","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":189,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"fd084774-fef5-4c82-ba68-28188d3de830","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":189,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"1885efa0-a81d-42d5-baae-42db1b80f914","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":189,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"7d65d7bf-0b9e-4f56-b3c9-d7afc1250a55","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":189,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"d749e9f0-c39c-463a-a986-3529676988af","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":189,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"208d353f-5062-4c57-8ae7-9193a75324a2","block_type":"box","text":"restructuring.","page_number":189,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"9cb4fb1e-281b-4f6c-b435-53d811e5a4a2","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":189,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"8189f6e7-5871-4138-bef3-da757a9a8d51","block_type":"box","text":"standing within the rating categories.","page_number":189,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"dcd1ce4f-fd2a-49f1-b8aa-96678ce9ce31","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":189,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"a0b75afd-3b10-4f4a-9a6e-0d2e3a46cd6e","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":189,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"6b14c9d7-e879-4713-8932-c5bc1c7b5773","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":189,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"203864cc-d80f-407e-9cb7-7f56bfb7589a","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":189,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"81b5118a-cdf5-4677-8717-82beaf12f1d2","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":189,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"c7e6015c-077c-43d8-94a5-fdd47a998230","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":189,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"198ee4aa-555c-45b5-9218-1889dcb3d15c","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":189,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"e6b7e33a-1f2f-44fc-9739-2ea159d3f6ea","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":189,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"f5c3252b-faab-4b5a-baab-b6e01eace63f","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":189,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"4a1045dc-0af7-4b5f-98a3-e4c512af2e3b","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":189,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"4e0b8a26-2cbb-444c-8642-1ab208e1e77a","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":189,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"33cef9da-087e-4c94-a4c0-e12bcb98f9d7","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":189,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"fdd95b17-825c-4ae1-bb6a-2454b3ef78a9","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":189,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"d1ce5e08-a398-4546-9c5f-2a1d351a9bfe","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":189,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"a01d6a4f-a00d-4907-9e4a-260df17241d0","block_type":"box","text":"financial commitments.","page_number":189,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"43c9c480-2337-40af-80c8-86ee870c7923","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":189,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"c1ec8267-ebb4-446d-947a-8070c422ceb6","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":189,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"781bc635-ffa6-4fe1-8e6c-e7e3dfca5824","block_type":"box","text":"commitments on the obligation.","page_number":189,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"179f396f-c08c-448e-a77d-9d55ded804f0","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":189,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"5beb8a4b-e5cb-44ee-82a9-a896287e0987","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":189,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"70efebf0-3cc5-4e3d-a0ed-24dc57a87d70","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":189,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"59040df1-35f4-4263-bf38-d5a3d4eef506","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":189,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"e92e9985-21ba-4813-9927-03e06d923a3a","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":189,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"78fac43d-d43c-4930-8b79-4052ec51f01a","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":189,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"a9b8313f-6c57-4a7e-afa1-d128ca32b556","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":189,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"805d7616-637e-45dc-ba2e-9673f77d75f3","block_type":"box","text":"debt restructuring.","page_number":189,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"925db313-2e79-4390-a4f7-286d17c209ea","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":189,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"3e0129a5-c540-4653-b3ec-3640cbc37536","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":189,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"8b8f4aa7-edec-4774-b124-dcc19bbc6d2d","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":189,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"11964ed2-1d9c-4ef9-b5fc-97e030fd5fc6","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":189,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"b079d222-cfe3-47ca-91be-390d8e6e8f61","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":189,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"fd8b011f-3402-4a89-a062-dcb4d5364490","block_type":"box","text":"A-5","page_number":189,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"1d671644-a27b-45a4-af69-f57d752dc68d","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b6e241be-96d4-4813-8447-217f51e16a2d","block_type":"box","text":"•","page_number":190,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"badea844-7407-40fd-8f90-778b75dd15c0","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":190,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"a1dcab3a-072c-492f-9e1f-cc1ad1f99ebf","block_type":"box","text":"as a note; and","page_number":190,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"85aef2e0-e019-4ffa-af5f-329354707dd0","block_type":"box","text":"•","page_number":190,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"2d34b23f-64cb-41cc-9490-0ceed3998201","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":190,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"ea8db8a6-c41b-466a-a2f4-13ef90ceb5f7","block_type":"box","text":"treated as a note.","page_number":190,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"ee881a01-221e-44e0-94eb-c1e0b2f28959","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":190,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"d0ba5d62-27b7-42da-a903-4fb47a78b9fb","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":190,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"775d61a2-50a2-456d-a54a-09d940094735","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":190,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"ab6a1144-c363-49d6-926d-a09976e40162","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":190,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"612f2cb2-db16-43ab-8cf7-395e7dba7100","block_type":"box","text":"economic changes over the term of the notes.","page_number":190,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"72d54de2-67a3-4a91-8090-2242e77fc874","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":190,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"8d898aa2-1bef-44fc-999f-af14ee3334f8","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":190,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"291acd63-abdd-46ff-8ea9-bb3a3e2c80a7","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":190,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"d0bd5a5f-200f-4d69-8248-9246aca67923","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":190,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"4bff5d6e-4b69-4662-940c-a93a6ca4bfb7","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch”) Credit Ratings Scales","page_number":190,"box":{"x":69,"y":294,"width":442,"height":11}},{"id":"8b24adc3-785a-429a-9278-1f67b7288e46","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":190,"box":{"x":102,"y":317,"width":793,"height":11}},{"id":"96de601e-990e-41f5-979f-4f5e1d809a60","block_type":"box","text":"meet financial commitments. Issuer default ratings (IDRs) are assigned to corporations, sovereign entities, financial","page_number":190,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"d71f68de-8278-4b26-914c-46cca554319f","block_type":"box","text":"institutions such as banks, leasing companies and insurers, and public finance entities (local and regional","page_number":190,"box":{"x":70,"y":347,"width":756,"height":11}},{"id":"e73cca0a-8e68-4327-9bfc-2c094176e4f5","block_type":"box","text":"governments). Issue level ratings are also assigned, often include an expectation of recovery and may be notched","page_number":190,"box":{"x":68,"y":362,"width":813,"height":11}},{"id":"41bcf83d-086e-4308-9c55-69f91991e144","block_type":"box","text":"above or below the issuer level rating. Issue ratings are assigned to secured and unsecured debt securities, loans,","page_number":190,"box":{"x":69,"y":377,"width":819,"height":12}},{"id":"caa7cef3-1762-42ec-a25d-d1c47d66da95","block_type":"box","text":"preferred stock and other instruments, Structured finance ratings are issue ratings to securities backed by","page_number":190,"box":{"x":70,"y":392,"width":760,"height":12}},{"id":"bf239968-27e1-4043-8dc2-9806f31c20bf","block_type":"box","text":"receivables or other financial assets that consider the obligations’ relative vulnerability to default.","page_number":190,"box":{"x":69,"y":407,"width":694,"height":12}},{"id":"90961e9f-7be5-45e7-af48-4276b20637d6","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":190,"box":{"x":102,"y":430,"width":747,"height":11}},{"id":"8061bfc4-d4f6-4e36-86b4-1e50a52ecf7c","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":190,"box":{"x":69,"y":445,"width":782,"height":11}},{"id":"fe98f4f4-da22-40e8-bbd7-c40dfcaceb73","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":190,"box":{"x":69,"y":460,"width":793,"height":12}},{"id":"aaeffae0-eeee-4a29-ad00-67373144dedb","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":190,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"c14eb50a-bee8-4729-9364-7f5c4805ef45","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":190,"box":{"x":69,"y":491,"width":766,"height":11}},{"id":"9758e1c7-7fba-4975-aa27-40c65c6ef356","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":190,"box":{"x":69,"y":506,"width":827,"height":11}},{"id":"babce2b1-df53-47c3-912d-a5cdf79e63a9","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":190,"box":{"x":69,"y":521,"width":779,"height":11}},{"id":"2365dd5c-ab1b-43c8-9d71-f3fa9bc9aeda","block_type":"box","text":"receivables or other financial assets.","page_number":190,"box":{"x":69,"y":536,"width":262,"height":9}},{"id":"a1bc2780-60ff-402a-8d72-7abd2b597134","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":190,"box":{"x":101,"y":559,"width":794,"height":11}},{"id":"0daa5877-44bf-4c58-9e1b-b67abc91ae3d","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":190,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"d1b33896-a8c2-42cc-bff5-98015cc761bd","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":190,"box":{"x":68,"y":589,"width":800,"height":11}},{"id":"13a105e9-e983-4333-823b-a9b5c6a73c2f","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":190,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"a3e0f193-5417-450c-8601-2bbb214acb11","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":190,"box":{"x":68,"y":619,"width":793,"height":11}},{"id":"83527ec9-d22a-443c-8fb1-61b0620bdfdd","block_type":"box","text":"occurred.","page_number":190,"box":{"x":69,"y":634,"width":65,"height":9}},{"id":"b70063e9-a1fa-476e-a476-d5de6aa562aa","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":190,"box":{"x":102,"y":657,"width":779,"height":11}},{"id":"600f2c90-9837-4ddb-a55d-32142147f1c0","block_type":"box","text":"Such issues are also denoted as ‘NR’.","page_number":190,"box":{"x":69,"y":672,"width":274,"height":9}},{"id":"29962ed7-4ae5-40ac-a4aa-250cc04d506a","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":190,"box":{"x":102,"y":695,"width":797,"height":11}},{"id":"d2299656-e019-4231-b2b6-49455d1813b6","block_type":"box","text":"not predictive of a specific frequency of default or loss.","page_number":190,"box":{"x":69,"y":710,"width":391,"height":11}},{"id":"a9f9a656-28a6-4236-bfd0-ae112bf84e8d","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":190,"box":{"x":102,"y":733,"width":798,"height":11}},{"id":"f054610e-fdb4-4563-b848-5271c6d4f233","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":190,"box":{"x":68,"y":748,"width":780,"height":11}},{"id":"3493f151-a9c9-461f-8b0b-5c0394c6d29b","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":190,"box":{"x":69,"y":763,"width":821,"height":11}},{"id":"d30a5f50-5295-495b-9d1f-d4ae049dee99","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":190,"box":{"x":69,"y":778,"width":531,"height":11}},{"id":"b30db735-ff14-4f77-b186-788419264954","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":190,"box":{"x":102,"y":801,"width":801,"height":11}},{"id":"9a4ed0dc-5d01-45d2-b467-a8ec7342cd59","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":190,"box":{"x":68,"y":816,"width":639,"height":11}},{"id":"07debf99-fe7c-4d62-83db-cbd53ee8fc0d","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":190,"box":{"x":102,"y":838,"width":799,"height":12}},{"id":"43dec7e2-6826-4716-8a50-868afb60326a","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":190,"box":{"x":68,"y":853,"width":794,"height":12}},{"id":"0e76f826-749c-4e0a-8cec-9f480f4c7c3f","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":190,"box":{"x":70,"y":869,"width":420,"height":11}},{"id":"7e3ec77d-ff09-4180-99a5-3ff985174bb8","block_type":"box","text":"i.e.","page_number":190,"box":{"x":492,"y":869,"width":20,"height":9}},{"id":"d9e554f1-08be-4f69-af88-2d1e4396fa90","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":190,"box":{"x":519,"y":869,"width":380,"height":11}},{"id":"29aaf604-6183-4da6-8652-ca1af7746665","block_type":"box","text":"the obligation’s documentation).","page_number":190,"box":{"x":68,"y":884,"width":230,"height":11}},{"id":"6f8cde96-8d32-423a-8acf-e596e159eb3d","block_type":"box","text":"A-6","page_number":190,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"efd67350-64f2-4379-9700-957dba3b046e","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"540af88f-6ae3-4840-96ab-78633ffed449","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":191,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"ba335134-682b-4782-be44-4487c54e2a04","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":191,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"a587106b-081b-4d6b-8df4-524b7ac4e7b1","block_type":"box","text":"agents in the form of a rating letter.","page_number":191,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"0340af46-b485-4908-945f-2e2efa72e88e","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":191,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"72dfe9da-4fed-4ec2-93b1-7889d82fa782","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":191,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"42a12871-a8e7-4ca6-a91c-9a5b59fd8379","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":191,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"2a0d2f24-7f21-48da-ba40-a4872fd2777c","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":191,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"2e4e160a-1ddb-4fd0-9638-a601308c3c0f","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":191,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"2e4eae5a-42a1-428f-9484-40c515cc20df","block_type":"box","text":"e.g.","page_number":191,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"76e8bc4c-57c3-49ab-a767-9ee923f594df","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":191,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"b0dde2ce-d627-417d-8539-41ff588df14d","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":191,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"a638d8ac-aa48-472c-8658-e53316513e74","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":191,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"2451501a-5cd8-451c-afb0-69ab891f25f8","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":191,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"6ea5c786-5047-4f1a-8fa1-a98a87798d11","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":191,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"731a2eff-1942-4f85-aa6e-2bca5ba51a1c","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":191,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"1cf46da4-0a92-4980-88a1-6f70da1549fa","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":191,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"acacc3c5-00f4-4938-8458-001e5e046cfd","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":191,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"e33b0b07-33c7-47be-abfa-b620793e8e3d","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":191,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"827b0773-6ca5-4b03-9001-7bd517d9461b","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":191,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"77cd1c63-785c-4317-84f4-193debcb302f","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":191,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"f7b90e0f-f1b8-421c-bf06-ee156e171704","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":191,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"6457c6f4-9f2e-45d8-ab03-e16ea0ba40e5","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":191,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"c246701f-02d1-4810-b3cf-ea0db39accae","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":191,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"2737367c-0b39-4ac0-a999-5892a6e7a318","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":191,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"f3659855-38b3-4399-a9ef-395d346cdf76","block_type":"box","text":"Ratings.","page_number":191,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"b9cabd91-fecd-4b36-bfd7-457c958dd3bd","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":191,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"dd143ef0-9ce4-4529-9a38-dae1483d1830","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":191,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"46e03de3-0de4-4c18-9623-e8fa42482930","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":191,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"69aefdc7-f856-4889-878a-9c6374245cb9","block_type":"box","text":"obligation ratings.","page_number":191,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"3247b9c8-4d00-402a-b287-7e693ba947c2","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":191,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"479f7acb-70a2-4aaf-8c28-def1e3c48f48","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of default risk. They are","page_number":191,"box":{"x":68,"y":533,"width":774,"height":12}},{"id":"979c4925-7578-4649-b541-38335f319429","block_type":"box","text":"assigned only in cases of exceptionally strong capacity for payment of financial commitments. This","page_number":191,"box":{"x":196,"y":549,"width":703,"height":11}},{"id":"c645d3fc-0869-442e-ac78-f5218c512dfb","block_type":"box","text":"capacity is highly unlikely to be adversely affected by foreseeable events.","page_number":191,"box":{"x":196,"y":564,"width":521,"height":11}},{"id":"0df72a52-ad39-4dd7-8459-301b276ddb47","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low default risk. They indicate very","page_number":191,"box":{"x":68,"y":584,"width":838,"height":11}},{"id":"8ca3d2ea-af95-470d-b3ee-691e29c610d8","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":191,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"063e6112-7540-40ea-a3af-e5903f351fbb","block_type":"box","text":"to foreseeable events.","page_number":191,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"4b71b5fa-c30a-45f6-aeae-2333983826f3","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low default risk. The capacity for payment of","page_number":191,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"44211a62-642b-490a-b26b-c3a5b5300f73","block_type":"box","text":"financial commitments is considered strong. This capacity may, never theless, be more vulnerable","page_number":191,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"6692b707-68d0-4058-b524-d4c1b5896294","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":191,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"b8a88b50-87dd-4eca-a47e-650f022467e5","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of default risk are currently low. The","page_number":191,"box":{"x":70,"y":685,"width":814,"height":11}},{"id":"2215576d-47df-4fc5-bdbd-7e9cd358ea42","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":191,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"938f79c8-2ee9-4322-8416-ff0809a59b83","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":191,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"e697586a-4392-4fd5-8cb3-02d0173b2f14","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to default risk, par ticularly in the event of","page_number":191,"box":{"x":70,"y":735,"width":839,"height":11}},{"id":"56e794fc-0b04-4492-a768-e29df877cb45","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":191,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"19796970-1fc8-46a0-8219-a06dc885d7ef","block_type":"box","text":"flexibility exists that suppor ts the servicing of financial commitments.","page_number":191,"box":{"x":196,"y":765,"width":495,"height":12}},{"id":"667a8b27-fc68-4714-9fda-5f7b8063c051","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material default risk is present, but a limited margin of","page_number":191,"box":{"x":70,"y":785,"width":828,"height":12}},{"id":"95722f12-cbdb-4fcc-93af-9dc0b282e490","block_type":"box","text":"safety remains. Financial commitments are currently being met; however, capacity for continued","page_number":191,"box":{"x":196,"y":801,"width":682,"height":11}},{"id":"5b8c52ff-6365-4781-b0a0-8889fbc14a26","block_type":"box","text":"payment is vulnerable to deterioration in the business and economic environment.","page_number":191,"box":{"x":197,"y":816,"width":584,"height":11}},{"id":"b6bf6d98-620e-4cfc-a72e-de37193a7500","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate very low margin for safety. Default is a real","page_number":191,"box":{"x":69,"y":836,"width":764,"height":11}},{"id":"3c19e96a-85ff-4699-80c3-ab1c2005431b","block_type":"box","text":"possibility.","page_number":191,"box":{"x":197,"y":851,"width":72,"height":11}},{"id":"a8edfb7e-37e6-4bb1-b466-70823615bc4a","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate default of some kind appears probable.","page_number":191,"box":{"x":69,"y":871,"width":784,"height":11}},{"id":"d26b9120-d2bb-4783-8d90-473bf7daf094","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ ratings indicate default or default-like process has","page_number":191,"box":{"x":69,"y":891,"width":798,"height":12}},{"id":"4e4e8ff3-2205-4164-8902-924f5a3c9f70","block_type":"box","text":"begun, or for a closed funding vehicle, payment capacity is irrevocably impaired.","page_number":191,"box":{"x":196,"y":906,"width":569,"height":12}},{"id":"01573651-3908-4dff-a029-559345b458fb","block_type":"box","text":"A-7","page_number":191,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"3934a212-0b81-4841-b80b-0c6580c7a0b3","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3c325808-82ac-4bf1-88e5-b94cb12c03d3","block_type":"box","text":"RD Restricted Default. ‘RD’ ratings indicate an issuer that in Fitch’s opinion has experienced an","page_number":192,"box":{"x":70,"y":48,"width":782,"height":12}},{"id":"2c6540a8-c9c6-42ed-a927-f617ed3a7285","block_type":"box","text":"uncured payment default or distressed debt exchange on a bond, loan or other material financial","page_number":192,"box":{"x":197,"y":63,"width":686,"height":12}},{"id":"ffeaae10-03a9-45c4-a31e-f150cfad37e2","block_type":"box","text":"obligation, but has not entered into bankruptcy filings, administration, receivership, liquidation, or","page_number":192,"box":{"x":196,"y":79,"width":696,"height":11}},{"id":"ddbea138-1dfc-42a9-b73c-3c78a1d72aa7","block_type":"box","text":"other formal winding-up procedure, and has not otherwise ceased operating.","page_number":192,"box":{"x":196,"y":94,"width":544,"height":11}},{"id":"3c5e1beb-a34f-4f9d-9c93-7cc08f891f5b","block_type":"box","text":"D Default. ‘D’ ratings indicate an issuer that in Fitch’s opinion has entered into bankruptcy filings,","page_number":192,"box":{"x":70,"y":114,"width":807,"height":11}},{"id":"4b79fd67-6b66-4a32-be91-28c203686162","block_type":"box","text":"administration, receivership, liquidation or other formal winding-up procedure or that has otherwise","page_number":192,"box":{"x":196,"y":129,"width":705,"height":11}},{"id":"c57875ff-964a-47c1-afb7-9adcc1a5ffce","block_type":"box","text":"ceased business and debt is still outstanding.","page_number":192,"box":{"x":196,"y":144,"width":328,"height":11}},{"id":"5b77ead8-9ae8-4e6b-9db3-9cd8dbf83b80","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":192,"box":{"x":101,"y":164,"width":808,"height":12}},{"id":"c891415a-893c-4a6a-a6ef-f0e54097f428","block_type":"box","text":"relative status within major rating categories.","page_number":192,"box":{"x":69,"y":180,"width":320,"height":11}},{"id":"b7e546b9-c383-4b8f-99af-fba39d2853e1","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":192,"box":{"x":102,"y":202,"width":761,"height":11}},{"id":"14b54857-bca3-4299-ac70-b74e8eea4422","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":192,"box":{"x":70,"y":217,"width":813,"height":12}},{"id":"3c43468c-6daa-4167-8808-ab0f6cff60a7","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":192,"box":{"x":69,"y":232,"width":289,"height":12}},{"id":"920dbaca-8492-4742-9578-c21ad315e0dd","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":192,"box":{"x":69,"y":263,"width":568,"height":11}},{"id":"4b1f7d44-fe0d-4570-b22e-9eeea964ebfc","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":192,"box":{"x":101,"y":285,"width":806,"height":12}},{"id":"3fe1e56f-07da-4dd2-9408-e9c7f2dd732e","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":192,"box":{"x":69,"y":300,"width":817,"height":12}},{"id":"f7b66c59-b43e-48fd-aa16-045f2dabdfa7","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":192,"box":{"x":69,"y":315,"width":822,"height":12}},{"id":"4939d861-e4c0-49a9-8254-6e17786556a2","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":192,"box":{"x":69,"y":331,"width":827,"height":11}},{"id":"a8869437-7e95-4c0d-823e-c5c3497e7669","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":192,"box":{"x":70,"y":346,"width":808,"height":11}},{"id":"0f9cb367-36cc-4d0e-8f14-ed08ff81cf45","block_type":"box","text":"finance markets.","page_number":192,"box":{"x":68,"y":361,"width":118,"height":9}},{"id":"e54d5edc-e3e2-4bb6-bbe8-46e0c415fd4e","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":192,"box":{"x":102,"y":383,"width":273,"height":12}},{"id":"46382a43-2650-42d3-a472-c816ca597839","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":192,"box":{"x":70,"y":411,"width":816,"height":12}},{"id":"5a621a31-e822-4a4d-8dbf-c334786a6eaa","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":192,"box":{"x":196,"y":426,"width":692,"height":12}},{"id":"ff3bae33-57bc-4c56-ac76-6a68032d6144","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":192,"box":{"x":70,"y":446,"width":734,"height":12}},{"id":"85b686fa-b5f7-4731-b78e-330e13440399","block_type":"box","text":"commitments.","page_number":192,"box":{"x":196,"y":462,"width":100,"height":9}},{"id":"aeed2dd9-12ba-407f-a80e-0bafd48c88b5","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":192,"box":{"x":70,"y":482,"width":831,"height":11}},{"id":"716606b2-c611-4d7e-8ee5-0d38ad4c593b","block_type":"box","text":"adequate.","page_number":192,"box":{"x":196,"y":497,"width":70,"height":11}},{"id":"cf712db3-a67e-49dc-8e12-b0ede0d7809c","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":192,"box":{"x":70,"y":517,"width":737,"height":11}},{"id":"79fc164f-9341-40d7-bbb2-83f04f773c72","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":192,"box":{"x":196,"y":532,"width":641,"height":11}},{"id":"b153a204-23c5-4090-ae41-3feb6cb1d0cf","block_type":"box","text":"economic conditions.","page_number":192,"box":{"x":196,"y":548,"width":149,"height":8}},{"id":"4d8f1fb8-7def-4313-a9a6-6337e5421227","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":192,"box":{"x":69,"y":567,"width":535,"height":12}},{"id":"66945d46-12b4-4698-9cf6-ee8b1a1f0ad4","block_type":"box","text":"RD Restricted Default. 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Indicates a broad-based default event for an entity, or the default of a shor t-term","page_number":192,"box":{"x":70,"y":638,"width":761,"height":11}},{"id":"22d4ebc7-29d6-40ae-9bcc-ab06002858f9","block_type":"box","text":"obligation.","page_number":192,"box":{"x":196,"y":653,"width":72,"height":11}},{"id":"34f35034-c9c4-471f-b3f1-04846801d068","block_type":"box","text":"A-8","page_number":192,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"2402db8e-e8f6-4951-a077-2b3730a6bb86","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":192,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"97e87244-2cbd-4e28-a0ff-a5567cbc2e2c","block_type":"box","text":"APPENDIX B","page_number":193,"box":{"x":438,"y":76,"width":101,"height":9}},{"id":"ab649ffb-d16c-4354-9ad0-8275a608d7c6","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":197,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"bc5ccb06-415a-4546-92fe-6a0c5391af8a","block_type":"box","text":"makes to BlackRock’s active por tfolio managers. It applies to active equity holdings in BlackRock’s fundamental","page_number":197,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"b7cce6e9-f6cd-415c-b191-d9d434a0aebc","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":197,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"0b3a65ad-e533-4c2a-a4f1-daa79ba90824","block_type":"box","text":"active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.","page_number":197,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"bef10609-60fc-4118-843c-c0490be904fe","block_type":"box","text":"The guidelines are not prescriptive as active por tfolio managers have discretion as to how they integrate these","page_number":197,"box":{"x":68,"y":203,"width":789,"height":12}},{"id":"e7edfc72-af6d-4ea0-9d45-ac7db1a7d22f","block_type":"box","text":"guidelines within their investment processes in light of their clients’ or funds’ investment objectives. There are","page_number":197,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"1c2ce680-6868-45b6-a2a4-835fd670f36c","block_type":"box","text":"separate, independently developed principles and voting policies that are applied to BlackRock’s index equity","page_number":197,"box":{"x":69,"y":234,"width":778,"height":11}},{"id":"17449ac1-c129-4109-8b00-f31e8f9f3d6b","block_type":"box","text":"investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":197,"box":{"x":70,"y":249,"width":627,"height":11}},{"id":"9240bd91-828b-4fb4-be11-f62fad384e84","block_type":"box","text":"1","page_number":197,"box":{"x":69,"y":294,"width":4,"height":4}},{"id":"1b1da885-a2f3-4cf9-a32e-2397dfee1c67","block_type":"box","text":"This document includes BAIS’ benchmark policy, which covers nearly all active equity holdings in BlackRock’s","page_number":197,"box":{"x":78,"y":293,"width":777,"height":11}},{"id":"5991b3c0-a68c-4274-af63-c959c9702813","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to","page_number":197,"box":{"x":68,"y":308,"width":823,"height":11}},{"id":"e5f61c8e-6dee-4a3c-8b7b-86629f8d27ae","block_type":"box","text":"holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities","page_number":197,"box":{"x":69,"y":323,"width":837,"height":12}},{"id":"3e74ddce-529d-4b1d-bb75-d0e0a7ed32cc","block_type":"box","text":"or conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":197,"box":{"x":69,"y":339,"width":824,"height":11}},{"id":"78456123-19f2-41bb-9a94-47122752031b","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":197,"box":{"x":70,"y":354,"width":759,"height":11}},{"id":"3accf2fa-15b2-455b-a582-ffb568d26071","block_type":"box","text":"2","page_number":197,"box":{"x":69,"y":372,"width":4,"height":4}},{"id":"93610fcc-48d9-4eda-8ff8-2b2ac33f6362","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as par t","page_number":197,"box":{"x":79,"y":371,"width":825,"height":11}},{"id":"50d89d51-95b9-4990-8c7d-d96e722ad616","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":197,"box":{"x":69,"y":386,"width":830,"height":12}},{"id":"63816899-7bab-4617-979b-06021d0489db","block_type":"box","text":"result, there are two stewardship teams, which operate independently of one another and have separate voting","page_number":197,"box":{"x":69,"y":401,"width":792,"height":12}},{"id":"3467feee-479a-4a78-a87e-b404812f4ec2","block_type":"box","text":"policies.","page_number":197,"box":{"x":70,"y":417,"width":56,"height":11}},{"id":"a2644f8a-455f-4379-8f41-db5f64038e7e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":197,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"35fd7f0f-55f1-46b4-bc36-7ec10936edf6","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":197,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"30fc788c-d04c-4253-a255-5f1789a3116b","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":197,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"78ae7cc1-8d6c-402f-b709-5c163199bf85","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":198,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"8a62f95c-8f7e-4d5c-808c-4e095ef70960","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":198,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"1ee27bc9-9c0c-4962-9ccc-c7c1520187c2","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and por tfolio construction decisions.","page_number":198,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"8d00daf7-84cb-4e88-83ac-668524fa452c","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":198,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"7dcf263e-c088-4031-822d-db8f94ebb02d","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":198,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"f20df1a7-3300-4094-a541-a8fe0e56e57f","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":198,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"e7a06b5c-1f6e-41bf-a0dd-cbf0cd1f1b0b","block_type":"box","text":"this work with research, data and analytics.","page_number":198,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"df18311d-4e4b-410a-8cfc-a45515e40154","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":198,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"202bbd9c-79ed-4452-a22c-f4515dc8cbe3","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":198,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"b34eb5a0-b230-474d-9f87-a822b658dd88","block_type":"box","text":"practices that, in our experience, suppor t companies in delivering durable, risk-adjusted financial returns over time.","page_number":198,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"7d6d32a1-153c-4a6f-93ee-d5ea252f53e9","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":198,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"860cb8eb-2800-4aa1-b01b-723b6ed6224c","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":198,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"d8c3e0e0-cbb9-45dc-985d-840ded4dd5e2","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":198,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"b4b6c219-26b3-4f90-bdb7-b34bba641c6f","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":198,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"3f38c460-5979-4500-871a-558fd17302fe","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":198,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"73cd7531-f75d-4728-bdd4-1d0ce94a5f0e","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":198,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"fdadd5c8-445d-4a8a-8531-22b691769e63","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":198,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"8a8942bf-d063-4953-b410-47787e6728d3","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":198,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"7ef7c23e-2576-4ebd-9abe-4beb81ac8275","block_type":"box","text":"shareholder meetings.","page_number":198,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"969bf493-50d0-4fe5-8988-72861c07b620","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":198,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"59a8df0b-dee9-43a8-9256-ebdac5253248","block_type":"box","text":"investing.","page_number":198,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"5b315fd5-2c9b-43d8-9b3b-05e65462fa7f","block_type":"box","text":"3","page_number":198,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"def1afe0-7964-480e-ad49-3681c25e37ba","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":198,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"1171b772-05e0-46bd-81f2-946b01fd4594","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk-adjusted financial returns. Por tfolio managers and","page_number":198,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"1ef259ed-2d9f-49ad-b000-ca4ab3c0553a","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":198,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"88357b11-e33a-4038-8122-641cedcc857f","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":198,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"617efda2-09d5-4214-b049-d8859007c699","block_type":"box","text":"corporate strategy, capital structure and financial per formance, operations and material sustainability-related risks,","page_number":198,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"3114e0b7-3125-4a3f-badb-4c31e88e82dc","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":198,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"18a20c44-4b68-489b-86c2-bc875295f168","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":198,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"0b2b5e2f-937c-4bac-9890-947f3414ff3b","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":198,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"9d2935c2-aca0-4c24-8d24-a2a6686fa436","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":198,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"7f2008b2-5d68-46f2-b2ef-80d67742c7d5","block_type":"box","text":"each por tfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":198,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"0dda6cb0-844b-48c4-b412-8a3416af8ec3","block_type":"box","text":"vote the holdings in Systematic Active Equity por tfolios in accordance with these guidelines. We provide voting","page_number":198,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"131512d8-2525-4aef-b2bd-337d5d7767fd","block_type":"box","text":"recommendations to fundamental equity por tfolio managers, who may determine to vote differently based on each","page_number":198,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"2b0510e8-7fc3-4ae8-8220-e986618dfcfe","block_type":"box","text":"por tfolio’s investment objectives and strategy.","page_number":198,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"408d7995-b544-4793-b2d3-7941ab23a102","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":198,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"b7e54223-2832-4e1a-8e04-37f07d0892b1","block_type":"box","text":"management teams and board directors","page_number":198,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"68c209e6-22dc-452d-9abf-fdefdb0bbb7a","block_type":"box","text":"4","page_number":198,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"ae1e3031-4bdf-4f4e-950f-53011044a6ed","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":198,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"d6a6a850-98e6-4b36-90cb-f3c80aad2e4b","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":198,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"481495ef-505e-441a-bb5f-064230868ff9","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":198,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"822428d8-86f5-48d0-ba07-85904c228b6c","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":198,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"ea8d7e4b-8e74-4376-995e-02f285133fe3","block_type":"box","text":"norms within their local markets or, par ticularly in markets without well-established norms, aspire to widely","page_number":198,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"ed2aca2b-1919-42eb-a0e3-44ef75373f73","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":198,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"e201a6a6-754e-4889-bfdb-2143d75b306b","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":198,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"177e74fb-4e05-455d-819c-c1b34b819691","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":198,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"7bf96471-b7b8-4930-a10a-bfeb5e5ea368","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":198,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"9c81576b-c5d3-49f8-b05d-f1d8c4cc7512","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":198,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"f127ae32-416e-4e10-9352-7477965b9425","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an impor tant mechanism for investors to express","page_number":198,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"2c5a2a57-53d1-4bb1-a84b-a3fee97eb6be","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":198,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"4f4fc419-4f17-46b6-9e82-8648dd42173e","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":198,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"61c29fe8-eefa-4786-81ae-4214bbd724f5","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":198,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"01dff334-ccd4-46f4-93e4-5831e163ae28","block_type":"box","text":"3","page_number":198,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"4f7cf443-f721-436c-9307-4c7c14204119","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":198,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"7eccedd3-6c9f-4c04-87f7-8f44a15ea770","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":198,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"e91c693d-97cf-4c4f-970d-de0557fbef88","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":198,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"d1e94fd3-e631-44d4-a485-e589ece29b7c","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":198,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"27fd8502-a3d7-44e9-932c-65199e86c72c","block_type":"box","text":"4","page_number":198,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"1f69a4a0-60ac-4168-bd5a-5f1d5124653a","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":198,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"5e6314c0-c829-4442-9a9d-e268ee548191","block_type":"box","text":"boards and their members, where relevant.","page_number":198,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"4344c975-06cb-49a1-9a8f-37b088080c13","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":198,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"f8b3e5ad-5f99-423f-bc32-04e4a318e415","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":198,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"edbce62a-f4b8-4b76-a826-64f800bf3d75","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a0f8c4aa-ec92-4bf4-909d-25279cddefcd","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":199,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"996e55c6-d79f-4e11-a550-414b33d1c9c7","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":199,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"d980c883-c32c-4552-a8c1-824d74ae0b8c","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":199,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"6ba4c791-3dcf-402e-a3d4-ebd35e51ff8e","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":199,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"f2a54150-68f8-4455-b133-f7f09a9d4512","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":199,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"35e03c48-1322-49f7-85f8-3d1897bbcda9","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":199,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"a458cc7f-f425-4d09-8a15-d7d5fc567639","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":199,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"9782c395-e565-43ce-a1e1-200f7a7b2eb1","block_type":"box","text":"5","page_number":199,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"3c497470-efaa-4f0c-ad32-c9410d02467a","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":199,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"c36ea141-a439-4133-b853-5c94b93e2273","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":199,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"0c12b013-f82d-4f0a-9c55-cac073cebe6f","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly for those with sustainability objectives in","page_number":199,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"1bd44ea0-461f-4837-b989-95a6e21c94b3","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":199,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"82fa1401-dc31-46be-9c8c-f010a989fe58","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":199,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"d7252d82-7d79-47d2-b1c2-d0da535d771a","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":199,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"f9beed55-4510-4e83-b27a-3645059a7044","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":199,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"6db3515f-3894-476c-a686-c233b72a72e5","block_type":"box","text":"5","page_number":199,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"ade881a6-5536-4ac3-8ef4-a44464a8f04f","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":199,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"7fd06663-8445-467b-8477-f8b36ee75570","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":199,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"227f054f-a890-483e-a914-903384f933ff","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":199,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"408bee46-2664-4b1d-ae6d-e8e7d65309b2","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":199,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"e29246ca-78c7-40a3-a52f-4067c5714cf0","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":199,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"18666c88-02ec-46c8-b9ff-276510e42c96","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":199,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ed824270-6f31-43c5-9a68-ae21faaf58d2","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":200,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"0ea0903d-da21-4123-a09f-f9c5039d32b2","block_type":"box","text":"Roles and responsibilities","page_number":200,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"c638333c-c0cb-4923-983e-cf5295b6b962","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":200,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"caea04a1-3afe-49b4-9a13-80e4ca85d2b6","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":200,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"0a828ca9-aa6b-4856-b2ae-02af6d7fdcf5","block_type":"box","text":"6","page_number":200,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"281c25a2-361a-45db-9349-565a7c22ac87","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":200,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"1d9f75b5-7e24-40f4-91e7-205910967297","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":200,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"32263d71-2319-4846-914b-0720929f7e19","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":200,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"ce2303e5-0e02-4642-b766-70ba1a944e74","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":200,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"b9d41b57-0f8c-4cf1-8f8b-8a4cd0b9bcf7","block_type":"box","text":"per formance over time.","page_number":200,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"55bfc1fe-b52a-4f2e-8463-8e906ec4775e","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":200,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"b2a49b25-09ca-4365-9e40-cd3780b5b0a0","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":200,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"5e3557ba-e6eb-4fb4-bec3-af24e545bc6d","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":200,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"7ef85de6-1159-4111-a553-623451fe55b7","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":200,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"d1ecbdb5-e172-4245-86c9-11f5f692c3cf","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":200,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"1bbb2171-69ee-43ce-95fc-51396adbc0e3","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":200,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"8449b8db-2ae6-447f-b849-06557561bfeb","block_type":"box","text":"Composition and effectiveness","page_number":200,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"c97c71e2-38f2-4f01-a5f6-18ca18841c19","block_type":"box","text":"Appointment process","page_number":200,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"76740999-545c-4a07-93e2-367035803445","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":200,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"9dc85ea7-6804-43d8-905f-f118a9c860e8","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":200,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"7682c22c-a96e-45e7-af1c-decce67b7ea0","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":200,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"1e7a91ec-cced-4563-b517-1d06bccf0572","block_type":"box","text":"e.g.","page_number":200,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"847a2d2b-b975-4022-bfb1-354cac78f87e","block_type":"box","text":", sector, maturity, geographic","page_number":200,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"5df64027-73d0-45b9-9022-3b97af881bd7","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":200,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"8b8ba98d-80bb-4c3e-9b4c-822b5d13f3e0","block_type":"box","text":"e.g.","page_number":200,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"ef44507e-db89-4d6c-81b4-f854781125ec","block_type":"box","text":", financial exper tise, industry track record). To","page_number":200,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"0067107e-6694-4c5f-b92b-d09c380afc3c","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":200,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"f387f242-b2de-4c2c-857a-d0e2db047d5c","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":200,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"85e0eeb3-6d3d-4d6d-9694-98746ef162bf","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":200,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"4c3decab-faea-4650-ba47-4decc146d960","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":200,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"e2b5604d-e259-4828-8662-50277d8b213c","block_type":"box","text":"and local market requirements.","page_number":200,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"d05363e7-7c18-4331-b8ee-cb37694244d5","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":200,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"92dfe31e-2a14-4521-825c-426300eb24c9","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":200,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"9c507b5e-6e40-4b6d-a4e7-3287abee14df","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":200,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"21945fa8-19b9-4ee0-be09-6cf0214f2dc2","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":200,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"43e1614f-fec0-46fa-bd8d-e1246bedb133","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to suppor t strong financial","page_number":200,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"b4c22269-0488-4508-b54f-bfe89b28c82d","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":200,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"0f335a56-3b15-4f42-917e-6952849a6160","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":200,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"4d0d15bf-b8c0-43f3-a3a2-e11140564082","block_type":"box","text":"Independence","page_number":200,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"d609aa0d-6048-4075-8db4-c349d3c9ad40","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":200,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"386b0936-205e-4040-926d-32f04b3a4dc4","block_type":"box","text":"e.g.","page_number":200,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"add356b0-120a-47f2-99c4-d3db77497d7f","block_type":"box","text":", government or","page_number":200,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"2f18ba23-a6d6-4473-9481-a5779e13a3e5","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":200,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"102cd204-7047-4e0d-b81d-2b93db19ff95","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":200,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"806f3f00-b61c-4dca-83c2-af7f57b5569a","block_type":"box","text":"conflicts of interest or undue influence.","page_number":200,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"eea092bb-b365-4c1b-b310-330ef2a689cf","block_type":"box","text":"7","page_number":200,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"57e8a307-da37-405a-bbc6-dfda0382f308","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":200,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"eabb256d-f35f-4b63-8e23-6a68d05fd78c","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":200,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"32f540e6-a81b-4bfe-84bf-dad73634987f","block_type":"box","text":"independence should meet those local requirements.","page_number":200,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"ff511dd4-4707-40f4-b2ca-e02a078114d9","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":200,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"9e3593e7-5aad-4947-9ca0-d130eacc6474","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":200,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"08cc461a-7200-408f-b012-f762c0d1289b","block_type":"box","text":"composition if this is a perennial issue.","page_number":200,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"58ded356-5842-49e8-9128-80478af59250","block_type":"box","text":"6","page_number":200,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"69bc356a-92d6-45f3-b0da-f0ff88322088","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":200,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"0a30d943-9802-489d-bcc9-c748dc35b8f3","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":200,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"57a968ed-a57e-42af-b7f5-ed2686bd58f8","block_type":"box","text":"7","page_number":200,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"83e1e185-2b5d-43f1-af33-6dbb276ada10","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":200,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"adbe91c4-edfc-478c-a314-42ef7b78b408","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":200,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"699bdc39-ac6f-44d6-8d2e-b1e3121f340b","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":200,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"847b0eb6-16ca-40ef-b6aa-2cbd57f54a9b","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":200,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"f67175c0-cfde-4ac1-9235-c55c3adc7ca7","block_type":"box","text":"of the company and shareholders.","page_number":200,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"14cd414d-d94e-42a4-823f-fbef0ea25740","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":200,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"70cb8ca8-9164-49dc-b428-f35f8a6a0ffa","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":200,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"99ddc82e-7e1b-4e4e-8dd0-52b86b43bbd3","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":200,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eefedd12-c172-4c01-883f-4db72810d6e3","block_type":"box","text":"Independent board leadership","page_number":201,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"dbefb975-c4e7-4e4b-882d-b57877859a6b","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":201,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"9cd9b3bd-c843-4f0b-b0b9-ed1399bc8257","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":201,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"92c92878-8b1d-42e9-b988-83a489eafb30","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":201,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"37e6ce35-1686-4ac3-ae40-5687b235f28d","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":201,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"928016ed-506c-4926-9eff-132ad76b5276","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":201,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"4af49925-4a95-461d-9931-64084116febd","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":201,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"86f97b7c-785c-4ffe-9ea6-1eb4964e4f63","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":201,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"47f0d0e1-6266-40b0-9ca8-0bcb029a8370","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their board leadership model and","page_number":201,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"680d8463-d7b8-455d-97ad-37d5af9d5748","block_type":"box","text":"how it serves the interests of shareholders.","page_number":201,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"df7ec3ce-7f47-4795-848b-2444ae6b66fe","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":201,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"f3d9ca45-81ca-4413-9f49-9ba9b87c0570","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":201,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"0dd3c9b2-ca04-4384-a103-f28018d23806","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":201,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"62e7546b-263e-4415-81ae-29002353e7fa","block_type":"box","text":"Tenure and succession","page_number":201,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"9a7514a3-554f-4a9d-ac57-243dc00314f3","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":201,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"56652da2-1659-4990-8713-fa4adc669273","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":201,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"d92bf406-4087-4e92-b23c-cfc2198e7bb4","block_type":"box","text":"director tenure par ticularly around the contributions of directors who have served for longer periods than typically","page_number":201,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"d18ae4bd-534d-4206-aba1-b7141b036879","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":201,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"6446c1bd-1854-4d81-b663-499d1743bc96","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":201,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"dbd6e396-b33a-4d9a-b619-59840adf67e3","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":201,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"1d626b6b-a0cb-4298-a2cb-8b2db6e98d54","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":201,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"5d88165b-e326-4b99-9855-96026f460432","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":201,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"8771e0e1-57ab-4cc7-9f18-678ea4875af7","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":201,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"bb1919a5-cd54-448c-9255-eff0c8a990c6","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":201,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"c698f9c8-e636-4c4b-9df4-043d67f0bc44","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":201,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"05bcae03-ae2a-4d97-88e9-cb7ff1b0f41b","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":201,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"ea5753a3-dc6d-4f23-bbb6-d38d8fd8e800","block_type":"box","text":"for their continued service is not evident.","page_number":201,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"15eeb58d-62c2-462f-b077-43887cb7e0e6","block_type":"box","text":"Capacity","page_number":201,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"335314ba-e315-487f-94dd-b22acd2f7f0a","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":201,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"570be7ba-d3a7-4160-a050-9b0d54b53b66","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":201,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"621b56ab-757c-4456-a2a3-3f4e52bb6e75","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":201,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"c1e9a534-b8c2-4356-80f1-bc9c3b11e31c","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":201,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"2b032710-4072-44ec-b94b-dfa57361307e","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":201,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"60828d54-2718-4b18-b240-a46d73d3c778","block_type":"box","text":"determinations across markets.","page_number":201,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"9a32ea3f-9834-4529-8cfe-58049b604830","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":201,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"eb223614-9d1a-4a5e-a9fa-9504cfef938b","block_type":"box","text":"their duties to the board and company.","page_number":201,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"910038af-e819-4bd1-b7c0-1e9eb851e606","block_type":"box","text":"Director elections","page_number":201,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"09bbcb8d-c6c3-4138-8f69-11e2a095a512","block_type":"box","text":"Regular election of directors, ideally annually, suppor ts director accountability to shareholders. A classified board","page_number":201,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"07d3b796-484d-4d23-b674-a6b87a4c7a2a","block_type":"box","text":"structure","page_number":201,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"a45faeac-5d80-4af2-9cc8-afbd8d0b55a7","block_type":"box","text":"8","page_number":201,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"d828bf7c-70dd-411a-a38d-40fffc0c8743","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":201,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"4ef5df4e-cf55-4de0-b69a-c99b366cc666","block_type":"box","text":"basis of its business model (","page_number":201,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"238bc89b-9ebe-4dfe-a69b-36f2c1c1f20d","block_type":"box","text":"e.g.","page_number":201,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"cf842d65-e08c-480c-a063-5a58cadbbb12","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":201,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"5d918526-cd20-4aba-9469-55878fbe37f8","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":201,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"0a11b8c4-5c0a-479d-95b0-ad226051914f","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":201,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"c166f385-a58d-42c7-93a7-8ae4c4347996","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not suppor t the election of directors","page_number":201,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"d0e20020-3487-4c3c-8293-23c4920307a1","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":201,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"05aefd19-84bb-44c0-8e63-7d022f3d739b","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":201,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"93e47d8e-2815-4b70-adf7-43d8bd8982e8","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":201,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"372380e9-8d17-42ae-a917-513be4b90e5f","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":201,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"4b86c2de-9c18-4a24-8a14-c9abd1e24094","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":201,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"d83c20e1-b78a-4110-a360-ce426217c97e","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":201,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"b0937a64-2f74-47ef-8896-9ae309a501b0","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":201,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"78aa556c-2c81-412e-b6de-fa2c2a27cbaa","block_type":"box","text":"8","page_number":201,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"aa6fe712-028a-4cff-b239-980bf18c594b","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":201,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"07b6c7f1-f562-4dfe-8e40-c688a3acb2b6","block_type":"box","text":"directors stands for election in any one year.","page_number":201,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"e3b12c61-3015-47de-a3e0-cd1a58cce1cc","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d66c07c4-dab2-43d0-9fb2-5cd1a7da6888","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":201,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"56e72f43-ac18-4369-8a03-8f92e26e8db4","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d078e0e7-6f62-49d6-b140-c3e838706eed","block_type":"box","text":"Committees","page_number":202,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"a9f552b2-1b29-467a-bd1c-e11d54be5be6","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":202,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"e6513407-1a62-43ec-be51-a0dffd815769","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":202,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"841a950e-e0cd-4c36-a054-106d74e95c79","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":202,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"2a352fa6-07a8-47df-ad29-a70a8ac1c43c","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":202,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"6feddb5f-dbc5-449f-990f-bcc1227297e6","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":202,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"d23210bc-0c63-422c-a706-e95b83f43b54","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":202,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"4393bf8c-50c4-42a2-b788-c9c8b4da703c","block_type":"box","text":"the board discloses the structure, membership, propor tion of independent directors, and responsibilities of each","page_number":202,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"f2795a29-ac9a-4093-a326-6420b4d73732","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":202,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"9abae38c-cd3e-41f9-b10f-91b55a8a834a","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"3aca3f1e-6f9b-4288-8561-431c183a5a4b","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":202,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"4541242b-7eb2-4459-b4e6-d3629fd85618","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":202,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"bc4f0730-0c9a-420a-ae54-58f19220d77e","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":202,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"83057d98-15b3-487b-b012-3b25b26505ae","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"ab8f21b6-dda2-4d84-874d-25bb4b89d6a5","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":202,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"a7d1d69d-0c9f-4659-8d74-22b0be4bcd4c","block_type":"box","text":"practices of the company, including the periodic review of board per formance; responsibility for succession","page_number":202,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"896cc532-0e42-4f6d-9acd-d0315ebfec38","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":202,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"0eca165b-52c2-4ea2-9d1f-1d2c623a8658","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":202,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"1d5bb375-19f8-4d72-8156-714369bfa83d","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"c9cf356b-486d-48f6-874d-f20b536b8058","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":202,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"997a8a28-f3fc-4741-9a93-035aa0a309a9","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":202,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"b17bf480-a765-412b-8a88-10aa295be619","block_type":"box","text":"firm-wide compensation policies.","page_number":202,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"b7ea91c5-5d46-4fa6-962d-d026bacc8ff4","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":202,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"fab664dc-b002-46b2-b96c-920c061b9c14","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":202,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"69ecf491-3967-454b-84b4-84aeb20e8c9a","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":202,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"95b1c077-2862-4cbf-8600-a9e06a2bb378","block_type":"box","text":"Board and director evaluation","page_number":202,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"3fe24697-bd5c-4fcb-8b92-8dce8db53e0d","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":202,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"78654b85-8a6c-4e00-bfcf-b346b734afc8","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":202,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"38704e0f-49b0-4562-b133-acaf935f46ec","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":202,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"7aedcad0-902a-4039-a1a3-3efe0b9e7ee5","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":202,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"149b30d9-8dea-43be-8e3f-45178da5cb28","block_type":"box","text":"a result.","page_number":202,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"93b05709-f0a5-4bf0-ab7f-283efbffd738","block_type":"box","text":"Access to independent advice","page_number":202,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"23851a5e-278e-4644-a8f4-ab2bf4a36bdc","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":202,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"047d945f-f0fc-4ac2-934c-dfe07f3a1037","block_type":"box","text":"access to independent advice. In cer tain circumstances, it may be helpful to boards to retain independent third","page_number":202,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"425b9d99-6986-4881-b510-66fd523f922c","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":202,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"268201bb-5bc5-4a42-8136-7dde5f0b7c1e","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":202,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"59ec47a0-b28c-4f4d-b595-7c894adc1358","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":202,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"4c2235da-d451-4786-a383-10098017a73e","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":202,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"ad63f92e-78ca-4b4b-befe-2c2b68f583e4","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":202,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"a759f4fc-d386-4624-b971-b57a2d8f2ea9","block_type":"box","text":"Boards play an impor tant role in establishing compensation arrangements that enable the company to recruit,","page_number":202,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"970944ed-029f-470c-b1c2-8e2bfc7b4522","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":202,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"9c09d714-30a4-4f0b-ac54-f59511ce73d2","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":202,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"bb3b7568-e267-4864-9e20-d6fecef44fd7","block_type":"box","text":"per formance.","page_number":202,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"6eeb3dcc-9a47-4f92-9fc1-1aa5a6677570","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":202,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"95b330bc-d668-4985-b9c4-014e4734c777","block_type":"box","text":"per formance against shor t-term metrics, incentives – most often share-based that reward per formance against long","page_number":202,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"f9d7401e-2e89-41d5-95fe-0e1c366745ae","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":202,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"41c1f85b-0b0e-4cdf-bb6a-bb8a46a5955e","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":202,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"f1dc0712-9918-45cc-ac7e-5a366e24d7f3","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":202,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"99272ee6-cb7f-4a60-a72c-dba7c5e95f75","block_type":"box","text":"recruit and motivate.","page_number":202,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"ef95a001-047f-491f-bbf0-35d8bfab0541","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":202,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"aafba030-4be4-45d8-b0c8-6006ebac299a","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":202,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"4db0191e-b93a-47d8-9921-18c166c646ad","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":202,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"1e05da7e-f37e-42fe-a8e4-f0bfe17cf88a","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":202,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"27494573-b332-42ce-88eb-fe8644cadff1","block_type":"box","text":"arrangements include:","page_number":202,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"e7f1b700-e724-463f-814f-ea066189f7f8","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"5096601d-7897-4a21-9543-5a2885dff719","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":202,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"fcf94c38-5df9-40ee-8134-6bf5dff5603b","block_type":"box","text":"the company’s size, sector and market.","page_number":202,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"920e71be-56fc-40ff-bec3-c3868065c8a9","block_type":"box","text":"BlackRock Active Investment 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objectives.","page_number":203,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"bb71af70-c69a-415e-a670-469a5b59c7d8","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"d1424f69-8493-48e0-ae80-416bfb7d83f1","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":203,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"0188db29-6326-4c84-8ee9-d8f43b2a6bcf","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"15f120c3-7e4b-4104-8837-decaa5832401","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":203,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"f85140b0-e4f3-4d02-8568-1229b744ac4f","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":203,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"511865d5-23c7-4cf9-8e9b-984ecfc2a9a3","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"94650a6d-e9ca-4fff-a38f-3b35254c549d","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":203,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"46e9dccb-6665-4dcd-a502-130cb5974884","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"0ee374b6-7339-427a-bba6-9c08ca84f109","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":203,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"71690d4c-58ba-475c-92d0-3b6ae2b9ac45","block_type":"box","text":"transparently.","page_number":203,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"6eb9d174-f448-4387-8b1b-b2ba8636375e","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"10fc2066-80c3-4134-86c9-f928917822e2","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":203,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"7550d314-8dcc-4400-adf8-b381984076b0","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":203,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"0f423396-68d8-48d5-ab8d-7a1be181aaa4","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"1a406c99-c51d-446d-9b0d-19b03e6ba95d","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":203,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"d0cc7515-9538-4833-b280-ccda28826baf","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"daae9ecc-6e62-4a65-bc0e-020a3521e5b2","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":203,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"800288c7-f1e6-4e1e-a67a-58be347e2807","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":203,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"53417d92-3175-4105-a58d-ec295a0bfe9f","block_type":"box","text":"misconduct.","page_number":203,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"e5ece9f3-109e-4982-8d10-c82d3d47ea1c","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"9a80ea6c-8dd1-4d55-929a-06c5014c09cc","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":203,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"316ef73c-b75d-404c-9c0c-5d3946bb61c2","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":203,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"eff6de9b-83d5-4154-93e4-b1b709dd1297","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":203,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"3b3d7176-732b-44b7-a629-ddda95e4c6c8","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":203,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"a63b9aa7-e34c-4a70-84cf-aa541722dc44","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":203,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"fa1bd00a-7f38-40d2-bdd0-b7c33ba16a19","block_type":"box","text":"committee, or the most senior independent director.","page_number":203,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"9ff9e8ee-c89d-45b4-ba3b-73ec0f002396","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":203,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"8675bfaa-c0c5-41c0-a330-5bbbf12680d4","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":203,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"888bded6-424a-4d5a-91ab-9ad259dff78e","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":203,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"3705ebe8-3b9c-4fbe-aa3f-e80fcffcacb8","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":203,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"4fe6df59-1435-4da9-bf5e-29a307caa750","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":203,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"ff466581-d715-483e-b338-45c3277fba4f","block_type":"box","text":"CAPITAL STRUCTURE","page_number":203,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"bb7c44e8-6b6f-4782-8e83-5d7cb6d758d9","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":203,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"e60974b7-ef5d-4d67-ae06-9be53780ee68","block_type":"box","text":"appropriate capital allocation in suppor t of long-term financial resilience.","page_number":203,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"c2f03f58-3661-4fe1-a54e-8804dab29831","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":203,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"67d8e97b-42a3-4e11-915f-4167ab9f7623","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":203,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"da874616-820f-4116-95e1-7912f07b1450","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":203,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"254d84a9-79b6-4c7e-8513-aef33d246f36","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":203,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"59aca1f0-4aa1-4b67-9a0e-f38ed235980d","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":203,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"4d08dc8f-34b4-4921-9825-aa3001592f32","block_type":"box","text":"Share issuance","page_number":203,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"1daf66f7-615a-4e73-81f8-f96bc07da7a2","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":203,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"fa3830d6-74e0-47e9-b992-c460b2a1708f","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":203,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"de74f334-d53a-48cf-a7ff-a7cc9676c6dd","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":203,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"88ee4c44-1714-41f2-8442-08ae920f2641","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":203,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"34e18104-3c32-4aa7-827a-6a923cc705a0","block_type":"box","text":"market environment.","page_number":203,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"7c0a862b-48ab-4aef-852b-5284ba95c2c6","block_type":"box","text":"Share buybacks","page_number":203,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"ee5bfbb6-3954-43ed-b5ea-e337e24ba93a","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":203,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"531bf757-cc9b-420d-a50e-eb506b947342","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":203,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"0d1586e0-959b-4e60-9b3e-4c5557cafd9e","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":203,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"32280011-b852-4c1f-b7b3-f724ff91435a","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":203,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"d3b32df4-a182-4084-b379-99a91a071b4e","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":203,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"97ddf469-9cb1-4992-9c40-69348675ad80","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":203,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"270e39d0-e352-4e13-bae5-b6c5b69c93e1","block_type":"box","text":"of the company and the market environment.","page_number":203,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"4b1b2c9a-caa6-4c7a-bf58-6e9dff8e43fd","block_type":"box","text":"Dividends","page_number":203,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"a3d0b5e4-7c5b-4ef4-8b4f-7f2130a121ad","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":203,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"3329b7fd-a43b-45fa-8c5e-7ad09cc3e693","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":203,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"4cc838e6-a26b-479e-9aa0-2fbfb6c3a077","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ac8ce886-90ef-4ed7-b9ff-bb0b8b4b2ee9","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":203,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"2720faa7-a7be-40a8-8c26-9231d74531f4","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"68cfb6ab-f025-4891-a343-b445b96546d1","block_type":"box","text":"Differentiated voting rights","page_number":204,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"c0a2fa50-937f-4b70-8cc0-8ecc57797d4f","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":204,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"51672ea6-773a-4a0a-9ecf-7282ba0cfde6","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":204,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"a70573e1-288f-4c9f-97ac-06b683ef1c49","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":204,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"d97dae40-4776-47b1-a6ec-ad38543dec70","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":204,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"0b9bfb08-0716-4f6e-a81b-496b7b9d0620","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":204,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"f9e72ccf-3955-4f88-aaae-f292cd22d473","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":204,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"225a8d52-7d6b-427b-96bf-863a07b192e6","block_type":"box","text":"analyses of proposals.","page_number":204,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"d2e09d40-e31e-4dbe-aeff-2dbda1ee6575","block_type":"box","text":"Mergers and acquisitions","page_number":204,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"e89bc367-89ac-4157-9325-ea981caab854","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":204,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"49933b4b-b560-4c10-b7e6-f82b6f64b76a","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":204,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"6e9d4389-29a1-4b49-ad08-63a72486399c","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":204,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"87b8850d-1aa6-4873-a29a-fc71e60ec1f0","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":204,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"da0ff077-06f3-4420-b6b4-fa91e6e5d2f4","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":204,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"7f74caf7-da07-4cd7-a73b-c6a38901d0c9","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":204,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"e8a1e413-6e05-4483-9e56-15f1842c7544","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":204,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"549e1ef5-c604-4974-ae36-38e5f433d073","block_type":"box","text":"Anti-takeover defenses","page_number":204,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"d9438b59-d6c6-4842-b950-4b92053d357a","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":204,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"3d6c5075-3366-42c3-ad9d-01a7f7971ddc","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":204,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"d68c2c78-e8ae-4b29-9611-75294f411860","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":204,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"ae95d39c-ea74-4a00-8d55-febd6edb9291","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":204,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"4029a53c-ec9b-4e16-9a52-6e8c8f926b10","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":204,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"f8e5749b-2c60-401d-8134-4a5a9a9695ac","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":204,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"c505468c-36b2-4266-9d78-0b912c983c26","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":204,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"9ce7c449-219b-4bae-90ec-e500bde9c063","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":204,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"9ad23d6a-1388-4d3d-978e-b3a7f8c41b94","block_type":"box","text":"Shareholder activism","page_number":204,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"7e4cb0dd-545c-4db8-98e4-a3637eb500f0","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":204,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"67798ffb-3b07-4605-8427-412b7e236384","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":204,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"0e0ae0cb-6eda-4c40-bc1b-a0d8eeee8d5b","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":204,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"6550222a-966f-44ff-8caf-de2ba64944e6","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":204,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"fbfa4f38-3225-4541-938b-f0d9479e09ca","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":204,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"5f72aebc-45f8-41e9-bcd8-17fa31e69976","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":204,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"9a041b38-2e49-45d8-8063-688a40d4d9fa","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":204,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"b8a6cab2-5b03-4539-97bc-9f05649817ac","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":204,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"8aec90d2-1ce1-4d58-bbfa-76ae09a5c647","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":204,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"61a779e7-cb6f-4d5c-b666-67c21fe43203","block_type":"box","text":"protecting shareholders’ interests.","page_number":204,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"76b2c271-aad5-4913-a6e8-c49d3b87b21a","block_type":"box","text":"Significant shareholders and related party transactions","page_number":204,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"5b955e69-2683-4f0f-914d-666eb0912ebd","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":204,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"cb97635b-a69e-41ba-8c8b-a0c998f38132","block_type":"box","text":"interests of all shareholders when evaluating related par ty transactions.","page_number":204,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"93a14f44-a135-44a2-a34f-a6a1e2f43db4","block_type":"box","text":"We consider it good practice for transactions with related par ties, such as significant shareholders or companies","page_number":204,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"e0cb215d-5a3b-4f31-8645-de77564541d8","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":204,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"de2ef75a-ea60-47ba-9433-f19e5feb43b1","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":204,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"f1e4f5ea-6c09-4aaf-8c51-3d53e2560c9a","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":204,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"5c5b7b59-c02d-42e3-a2c5-c7cbc0ab03da","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":204,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"b96e9e23-2d24-48d0-a0da-aa7efe8cd652","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":204,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"85235ed4-73af-46b5-9e90-239677873c22","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":204,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"f7188756-c8d2-4401-9b4f-f731e91bbf2a","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":204,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"0b4f038e-7e7d-4984-a817-7f152ff12f72","block_type":"box","text":"oversee corporate repor ting and the policies and procedures underpinning the internal audit function and external","page_number":204,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"85940c3b-c1bb-4e94-b4eb-a91180d9e45c","block_type":"box","text":"audit.","page_number":204,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"c2144fe2-4c4a-46aa-9ffa-235dd159bca2","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors, and other stakeholders,","page_number":204,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"ea75b9a0-8c9f-4755-af20-4854300fc8f2","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":204,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"4ae298ca-fe52-42de-85fd-b0d872b0fd64","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":204,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"10259f4e-c3a1-4900-93d6-27e0e6c3e77b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"879f4ca7-ee71-485e-9af8-8636bafac17e","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":204,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"77c4e78e-3f41-4165-b9ae-39e9f4661efc","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e11d2233-5af6-4858-941a-3d6b643a607e","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":205,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"0dab7ac9-d3ce-4812-bb6f-c8059f0bfb67","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":205,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"c9ec760d-797b-4d2c-9331-00eaa7100f06","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":205,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"4ce0d373-3c36-40e3-a7d3-675ff018aa83","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":205,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"3ef523e2-549c-4928-9155-96a8651f4b52","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":205,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"93f998f0-44ed-4ffb-bb40-d6e03a27dff7","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":205,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"6e720b56-a235-48e0-96a3-6db90c15f8f1","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":205,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"e9a3fed7-4613-45bc-8b6a-30c9a1e30d99","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":205,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"c63734d2-e6fc-494a-b27e-834add839d3e","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":205,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"2f3b349e-a6e0-40b6-8d7e-b1e363f90b44","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":205,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"ec2e0456-1850-4583-a7f7-9bb4e7c910d2","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":205,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"3fe9eef1-283e-49a0-918b-289e2b96abc6","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":205,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"6b77675e-5a1d-4e8a-8286-1df0125891c7","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and oppor tunities. The International","page_number":205,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"7f050e77-bd2c-4eb2-9352-cbf29a3c6873","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its repor ting standards,","page_number":205,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"0c2fa013-5b9a-455e-a1fa-cb67c3c4e0ea","block_type":"box","text":"which may be helpful to companies in preparing such repor ts.","page_number":205,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"4de152e9-13b7-4749-bade-5abd5d74884c","block_type":"box","text":"9","page_number":205,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"5791770e-89ea-4b72-893f-cb99c0a7e73f","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":205,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"c8c30695-efdb-4fc2-8c0e-f5cd0a456ad1","block_type":"box","text":"framework, and note that companies in cer tain jurisdictions are subject to mandatory repor ting requirements under","page_number":205,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"b34a4203-76b1-4bba-b824-ce2aaee4a81b","block_type":"box","text":"standards specified by policy makers.","page_number":205,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"a4e0b81d-0517-4206-8ac7-b01ea1984684","block_type":"box","text":"10","page_number":205,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"3477684e-fd48-4fbc-a0db-9a40cd75c70d","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":205,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"ed6c3737-b364-4d25-a048-bb5f43ef6310","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":205,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"36eda92a-6745-4cc3-9fff-f82ef3e37bce","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":205,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"5f53f6e0-cbd8-41af-adb6-2d7a3708ea61","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":205,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"a9c429bd-49c3-47bb-8e6d-ded215842fb9","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":205,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"e3d8e6ea-017c-4350-b942-92176ae9d6ac","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":205,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"9aaaf31c-9f89-4ee9-aa0c-92df669bdae0","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":205,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"398606eb-3fd0-48f5-9977-32b664b83a47","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":205,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"7371ecf5-8ac7-4ec0-ad10-2441b5f302c5","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":205,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"c3702598-49b4-445b-a8f3-aedde45a682b","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":205,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"8fac986e-b9aa-441b-8cc8-aad04b532776","block_type":"box","text":"remained independent.","page_number":205,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"91cfabc0-155e-4cbf-ac57-f75f1fcd2894","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":205,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"1117d0a1-d14f-46db-b309-fba771a6e8ca","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":205,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"55974ac3-86bd-4929-8d4a-caae2f1b62a6","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":205,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"c53f5036-df5e-4056-98ec-01d800dffda6","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":205,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"6b7fe1ae-9d73-4696-8d76-ec97c40a2f46","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":205,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"12b142d1-dce9-4c0e-8d2f-4d551a71a9dd","block_type":"box","text":"misstatements in financial repor ts and the board has not established reasonable remediation plans.","page_number":205,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"9667d99b-d6c2-4e66-b8f2-9b35c5a32db6","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":205,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"e2537a7e-52c3-4386-acbb-46b6e3a39efb","block_type":"box","text":"General shareholder meetings","page_number":205,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"1fe8611a-a610-48e2-af5f-e581812b37cf","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":205,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"184dbf35-821e-463a-968e-f51bcb75796e","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":205,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"bc906f86-9f04-4a38-8cb2-9d27b398c7c7","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":205,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"671de830-b383-470f-964c-df26489f0976","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":205,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"521f4cd6-96a9-4851-a202-298c319afd07","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":205,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"4ff89cbb-0eef-4f74-8800-d4deb82344aa","block_type":"box","text":"an in-person meeting.","page_number":205,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"85b66478-ab98-4aad-aed1-fc6921f7e9be","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":205,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"7fcc13ed-9295-4cb0-8bf7-9cb47e40a421","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":205,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"8d5e4c1b-a076-4e97-8413-9273a05c3da2","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":205,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"1fe849e8-0681-4faf-8100-16d8e85d606c","block_type":"box","text":"par ticipation.","page_number":205,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"4d54b182-75ef-4d5d-b735-ede7caca105b","block_type":"box","text":"9","page_number":205,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"f9d03c45-76c6-4f77-9e04-672c10e724d5","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":205,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"c662ba54-339c-476a-a5ca-344069bf5183","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":205,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"c41209a2-151c-4892-a327-0085fd8222a6","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":205,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"a40733bf-40c9-4475-b7d4-5047bd7e8c8e","block_type":"box","text":"Disclosures.”","page_number":205,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"75905b2e-0e80-4faf-8a85-1c7d527897a3","block_type":"box","text":"10","page_number":205,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"ade333cd-3fe2-4869-8795-0d85334aa0da","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":205,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"b320f3ad-1c69-444a-9b37-f7e5d455e5a7","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":205,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"9e9f25f3-d0e2-4fde-9726-e2a9cbf33005","block_type":"box","text":"p/ p//p/p\r\nrepor ting-and-auditing/company-repor ting/corporate-sustainability-repor ting_en.","page_number":205,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"85a79065-8a07-4176-a536-f5248cd51ef8","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"84947bea-12fe-4fc2-872e-605e229d3ca3","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":205,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"c0cd01c7-6307-48f1-9c68-94c50ecaeb13","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2331e954-a80c-4b5f-a23a-d5f3bfad9382","block_type":"box","text":"Bylaw amendments","page_number":206,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"2ea42f9d-e831-4737-8e1c-3bca5ce33687","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":206,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"9529dc41-1dc9-4703-8c91-68ac8b80c331","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":206,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"ddbd441f-8379-4c8b-b38d-2e0d17a52299","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":206,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"a64b71bb-39e8-45c5-b332-2587c1c02e8d","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":206,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"5babbfc4-5943-4f37-9cfc-49fb285aecc0","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":206,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"a002e056-9806-4787-9c75-9bc7cb17e8df","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":206,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"550d2740-ffd9-4fd6-9256-f7d4e8c99713","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":206,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"620bb817-a764-4685-a53c-8080d38b20f6","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":206,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"c01c4a6b-2416-4f97-a222-8a5d669d111b","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":206,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"8953c305-49c9-4daa-8841-08aa3de68ca9","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":206,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"9816425c-713d-4e57-b376-a7469808f46a","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":206,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"54fab117-4a1f-4fc4-a2ab-ea4bf15dded0","block_type":"box","text":"nomination process.","page_number":206,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"a1763834-b8e1-4b1c-9b7a-0f44367b1e38","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":206,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"b1c32798-42b8-4aaf-8226-1e2f9ec04c83","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":206,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"89fca573-0da9-4cce-9f45-bce359938503","block_type":"box","text":"Change of domicile","page_number":206,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"ffe741ed-15b0-4bba-964f-0466ab63a194","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":206,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"f7e6c155-3540-4f6a-9288-e09ef5ac7ba8","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":206,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"b904b26a-387d-43c4-9eb1-5c749619309d","block_type":"box","text":"immaterial.","page_number":206,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"07395a49-aa6d-45f4-a6f0-1cd73d982b81","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":206,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"1163bfd2-3699-42dc-9cd2-da502f79ad80","block_type":"box","text":"with our clients’ financial interests.","page_number":206,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"02d65fd4-ff09-452b-baa2-cfee26cfb7e8","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":206,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"657953fe-0529-45eb-b0a6-ddda0b1e34c7","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":206,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"7d566396-291d-4896-8df9-8980f84e97ed","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":206,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"e27b6b59-4bad-44a9-8c23-7a366a1cf939","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":206,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"de8eb94f-cda5-45c0-86e3-e4dcd8c4d399","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":206,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"d77afbc5-cb8c-489c-830b-4f00a95beb59","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":206,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"a7f704d0-1224-4c23-ad79-594d4458c4cf","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":206,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"ff63992a-a0da-4b7d-a12d-1c27ff0da23d","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":206,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"e0d40cd4-0077-4081-b2fb-344639b52395","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":206,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"7f9bc7b0-bd6f-451e-8dd4-22e04f0d43fc","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":206,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"05bc1bb3-0f1f-40e5-ae63-ca1d2b9beaef","block_type":"box","text":"relevant to a company’s business.","page_number":206,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"e2db817a-54d9-4b6f-ada9-17f2780c061e","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":206,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"a454504a-c2ab-4f2c-9ba9-682ac90938af","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":206,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"25a5239f-ba50-45d3-a161-c4e44bab0886","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":206,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"e30d2d20-0b2f-413d-9c94-038051975d35","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":206,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"69563b45-dee6-43b0-b176-a68445d2a79b","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":206,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"fdf6adb3-ac28-487b-a9b0-590b1bad1672","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":206,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"f93eeb7f-3891-4c43-80db-a4f63c79b196","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not suppor t","page_number":206,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"1a4e1c54-cee7-44ff-bae5-cc479cdd4cb3","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":206,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"62b3b023-b381-4864-9e01-f9fd9f779ad8","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":206,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"4976050a-b883-46dd-ae4d-c91a76b83c9b","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":206,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"2814a39c-7002-4519-8715-d2c2b1eaa58b","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":206,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"11bed1de-fa64-4d3f-8657-18703bc34333","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":206,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"2750d902-0ff6-4250-82c4-6269c81aea16","block_type":"box","text":"who authorize us to do so, on proposals put for th by others.","page_number":206,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"a832d352-0725-4e9d-8e1b-736be98a2518","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":206,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"255b73d5-e55a-42e6-821a-f395f16ff5d9","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":206,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"2489ddb1-5c08-44dd-82bd-d46ce7122a83","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":206,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"a5714ede-7ec7-44d3-a560-4d0ef99888d5","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":206,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"a41b227e-a924-43cc-92c7-4524767ccd56","block_type":"box","text":"companies engage in corporate political activities and ensure that their par ticipation is consistent with their public","page_number":206,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"8c85124e-c64d-4d0a-85cc-cdfd9c68dcf4","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":206,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"7f5961da-e709-4638-99a4-70327031e286","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":206,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"fc62ed4b-e6b2-4f3e-bff5-ef5e135beb50","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"63d50416-3595-4b52-8aee-cc0fb2f083c5","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":206,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"32afa0ee-feda-44f1-9fbc-adc081b80eb7","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c9fe221d-07ca-4bd0-b8ec-9095cf5967c4","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":207,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"98865284-2849-48e7-9e0d-304215d1f70e","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":207,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"c662173b-0997-448b-8278-bd65f16ecce5","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":207,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"dd1f3e78-1f61-4348-bf95-5de8a79d0cde","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":207,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"0a328d85-db84-48b1-a28a-399c0999b917","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":207,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"a440bc59-f5d9-49af-84e4-4525bbb788dd","block_type":"box","text":"under taken by trade associations on behalf of members.","page_number":207,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"ad7c164f-ebd9-4f2f-b8c3-5c91f17eddc0","block_type":"box","text":"We may suppor t a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":207,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"96f38ffc-3e78-4dbe-9941-78f47b616537","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":207,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"385820fe-0207-4fdd-9633-c7858ab928cb","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"5f68367f-3351-46c5-aeff-b69f925e61a6","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":207,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"9147473a-df24-4a3d-b35f-84d13457f484","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"27036f00-4d58-4493-8869-55492c70aeb8","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":208,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"7c6b8bd4-8f3c-4cd3-a91b-ab838bddf5f7","block_type":"box","text":"We seek to understand how companies manage the material risks and oppor tunities inherent in their business","page_number":208,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"7e218f2f-58f4-418f-83e0-ef180c88056e","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":208,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"807ff980-2b3c-46b2-91ea-086e993974f4","block_type":"box","text":"11","page_number":208,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"e10dc093-153f-4064-9381-1cccaabad742","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":208,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"15f127dc-86a4-47d3-8f28-f924ff84226d","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":208,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"019cddd0-eea0-428c-ad7e-72f49b5670b9","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":208,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"6a26146a-433e-4bcf-83c5-f43c3be1e95e","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":208,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"7d53376f-7fca-44f2-8187-edc6367d1028","block_type":"box","text":"regulatory requirements.","page_number":208,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"5f6750a3-7235-421c-bcd7-db8ded1234a6","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":208,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"ad59d7d5-01ca-4811-bd41-4152538ae3c8","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":208,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"6cf1db5e-282d-4fd2-b111-5d0e0b35e1ab","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":208,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"740c6918-2784-4f37-9a2e-71d78e98f24d","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":208,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"7c9fa898-e9da-4b66-b70b-41f8baeffc73","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":208,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"7e93171e-c960-4f41-b20f-fd5e75df60af","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":208,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"ba4f3bac-6763-41c2-91c7-5187cbdf3160","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":208,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"7c1c243e-bd21-45e0-821d-dc82d91e2720","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":208,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"0c5ba321-cd64-48e6-b727-fc96951cc126","block_type":"box","text":"returns.","page_number":208,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"ae04e9e9-adcb-4b35-8bff-eb1706d3ca55","block_type":"box","text":"KEY STAKEHOLDERS","page_number":208,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"1a5aebb8-63fd-40ca-a731-e54cd0d51fce","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":208,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"a8457883-f440-453b-a46f-ea67cd8a6110","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":208,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"1003da16-6f8c-40ac-a0b4-349045c32a08","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":208,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"f689077a-f336-414b-8ab1-4bd064e3c3be","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":208,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"27ec84c5-7ee1-4caf-a370-1a5e2eeb98b0","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":208,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"d1f66ada-a270-467f-be87-bb47f75f0360","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":208,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"88140659-8fb7-406a-b6a5-3858df1279b8","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":208,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"2d15f3d4-6e43-4286-a002-89bd0e44a2d3","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":208,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"ed41f27e-29f2-4f1c-a2ad-df3ba89c1ae6","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":208,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"261ccb77-08c3-4acf-8aa2-103b602a3122","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":208,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"c17aba4f-309d-445d-9be8-dbac22f0bbcd","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":208,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"05f47d89-7e5e-4820-896d-15ff4bc1462a","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":208,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"2d833b90-7202-4505-acfe-5765a4319fbb","block_type":"box","text":"i.e.","page_number":208,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"dcdb6af2-5d01-4b9d-8455-9d4a9e9833d8","block_type":"box","text":", one in which global","page_number":208,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"3a4098cf-ae6b-4864-b8e9-6e21a83c8965","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":208,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"dbd69fcd-42b1-4314-b918-8bd9c805ef7f","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":208,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"5efd8324-2fbb-4089-af57-a19cfccc2e72","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":208,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"f83f8616-9922-4224-b010-f21b6dead921","block_type":"box","text":"client.","page_number":208,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"9afaea71-e45a-4c61-a973-d8960fb693f8","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":208,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"1fb0d867-8dd1-48ea-8930-135c60bffdc4","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":208,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"6c5b5c0a-05f6-4506-8699-0b8b3a37840f","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":208,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"3a16de49-f461-42ab-8e49-650de3e7391f","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":208,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"45deb314-e2e7-4f93-9040-4ed6349a495d","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":208,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"1e453a43-53bc-48c4-89b0-05efd5d3d937","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":208,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"6c278ab0-c8e6-419e-bbd4-98e6f2177795","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":208,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"c9bad400-ddc7-4c93-9345-66c89179d5bf","block_type":"box","text":"1 and 2 emissions.","page_number":208,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"1a1f6a6c-d6e7-4717-a688-13dceb93a3e4","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":208,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"0907b540-06a4-4fd0-be29-3fd85b191bf7","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":208,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"1bbadcfc-f4c0-4dbf-830d-4145edd6e069","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":208,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"c992441a-13e6-480c-a425-0b966ea88c89","block_type":"box","text":"specific guidelines. We may recommend suppor ting shareholder proposals seeking information relevant to a","page_number":208,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"4946abaf-153e-42c6-8932-f8b753035500","block_type":"box","text":"11","page_number":208,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"d16327b0-e965-41eb-8c7e-412851dd03c0","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":208,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"2770ba98-5421-46ea-9579-8822a5d2384b","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":208,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"14ef7f5e-db41-49ac-af7c-139a05dc12ff","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":208,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"a3c288bd-5ca8-4ef6-b1cf-9e71bba6c758","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":208,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"e138e43e-078b-4b67-889f-f08db61a739d","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":208,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"322c0f59-ac97-4202-854d-f498853b79bd","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":208,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"bc4fea90-511c-45ca-8472-5ac7befa2e70","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":208,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"f54e2709-2d0f-4c4c-bbd7-8fcd19ce4100","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":208,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"cc7c9717-1d31-4dc5-91a3-60173a9f84ba","block_type":"box","text":"sound governance framework.","page_number":208,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"13a09a1b-db10-4f14-afd7-ea4d69280629","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"55504b2e-f724-4214-ad54-485e0d42fc43","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":208,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"d22f41fa-8784-4b48-90fb-2b10071a75c5","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b5ed971c-debe-4c3c-83a8-85e1e157b64c","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":209,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"a3a3c6f9-81d6-4d89-bda2-c9585bb03a9c","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend suppor t for shareholder proposals that","page_number":209,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"89b2003c-fc12-437e-8719-138ebc3958b9","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":209,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"44d5849b-225b-44e9-9c62-829ed56d1890","block_type":"box","text":"the BAIS benchmark approach, the active por tfolio managers are ultimately responsible for voting consistent with","page_number":209,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"7d24e802-4342-4519-a4e0-02455ab90ee9","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":209,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"ae9a149a-52e2-46db-98fd-8ef288ed42af","block_type":"box","text":"climate risk and the energy transition is under taken in line with BAIS’ benchmark guidelines.","page_number":209,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"b5a2cc94-46c5-4b78-9304-b188e5e892fe","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"97abb72e-2417-4265-b3eb-836ea4c7b5ef","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":209,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"9f183da1-aaf3-4409-bd99-0d1675fa32a3","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8eced5a5-4ca7-490b-ac23-b9771e9da32c","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":210,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"8b8cff32-c864-40fe-adcd-1d9297161417","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":210,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"eaad3944-274c-4191-9abc-99ca388ee6b5","block_type":"box","text":"Oversight","page_number":210,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"d96a6241-03a1-49e0-b402-00555ece0dee","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":210,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"7fc2d473-e264-45b2-84e5-a268ac8f8eac","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":210,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"ab3f893e-16f5-4feb-aea4-099e47b558f7","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":210,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"3683c6d1-31e6-4cd9-9be3-395780dd3c1f","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":210,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"d26b369a-d6e7-405f-9431-e76673ef66da","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":210,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"c0ab03b8-5926-42db-af6e-21d23b22d4b1","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":210,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"e0101637-e7be-4dcf-bc0b-62df2b7b3808","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":210,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"abae5c6c-7b95-46d1-9e13-dca2b451005f","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":210,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"ff69128e-fa62-4af0-9b8c-68dffdbbb413","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":210,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"5f9a66be-f7df-4b00-8b34-ba9d22266634","block_type":"box","text":"relevant active equity investors.","page_number":210,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"9d8e4173-3ce9-45d2-b045-b42a0592b5d6","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":210,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"334281fa-f4ad-435e-ab64-6f62ab338bd8","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":210,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"7e1bb58f-00ee-46b5-a784-232c1af66768","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":210,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"4f946953-0b4c-4e15-93ce-4131879b9768","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":210,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"5dc60a8a-3f4e-417f-ace4-9268cc6d5cda","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":210,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"c8b206f4-ec0a-4585-a1e9-0c2e3f80648a","block_type":"box","text":"third-par ty vote services providers” below).","page_number":210,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"88420e12-eb0d-49c8-8929-8d555905d717","block_type":"box","text":"Voting guidelines and vote execution","page_number":210,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"42c94d34-d916-4eb5-ac86-06868afe0112","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":210,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"14b299bc-ee56-49ca-9052-4f0e2712afae","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":210,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"9a2fe870-5a84-486d-a8ff-fea3031027a2","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":210,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"013b828e-e27c-4e15-bb2b-4da9785e6bad","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":210,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"26967829-f03f-46ef-b085-aba64af8943f","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":210,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"10611f2c-6cf2-4fd9-9d9b-84f77d6456a1","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":210,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"9e6d307d-0445-489f-9e1a-a94ae30500d6","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":210,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"adabb11f-c2bc-44f3-9b4c-dc968ddd71ea","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":210,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"48abffd4-7bd4-4784-847c-c4f6156e3d92","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":210,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"cb61d842-48b1-4a17-bc83-6b8a823091ee","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":210,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"db08d360-3d47-4124-ac1c-986b71a33665","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":210,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"4e4381b4-0661-4f09-8bdd-10fddf726cbf","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":210,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"e1bc22d7-cf80-4322-bf34-b59c7176e68a","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":210,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"51b39d30-84b9-4b4f-ade3-46fcd1ef6f3c","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":210,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"b760a05c-2e89-4d0a-ae99-c6eebc4fd635","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":210,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"a361314a-4def-4ecc-990b-d20f2c8ec6f3","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":210,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"9e96ebdb-8921-4109-81e4-848b7ad2720c","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":210,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"eaaa3c77-fcb7-4bcd-ba6c-7be28f835205","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":210,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"6fda6087-05cb-49a1-bfbf-282eca768e5a","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":210,"box":{"x":68,"y":652,"width":791,"height":11}},{"id":"0357418c-bf8b-4516-aab4-6a21034f76ae","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":210,"box":{"x":69,"y":666,"width":805,"height":12}},{"id":"416ba9da-4948-4916-8b38-c5a203ca5da3","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":210,"box":{"x":70,"y":682,"width":784,"height":11}},{"id":"391965d3-dac4-44b1-9f79-6802010662b8","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the shareholder meeting has","page_number":210,"box":{"x":69,"y":696,"width":775,"height":11}},{"id":"625d8246-ca6e-4831-a878-a561020da364","block_type":"box","text":"occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide","page_number":210,"box":{"x":69,"y":711,"width":824,"height":11}},{"id":"2600c535-16c8-4c6a-bc83-3a10549e9249","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":210,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"2cd05104-9b93-4a1c-a7af-dd7d6abd8475","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":210,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"780393ac-1a9f-4112-b822-4ff9d451b7ae","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":210,"box":{"x":102,"y":759,"width":796,"height":12}},{"id":"a7e6cb01-a4a8-49b1-bf14-930bc157f32c","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":210,"box":{"x":68,"y":774,"width":799,"height":12}},{"id":"1e60df65-7465-48df-9442-a112350f9aa9","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":210,"box":{"x":69,"y":789,"width":829,"height":11}},{"id":"b3ce46de-33ea-4cfd-8636-61b20853152d","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":210,"box":{"x":69,"y":804,"width":661,"height":11}},{"id":"5ed92dbf-f927-44a7-88b3-3c62d7235ac3","block_type":"box","text":"Voting Choice","page_number":210,"box":{"x":68,"y":826,"width":101,"height":12}},{"id":"de7dff4f-94f2-4049-8aac-120c3af1a71e","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":210,"box":{"x":102,"y":845,"width":800,"height":11}},{"id":"96daa64b-6647-4a6b-bc2a-c9eef6fd171a","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":210,"box":{"x":68,"y":860,"width":447,"height":11}},{"id":"a95a00f5-5ca4-4b6d-b1fb-10614fb311f4","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"926dac17-0f55-46bb-ad03-c9da664c6a6f","block_type":"box","text":"Global Engagement and Voting Guidelines | 16","page_number":210,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"2df20c78-34f1-4c6e-a762-06a3da2476b9","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"332add76-88ed-4aff-a3b3-1d4e4ea7bfcf","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":211,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"6b388928-affe-4ef4-91cf-88206c713446","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":211,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"56d00648-6b42-4bd3-b005-8ad8e9e7822f","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":211,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"b8677281-eab0-49da-9286-84dce6d420df","block_type":"box","text":"strategies.","page_number":211,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"f7498f3d-f55f-4980-8529-6922844404d9","block_type":"box","text":"12","page_number":211,"box":{"x":145,"y":90,"width":9,"height":4}},{"id":"5a6eab5a-feef-4f0a-a241-2e7b85d96a3b","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":211,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"cbb40761-e169-4c3b-b820-7f602ee3ff62","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":211,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"6dbe2614-c4b1-48f0-8fda-d848f0584e60","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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BAIS prioritizes engagements based on factors including, but not limited to, our need for additional","page_number":211,"box":{"x":102,"y":831,"width":762,"height":11}},{"id":"dc21a03a-68ea-4c40-8d9d-5e19003d85af","block_type":"box","text":"12","page_number":211,"box":{"x":69,"y":861,"width":9,"height":4}},{"id":"6089c80f-28bc-43de-bf44-6f8fee934529","block_type":"box","text":"With Voting Choice, SMAs have the ability to select from a set of voting policies from third-par ty proxy advisers the","page_number":211,"box":{"x":83,"y":860,"width":814,"height":11}},{"id":"33f69778-33e0-4143-8364-fb4391393c1e","block_type":"box","text":"policy that best aligns with their views and preferences. BlackRock can then use its proxy voting infrastructure to cast","page_number":211,"box":{"x":70,"y":875,"width":838,"height":12}},{"id":"41cc54c4-57ba-4f5c-9683-a67477806be1","block_type":"box","text":"votes based on the client’s selected voting policy.","page_number":211,"box":{"x":68,"y":891,"width":354,"height":11}},{"id":"bd3ff5f1-129b-40e9-bfe9-c6ee239c5774","block_type":"box","text":"13","page_number":211,"box":{"x":69,"y":908,"width":9,"height":5}},{"id":"5cbe23c3-62aa-4fce-b6b6-7aa6390b3db0","block_type":"box","text":"BlackRock does not disclose client information, including a client’s selection of proxy policy, without client consent.","page_number":211,"box":{"x":84,"y":908,"width":820,"height":11}},{"id":"219d4076-147f-4681-9509-0020a5adc3d0","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":211,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"68c2cd52-83e5-4e69-bcc0-28be631d82ab","block_type":"box","text":"Global Engagement and Voting Guidelines | 17","page_number":211,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"9f2ecff2-1794-4177-8206-1aab5b3bcee9","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":211,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f0df207c-c276-4100-9836-758a4fa24194","block_type":"box","text":"information to make a more informed voting decision or to better understand a company’s perspectives on","page_number":212,"box":{"x":102,"y":45,"width":759,"height":11}},{"id":"30892bea-17ca-4e4b-9eb5-653a6dd5cde2","block_type":"box","text":"financially material risks and oppor tunities. 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All other trademarks are those of their respective owners.","page_number":213,"box":{"x":70,"y":913,"width":624,"height":11}},{"id":"273c4be6-efe4-40d1-800c-47d9dc357bda","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":213,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"38139d0f-f79a-4426-8b4d-62cf43a6972b","block_type":"box","text":"Global Engagement and Voting Guidelines | 19","page_number":213,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"16e68429-117f-4930-948d-371fd33e81d6","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":213,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"546470e2-bf50-4f1c-a702-6fbc5fafd47a","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":214,"box":{"x":352,"y":75,"width":275,"height":11}},{"id":"3e0920e1-634c-45e1-ae25-1f4026a25a64","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund 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Funds","page_number":214,"box":{"x":437,"y":219,"width":125,"height":8}},{"id":"d4efcfff-4b95-477e-ba35-02b288d1e28d","block_type":"box","text":"□","page_number":214,"box":{"x":460,"y":241,"width":14,"height":11}},{"id":"dacfd5c1-b302-4a74-96d7-9611c71465c1","block_type":"box","text":"Other","page_number":214,"box":{"x":481,"y":241,"width":38,"height":9}},{"id":"4fe36527-a9df-4ae2-8e38-ba8c109848f4","block_type":"box","text":"Objective and Scope","page_number":214,"box":{"x":101,"y":260,"width":149,"height":11}},{"id":"75db22d3-41bd-4ea2-af4a-1d9c753b3075","block_type":"box","text":"Set for th below is the Index Equity Fund Proxy Voting Policy.","page_number":214,"box":{"x":134,"y":279,"width":421,"height":11}},{"id":"999223b8-8949-4915-91b7-e8883a81d5e6","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":214,"box":{"x":102,"y":297,"width":354,"height":11}},{"id":"c9cd99f8-94bc-4695-8dbd-63cde0ffea44","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":214,"box":{"x":134,"y":316,"width":702,"height":11}},{"id":"8a26ad9e-819f-4896-a2b9-131de22d4520","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":214,"box":{"x":102,"y":331,"width":789,"height":11}},{"id":"0a2fc3b3-52ba-4b68-8a0a-a1ac0bc04ec5","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":214,"box":{"x":101,"y":346,"width":801,"height":11}},{"id":"2ff35d0e-1955-4ed3-bb84-f4eb8cda3600","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":214,"box":{"x":101,"y":361,"width":763,"height":11}},{"id":"c4dad0b0-5694-4ca5-b26b-b81c3a102475","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":214,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"5659ba41-9ced-4854-8b89-3e403e806fc6","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":214,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"f00a4e07-d63e-427f-b452-e7c2aec82d7b","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":214,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"ed77acbb-a9b6-4990-8f3a-b4234de3fbe1","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":214,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"d182dd25-1d64-41e0-ba77-1da70dbf2206","block_type":"box","text":"the iShares Core S&P 500 ETF. 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Reporting on our activities to inform clients","page_number":218,"box":{"x":69,"y":292,"width":351,"height":11}},{"id":"2de06b55-5ae3-41e3-bc77-05518fb4e756","block_type":"box","text":"about our stewardship effor ts on their behalf through a range of","page_number":218,"box":{"x":426,"y":292,"width":457,"height":11}},{"id":"00ed760a-01be-4a06-80ec-acb1c8acc2ec","block_type":"box","text":"publications on our website and direct client communications.","page_number":218,"box":{"x":102,"y":307,"width":439,"height":11}},{"id":"05cac828-1982-41d7-827f-c4a9d43a4c8e","block_type":"box","text":"This document provides an overarching explanation of the principles that guide our approach to engaging and","page_number":218,"box":{"x":101,"y":329,"width":778,"height":12}},{"id":"a142bcce-022b-4c7d-afce-5fc9a19e1487","block_type":"box","text":"voting on corporate governance matters and other material risks and oppor tunities under BIS’ Benchmark Policies.","page_number":218,"box":{"x":68,"y":345,"width":817,"height":11}},{"id":"8013d1d2-df88-4745-9ac2-1f4310bed463","block_type":"box","text":"The BIS Benchmark Policies – which are comprised of the BIS Global Principles, regional voting guidelines, and","page_number":218,"box":{"x":68,"y":360,"width":790,"height":11}},{"id":"4edee258-b951-4096-b4b7-afff66245f66","block_type":"box","text":"Engagement Priorities – apply to clients’ assets invested through index equity strategies, take a financial materiality","page_number":218,"box":{"x":70,"y":375,"width":829,"height":11}},{"id":"9ca4fca3-90be-45d3-bd61-0274bd7ade47","block_type":"box","text":"based approach, and are focused solely on advancing clients’ long-term financial interests.","page_number":218,"box":{"x":69,"y":390,"width":648,"height":11}},{"id":"0fdee66f-784f-488d-9936-c338bc2a088b","block_type":"box","text":"2","page_number":218,"box":{"x":718,"y":390,"width":4,"height":5}},{"id":"fa13bf05-6b17-4b23-b907-dbc9a59e5e30","block_type":"box","text":"PHILOSOPHY ON INVESTMENT STEWARDSHIP","page_number":218,"box":{"x":321,"y":420,"width":337,"height":9}},{"id":"3369bc5b-5704-44ad-86ad-a557bda540eb","block_type":"box","text":"Sound governance is critical to a company’s ability to create long-term financial value. We maintain global","page_number":218,"box":{"x":102,"y":443,"width":751,"height":11}},{"id":"98afa48b-0250-4283-a0e3-bb6307630203","block_type":"box","text":"principles on corporate governance, which guide our approach to stewardship across jurisdictions, while recognizing","page_number":218,"box":{"x":70,"y":458,"width":824,"height":11}},{"id":"cf862a89-9482-4496-8e50-2fb7f0eafd53","block_type":"box","text":"the unique characteristics of the different markets where companies operate.","page_number":218,"box":{"x":68,"y":473,"width":553,"height":11}},{"id":"4859d5e5-91e5-4ef0-8257-d6877610101a","block_type":"box","text":"Setting, executing, and overseeing strategy are the responsibility of management and the board. 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Our role, on behalf of clients as long-term investors, is to better","page_number":218,"box":{"x":69,"y":526,"width":840,"height":11}},{"id":"c2f3fe9d-00bd-438a-975a-3f0a5e5811e5","block_type":"box","text":"understand how corporate leadership is managing material risks and capitalizing on oppor tunities to help protect and","page_number":218,"box":{"x":69,"y":541,"width":835,"height":11}},{"id":"5b8e7129-6d6f-4620-b350-e302cc1a3c67","block_type":"box","text":"enhance the company’s ability to deliver long-term financial returns.","page_number":218,"box":{"x":69,"y":556,"width":481,"height":11}},{"id":"6f99c302-8714-4acc-8744-978e17e2ff52","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":218,"box":{"x":384,"y":586,"width":210,"height":9}},{"id":"7e06dd1e-abfa-4c29-a984-eeb2b5358ddc","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers,","page_number":218,"box":{"x":101,"y":609,"width":791,"height":11}},{"id":"6e04f9a9-ed4f-493c-9faa-37c603f5ef2e","block_type":"box","text":"official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the","page_number":218,"box":{"x":69,"y":624,"width":772,"height":11}},{"id":"57b5dc17-4609-4eee-be70-d789425d1e7f","block_type":"box","text":"individual investors that they serve. Through stewardship, we assess how companies are creating long-term financial","page_number":218,"box":{"x":70,"y":639,"width":831,"height":12}},{"id":"0c9ca195-1692-4599-a27a-b5b5a271c68d","block_type":"box","text":"value to serve our clients, many of whom are saving for long-term goals, such as retirement. Our stewardship","page_number":218,"box":{"x":68,"y":654,"width":780,"height":12}},{"id":"a20f5994-c399-4470-bb78-816863d531f4","block_type":"box","text":"program - including when engaging with companies and voting at shareholder meetings on behalf of clients - is","page_number":218,"box":{"x":70,"y":669,"width":784,"height":12}},{"id":"32526288-a91c-486f-8db5-4b778e9819cd","block_type":"box","text":"conducted from a long-term investor perspective and takes a financial materiality-based approach, focused solely on","page_number":218,"box":{"x":69,"y":685,"width":828,"height":11}},{"id":"aa2565e0-6f0c-4544-b169-31413751b979","block_type":"box","text":"advancing clients’ long-term financial interests.","page_number":218,"box":{"x":69,"y":700,"width":334,"height":11}},{"id":"b3db4a50-1f06-4245-9a53-45cb54715768","block_type":"box","text":"BIS engages with the boards and management of companies in which clients are invested to deepen our","page_number":218,"box":{"x":102,"y":722,"width":745,"height":12}},{"id":"d20ec9f3-b49a-40bc-a313-50f49517f84e","block_type":"box","text":"understanding of a company’s business model, including how they are overseeing material business risks and","page_number":218,"box":{"x":69,"y":738,"width":785,"height":11}},{"id":"caf10254-9f70-4a51-9b6c-32cd279c01f4","block_type":"box","text":"oppor tunities over time, and to help inform our voting on behalf of clients. Engagements provide companies with the","page_number":218,"box":{"x":69,"y":753,"width":829,"height":11}},{"id":"606b9b14-3a06-40be-bd8c-f74e0a8bf9c3","block_type":"box","text":"oppor tunity to share their perspectives on topics that, in BIS’ experience, impact the long-term financial returns","page_number":218,"box":{"x":69,"y":768,"width":795,"height":11}},{"id":"8f262f95-eeab-47b5-9e4b-1ba9c5921048","block_type":"box","text":"BlackRock’s clients depend on to meet their financial goals.","page_number":218,"box":{"x":70,"y":783,"width":425,"height":11}},{"id":"fbf1933e-0715-47a6-b361-c3d442128eeb","block_type":"box","text":"1","page_number":218,"box":{"x":69,"y":813,"width":4,"height":4}},{"id":"0bcc8481-058f-4cdb-8d44-8048bc38a4d1","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":218,"box":{"x":79,"y":812,"width":790,"height":11}},{"id":"e909dace-ce48-4149-b68b-3d64e10c9993","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":218,"box":{"x":69,"y":827,"width":836,"height":12}},{"id":"cf65a1f0-519a-450e-a0f1-1483acc11d4e","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":218,"box":{"x":68,"y":842,"width":805,"height":12}},{"id":"6a50c77f-bef6-4bbf-9fb8-d3283a096e55","block_type":"box","text":"effect, of changing or influencing control of any company.","page_number":218,"box":{"x":69,"y":857,"width":405,"height":12}},{"id":"d50c77cf-cf90-4e42-89c1-6cde077758ad","block_type":"box","text":"2","page_number":218,"box":{"x":69,"y":876,"width":4,"height":4}},{"id":"d714c9ab-775a-4743-8373-ac4757a6688f","block_type":"box","text":"Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the","page_number":218,"box":{"x":78,"y":875,"width":827,"height":11}},{"id":"f5977907-3691-4937-bde8-1d67e67541d0","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":218,"box":{"x":68,"y":890,"width":818,"height":12}},{"id":"94c58f5f-2a7c-4e2b-b220-9a87c3973b78","block_type":"box","text":"material business risk or oppor tunity.","page_number":218,"box":{"x":69,"y":906,"width":264,"height":11}},{"id":"fb5f56dd-8823-4be7-b2c2-12929c8e5460","block_type":"box","text":"BlackRock Investment Stewardship","page_number":218,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"22608565-d6d7-4522-b5d7-56b9de227660","block_type":"box","text":"Global Principles | 3","page_number":218,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"01805e19-d02f-474a-810f-9400f66da380","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":218,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b914e781-fee9-402b-86ba-7af312f9328e","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":219,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"7d2a2f48-1d99-45d8-9860-6a5632bdec30","block_type":"box","text":"governance. As a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is","page_number":219,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"a3c03e8d-98f9-420c-946a-dbd7fdabc7fd","block_type":"box","text":"consistent with the investment objectives of clients who have delegated voting authority to us. BIS’ Benchmark","page_number":219,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"c731b0a4-5b7a-4522-bfa4-e69bafb29271","block_type":"box","text":"Policies, and the vote decisions made consistent with those policies, reflect our reasonable and independent","page_number":219,"box":{"x":69,"y":90,"width":779,"height":11}},{"id":"32a69de2-8f81-45f9-b6f8-4eca5c90963d","block_type":"box","text":"judgment of what is in the long-term financial interests of clients. Our vote decisions are often informed by several","page_number":219,"box":{"x":67,"y":105,"width":816,"height":11}},{"id":"3eef914c-867f-489a-ba28-c3c08c1ae1a3","block_type":"box","text":"factors, including in-depth analysis of company disclosures, comparisons against industry peers, third-par ty research,","page_number":219,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"8f4f087e-6cc5-4d52-bdc2-1fd9624bf4b8","block_type":"box","text":"and, where appropriate, engagement with companies.","page_number":219,"box":{"x":69,"y":136,"width":381,"height":11}},{"id":"815564a9-c37a-4e4c-8db8-1764b7538cfe","block_type":"box","text":"Generally, BIS suppor ts the vote recommendations of the board of directors and management at companies","page_number":219,"box":{"x":102,"y":158,"width":770,"height":11}},{"id":"568a390c-21cd-4dd5-be75-73b2bc3d5311","block_type":"box","text":"which have sound corporate governance and deliver strong financial returns over time. When we determine it is in our","page_number":219,"box":{"x":68,"y":173,"width":838,"height":11}},{"id":"32173986-7b07-4320-877b-84953e5e7d08","block_type":"box","text":"clients’ financial interests to convey concern to companies through voting, we may do so in two forms: we might not","page_number":219,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"79fa7cfe-8de0-49a6-bd41-dc06720fe887","block_type":"box","text":"suppor t the election of directors or other management proposals, or we might not suppor t management’s voting","page_number":219,"box":{"x":69,"y":203,"width":802,"height":12}},{"id":"0cf443c7-917a-418c-8d23-61dbfe15253c","block_type":"box","text":"recommendation on a shareholder proposal.","page_number":219,"box":{"x":69,"y":219,"width":315,"height":10}},{"id":"6b61f30b-ae65-40e9-85e7-8da7c908ad98","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":219,"box":{"x":403,"y":249,"width":172,"height":9}},{"id":"1f7806d5-1ac7-452b-acdb-402b957bb3b0","block_type":"box","text":"BlackRock’s global approach as a shareholder on behalf of our clients is underpinned by cer tain rights attached","page_number":219,"box":{"x":102,"y":271,"width":796,"height":12}},{"id":"dc41d6cd-44c2-4cde-bc27-e74cb0a2539d","block_type":"box","text":"to shareholding in most markets, as established by corporate laws, regulations, and listing rules.","page_number":219,"box":{"x":68,"y":287,"width":693,"height":11}},{"id":"5af10cc7-5104-4419-b7cb-1dee1ecc06fe","block_type":"box","text":"3","page_number":219,"box":{"x":763,"y":287,"width":4,"height":4}},{"id":"bcdd793b-0ba0-4373-9c7d-d384b733c8b8","block_type":"box","text":"For example, in","page_number":219,"box":{"x":774,"y":287,"width":106,"height":10}},{"id":"106d6cd1-65d4-42cb-baa7-872174c35fed","block_type":"box","text":"most markets, shareholders have the right to:","page_number":219,"box":{"x":69,"y":302,"width":326,"height":11}},{"id":"aaba0331-639c-4b63-be80-69cc2e681444","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":325,"width":6,"height":4}},{"id":"49ef9124-f9d5-4ad7-8bed-35aabbdc3c74","block_type":"box","text":"Vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate","page_number":219,"box":{"x":101,"y":322,"width":804,"height":11}},{"id":"c7803fa0-7ca0-4f44-bebc-6f27a70cb996","block_type":"box","text":"char ter or bylaws.","page_number":219,"box":{"x":101,"y":337,"width":126,"height":11}},{"id":"945a197d-75ce-45a0-be58-b338ab360f49","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"7ce0ea53-7732-4c6f-8932-62045b16ec5c","block_type":"box","text":"Vote on key board decisions that are material to the protection of their investment, including but not limited to,","page_number":219,"box":{"x":101,"y":357,"width":789,"height":11}},{"id":"7eae9043-9cb8-47ec-8083-c0efcc00b4c3","block_type":"box","text":"changes to the purpose of the business, dilution levels, and pre-emptive rights.","page_number":219,"box":{"x":101,"y":372,"width":564,"height":11}},{"id":"382eb76b-d267-4c05-b6b8-6f72304a6488","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"6b84454c-0b5b-430e-8eb6-120d42085a8c","block_type":"box","text":"Access sufficient and timely information on governance, strategic, and business matters — where such matters","page_number":219,"box":{"x":101,"y":392,"width":799,"height":12}},{"id":"5c9def88-8f52-4418-a731-389aa513796b","block_type":"box","text":"are material — to make informed decisions.","page_number":219,"box":{"x":102,"y":407,"width":313,"height":9}},{"id":"f728e3cb-fa35-439a-99e5-7e3b1aa77000","block_type":"box","text":"KEY GOVERNANCE TOPICS","page_number":219,"box":{"x":391,"y":438,"width":196,"height":9}},{"id":"682e3b0c-937c-46d3-8c98-f2f510eee1cf","block_type":"box","text":"In our experience, there are cer tain globally applicable elements of corporate governance that contribute to a","page_number":219,"box":{"x":102,"y":460,"width":776,"height":12}},{"id":"5cf75343-8b94-427e-9233-5d971211b82d","block_type":"box","text":"company’s ability to create long-term financial value for shareholders. These are topics that shareholders may have","page_number":219,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"ef982142-ed31-4b8e-9b0a-fa78c79f3a7e","block_type":"box","text":"the ability to vote on at shareholder meetings. These areas include:","page_number":219,"box":{"x":68,"y":491,"width":482,"height":11}},{"id":"9ce4c431-ce5c-44ca-a783-bbc0247d0a63","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":514,"width":6,"height":4}},{"id":"d6a7585a-c3e5-4f31-a1f3-13fa30b5c935","block_type":"box","text":"Boards and directors","page_number":219,"box":{"x":102,"y":511,"width":147,"height":9}},{"id":"de77f14e-8570-44dd-94f8-2bdd6b427651","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":534,"width":6,"height":4}},{"id":"bc9285e0-a714-4d1f-b0dd-c3e9cd60594a","block_type":"box","text":"Auditors and audit-related issues","page_number":219,"box":{"x":101,"y":531,"width":234,"height":9}},{"id":"53f7aae9-55c9-4125-ac1d-12cc85de7552","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":554,"width":6,"height":5}},{"id":"570c6f59-9907-480e-957d-7c43b1d8e846","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":219,"box":{"x":102,"y":551,"width":583,"height":11}},{"id":"c1dc8359-b7a4-4d2d-b445-73743c7adea7","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":574,"width":6,"height":5}},{"id":"53f13312-37d4-4894-b3b9-94d3e1e9bbf4","block_type":"box","text":"Executive compensation","page_number":219,"box":{"x":102,"y":571,"width":170,"height":11}},{"id":"1dc7442f-7a91-4f78-96e8-8e080db86366","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":594,"width":6,"height":5}},{"id":"1bcef775-f6ca-4945-b0b7-10c9c52c3f6c","block_type":"box","text":"Shareholder protections and other significant corporate governance matters","page_number":219,"box":{"x":102,"y":591,"width":539,"height":12}},{"id":"ec7e29d6-e87f-4675-a417-d55884810c31","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":614,"width":6,"height":5}},{"id":"063db476-9dfa-4e6e-bf66-84e724a9fff1","block_type":"box","text":"Shareholder proposals","page_number":219,"box":{"x":102,"y":612,"width":160,"height":11}},{"id":"55c6b63f-e376-49d4-87da-e7cf24a0f1fd","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into","page_number":219,"box":{"x":101,"y":634,"width":740,"height":12}},{"id":"54a6438c-2938-4d94-942b-9a073e0280b2","block_type":"box","text":"consideration a number of company-specific factors, including the sector, market, and business environment within","page_number":219,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"3df67743-4e5a-49c3-8221-805efa5d8996","block_type":"box","text":"which companies operate.","page_number":219,"box":{"x":68,"y":665,"width":186,"height":10}},{"id":"cbb327da-7f1c-4e4d-a8bc-ebb9653eedde","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards","page_number":219,"box":{"x":101,"y":687,"width":803,"height":11}},{"id":"a1fda13a-8e1c-44df-be1b-b15e3fcf882a","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":219,"box":{"x":70,"y":702,"width":785,"height":11}},{"id":"fe23768f-61f6-4a0b-a136-2d7e6aeb74ca","block_type":"box","text":"suppor ts durable, long-term financial value creation. Our regional voting guidelines explain how the BIS Global","page_number":219,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"f1c66efe-4e08-4f0d-8cfb-3e51dbb2a187","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":219,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"b84ab25e-b9c8-4bc1-9873-e9c83d2e76df","block_type":"box","text":"4","page_number":219,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"80fc6568-5131-4e74-be49-710687a9e1b4","block_type":"box","text":"3","page_number":219,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"d25af55a-1b43-4b5f-abf9-4dbe86ea7ffc","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":219,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"87b626a8-ccf4-4bee-9e70-96dba6c44941","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":219,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"acc6c460-f959-49fb-abd1-7f508e29a2cc","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":219,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"238ea695-e0e9-4534-82f0-51b3c331d86b","block_type":"box","text":"4","page_number":219,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"74fca9f0-6d48-4cc3-9f01-0e1cb45400be","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":219,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"cfcc015d-00e6-4063-a77f-b6f02665fc8e","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":219,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"96cd87e9-0049-4a47-b521-72d11f36a133","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":219,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"0d12bd32-04c8-45e8-949f-1ebba767e97f","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":219,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"8a0b6296-c159-416f-a68d-a148557012cf","block_type":"box","text":"guidelines.","page_number":219,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"277c91fa-9b0b-4be7-a453-e7168ba4be9c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"170eda08-9f49-4a4e-8129-cf31c9d39bf7","block_type":"box","text":"Global Principles | 4","page_number":219,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"1d5179c9-d044-4d40-a644-ca8483c773b1","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1d5e906a-fbba-47db-b0df-a14a692a324c","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":220,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"20801862-c897-44fd-bac0-ae7f0d0e9589","block_type":"box","text":"Oversight role of the board","page_number":220,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"723129d1-e3a2-48dd-9c92-97a736e79e84","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":220,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"a91083ca-3353-412c-8c00-acca47d66462","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":220,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"68663d7f-30ed-4f12-8f91-3bf3f5ec583f","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":220,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"07f2e2ae-7113-4a52-8019-0ccc486ba8e4","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most impor tant management decisions that suppor t","page_number":220,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"2b8f63b7-7808-47a7-94b8-43bf71875a22","block_type":"box","text":"long-term financial per formance.","page_number":220,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"77602560-4533-4bd0-989e-b009083f992c","block_type":"box","text":"For this reason, our investment stewardship effor ts focus on the effectiveness of the board of directors. We","page_number":220,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"f919a1d0-09e8-4bd5-9006-768574ed2e50","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":220,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"3c69be37-a6ba-4a85-9aea-2c6bed497e07","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":220,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"5c317cb3-e4c9-46c0-9501-29cad440ae76","block_type":"box","text":"the business environment in which a company is operating.","page_number":220,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"658676c2-3c6d-484f-acb7-6ee331ca7400","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":220,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"cbabb6b4-1f7d-475a-be1b-a533e5c97a50","block_type":"box","text":"governance mechanisms that suppor ts its oversight of the company’s strategy and operations, consistent with the","page_number":220,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"7ef7fd5d-60c1-4053-8346-af3a35a862fb","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":220,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"b38fb831-48bf-4c33-a710-8b80ae0834ce","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":220,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"883ad9e4-6537-4127-aa69-43b7903b0352","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":220,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"bf9a9016-8944-4b14-89ab-b949d70b5255","block_type":"box","text":"mitigating such risks.","page_number":220,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"d4a5f414-18a2-4ceb-b4bd-ea07bba47d89","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":220,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"2a271286-0e98-41e2-a679-983573c80e91","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":220,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"c1adf8b0-9342-4833-a60f-e94b93f66d96","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":220,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"c910731e-aca7-4cae-bc0a-0a33f76e08a9","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":220,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"34982246-d0cf-4cfb-b8bf-49a4f3b7dae9","block_type":"box","text":"mechanisms in overseeing the management of business risks and oppor tunities and the fulfillment of the company’s","page_number":220,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"e6505f33-8337-4f2b-899f-8b1bc289a366","block_type":"box","text":"strategy.","page_number":220,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"91de4500-2681-4071-911c-e22544e3b432","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":220,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"9ae4b921-f8c0-46c7-bf50-f9f1c8c413f3","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not suppor ting the election of directors who, in our","page_number":220,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"36b4af5a-7c40-414a-9882-a85c8754cfc9","block_type":"box","text":"assessment, have par ticular responsibility for the issues.","page_number":220,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"67844148-2faa-4bad-8769-d1f77550d698","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":220,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"0fd607d7-db3c-4c5b-94eb-3d0e1f053b25","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":220,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"f9d44df9-4c08-49c7-bee2-d705f8b17f5e","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":220,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"493922bd-20cf-4271-b9b3-24c4a3a82dbe","block_type":"box","text":"per formance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":220,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"247b8484-b2c4-424e-89e6-5dad53fbb36c","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":220,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"83835c7f-2cf0-4be8-bf3c-36beba4d44b4","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":220,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"83796c89-0ced-471d-94ae-14a48c426b01","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":220,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"e60081cf-dd91-4473-917a-4ee6966f2e15","block_type":"box","text":"Regular accountability through director elections","page_number":220,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"f91e3f6f-4e92-4ba0-9eb1-1e0da732d376","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":220,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"b6887551-f9df-4db3-a45c-6054c2b9a23a","block_type":"box","text":"concern about, the per formance of the board in overseeing and advising management. To ensure accountability for","page_number":220,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"4888cced-61f2-44e7-b88b-fd006a80e619","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":220,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"2312418d-b803-446c-8e10-6fdf6d197d43","block_type":"box","text":"5","page_number":220,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"3e710cdf-7a51-4112-adb0-00b5a8b479f2","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for, or concerns about, board members’","page_number":220,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"e6a3e2e6-a7f0-47b0-8e6e-2108a529bc48","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":220,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"d11bf61b-717a-45ec-8330-6b76d3886f5a","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":220,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"3d6b9d85-74ff-4faf-8ced-3f7e3e2562c4","block_type":"box","text":"with a propor tion of directors being put forward for election at each shareholder meeting.","page_number":220,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"64294ba8-5a88-4fd3-99d6-fea48b2314fb","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":220,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"c8bf4917-cc88-4801-86e8-c6909e02caf2","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":220,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"5dd14f9b-e4c7-4a48-8f14-737a43dac8f7","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":220,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"14b9cab7-131b-4097-9926-f4b733afb4d3","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":220,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"3ef428aa-7428-40b6-b35f-5b72e9ef0b7a","block_type":"box","text":"5","page_number":220,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"89398bfe-aacc-4abd-b08c-d68e7074cc28","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":220,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"fd4d2a12-6959-4bb0-9877-811e8c243df4","block_type":"box","text":"market regulation or voluntary best practice.","page_number":220,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"3e430098-b8ac-4006-8b9c-e8d687c4166e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"526410df-b0ab-4951-92b7-fca60faa90f4","block_type":"box","text":"Global Principles | 5","page_number":220,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"df956417-422f-4cdf-8037-4bd664edf8fa","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":220,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a0193ec1-e6b7-4d68-90bf-fc18c532e3c6","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":221,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"3f02233d-f309-4479-bc10-e609c9b2b166","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":221,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"2fa6b2e9-79f3-4a4e-bcaa-8297dd8faba5","block_type":"box","text":"recently.","page_number":221,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"317f7d20-c100-4263-8e8c-66440297bf22","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":221,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"66b30c3d-9873-46a6-86e0-c6fbcf1bb270","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":221,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"662c5b9c-0b7c-4011-9a1e-62040e411712","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":221,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"8ba98fc6-e111-4b79-a060-8edc9ec9fb7d","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":221,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"41d35ed4-54df-490d-8f12-e20e96cc3d60","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":221,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"1760a9d4-5d41-4ebc-a0aa-ebab9c120d6c","block_type":"box","text":"Director independence","page_number":221,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"a88de716-2aa6-4fbe-bdf1-759c78a35f65","block_type":"box","text":"Director independence — from management, significant shareholders, or other related par ties — is a central","page_number":221,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"b5fe402e-2690-4466-a912-917869b7bedb","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":221,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"7ca62b21-924f-4f4f-933d-5f1d73b5720a","block_type":"box","text":"6","page_number":221,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"f1b7f7e7-3917-48ac-9eef-290e288df23a","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":221,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"ca2505a9-19c2-4ea5-94ac-560589ea01cd","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":221,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"51a760f0-6317-4e0e-ae56-ec888b5595bd","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":221,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"411ffca9-47b5-492b-b80f-fc5b3e56d9be","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":221,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"5c29ffb6-5fba-48d1-9825-b67fd027411a","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":221,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"b4b922a4-c0af-42dd-b233-f2a1987eea6d","block_type":"box","text":"•","page_number":221,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"ca46a3f7-74f6-4d82-918b-f56511a6f46e","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":221,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"78b3fcd8-72bd-4d34-b8b4-433a5fc8d60d","block_type":"box","text":"•","page_number":221,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"ca089ea0-39ea-4b5f-9ae5-0bec64a64559","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":221,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"c6e535c0-4326-4cf9-ad96-acb954f5419e","block_type":"box","text":"•","page_number":221,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"95c68276-c4ff-4054-b999-0264f7ad8f62","block_type":"box","text":"Interlocking directorates","page_number":221,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"503928ab-8686-4914-978a-18c422b92e36","block_type":"box","text":"•","page_number":221,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"293ec456-872a-4212-aeb0-74580bca94d8","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":221,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"899289c9-743c-4132-80f6-052fd3652c62","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":221,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"c95fd30c-ee7b-42ec-8e7e-9c1ba2d491a5","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":221,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"48b0d99c-85de-4f7d-8da4-314f64ba51f1","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":221,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"d71f0d95-9684-4f9e-9cda-514750813b1d","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":221,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"4ee0dae0-d0b2-45db-af9c-8a88cdd6fa05","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":221,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"572f7439-757b-4602-8eac-a4fca993ddb5","block_type":"box","text":"is provided to the board, and encouraging independent director par ticipation in board deliberations. We appreciate","page_number":221,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"da10df00-e9f0-469c-a0e9-aed62880729e","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":221,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"2301af1f-04ad-4a39-a6d8-5c8ffd2055ef","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":221,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"67159cd1-d02b-4d9a-b81b-ba852a9ec298","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":221,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"8c769d36-2cf0-451d-af9e-d54db62dd3e6","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":221,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"771858ef-fcde-4e53-b262-3ec2dceb44a6","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":221,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"26a55ef3-db2a-4dd5-b212-d9c390ad9598","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":221,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"76440d64-030b-4bf0-9fc4-57fe5e3565a8","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":221,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"c3f40778-a402-4892-8df3-fa8ff4dcdb90","block_type":"box","text":"par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":221,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"dd058f4f-094a-4cfb-bfa2-54034c0ee099","block_type":"box","text":"Sufficient capacity","page_number":221,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"50738729-abc3-4549-a66f-eb95d7f7bcb3","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":221,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"6323ab81-5c2b-446e-80db-905b34b03ca3","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":221,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"b268892b-fb17-4b8f-94bd-db7f43a780e6","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":221,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"306ffced-c30e-4631-9e1b-54b19c67dcc1","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":221,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"e4cbbdf8-4cca-4225-bc30-b0c54f0c0c40","block_type":"box","text":"Board composition","page_number":221,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"53b955b8-ba86-4072-8c6a-e76f2762e136","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":221,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"f01daf5d-cbfd-48fb-9ae9-971fc8a1fe49","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":221,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"0e956c28-5be3-4efb-ba72-77adb014e266","block_type":"box","text":"companies explain how their approach to board composition suppor ts the company’s governance practices.","page_number":221,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"d679db4b-c6a8-456b-81ff-a37e3a38faf4","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":221,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"4d9494ce-4a5f-45df-8010-7693f14c941d","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":221,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"96e4f39f-58f6-4379-891c-da472f7c1bcd","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and exper tise of the","page_number":221,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"34ce19fc-ded2-4d32-916c-dc1fa9ffb032","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":221,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"a14dc846-5eeb-45fe-8ab5-6f65a85e6f3f","block_type":"box","text":"6","page_number":221,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"ff283c50-5826-41ff-bc0f-e899176100b0","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":221,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"976f8915-eedf-46a8-bb4f-e8b4a11ff322","block_type":"box","text":"Repor ting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":221,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"78a2d3f1-d5e9-4429-b5f7-e485ab5b89fc","block_type":"box","text":"BlackRock Investment Stewardship","page_number":221,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"432d58a4-22e3-43d4-95f8-fb4f98077746","block_type":"box","text":"Global Principles | 6","page_number":221,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"4affeff5-391c-476e-8cdf-1f34c7d1623c","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":221,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"93a0013b-2114-4515-9c4d-a5856904c488","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":222,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"58872d67-a620-4192-87b1-d20ffe7328bb","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":222,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"74cc7e0f-9f5d-4b76-bba9-1e52a7ab8db2","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":222,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"c5665308-51ab-436d-ac2b-d462fceb876f","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":222,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"90a14b25-9af8-4f0c-9d3f-94457cdfc7ea","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":222,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"b22fea52-c335-45fa-a221-053aac1ad4f5","block_type":"box","text":"may discuss with companies, par ticularly if there is a risk their board composition may be misaligned.","page_number":222,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"5f19956c-c846-4dc7-9186-32efe5bc5a53","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":222,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"2bec74d1-caed-44d4-ae4c-9bca0cee6859","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":222,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"42e792d0-53f8-414f-bec0-5a22d8ba05d8","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":222,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"bfe6b446-570d-47af-903a-31ac2b4f3246","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":222,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"6a10b65b-14d4-4cca-9ea0-0b87e16c26f6","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":222,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"ac4ae955-9880-488a-815f-3e84951da632","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":222,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"fd90112e-fa36-4266-9f6d-63a22eebdb53","block_type":"box","text":"company’s financial repor ting system by providing independent oversight of the accounts, material financial, and,","page_number":222,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"3b0420f1-f26a-4928-be3d-8ce0b56ce3d6","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":222,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"2c763f0e-e600-42f8-bcf5-5bc4da6ca9e7","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":222,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"26ea163d-c3f7-49c6-bb97-c09a0ef1a7da","block_type":"box","text":"systems.","page_number":222,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"9e204aff-3458-4206-95dc-12db955c9434","block_type":"box","text":"7","page_number":222,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"a980573c-a8f3-4e0f-a069-adb66dd6ed9d","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":222,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"649bc104-2020-4be8-b3a0-0dac077a3b0b","block_type":"box","text":"financial statements and provides an impor tant level of reassurance to shareholders.","page_number":222,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"d2be7aed-9dbe-4884-96c2-3dd769ab9768","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":222,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"0a608daa-12db-4697-9789-07ff83342ac0","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":222,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"fc0ccd5f-f6f2-43bc-bec0-264ad858334f","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":222,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"07e70c7a-22a3-477e-a9e1-2b1854de57b6","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":222,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"bbaaac89-cc4c-4bbd-b4a4-24ae32b9a130","block_type":"box","text":"exper tise to monitor and oversee the audit process and related activities.","page_number":222,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"af71f210-bb87-464b-b3da-1ca284293a4a","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":222,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"7395652d-69ec-4e91-ac96-7a67da82fadf","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":222,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"1e4a5f69-d489-4876-bb90-d655a1fdea4a","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":222,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"f7b5905a-355f-4cb9-85a0-49e182da45ad","block_type":"box","text":"or internal audit function.","page_number":222,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"45feac04-48bb-4608-b2f9-7c83f83f0c84","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":222,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"3a82dddf-0062-4928-b92c-47c8d7019e8c","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":222,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"60d4eefd-ce66-4eef-ad35-e84d0157b540","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":222,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"9d4765fe-b4a5-424d-a1f4-68e5f21376cd","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":222,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"cb8a3a6e-a175-4c15-80cf-4cc8bae491d6","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":222,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"8ab6ee94-8ce5-418c-9a44-4355ddc275fc","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":222,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"da32e877-0d49-4aa4-9f76-da9cd2093d02","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":222,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"659e7ac2-ae05-4f4d-a3f9-0c0a2c4cc60f","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":222,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"c486137a-f4d9-443b-829d-84100fb9b348","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":222,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"cd22dbdb-25c3-4c09-acfd-5339a2cf07bb","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":222,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"3a66e8dd-78a4-4f81-8ad1-01446688b5b1","block_type":"box","text":"risk.","page_number":222,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"f2993591-727d-4aaa-a607-da865259df1f","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":222,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"8096d805-e3a1-43bc-a266-fb51dc4da0c9","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":222,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"860213cf-957e-4620-a10f-857670d23723","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":222,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"0888ded2-6e5a-4a99-a5fe-3ae7aa8881ad","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":222,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"9817ece3-a89c-4131-bcec-50f6861931fe","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":222,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"633b328f-483d-465a-b7c3-525a82cf34f9","block_type":"box","text":"differentiated voting rights. As a result, BIS generally suppor ts bylaw amendments that introduce the adoption of","page_number":222,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"fc26bc98-19f7-4c13-91b1-badf0ef14ac2","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":222,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"3c9050f5-84f0-4b39-8e74-b40ee6d7467b","block_type":"box","text":"7","page_number":222,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"864971e7-f16a-4799-99b9-ea33f0c92290","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":222,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"9f907593-269d-438f-b5dd-4807115f3dd9","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":222,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"4f0c6233-4e16-4b08-b109-ba1e8b1a97a8","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":222,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"47f88c71-20fb-49f3-a61d-4fd50c625ff5","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":222,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"1c0259c1-f34c-49e5-916b-7acf542b3c97","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":222,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"bc0706a7-3390-411b-9c7a-c88aed3f685a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"d4e9b2eb-5982-46f4-a32c-fd2b69f69b3a","block_type":"box","text":"Global Principles | 7","page_number":222,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"36228b8d-63d8-4e2e-8573-76071a8e22c8","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"29c66780-5e02-4f93-b419-59c6c71ba90b","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":223,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"dfc7cb41-a885-4592-8c04-592c00da438f","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":223,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"93937c99-e995-4a73-ae90-c77cbacea135","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":223,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"a4e859d7-50b5-41f6-aba2-f5c3a05057e6","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":223,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"7ab7eed6-9970-43bd-9d2e-c69c9f5fb21f","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the oppor tunity to affirm the current","page_number":223,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"9ce63551-57f2-4ae2-b394-3adc0503d061","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":223,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"877ec74a-391a-4947-99b9-24fe0ad12ff3","block_type":"box","text":"minimizing costs to shareholders.","page_number":223,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"4e8120cc-76ef-46e9-ab64-e3e2a3f0aef7","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":223,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"bfcb9aa8-0e67-4cd6-a91c-479ee166164e","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":223,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"e82f9907-2f87-46c4-9076-139c78b291c2","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":223,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"ec75274f-0516-412c-ac2a-19474e5b43df","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":223,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"0a61cce5-6ac2-4503-bb54-7093a2c0403f","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":223,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"ed7f8fff-6490-49f3-b3a1-a03f81ead88a","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":223,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"bf5963d5-6bc4-49ce-ace5-812a19c91337","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related par ties, the recommendation to","page_number":223,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"3bb1049c-9179-4070-a5d9-a828170ff0e9","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":223,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"6502f0a1-822b-49d6-b4c1-ff53e433d5e7","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":223,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"ef05ffb0-1129-484c-bbb3-87faecd49fe6","block_type":"box","text":"a separate vote of the non-conflicted par ties.","page_number":223,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"87a68cc1-860b-4f34-960b-2c9e24d2bdf9","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":223,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"e5c71cd0-70a7-4a07-ad0d-e78c1a1347da","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":223,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"8dca2f44-1936-4480-8988-3b2cdd9908b5","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":223,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"8355f345-fa5c-4161-809e-96484e4d9016","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":223,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"8f2e2030-ca3c-4ee4-aa14-85a9711ebfbf","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":223,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"57aed005-9e23-4fe3-9af6-b5a35e0dc092","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":223,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"2fe5038c-f9fe-470f-9dae-304f223a14dc","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":223,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"69fb94d2-b563-4e6b-8010-31551083ea3d","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":223,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"2ce4bf7f-ac5c-47b1-a569-aec33cd4e2cd","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":223,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"f8112426-27d7-4957-ac35-ba6ac7517151","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":223,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"a8e9068d-8bc5-464b-9611-ac508c0d99e7","block_type":"box","text":"ownership.","page_number":223,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"b9df5b86-510f-4644-ae84-188c78735ff4","block_type":"box","text":"8","page_number":223,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"047a7482-7578-4ea5-b4f3-b0def5ff64ad","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":223,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"346a9680-c604-44ff-855b-b5cdc67bc6e0","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when per formance targets incorporate","page_number":223,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"f7bf041e-a147-4c27-b1be-51eb1333206d","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":223,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"ee0fa9e1-3300-49df-a230-5b9c68f92cd8","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":223,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"0a114e0f-a6a1-4655-af8e-a653a80073e6","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":223,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"0e8b5b4f-a5ab-4bcf-8edf-174505d4da5c","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":223,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"b494bed8-f783-45de-a051-d36c00bb27e7","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":223,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"c2b07859-744c-4bdc-8802-e1ae4cd8cbfc","block_type":"box","text":"results over a period of years.","page_number":223,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"67e8db76-e155-437a-90aa-37ba552996ae","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":223,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"5ca3ab01-d067-44c6-a86d-b990a787f4e0","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":223,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"4f884e8c-435b-4b0e-984c-393d52d4dfaf","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":223,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"9c7cab30-6a4a-4d33-8966-49227ac536b2","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":223,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"cecc6a1f-d041-418e-a0f0-8e45ddc5df3c","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":223,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"6376dbd1-3e99-4bb6-bcea-17b25e2da2e9","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":223,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"2d22d194-d756-460c-9d6a-9031ab43ed46","block_type":"box","text":"executive compensation strategies.","page_number":223,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"1e9bb4f6-1329-4bd0-8fcb-ed646e1ba186","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":223,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"0c11eecf-3b42-40ba-9bc9-821b7fa279d0","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":223,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"8447baf2-78f1-43ff-a07a-b44ce8b6b66d","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":223,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"03409af2-9e69-4964-912c-9382ac1b6d2f","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":223,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"98b64ca6-2f6d-486d-bc38-f03abd0c7639","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":223,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"117ed96e-6e61-4c20-b777-b7735e360211","block_type":"box","text":"per formance rather than solely base increases in total compensation on peer benchmarking.","page_number":223,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"10240ff1-4b2c-4218-a343-004d2b67b6d3","block_type":"box","text":"8","page_number":223,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"eff1f14d-f62a-4fc4-83f9-6ac6ef14aa5f","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":223,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"ea4c04c7-f4f5-41db-b4c2-06691bbbadda","block_type":"box","text":"different markets.","page_number":223,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"436c1155-0d34-4ad5-addf-144732ee4242","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"8a93d73f-4f1d-4edd-be13-7e9648e81f8f","block_type":"box","text":"Global Principles | 8","page_number":223,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"183e32b1-5512-44a8-a9d5-7f6bd40d5bb9","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"56205c1a-a66f-4e00-9212-2bd70ad5451a","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":224,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"d228fdd4-3bd4-4a09-8ff5-d3a72940e1e7","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":224,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"6bfd6b67-0a61-4b68-ae83-cc1e59728a9c","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":224,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"aa6da45a-faff-472e-9e23-2c297d701679","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":224,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"840829af-560b-42ea-9010-d58a0461e1ec","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":224,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"9cae7d2b-26fa-4555-93ed-23363b2c3a12","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":224,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"58affdaf-9caa-4267-b69f-02e3f06f0a63","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":224,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"f2c16d1d-3cde-4377-bc0f-1e1d33d6206c","block_type":"box","text":"whom they are charged with overseeing.","page_number":224,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"aa556107-fea1-46df-b12d-4ee65ad9e6c5","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":224,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"2b7de20b-2be5-4701-b32a-29be604a70d6","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":224,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"a0f36ada-c6dd-4fe1-8373-9ae54bc373e1","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":224,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"4d6e750b-3c12-45e2-ab03-1beb7dddb37f","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company per formance, BIS may not","page_number":224,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"28fd8691-4ff3-480e-8eb5-4c27de281e43","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":224,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"e71cd1b7-49e9-48c9-a0e9-a571d18d5867","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":224,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"576b73f4-8298-494e-9be1-c8bda5e564bb","block_type":"box","text":"structures.","page_number":224,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"8ede61df-34d8-474e-877a-9a8c6567812c","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":224,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"439c49a1-98c8-4beb-9e21-d3264ab658ac","block_type":"box","text":"Corporate form","page_number":224,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"e6dc841b-671b-48ab-81fa-972d0d281b5e","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":224,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"0f417c32-9840-41fe-8ed8-3850e8a7b71f","block_type":"box","text":"the company’s purpose and business model.","page_number":224,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"9ca84656-0061-4e30-b888-d1daeb671102","block_type":"box","text":"9","page_number":224,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"2eb017e6-7e31-4277-baef-2d19204d5bff","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":224,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"06c8ea32-09e9-44b5-8e2a-51e09da35824","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":224,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"0dc3cd23-8cda-4ab1-98f9-70ef075a8343","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholders proposing to alter the","page_number":224,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"eb09c31d-47c2-4ae1-87ba-69e04b957560","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":224,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"3f6b79a0-d14a-4b7c-90ee-325805bdbad0","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally suppor t","page_number":224,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"724de38b-8aa7-481c-8f99-59c25314747f","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":224,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"703c4083-6a33-4ea7-8d1a-9b3d54ba23c1","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":224,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"e857af5c-cfd6-41c9-927d-769a023bd7c3","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":224,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"e9df1914-536a-4eb9-8b9b-eb33e34c9bf4","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":224,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"393b3541-fa3e-4fda-8615-4f113c2a9b8d","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":224,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"cc54dcbf-370b-4c82-9836-23b322606ecf","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":224,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"be161171-2774-4e21-8a8b-bcf74d334020","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":224,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"45f2399a-24d1-46e4-b527-0e11388261cf","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":224,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"41b49837-18ae-4e91-bea7-e5890acc9e16","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":224,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"af7d2956-f37b-486d-acc6-c720d13aaadf","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial per formance. BIS","page_number":224,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"9df28c36-c0c0-455b-bdaa-bd2b1c3f6720","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":224,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"52a01166-da59-4418-9f50-51966045c6ef","block_type":"box","text":"clients, better understand the material risks and oppor tunities companies face and how they are managing them,","page_number":224,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"8e758f2b-1cd8-4fce-a826-51922ad0bf02","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":224,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"83a66d4a-10e7-4d92-a77d-bb85d4f45bed","block_type":"box","text":"between the specific request formally made in the proposal, the suppor ting documentation, and the proponents’","page_number":224,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"9754ee30-9c8e-4f99-8f6e-e037b05d53b5","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":224,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"a2251f73-9765-4421-9c80-7a29be989466","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":224,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"0b848379-2569-4512-a6e9-e226701c7f70","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":224,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"27dec61d-6867-4fbc-b96c-f5a6c4d09251","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":224,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"5751cb04-cf6f-4aed-a85a-3890bba9f840","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":224,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"5c4b861e-bc67-4977-b259-7c22ea13e0d7","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":224,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"6821e17a-0c16-4855-9a69-383d73102d2b","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":224,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"53b63045-f0a1-4257-9839-6cdefc6ebb43","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":224,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"d4172664-ed68-4750-9016-63f116e3246d","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":224,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"ee8c2dd3-b8aa-4e5c-8965-98adbd85a20d","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":224,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"a664a62e-4724-49ea-bd81-c2d63661b6dd","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":224,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"8f10248e-372d-4d35-9f1e-f1ea272ac2b7","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":224,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"a3a8666d-b24c-45bd-a86a-986b01b1d7b3","block_type":"box","text":"9","page_number":224,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"77abd196-c70d-4e00-ad52-6a87846744c8","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":224,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"0e5553c0-d33d-40bf-b95e-afabf3d45a3e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"efdc21e1-5784-4574-82ad-6b213489286c","block_type":"box","text":"Global Principles | 9","page_number":224,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"fd65613a-9282-4b79-9d04-339c04e426a2","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3d837c41-517b-4166-a1e6-30f671cd0fd3","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":225,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"c7362b9f-cbb2-4cb4-841c-5371c1aaaa31","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":225,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"5eff4c00-3b0f-4847-a468-b12d6ed33b34","block_type":"box","text":"long-term financial interests.","page_number":225,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"93fc8211-3418-4fc1-956f-ae638c2e52d4","block_type":"box","text":"BlackRock is subject to cer tain rules, regulations, agency guidance, and contractual agreements that place","page_number":225,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"55b186e8-f246-41dd-a259-311249cff1a8","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":225,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"c38f9584-c619-4064-983f-d13004b2c9e8","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":225,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"97df20e4-fa6a-4c24-9a03-cf4c1d30aab7","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":225,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"91370ee7-26e3-4f00-a148-af2b7a6cab06","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":225,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"db595f06-7d6a-4546-afda-4ffbb7ab0aa5","block_type":"box","text":"Appropriate oversight of material risks and oppor tunities, including material sustainability-related risks and","page_number":225,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"cbda74f9-2fa8-43fa-8d58-9f544468b473","block_type":"box","text":"oppor tunities, is an impor tant component of having an effective governance framework that suppor ts durable, long","page_number":225,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"9c48dde7-dd93-42ca-a508-bd552484cb25","block_type":"box","text":"term financial value creation.","page_number":225,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"3ad6a789-1dd7-479d-a28e-f91354a8f03f","block_type":"box","text":"10","page_number":225,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"2bee7a58-4bf0-4bca-8487-ce689fbcb139","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":225,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"da7ce21c-4552-4a69-a991-70db6860ff22","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and oppor tunities. We find it helpful","page_number":225,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"db38cb22-a4ef-4148-9460-3313136a9654","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":225,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"618fbe33-686e-49cd-81e0-4125b021e923","block_type":"box","text":"sustainability-related risks and oppor tunities into their strategy, risk management, and metrics and targets, including","page_number":225,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"2cecf9f3-f89c-4a4e-bf19-caba3cb1ace4","block_type":"box","text":"industry-specific metrics.","page_number":225,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"89817478-a384-42ea-bc0c-8345f8ef1296","block_type":"box","text":"Standardized disclosure of sustainability-related data suppor ts investors in making informed decisions. The","page_number":225,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"0c3d798d-56fb-4ec2-895a-8bbfa7adce8d","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":225,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"ecdd85cf-fec5-42b1-ab36-ee1b917d3e77","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":225,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"ecb0e0d8-1cf7-47bc-9cf1-4dfc7d3227b7","block_type":"box","text":"11","page_number":225,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"69697b0b-bc05-4785-a4ea-c9444f0a98b7","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":225,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"bdce9d39-0ab3-45ac-b495-1f2995b3112c","block_type":"box","text":"companies should use, and recognize that companies may repor t using different standards, some of which may be","page_number":225,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"ccd45f18-7766-4d05-997e-5e9785486bee","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":225,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"965c96d6-10bc-402f-9ca0-0fbb4ad0d9c0","block_type":"box","text":"specific.","page_number":225,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"31f8445f-2314-46b2-8634-4cd60ae36405","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":225,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"485d6049-5239-46b8-8101-f518a92ed9f1","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":225,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"4d2a45fe-18fb-4587-b768-aac01b9c3768","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":225,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"0f28b50c-d46d-4b79-8df2-1b8e5f5e4414","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":225,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"beaf1c98-40d3-4f11-8b21-34a8ffa31aa1","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":225,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"9973f7a5-8054-49ba-8406-b3d1e99eb279","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":225,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"23017e6b-b84b-45db-b507-31f634ec79d8","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":225,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"65589023-0e18-4749-be76-64474dcf4c77","block_type":"box","text":"which they par ticipate, any peer group benchmarking under taken, and any assurance processes to help investors","page_number":225,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"19299a8e-7e53-44c9-9b2a-f96997e1191d","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":225,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"8895416e-a21a-49ef-b0b7-ae54eeb2cba6","block_type":"box","text":"10","page_number":225,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"9f356c57-ec82-49f3-88ec-63d1e3135159","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":225,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"7f02c0ea-711b-43eb-9f10-5900bc4416a4","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":225,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"94672a51-bcf0-4c55-bec8-7f8462bebff2","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":225,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"42ec78ea-e79d-4afd-859c-ee4c751cbe0b","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":225,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"f1e4b067-ebdc-4cda-a4f0-cbcdbc80e86a","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":225,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"762cacda-1f92-4388-a932-bb3d9dbecedd","block_type":"box","text":"11","page_number":225,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"ed8aded9-e2d6-4bb0-be23-8276868d0650","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":225,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"f130e426-a2d4-4f35-a9f6-bbc0169f91d4","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":225,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"24428a81-db4b-4034-84ec-60133957badf","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":225,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"aab4f59e-7b6f-48c4-8df6-f7eee2d1a6f7","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":225,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"6694dc7a-c9cf-40d8-8c10-d88f4a4712f5","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":225,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"a4e5d3a2-01be-4249-bb0d-66d67a0f45df","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":225,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"64de7ee5-7751-4b13-b5db-4a69e801312d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"963e26d3-9b63-4444-83d2-cb6c1e40276e","block_type":"box","text":"Global Principles | 10","page_number":225,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"5422812a-ee14-4bd9-bdca-f2e38c2dcfa3","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b5d43718-c1f8-44df-9046-5984d4811fd6","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":226,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"f407e8ed-3f1e-4149-9ab8-893e6b2f80a0","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":226,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"ae0c2586-abaf-4d65-9d88-44e4446d790a","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":226,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"b92e5b3f-d7f6-4abb-b3e7-a171eeb5145c","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial per formance through","page_number":226,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"cd3e93b5-c3c1-4976-af86-b5705a705285","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":226,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"16371a96-8c0c-4e7b-b65d-096dd784f51e","block_type":"box","text":"12, 13","page_number":226,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"af7093cb-32b8-4ade-9553-f8a6562c663a","block_type":"box","text":"From company disclosures and","page_number":226,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"b1c34ca8-a710-44e6-9c5e-66a1485e5b32","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":226,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"9380a379-f768-4554-9b27-9e4761a1d0aa","block_type":"box","text":"oppor tunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":226,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"7d4dd1eb-6001-42f5-8532-4d59da94fcc0","block_type":"box","text":"Recognizing the value of these disclosures, cer tain markets such as the European Union mandate large","page_number":226,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"edc3cf4b-7472-4832-a901-9da805b6344b","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":226,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"966411d5-d73a-43d8-a93c-aee974f85c6b","block_type":"box","text":"viewed as best practice in the market.","page_number":226,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"ce7ecd6b-42e7-4a54-86c5-18f115bf96ba","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":226,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"0b319d17-e2c3-40af-b451-44f6ac3c7b0d","block_type":"box","text":"climate-related risks and oppor tunities, and informing investment decisions. Such disclosures also provide investors","page_number":226,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"a8da4902-68b7-4e1b-b819-7fe8e9c4a1a4","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":226,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"5a10be44-62bb-4b62-ab70-7fc89eff596d","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":226,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"ea794d23-1b61-4ea6-afdc-59ea7a957b09","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting shor t-, medium- and","page_number":226,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"8303da72-2824-43ee-8bdd-08fce27c9645","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":226,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"138b9f93-3bfa-4b99-8794-18b6f9724e79","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":226,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"4ab69527-3b02-41ce-b6f3-7389c624ffc3","block_type":"box","text":"interests of their investors.","page_number":226,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"8b4446dd-8644-4167-9646-d7cbc4c4af10","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":226,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"c00cbb4a-3f29-48fa-a3ed-74567873696c","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":226,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"e04e56d1-c421-40bf-bcc8-0d849affd450","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":226,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"657f2b56-ab53-4ddd-8c49-42ef26d53c2b","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":226,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"07e0b448-9ecb-48c2-908c-93b193466bf2","block_type":"box","text":"good-faith basis as methodology develops.","page_number":226,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"e772f0b5-bbcf-4347-95c0-baae0345884d","block_type":"box","text":"In addition to climate-related risks and oppor tunities, for companies whose strategies, operations or supply","page_number":226,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"7fbb2774-2d03-448e-9bfe-8d8ff80f8060","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and oppor tunities may affect their ability to","page_number":226,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"0a21514e-89fe-4c6e-9aa2-827297492c27","block_type":"box","text":"generate long-term financial returns.","page_number":226,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"c475daee-e801-45d9-a344-1f59f54efcdd","block_type":"box","text":"14","page_number":226,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"03cab77a-c946-49f0-a77b-abcc83bf2d9b","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":226,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"c9bc3a3e-5656-4267-a79c-051c0ca7a895","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":226,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"1735897d-476c-4f56-88bf-eadd2afe637d","block_type":"box","text":"15","page_number":226,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"b12c476d-a4e5-4de7-8461-60672375610e","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":226,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"6de69e98-9d5f-486f-ba6e-af564b88c3bc","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":226,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"d8f4839d-b02b-4e09-a063-28bcb5998687","block_type":"box","text":"per formance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":226,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"b67b0266-61de-479e-bdeb-0471b52c741f","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":226,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"7f631a73-6430-476f-a620-527a673499e7","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":226,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"8cf4d79e-a510-4532-aa6a-5d7f6c3a18c6","block_type":"box","text":"more likely to deliver durable, long-term financial per formance. By contrast, we have found that poor relationships","page_number":226,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"5607611e-10ff-4b4d-85c6-e39088faa21c","block_type":"box","text":"12","page_number":226,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"3953d6af-3ee0-4529-beed-5432f59f43af","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in cer tain markets are","page_number":226,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"10bef4bf-ee30-4225-9aed-51483bc5dd76","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":226,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"e9b386bd-2f45-4fd5-a5b9-1d18d9ae53f1","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":226,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"9cb15869-f468-4239-a7e8-c8b40510206a","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":226,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"91c248ed-1276-48a4-a417-67061759b849","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":226,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"cc0cd7ad-32b0-467f-8e8c-21cb6ec634af","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":226,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"a4798517-f834-4996-b757-f567851d095b","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":226,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"76b6e0d7-c03f-46ec-a668-b55664f35cb9","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":226,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"ae5a2d0e-1e1d-4e53-ace2-43369bf75678","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":226,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"0bb478bb-652d-4d50-a5b5-97d3ccb2cced","block_type":"box","text":"13","page_number":226,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"146aedb1-256f-4290-9f42-9fc20ffbd5d5","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":226,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"2820441c-992c-47e2-9395-ae755c77f290","block_type":"box","text":"2025.","page_number":226,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"f8b47a6a-3bbd-40e8-aafa-194c7a429270","block_type":"box","text":"14","page_number":226,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"68d66e7d-a557-4e4e-978e-a7156d9c6eb2","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":226,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"17dcc208-32fe-4101-8402-2014e766f318","block_type":"box","text":"2025.","page_number":226,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"3cc5a529-ca36-41c8-9ad2-b7b224505723","block_type":"box","text":"15","page_number":226,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"e7cbb8e3-6130-4bf8-9a2f-9fceba8e5e00","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":226,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"b969c8eb-8ab7-4c1b-9ad3-c421804fccc2","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":226,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"aadedcf9-55e8-40e7-b727-f65dab5b3e8f","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":226,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"dda9ae36-94d6-4f50-b546-220b623109f1","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":226,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"895275cb-0e44-4a7c-ac8c-91c2f5ccd107","block_type":"box","text":"other private sector standards. TNFD-aligned repor ting is not a voting issue. Website accessed in December 2025.","page_number":226,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"6d8de3bd-2182-46c6-9d60-55adbc4fa94f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"e8c590a2-908a-4f23-9977-50c6dbbedf93","block_type":"box","text":"Global Principles | 11","page_number":226,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"08f95546-a118-44bf-83c9-6c5e8034cd05","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7d7842e0-6fca-4be7-986b-18dfcab67168","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":227,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"7706c042-abe0-44b5-b637-9e458e6177d3","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":227,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"d24cef54-c2bc-4c0d-8c16-a9d0b3aa9d2e","block_type":"box","text":"16","page_number":227,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"1f3ed101-941a-495f-b42b-37a12204ccc5","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":227,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"d9343415-5ab3-4cb3-ba30-ab6a830c2e61","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":227,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"55853898-6d7f-401d-94ac-4fff0d1a317d","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":227,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"8ba27ade-13cd-442f-bfd4-a70b45f82030","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":227,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"6bf4ac9e-38b1-4dff-bd1a-6362f26d2cb5","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":227,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"f1d223e7-e019-46c7-9779-499b0a372654","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":227,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"98221608-ec78-41cb-b337-baf5df04b94e","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":227,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"d17a9cf5-6988-4662-bfce-1ff74085da1f","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":227,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"2a085e0d-8de4-45fc-8622-77961fc1c4fb","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":227,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"6ad47fb4-3175-48a8-99fe-02c8c41453f7","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":227,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"46a18037-8436-4c52-bf63-6242c802ec3e","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":227,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"701e4423-34ef-40a7-8aac-087560053145","block_type":"box","text":"impacts.","page_number":227,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"237d419b-eabe-47b7-b7dc-8d0a65c2a7ee","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":227,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"cb464af8-eeb4-4b0a-a0f6-644b2eb583b1","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":227,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"acc56c1b-af01-49ab-970e-7ba089a02e9a","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":227,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"1dcfe27d-4dec-4a5a-a124-d69c552b9818","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":227,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"7c831f1b-4d1f-402d-9e48-3d5a244a3f44","block_type":"box","text":"BIS’ governance structure suppor ts oversight and accountability of stewardship-related activities on behalf of","page_number":227,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"8a684175-33f8-4653-aa8b-1c3956534bdb","block_type":"box","text":"clients at the global and regional level.","page_number":227,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"d6b448e0-a39b-4b3e-8bb1-6dfae168b0c4","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":227,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"53a24732-aa31-49f7-890c-5e3439686526","block_type":"box","text":"suppor ts BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":227,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"8661b832-823a-4494-97dc-2e2ec2ce3f2c","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":227,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"785b9a9d-4fbb-41cc-8caf-01c651198a19","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic repor ts regarding the votes cast by","page_number":227,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"ec27c805-9236-4695-8b4a-8f29b93600fd","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":227,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"214288bb-8a33-4c66-aa4f-c0b1a8d31f00","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":227,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"b7a5bd01-9ef9-4ca1-bb65-7ac4166d9824","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":227,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"3b4a479f-1598-481d-b7c4-cde6828c4316","block_type":"box","text":"are independent from the investment stewardship function.","page_number":227,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"0867e6f8-2adc-4e09-a8aa-61aecec236fa","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":227,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"1ddc0cbc-9362-41cf-ba07-f1d271f89061","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":227,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"3e391c70-2197-4ed6-a3b6-423b13a9d755","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":227,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"e40b5317-a046-49bf-9f91-55d5bfdb1985","block_type":"box","text":"VOTE EXECUTION","page_number":227,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"a9ad33c0-e1b8-42b3-8564-ce0205024aa3","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":227,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"702c46a4-fe9e-4c9e-8b15-12f5545537e7","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":227,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"53a2f187-a13c-4cb9-ad39-ad7933f5e37d","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":227,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"74037ba6-e049-4050-858a-7511a11b4746","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":227,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"fa1c9c73-4127-4a79-bb3b-daa7225b9e10","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":227,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"7c92df59-f60b-45e7-89a3-c964472f6981","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":227,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"5fac0f0d-060f-4b09-941d-7c7016be0114","block_type":"box","text":"management policies and procedures,” below).","page_number":227,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"19dc73f6-8827-4827-ab39-35531fc2b0cd","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":227,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"dbc5dfb8-3db0-48e2-9199-6d9c1084c8e9","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":227,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"c0971711-d807-4f69-bb85-00caf85caada","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":227,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"8ff5b648-7a7b-4db0-b6bc-03762235a68d","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":227,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"b379ac24-37bf-459a-82f5-6bb50ba63b66","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":227,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"9e02a721-7b49-4eb8-be08-c6e48533f57a","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":227,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"21aaf6d1-9d41-4578-890d-68c32dfbec12","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":227,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"1dfa3348-0c3c-434c-ae0c-2689714d2ee3","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":227,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"97152de5-edea-4ad6-be50-bdb6fc444444","block_type":"box","text":"16","page_number":227,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"a14a0c31-be74-4023-a15b-bb46c3e0fb8e","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":227,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"3515d880-8828-4311-b11b-5d5120e7d29a","block_type":"box","text":"December 2025.","page_number":227,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"d15a8d8c-35e4-4de3-9e67-780c2d79bde2","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"2d7e9c1d-a4a6-4f1c-a2f7-233fb4a03e81","block_type":"box","text":"Global Principles | 12","page_number":227,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"bd9c4f96-91cf-4a2e-b65e-c962e39ebcdb","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1efa9d40-3bd3-41a3-88fc-e030865e48ca","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":228,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"497d0ee9-2b0a-43be-bc72-a66dc2c241a5","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":228,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"d3474199-6d37-4036-92e1-62f44c1059d1","block_type":"box","text":"not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":228,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"a5f3da97-bc85-48b7-973f-61daba6c5c99","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":228,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"fc3dcdb9-ec2a-476c-8296-f3d7f461973b","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":228,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"1448b47f-2654-46f8-817d-3dc225fbb1e1","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business par tnership or","page_number":228,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"5190e2be-b534-4ef4-970e-2d303151ac5e","block_type":"box","text":"enterprise-level vendor management activities.","page_number":228,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"b0a2d45e-798c-43ef-ab94-ae623927c0b4","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":228,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"2bad645d-018a-4d70-9a5c-b376ef794175","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":228,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"4d4ccde3-ed94-4260-b8be-b9c9b921eb88","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":228,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"86cb7efc-3865-4c9a-b117-3c01a689cd73","block_type":"box","text":"BlackRock employees.","page_number":228,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"ed21f051-1172-4858-906e-ba63721e03f4","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":228,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"480adc15-f8a2-4e63-8b86-3f6039c81ab6","block_type":"box","text":"SECURITIES LENDING","page_number":228,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"dd4c0478-0c9a-4e9a-b933-8dd9e62895ea","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":228,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"48f832e2-47d9-48f1-9d61-bf1f9fc14d0a","block_type":"box","text":"enables BlackRock to increase the returns in clients’ por tfolios, and BlackRock’s lending agreements allow it to","page_number":228,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"a3c25bc8-40f8-4a27-830f-9efe6a4eef74","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":228,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"38b02068-1a2b-48a4-bd65-e6a6b8b50c28","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":228,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"527cd867-202f-41f2-a766-53af1b20d1da","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":228,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"a66e0070-2579-459f-a4b1-6ac6aab3396e","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":228,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"b3b01512-5638-4c4c-81f6-07ecf655a746","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":228,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"44aad57d-d578-4d25-94ca-cb00f40ce403","block_type":"box","text":"in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to","page_number":228,"box":{"x":70,"y":415,"width":832,"height":11}},{"id":"a5d3ab76-7413-4e54-a4b9-0e4835d4b4a9","block_type":"box","text":"recall securities on loan as par t of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":228,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"938bb0b7-a7f5-4680-bd7f-fbce02824a73","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":228,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"386923c6-a569-4c56-890e-83c1f35ff8d1","block_type":"box","text":"potential long-term financial value to clients of voting those securities (based on the information available at the time","page_number":228,"box":{"x":70,"y":460,"width":834,"height":12}},{"id":"97ff6676-8404-46f7-86d4-6f72251d5783","block_type":"box","text":"of recall consideration).","page_number":228,"box":{"x":69,"y":475,"width":166,"height":12}},{"id":"5449f6de-d368-49bd-a285-722d085b573f","block_type":"box","text":"17","page_number":228,"box":{"x":237,"y":476,"width":9,"height":4}},{"id":"b2f04f91-0e89-461a-92f2-fb4b77abe375","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":228,"box":{"x":252,"y":476,"width":617,"height":11}},{"id":"844282e4-71f5-4e54-a0d5-7ec490448422","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":228,"box":{"x":68,"y":491,"width":563,"height":11}},{"id":"ddbd4357-f942-4e4a-9bd2-0ebee447fdb3","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":228,"box":{"x":102,"y":513,"width":770,"height":12}},{"id":"c35611b0-2c6a-4402-8230-e803848e162b","block_type":"box","text":"shares would be less than the potential revenue the loan may provide clients. However, in cer tain instances,","page_number":228,"box":{"x":69,"y":529,"width":774,"height":11}},{"id":"5cc6bbbe-5ecc-4ead-9855-e4c897313ade","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":228,"box":{"x":70,"y":543,"width":816,"height":12}},{"id":"85a73e78-ab70-45b7-b04d-292f8d26f353","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances. It is","page_number":228,"box":{"x":68,"y":559,"width":822,"height":11}},{"id":"30e002af-f6ec-48bb-bf12-cc9a1ad4a46c","block_type":"box","text":"impor tant to note that the majority of lendable assets in the market at any given time are not out on loan.","page_number":228,"box":{"x":70,"y":574,"width":752,"height":11}},{"id":"af32ddf0-cd2b-4147-8de9-5420cebaf4e9","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":228,"box":{"x":102,"y":596,"width":790,"height":12}},{"id":"4589cd7c-d7f5-4963-ac22-ce5a45ad57d5","block_type":"box","text":"and may modify it as necessary.","page_number":228,"box":{"x":69,"y":612,"width":228,"height":11}},{"id":"8b84a748-f0c3-4392-95af-90e57948aa39","block_type":"box","text":"VOTING CHOICE","page_number":228,"box":{"x":430,"y":642,"width":117,"height":9}},{"id":"0902b87e-0e8e-4888-a855-d67dce63cb69","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":228,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"2a7a1e38-631a-4f9a-aa1a-0797ed7d2338","block_type":"box","text":"the proxy voting process, where legally and operationally viable.","page_number":228,"box":{"x":68,"y":680,"width":452,"height":11}},{"id":"eccb4c6c-b240-4fee-9d63-14c45fc1ba8a","block_type":"box","text":"18","page_number":228,"box":{"x":522,"y":680,"width":9,"height":4}},{"id":"130e87c2-4045-4be7-b3a0-7ae8a5393be8","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in cer tain institutional pooled funds in the U.S.,","page_number":228,"box":{"x":101,"y":702,"width":786,"height":12}},{"id":"8ceb9a5f-c15e-4e1b-b777-b2bf14cb22fd","block_type":"box","text":"UK, Ireland, Canada, and Switzerland that utilize index equity investment strategies, as well as eligible clients in","page_number":228,"box":{"x":70,"y":718,"width":797,"height":11}},{"id":"179ce584-4293-4672-9134-aec870a77513","block_type":"box","text":"17","page_number":228,"box":{"x":69,"y":747,"width":8,"height":4}},{"id":"2fcd4dfc-3685-4e44-a8f7-c19c94da23c1","block_type":"box","text":"Recalling securities on loan can be impacted by the timing of record dates. In the U.S., for example, the record","page_number":228,"box":{"x":84,"y":747,"width":789,"height":11}},{"id":"97016c8c-ae57-414c-bc80-a851ab47f463","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":228,"box":{"x":69,"y":762,"width":763,"height":11}},{"id":"a2df97aa-7f31-4bf8-ae92-1953dd6403a7","block_type":"box","text":"practicable to evaluate a proxy statement, determine that a vote has a material impact on a fund and recall any","page_number":228,"box":{"x":70,"y":777,"width":794,"height":11}},{"id":"3c96ba1e-2ff1-479d-9ca1-353593a79dee","block_type":"box","text":"shares on loan in advance of the record date for the annual meeting. As a result, managers must weigh independent","page_number":228,"box":{"x":69,"y":792,"width":833,"height":11}},{"id":"4af65f1d-e444-481e-bace-da4cb5f075dd","block_type":"box","text":"business judgement as a fiduciary, the benefit to a fund’s shareholders of recalling loaned shares in advance of an","page_number":228,"box":{"x":69,"y":807,"width":821,"height":11}},{"id":"8e048e55-95c2-43f3-98d5-4d07ebb24773","block_type":"box","text":"estimated record date without knowing whether there will be a vote on matters which have a material impact on the","page_number":228,"box":{"x":69,"y":822,"width":823,"height":12}},{"id":"c16ad1cc-9f23-41b3-b9a4-9f66dbb982d6","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":228,"box":{"x":68,"y":837,"width":822,"height":12}},{"id":"a15e43fc-51df-476d-ae8b-0b76219f4ba1","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the oppor tunity to vote).","page_number":228,"box":{"x":70,"y":852,"width":558,"height":12}},{"id":"8f3b3eeb-1d19-4eb1-b313-b6531fbb5ee6","block_type":"box","text":"18","page_number":228,"box":{"x":69,"y":870,"width":9,"height":5}},{"id":"90b09a5d-09a1-4d62-918e-e0eaeaa57734","block_type":"box","text":"BlackRock will determine eligibility criteria under this program based upon, among other things, local market","page_number":228,"box":{"x":84,"y":870,"width":771,"height":11}},{"id":"100f9411-0238-4915-80dd-5fc5e70b2786","block_type":"box","text":"regulation and practice, cost considerations, operational risk and/or complexity, and financial considerations,","page_number":228,"box":{"x":69,"y":885,"width":779,"height":11}},{"id":"6c5465f3-0ae6-4e1a-a181-3e5f294681da","block_type":"box","text":"including the decision to lend securities.","page_number":228,"box":{"x":70,"y":901,"width":285,"height":11}},{"id":"4b825911-99f7-4f02-8239-d7e453798c10","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"89766aaf-7cb8-4012-8820-07674b0449dd","block_type":"box","text":"Global Principles | 13","page_number":228,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"7f8cff83-2c21-4b2d-a2aa-70810469a4cb","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"773dae48-5246-49a0-a162-70ddd18dbf2b","block_type":"box","text":"cer tain institutional pooled funds in the U.S., UK, Canada, and Switzerland that use systematic active equity","page_number":229,"box":{"x":69,"y":45,"width":772,"height":11}},{"id":"39c7ba32-2757-4e3b-a000-a3d1a3773e42","block_type":"box","text":"(SAE) strategies. In addition, institutional clients in separately managed accounts (SMAs) continue to be eligible for","page_number":229,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"9ce1f001-3275-48f1-8ac0-a3f3859f4379","block_type":"box","text":"BlackRock Voting Choice regardless of their investment strategies.","page_number":229,"box":{"x":70,"y":75,"width":471,"height":11}},{"id":"02fd3ddd-9484-4567-95e1-b06834f992ae","block_type":"box","text":"19","page_number":229,"box":{"x":543,"y":75,"width":9,"height":5}},{"id":"bea771d3-ded6-4297-a99a-c01f34b32095","block_type":"box","text":"Voting Choice is also available for eligible U.S.","page_number":229,"box":{"x":558,"y":75,"width":328,"height":11}},{"id":"af96d4b4-0890-4454-9a1a-0f2b4d3dae59","block_type":"box","text":"retail shareholder accounts invested in BlackRock’s largest U.S. exchange-traded fund.","page_number":229,"box":{"x":69,"y":90,"width":619,"height":11}},{"id":"7065d5e1-a34a-4c0c-8a24-19ae2268dcad","block_type":"box","text":"20","page_number":229,"box":{"x":690,"y":90,"width":9,"height":5}},{"id":"01844dac-9c9e-4a42-9d76-bedc64b37c6b","block_type":"box","text":"As a result, the shares attributed to BlackRock por tfolios in company share registers may be voted differently","page_number":229,"box":{"x":101,"y":113,"width":782,"height":11}},{"id":"7c106c65-16d9-4c9c-a5d1-a51f6a5fc35d","block_type":"box","text":"depending on whether our clients have authorized BIS to vote on their behalf, have authorized BIS to vote in","page_number":229,"box":{"x":69,"y":128,"width":767,"height":11}},{"id":"3501e65d-bb11-4455-8323-9a3fe26065e0","block_type":"box","text":"accordance with a third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients","page_number":229,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"56a4bdb7-9265-42ff-ba09-eba8c076ba49","block_type":"box","text":"have greater control over proxy voting because of Voting Choice.","page_number":229,"box":{"x":69,"y":158,"width":454,"height":11}},{"id":"b4793e0f-bba1-4fc9-b938-6fa69f59b4dd","block_type":"box","text":"21","page_number":229,"box":{"x":525,"y":158,"width":9,"height":5}},{"id":"156991b6-62cf-48dd-8ab9-c1749e50ddb7","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":229,"box":{"x":343,"y":188,"width":293,"height":9}},{"id":"0f9a9b2f-be02-45d0-8c0d-339926b86669","block_type":"box","text":"We are committed to transparency of the stewardship work we do on behalf of clients. We inform clients about","page_number":229,"box":{"x":101,"y":211,"width":789,"height":11}},{"id":"9a2f9ff8-aa13-4c4f-9a1b-ecc530329ada","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":229,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"af07a1f2-cf2c-4abf-af9e-e3535c8fb93a","block_type":"box","text":"website. We make public our regional voting guidelines for the benefit of clients and the companies in which we","page_number":229,"box":{"x":68,"y":241,"width":795,"height":11}},{"id":"5501825f-6b65-4286-882f-18409db96ccf","block_type":"box","text":"invest on their behalf. We also publish commentaries to share our approach to engagement on our five engagement","page_number":229,"box":{"x":70,"y":256,"width":825,"height":12}},{"id":"37c87bf5-2a28-4431-8dd8-aa6cce883d34","block_type":"box","text":"priorities, as well as quar terly repor ts detailing our proxy voting and engagement activities.","page_number":229,"box":{"x":70,"y":272,"width":644,"height":11}},{"id":"90c3d2e9-1eeb-4be7-9980-91e20dcc7df3","block_type":"box","text":"19","page_number":229,"box":{"x":69,"y":324,"width":9,"height":4}},{"id":"bc961d8b-d067-419a-ba95-1570363620f6","block_type":"box","text":"With Voting Choice, SMA clients have the ability to select the policy that best aligns with their views and","page_number":229,"box":{"x":83,"y":323,"width":739,"height":12}},{"id":"d2dd74cb-f6d2-4818-919f-4b35140c93d5","block_type":"box","text":"preferences from a set of voting policies from third-par ty proxy advisers. BlackRock can then use its proxy voting","page_number":229,"box":{"x":70,"y":338,"width":800,"height":12}},{"id":"9dd78098-2787-41f7-aef3-8f7e95f31f11","block_type":"box","text":"infrastructure to cast votes for the SMA based on the client’s selected voting policy.","page_number":229,"box":{"x":70,"y":354,"width":596,"height":11}},{"id":"bf5aff5a-5d61-47da-92b8-a9bb1369c244","block_type":"box","text":"20","page_number":229,"box":{"x":69,"y":372,"width":9,"height":4}},{"id":"e6234c33-416a-418e-89f5-aeb26ec00592","block_type":"box","text":"Read more about BlackRock Voting Choice on our website.","page_number":229,"box":{"x":84,"y":371,"width":415,"height":11}},{"id":"aeef5fb3-db5d-4e4d-bd45-a1c67c113ccb","block_type":"box","text":"21","page_number":229,"box":{"x":69,"y":389,"width":9,"height":5}},{"id":"43127011-5e90-49b3-ba9d-e5a15f86c7d3","block_type":"box","text":"BlackRock does not disclose client information, including a client’s selection of proxy policy, without client consent.","page_number":229,"box":{"x":84,"y":389,"width":820,"height":11}},{"id":"58907f4b-1753-45a9-9dd5-29c6f7eb7a35","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"7ccb6844-ca1a-40ef-a792-04ff1d426658","block_type":"box","text":"Global Principles | 14","page_number":229,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"c2613f7a-882a-4472-b438-7c6f9488a6e8","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4c934ab7-bfc5-4e91-bf2e-c4f20cac7103","block_type":"box","text":"Want to know more?","page_number":230,"box":{"x":68,"y":731,"width":152,"height":9}},{"id":"92adbab4-1102-4cf5-92b8-4f184f7af8f3","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":230,"box":{"x":69,"y":761,"width":464,"height":13}},{"id":"fe8a7697-c48f-46b1-81fb-ba449ea03f0f","block_type":"box","text":"This document is provided for information and educational purposes only. 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Fur ther, the Guidelines consider the","page_number":235,"box":{"x":102,"y":45,"width":751,"height":11}},{"id":"41a06957-2016-4120-a2dd-c9ee3c26ca56","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":235,"box":{"x":101,"y":60,"width":778,"height":11}},{"id":"302fb6fc-e7c6-41cf-8c5e-03b0cdf98fd6","block_type":"box","text":"does not.","page_number":235,"box":{"x":101,"y":75,"width":66,"height":9}},{"id":"e6af2eb4-9d31-44be-b598-061221caceff","block_type":"box","text":"•","page_number":235,"box":{"x":69,"y":98,"width":6,"height":4}},{"id":"3fbe8a08-e973-4db1-a974-b6589dffff2a","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":235,"box":{"x":102,"y":95,"width":729,"height":11}},{"id":"d0a39664-9468-4cc9-bcae-afea9d97448a","block_type":"box","text":"limitations:","page_number":235,"box":{"x":102,"y":110,"width":80,"height":9}},{"id":"1c2946fa-070d-4908-886f-cd8227540be8","block_type":"box","text":"Under the Guidelines, the dedicated team looks for disclosures that outline key milestones and","page_number":235,"box":{"x":189,"y":110,"width":679,"height":11}},{"id":"c1eac0b6-40af-4760-a518-f30cfe97f17f","block_type":"box","text":"dependencies underpinning the company’s low-carbon transition strategy, explain the trade-offs required to adapt","page_number":235,"box":{"x":101,"y":125,"width":807,"height":12}},{"id":"c180cc33-4daa-4633-b0fb-0b501c9cf620","block_type":"box","text":"the business model, and include relevant data and narrative.","page_number":235,"box":{"x":101,"y":141,"width":433,"height":10}},{"id":"e11c671c-b68d-4d33-b4bc-28fe20488266","block_type":"box","text":"•","page_number":235,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"00cf7ced-a85d-4d04-853d-6ceff72cbfc2","block_type":"box","text":"Consistency with the participating clients’ position as a minority investor:","page_number":235,"box":{"x":101,"y":161,"width":541,"height":11}},{"id":"dc7ad676-e5ee-4f27-9d92-13bb3ccd240d","block_type":"box","text":"The boards and executive leadership","page_number":235,"box":{"x":648,"y":161,"width":261,"height":11}},{"id":"336a0b46-89cb-4fc1-804f-ddb491c572d0","block_type":"box","text":"of companies determine a company’s strategy and its implementation. Under the Guidelines, the dedicated team","page_number":235,"box":{"x":102,"y":176,"width":805,"height":11}},{"id":"2973b0aa-f07e-4444-a320-15ae2d28a673","block_type":"box","text":"makes decisions on how to engage companies and vote proxies independently, based on its professional","page_number":235,"box":{"x":102,"y":191,"width":748,"height":11}},{"id":"426bdb24-beef-4462-8e44-20a64be2b8e1","block_type":"box","text":"judgment of the priorities and outcomes most aligned with par ticipating clients’ investment objectives.","page_number":235,"box":{"x":100,"y":206,"width":730,"height":11}},{"id":"8079865f-be10-4e48-b992-92fb74f0c20a","block_type":"box","text":"Voting approach under the Guidelines","page_number":235,"box":{"x":68,"y":236,"width":273,"height":11}},{"id":"8bd6e3a7-f664-42c6-bb47-d532a7299e23","block_type":"box","text":"12","page_number":235,"box":{"x":342,"y":237,"width":9,"height":4}},{"id":"da448978-8f1b-4b16-8523-4b347b55afeb","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team applies a","page_number":235,"box":{"x":101,"y":259,"width":791,"height":11}},{"id":"8916c7bc-98d0-47f1-9e1d-5a8d8e37d05d","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":235,"box":{"x":69,"y":274,"width":813,"height":11}},{"id":"492a2470-56cd-4c20-952e-f30cf2baf860","block_type":"box","text":"acknowledges the distinction between what company management can influence and what lies beyond its control. As","page_number":235,"box":{"x":69,"y":289,"width":833,"height":11}},{"id":"0b81580b-b5e9-4429-9940-d72314a84a94","block_type":"box","text":"a result, voting decisions — on behalf of in-scope funds and SMAs — on similar proposals included on different","page_number":235,"box":{"x":69,"y":304,"width":799,"height":11}},{"id":"591a21ae-3307-471f-b280-b48757f49aff","block_type":"box","text":"companies’ shareholder meeting agendas may vary depending on company, sector, or market-specific circumstances.","page_number":235,"box":{"x":69,"y":319,"width":837,"height":12}},{"id":"80f7883d-9979-4bd3-976b-12af1a05e3a0","block_type":"box","text":"Consistent with the investment objective of each fund or account that has selected these Guidelines, the","page_number":235,"box":{"x":102,"y":342,"width":748,"height":11}},{"id":"d3303422-118b-44f2-a80e-b627c1bcc8f9","block_type":"box","text":"dedicated team will look to the companies to demonstrate the following:","page_number":235,"box":{"x":69,"y":357,"width":513,"height":11}},{"id":"9ea29ee1-9a98-4543-b6f1-717ff9b878d6","block_type":"box","text":"Corporate Disclosures","page_number":235,"box":{"x":69,"y":387,"width":160,"height":11}},{"id":"f5148235-8ee2-43d6-acfa-cef919a092ad","block_type":"box","text":"13","page_number":235,"box":{"x":230,"y":388,"width":9,"height":4}},{"id":"4cd5cfee-f301-4d28-892d-7f45f564cdd6","block_type":"box","text":"In the context of these Guidelines, the dedicated team looks for companies to provide sufficient disclosure to","page_number":235,"box":{"x":102,"y":410,"width":781,"height":11}},{"id":"2c70ae48-896b-4b98-a151-ddc53cc6662f","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":235,"box":{"x":69,"y":425,"width":825,"height":11}},{"id":"52908956-2e90-499f-b42c-94d00de44e4c","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":235,"box":{"x":68,"y":440,"width":812,"height":12}},{"id":"3504e671-1611-4479-9806-7d279bb97836","block_type":"box","text":"frameworks that they have determined most appropriate, which may include:","page_number":235,"box":{"x":68,"y":455,"width":545,"height":11}},{"id":"4824065b-d01d-4e24-97b1-6eb551a91556","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit average global","page_number":235,"box":{"x":69,"y":476,"width":769,"height":11}},{"id":"0b2714a8-c926-4d9f-8261-5ddd814e0ed5","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":235,"box":{"x":101,"y":491,"width":800,"height":11}},{"id":"132c1476-c324-43fd-aef2-f22658ded266","block_type":"box","text":"net-zero GHG emissions by 2050, with appropriate near- and medium-term milestones to assess their progress.","page_number":235,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"829e8d54-33e3-419d-bd33-4a6e1b7552b2","block_type":"box","text":"(2) low-carbon transition-related repor ting. Standardized disclosure of sustainability-related data suppor ts investors","page_number":235,"box":{"x":69,"y":526,"width":828,"height":11}},{"id":"f9645e74-8bad-4330-9be2-be43c9b1b556","block_type":"box","text":"in making informed decisions. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and","page_number":235,"box":{"x":102,"y":541,"width":787,"height":11}},{"id":"914f9894-45a2-4ce9-a15e-59900da87707","block_type":"box","text":"S2, represent one such approach to standardization that the dedicated team finds useful in its analysis.","page_number":235,"box":{"x":102,"y":556,"width":741,"height":11}},{"id":"82e95fa0-66dc-4b97-afbe-3439594c4d29","block_type":"box","text":"14, 15","page_number":235,"box":{"x":845,"y":557,"width":25,"height":5}},{"id":"8bded20c-3885-456e-94c1-3cb917c247bf","block_type":"box","text":"IFRS","page_number":235,"box":{"x":877,"y":556,"width":30,"height":9}},{"id":"d2276f54-05d4-44ef-adb2-b3378234163e","block_type":"box","text":"S1 addresses the general requirements of sustainability repor ting and IFRS S2 sets out the disclosures that","page_number":235,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"429e9c75-6eb7-4d78-a9ea-89c353ec1afc","block_type":"box","text":"provide investors with decision-useful information about a company’s most significant climate- and low-carbon","page_number":235,"box":{"x":102,"y":586,"width":781,"height":12}},{"id":"23144624-46e6-4c4a-9c52-12e98130c893","block_type":"box","text":"transition-related risks and oppor tunities. This includes receiving independent, third-par ty assurances, as audit","page_number":235,"box":{"x":101,"y":602,"width":792,"height":11}},{"id":"1fcb9cae-2422-4902-833f-5152a3baf1f5","block_type":"box","text":"and assurance standards are developed.","page_number":235,"box":{"x":102,"y":617,"width":290,"height":11}},{"id":"ef044157-f15c-48a0-9635-5bf4587531d8","block_type":"box","text":"12","page_number":235,"box":{"x":69,"y":646,"width":9,"height":5}},{"id":"ce5c8f73-c44c-4f80-b1d8-ac2c5ce6b155","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":235,"box":{"x":83,"y":646,"width":825,"height":11}},{"id":"0127cdd6-ebd6-4834-b6dd-9d46afd60412","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":235,"box":{"x":69,"y":661,"width":833,"height":11}},{"id":"bb504c82-ee3b-4c6f-a666-3731484c7bde","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":235,"box":{"x":68,"y":676,"width":830,"height":11}},{"id":"44bfe31a-ddf4-4de7-80cd-2303b73822cb","block_type":"box","text":"company, as well as individual ballot items at shareholder meetings.","page_number":235,"box":{"x":69,"y":691,"width":486,"height":11}},{"id":"cecf1d32-2b73-4a3f-80d2-d9bd31f93a39","block_type":"box","text":"13","page_number":235,"box":{"x":69,"y":709,"width":9,"height":5}},{"id":"69377c5a-1e60-4b5c-af93-48ee12f21b10","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":235,"box":{"x":84,"y":709,"width":764,"height":11}},{"id":"416c8824-f439-45c7-a081-7c2404bf8d83","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":235,"box":{"x":69,"y":724,"width":834,"height":11}},{"id":"beca13ed-58a8-485e-b7be-56cf89631643","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":235,"box":{"x":69,"y":739,"width":651,"height":11}},{"id":"9d7fabcd-557c-407f-ab9a-2602c24da5a5","block_type":"box","text":"14","page_number":235,"box":{"x":69,"y":757,"width":9,"height":4}},{"id":"f3d2caaa-9200-475d-8a39-271ceb4ddc32","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":235,"box":{"x":83,"y":757,"width":744,"height":11}},{"id":"c7d14f11-e1f7-48fd-b970-497fd5b766ee","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":235,"box":{"x":69,"y":772,"width":828,"height":11}},{"id":"af86422f-8c2e-481f-9569-5eb980ad9ac9","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":235,"box":{"x":69,"y":787,"width":830,"height":11}},{"id":"85aecc28-6cef-4b22-b765-aff05910f5f6","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":235,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"014e949a-2129-4135-b1e2-feb77455354e","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":235,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"76604586-f4ef-4e2d-a846-3c1b29dc12b1","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":235,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"23806e5f-e2b4-4df6-b55a-6fb1922bbb84","block_type":"box","text":"15","page_number":235,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"b1e7734d-30bf-48ee-b273-a44be07e8dfb","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":235,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"aff01ebd-2d28-4ae9-84af-200280d7dbdd","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":235,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"9d7509db-d751-4fab-aeac-26ffc8bec65c","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":235,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"6d4159b7-9fd2-4fc6-92e9-d107a0ec8d57","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":235,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"0f4f4473-31b3-48bb-8b93-9ae0425b1e1b","block_type":"box","text":"may be phasing in repor ting over several years. We do not prescribe timelines regarding when companies should","page_number":235,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"ff78f3af-7796-4109-9fa9-a979370ab537","block_type":"box","text":"BlackRock Investment Stewardship","page_number":235,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"3c3a08b6-a0c9-4f84-b236-90d22eb93882","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 5","page_number":235,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"1266d6d5-c006-40e4-a671-017fb7664e39","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"548061a9-9fc4-417c-8d6d-a0ee660e6bf9","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":236,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"909fafd5-b780-4aa7-8539-818284dfab86","block_type":"box","text":"16, 17","page_number":236,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"6953f7cb-94e2-44ff-bba3-3406d355199c","block_type":"box","text":"In addition, the dedicated team looks to","page_number":236,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"c6d6a04a-e691-4606-a16d-65ad3099eff8","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":236,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"542f4332-cb4c-4105-ba5c-b1e151a37e71","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":236,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"ad777602-18fc-4c04-949c-031a220ff81d","block_type":"box","text":"scope 3 emissions reductions. 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The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":236,"box":{"x":69,"y":648,"width":838,"height":12}},{"id":"a53298f6-d8c0-49f6-b8d3-0657763fbeda","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":236,"box":{"x":70,"y":663,"width":816,"height":12}},{"id":"bb37ab13-7ab6-4fcf-ab8e-054b69a3f9e3","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":236,"box":{"x":69,"y":679,"width":784,"height":11}},{"id":"8425bbaf-e395-4e99-867e-8b88285e9b5e","block_type":"box","text":"18","page_number":236,"box":{"x":69,"y":697,"width":9,"height":4}},{"id":"7b5c3ba4-46c7-4a80-bf65-2f70df74664d","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly","page_number":236,"box":{"x":83,"y":696,"width":804,"height":11}},{"id":"6cc77357-7da6-4875-8a56-16d1933bb96b","block_type":"box","text":"traded companies into the role of enforcing emission reduction targets outside of their control. 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BlackRock views transition plans as a method","page_number":236,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"7cfa1946-53c6-4f78-a02b-2c1cbf9cdd37","block_type":"box","text":"for a company to both internally assess and externally communicate its long-term strategy, ambition, objectives, and","page_number":236,"box":{"x":68,"y":852,"width":829,"height":12}},{"id":"cf3ca52a-2f3e-4f9d-99df-ca818cac574e","block_type":"box","text":"actions to create financial value through the global transition towards a low-carbon economy. Across the landscape","page_number":236,"box":{"x":69,"y":868,"width":818,"height":11}},{"id":"10ab4148-4e05-4459-805f-412a13e2d88c","block_type":"box","text":"there remains divergence on the objectives of such plans and the details they should contain. 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Where the dedicated team","page_number":237,"box":{"x":69,"y":599,"width":788,"height":11}},{"id":"8863a1a5-db20-4f2e-8534-9664de5504c1","block_type":"box","text":"determines this is not the case, it may vote against the election of one or more directors who the team identifies as","page_number":237,"box":{"x":69,"y":614,"width":828,"height":11}},{"id":"b746e0bb-5ff6-41d8-b2e4-1d8c0430a527","block_type":"box","text":"having the most responsibility for the issue. The directors most likely to be in focus are the chair of the board","page_number":237,"box":{"x":69,"y":629,"width":780,"height":11}},{"id":"28a03fd6-5798-4707-a0d3-83625af08f3a","block_type":"box","text":"committee with low-carbon transition, climate or sustainability risk oversight responsibilities, other members of the","page_number":237,"box":{"x":69,"y":644,"width":817,"height":12}},{"id":"4900c46b-5694-4c3c-b7cc-71cfd7f2fb0a","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":237,"box":{"x":69,"y":734,"width":813,"height":11}},{"id":"fc461216-2634-4019-92ab-6c05d18a4e8a","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":237,"box":{"x":68,"y":749,"width":828,"height":11}},{"id":"b29a2c72-84d9-4434-b6ee-f109da5a319d","block_type":"box","text":"offer the most significant GHG reduction oppor tunities and are most relevant to the company’s business goals.”","page_number":237,"box":{"x":69,"y":764,"width":801,"height":12}},{"id":"e8ddf6c8-d32d-4cc1-b61e-99fda3298fc3","block_type":"box","text":"Website accessed in December 2025.","page_number":237,"box":{"x":68,"y":779,"width":272,"height":9}},{"id":"d74d5c7d-13b4-410b-b50a-32dabbf10302","block_type":"box","text":"22","page_number":237,"box":{"x":69,"y":797,"width":9,"height":5}},{"id":"b836f57b-ff76-4516-bc32-38f3bec23b85","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":797,"width":787,"height":11}},{"id":"c552a91d-e8a3-4a2b-a951-34b58f89ab0a","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":237,"box":{"x":68,"y":812,"width":500,"height":11}},{"id":"3375e256-7ef0-4db9-ae2b-82a272f2b228","block_type":"box","text":"23","page_number":237,"box":{"x":69,"y":830,"width":9,"height":5}},{"id":"bc3bb4f9-1656-402c-ac8b-a955d02753e0","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":237,"box":{"x":84,"y":830,"width":801,"height":11}},{"id":"f58c88e9-8b44-494d-aaee-b3d3189caa99","block_type":"box","text":"information on a company’s sustainability effor ts, operational resilience, or financial condition, among others.","page_number":237,"box":{"x":70,"y":845,"width":782,"height":11}},{"id":"7d09d447-a75e-4b4f-872c-97928f98379f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":237,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"9e8095a3-9e0a-4579-bbfe-524cb2b40008","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 7","page_number":237,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"5c4e05d8-4c41-4b17-9911-b8c79a7b4132","block_type":"box","text":"BNM1026U-6032383-19202714","page_number":237,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"db69eb3a-33cf-4513-b9d3-1da2e236862e","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":238,"box":{"x":101,"y":45,"width":780,"height":11}},{"id":"f2795926-33ef-468d-8466-4b7f469298b9","block_type":"box","text":"company has not subsequently made progress towards aligning with the transition to a low-carbon economy, the team","page_number":238,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"066774cd-3d06-46bf-9666-4043d9c6ba23","block_type":"box","text":"may escalate by not suppor ting the re-election of additional responsible directors.","page_number":238,"box":{"x":69,"y":75,"width":582,"height":11}},{"id":"e3f9e243-5542-419b-8e25-4b85e014e7ee","block_type":"box","text":"24","page_number":238,"box":{"x":653,"y":75,"width":9,"height":5}},{"id":"0bc285d7-bb41-465c-b77b-fd74cefe08cb","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":238,"box":{"x":69,"y":105,"width":528,"height":11}},{"id":"4ef979ef-d1d6-4022-a8ab-15b987c113e3","block_type":"box","text":"In cer tain markets, company management may submit proposals— commonly referred to as “Say on Climate” —","page_number":238,"box":{"x":102,"y":128,"width":807,"height":11}},{"id":"5d9f789e-43d4-48b4-a1da-92237d4a8122","block_type":"box","text":"seeking shareholder approval of their climate action plans or progress repor ts. The Guidelines consider these","page_number":238,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"e213ea8a-292f-4d64-afbf-826966aad776","block_type":"box","text":"proposals as a valuable governance mechanism that can enhance transparency, accountability, and investors’","page_number":238,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"233a4379-f8c7-45a2-8641-35b0f3b82b27","block_type":"box","text":"understanding of a company’s climate strategy. The dedicated team generally suppor ts management’s climate","page_number":238,"box":{"x":69,"y":173,"width":787,"height":11}},{"id":"d0b3ea10-c2e3-44a3-9e9b-ed9ad201a94c","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":238,"box":{"x":69,"y":188,"width":838,"height":12}},{"id":"1d0d52a4-574f-46d9-a02a-50af71d284d5","block_type":"box","text":"transition. Similarly, the dedicated team generally suppor ts management’s proposal on a progress repor t if the","page_number":238,"box":{"x":68,"y":203,"width":792,"height":12}},{"id":"5bff187c-1184-4d78-9032-57438275e679","block_type":"box","text":"company has clearly explained its progress against, and any deviations from or changes to, its stated low-carbon","page_number":238,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"e5497c5b-dca0-4379-8c6a-d56e955a93ea","block_type":"box","text":"transition plan and targets.","page_number":238,"box":{"x":68,"y":234,"width":193,"height":11}},{"id":"74d9f2d6-0da1-4562-8c43-c0393b634e0f","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":238,"box":{"x":68,"y":264,"width":495,"height":11}},{"id":"a3fd1764-807c-445c-9b15-4e2ad5ba23fc","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":238,"box":{"x":102,"y":287,"width":777,"height":11}},{"id":"33f55345-bc25-4b67-a0ce-d9a37d860866","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":238,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"286e2d80-41a1-4849-942e-03b42c675430","block_type":"box","text":"of relevance for companies across sectors, locations, and business models.","page_number":238,"box":{"x":69,"y":317,"width":543,"height":11}},{"id":"9d493560-18bc-441c-ba4b-8394404f8973","block_type":"box","text":"Each shareholder proposal is evaluated on a case-by-case basis, focusing on its merit while considering the","page_number":238,"box":{"x":102,"y":339,"width":767,"height":12}},{"id":"021f5c25-630b-418d-aaaf-d1f8e7fb281d","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":238,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"7d67eaac-32d0-4d03-b65f-e18e82a36701","block_type":"box","text":"endorsing every element of the proposal or the reasoning, objectives, or suppor ting statement of the proponent.","page_number":238,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"6b55e6ee-1607-40dd-a3e2-0049dea324ee","block_type":"box","text":"In addition to financial materiality, the Guidelines consider the proposal’s relevance to the company’s low-carbon","page_number":238,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"5f05fa61-b4a8-42e8-aa80-6c66a8e46b11","block_type":"box","text":"transition strategy and targets. The dedicated team assesses the implications for, and the relevance to, the","page_number":238,"box":{"x":68,"y":407,"width":770,"height":12}},{"id":"10f9173b-9b28-4f68-8022-f29b4575a5c8","block_type":"box","text":"company’s stated low-carbon transition strategy and targets. Under the Guidelines, the team may suppor t","page_number":238,"box":{"x":69,"y":423,"width":754,"height":11}},{"id":"4d597291-59d7-4ae9-a1e4-25054f711fd2","block_type":"box","text":"shareholder proposals that, for example, ask a company to:","page_number":238,"box":{"x":69,"y":438,"width":425,"height":11}},{"id":"3bcf7a42-0b40-4ed9-bb1c-d3a5a5fa90e9","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"6502c3f6-7c8d-4d61-9fe9-f460a80e877a","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average global","page_number":238,"box":{"x":102,"y":458,"width":719,"height":11}},{"id":"35059c74-e52d-4b69-b917-cbed9a0ee0c0","block_type":"box","text":"temperature rise to no more than 1.5°C above pre-industrial levels","page_number":238,"box":{"x":101,"y":473,"width":474,"height":11}},{"id":"f75eac80-d1ea-4dfb-b4f1-48c2ecf3389a","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":496,"width":6,"height":5}},{"id":"59c56ce5-0034-48bd-b9e7-946c5493a61f","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":238,"box":{"x":101,"y":493,"width":807,"height":11}},{"id":"774cfc03-e3c4-4772-b848-f3ae48212f05","block_type":"box","text":"goal of the company achieving net zero GHG emissions by 2050","page_number":238,"box":{"x":101,"y":508,"width":457,"height":12}},{"id":"05216279-1c63-4d59-9241-52aa059828b6","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":531,"width":6,"height":5}},{"id":"a70e12ec-ef12-4705-8711-3c77040bcfb4","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":238,"box":{"x":102,"y":528,"width":712,"height":12}},{"id":"c01800af-c666-4ea0-96ca-d6c6a921711e","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":551,"width":6,"height":5}},{"id":"d3a57961-ae63-4bcb-9e2a-2186f9114b51","block_type":"box","text":"Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with","page_number":238,"box":{"x":102,"y":549,"width":794,"height":11}},{"id":"1b2e27d4-f736-4fdd-9f11-5eefff3eadb9","block_type":"box","text":"its strategic policy positions, where existing disclosure is insufficient","page_number":238,"box":{"x":102,"y":564,"width":489,"height":11}},{"id":"06f2b2c0-a4f9-4b43-a794-93969089d80f","block_type":"box","text":"25","page_number":238,"box":{"x":592,"y":564,"width":9,"height":5}},{"id":"631057da-f436-4d80-b8d4-e06af12e4f9a","block_type":"box","text":"The dedicated team does not suppor t shareholder proposals that seek to constrain board or management","page_number":238,"box":{"x":101,"y":587,"width":758,"height":11}},{"id":"dcaf665c-449f-4467-9176-5697f284b83b","block_type":"box","text":"decision-making or direct specific business or strategic decisions.","page_number":238,"box":{"x":69,"y":601,"width":468,"height":12}},{"id":"caa5128d-9c8d-4884-817e-7cbe0580315a","block_type":"box","text":"RELATED MATTERS","page_number":238,"box":{"x":419,"y":632,"width":140,"height":9}},{"id":"42ca7138-d607-4951-9c7e-ce4492eff86c","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":238,"box":{"x":101,"y":655,"width":771,"height":11}},{"id":"97a0ae3f-11b8-4dde-8c7b-e407ae4d4e58","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. Under these Guidelines, the dedicated team engages,","page_number":238,"box":{"x":69,"y":670,"width":808,"height":11}},{"id":"1815caa3-2c69-4efa-bfa8-6d68050ea1df","block_type":"box","text":"where appropriate, to enhance its understanding of a company’s approach. Generally, voting on these matters would","page_number":238,"box":{"x":68,"y":685,"width":831,"height":11}},{"id":"2ee04812-a52c-4a95-b773-0188cfe2c271","block_type":"box","text":"be covered by BIS’ Benchmark Policies.","page_number":238,"box":{"x":69,"y":700,"width":280,"height":11}},{"id":"fb3d0337-4199-4cc0-8b11-318079c5e917","block_type":"box","text":"Executive compensation","page_number":238,"box":{"x":69,"y":730,"width":177,"height":11}},{"id":"f9ad9788-63c3-4048-a37d-d032d739e101","block_type":"box","text":"The dedicated team looks to company boards to put in place a compensation structure that incentivizes and","page_number":238,"box":{"x":101,"y":753,"width":772,"height":11}},{"id":"b677ae07-d648-47ba-bc66-d379cd9b0d11","block_type":"box","text":"rewards executives appropriately. Some companies, in light of their long-term strategy, may decide to include relevant","page_number":238,"box":{"x":69,"y":768,"width":837,"height":11}},{"id":"57648e08-62f6-439c-ad36-72e12ac40f6d","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the","page_number":238,"box":{"x":69,"y":783,"width":826,"height":11}},{"id":"09f3f573-8cf6-46f6-8ee6-5d266b8d0762","block_type":"box","text":"dedicated team would engage to understand the alignment between those metrics and the company’s stated climate","page_number":238,"box":{"x":69,"y":798,"width":834,"height":11}},{"id":"6ebe3a1d-ef02-4efe-98f7-3365e7aa6791","block_type":"box","text":"24","page_number":238,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"d2510e6a-dded-488d-9d80-bcabc2a7c718","block_type":"box","text":"While the dedicated team may escalate voting by not suppor ting additional management proposals, principally","page_number":238,"box":{"x":83,"y":827,"width":787,"height":12}},{"id":"9ece8db6-8984-47f7-8c79-3786af5ce6f5","block_type":"box","text":"director elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using","page_number":238,"box":{"x":69,"y":842,"width":832,"height":12}},{"id":"7c1b8364-13ff-4b2c-a0ea-0257a3736430","block_type":"box","text":"the media to amplify concerns as appropriate courses of action. 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The team notes that assurance of corporate disclosures related to climate risk and the","page_number":239,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"5f4520f9-f860-4f88-ac31-4173bd7665ab","block_type":"box","text":"transition to a low-carbon economy is still nascent.","page_number":239,"box":{"x":68,"y":173,"width":361,"height":11}},{"id":"c909e9a6-9db0-407b-9703-2c4fca32c86a","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":239,"box":{"x":69,"y":203,"width":463,"height":11}},{"id":"9a7cd1a9-14dc-4be6-8cec-12b39c223cd5","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate","page_number":239,"box":{"x":102,"y":226,"width":783,"height":11}},{"id":"ad0938ae-5551-43d4-ac39-f84cfe832897","block_type":"box","text":"related factors under these Guidelines where a transaction may significantly alter a company’s climate strategy or a","page_number":239,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"33644f2c-30a0-4766-b2db-224e6a61c592","block_type":"box","text":"shareholder activist has proposed governance, strategic or operational changes that may impact its climate strategy.","page_number":239,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"4c5e9bee-37f8-4ed2-b0ea-ca68fa925dba","block_type":"box","text":"The dedicated team does not promote changes in corporate control or engage in shareholder activism.","page_number":239,"box":{"x":68,"y":272,"width":731,"height":11}},{"id":"3364e0ac-a822-4dad-8204-79aeb278f2ca","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":239,"box":{"x":69,"y":302,"width":503,"height":11}},{"id":"c315ba96-312c-4e1b-8c13-2a02633b1b1e","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material","page_number":239,"box":{"x":102,"y":324,"width":762,"height":11}},{"id":"1ee6fb46-f1d3-4e4c-b3df-5b8e97917428","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":239,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"b2b98dc2-6795-410c-a504-1833cdec32f0","block_type":"box","text":"financial per formance. 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The economic transformation is being driven by changes in","page_number":240,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"4a8b489e-fd8b-416c-8e9b-9081603c0e03","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":240,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"6a6d26f3-3327-4f70-a73f-29215b7b56d5","block_type":"box","text":"change (e.g., extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":240,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"c8941ff1-d521-4b5f-9534-d0a807b25058","block_type":"box","text":"Decarbonization:","page_number":240,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"122aa206-8b98-4521-8475-7e98f687c6fb","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":240,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"0ffd66b0-a5fb-4ad7-93b1-d911a3c8bf43","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":240,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"043b0ea0-0c1d-4c9d-9493-738108f8a1b5","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":240,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"3d1550b2-6cf1-4f5a-814b-4592f792f646","block_type":"box","text":"e.g., methane.","page_number":240,"box":{"x":69,"y":287,"width":102,"height":11}},{"id":"29db6cfd-bec9-4400-9d9e-dfb6dad74ff7","block_type":"box","text":"Climate-related risks and opportunities:","page_number":240,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"77dd0b98-9a32-445f-8203-f644aef874e5","block_type":"box","text":"The investment oppor tunities and risks associated with the transition","page_number":240,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"221be3ec-be8b-4540-ab72-6c64ca8f8ba7","block_type":"box","text":"to a low-carbon economy, including transition risks and oppor tunities and physical risks and oppor tunities in adapting","page_number":240,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"f00ef980-59b2-484a-a16a-54184be8512b","block_type":"box","text":"to physical climate change.","page_number":240,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"0b29048c-32a9-47f0-bf9b-4e9b13fbab3e","block_type":"box","text":"Climate-related transition plan:","page_number":240,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"881c8480-2b90-4d92-a7a2-264effb17295","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":240,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"aeca2727-bc8e-42a1-921e-5753eefc8a65","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":240,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"4298e1f4-aa14-4dcc-9241-f20d94fe669c","block_type":"box","text":"greenhouse gas emissions.”","page_number":240,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"af36ef58-a9ba-4f7e-b28d-dd5f392dafc7","block_type":"box","text":"27","page_number":240,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"6caae1d4-3217-48db-b2cf-e5609bbb496e","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":240,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"f1bd4f0d-1052-4dcf-b070-07c3b8ca4d1a","block_type":"box","text":"Targets that “","page_number":240,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"c6805d68-2376-47fc-85de-0dbd801c206b","block_type":"box","text":"are in line with what the latest climate science","page_number":240,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"c131c7b7-8df5-4048-8194-f440e5cf8631","block_type":"box","text":"deems necessary to meet the goals of the Paris Agreement — limiting global warming to 1.5°C above pre-industrial","page_number":240,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"615f692f-0afa-4207-a25c-a976702b8b62","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce GHG emissions in line with limiting","page_number":240,"box":{"x":70,"y":445,"width":806,"height":12}},{"id":"f276875d-b8aa-45e8-b2a3-d0f1e272b902","block_type":"box","text":"global warming to 1.5°C. They define how much and how quickly a business must reduce its emissions to be in line","page_number":240,"box":{"x":68,"y":460,"width":824,"height":12}},{"id":"0d9d9902-17e4-4ce1-8bbd-6351445a482c","block_type":"box","text":"with the Paris Agreement goals.”","page_number":240,"box":{"x":68,"y":476,"width":232,"height":11}},{"id":"f7b0e6b7-a17f-44d7-9344-a630db6b15ce","block_type":"box","text":"28","page_number":240,"box":{"x":302,"y":476,"width":9,"height":4}},{"id":"b105b520-2721-488f-aec9-82811507d894","block_type":"box","text":"Scope 1:","page_number":240,"box":{"x":101,"y":498,"width":63,"height":11}},{"id":"03fa9816-f2ea-4909-a849-0dd925c96cf2","block_type":"box","text":"Direct GHG emissions. Direct GHG emissions occur from sources that are owned or controlled by the","page_number":240,"box":{"x":172,"y":498,"width":718,"height":11}},{"id":"7cafaa60-03b9-4ff4-bcf7-c73b136689bc","block_type":"box","text":"company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc.; emissions","page_number":240,"box":{"x":69,"y":513,"width":836,"height":11}},{"id":"5e5d3e88-299d-4aa9-8df0-61acd4498c6c","block_type":"box","text":"from chemical production in owned or controlled process equipment.","page_number":240,"box":{"x":68,"y":528,"width":489,"height":11}},{"id":"4ffeb4e9-a789-4364-9d1b-aef86f4f9cbd","block_type":"box","text":"29","page_number":240,"box":{"x":559,"y":529,"width":9,"height":4}},{"id":"2ef5a86d-8948-456d-af85-f0b02095ceb3","block_type":"box","text":"Scope 2","page_number":240,"box":{"x":101,"y":551,"width":59,"height":11}},{"id":"75bae86c-7596-4790-a746-07a43f952d22","block_type":"box","text":": Electricity indirect GHG emissions Scope 2 accounts for GHG emissions from the generation of","page_number":240,"box":{"x":162,"y":551,"width":685,"height":11}},{"id":"ef1b948a-b0da-476e-8864-16a6678a8279","block_type":"box","text":"purchased electricity [steam, and heating/cooling] consumed by the company. [It] is defined as electricity [steam,","page_number":240,"box":{"x":70,"y":566,"width":807,"height":11}},{"id":"bbcd7585-ed98-44e6-af58-4ded1b67bca7","block_type":"box","text":"and heating/cooling] that is purchased or otherwise brought into the organizational boundary of the company.","page_number":240,"box":{"x":69,"y":581,"width":781,"height":12}},{"id":"ab67fcea-9e68-4b75-8d23-507a3547c8f4","block_type":"box","text":"30","page_number":240,"box":{"x":852,"y":582,"width":9,"height":4}},{"id":"23543058-08a7-4e8e-bb4a-9d42130819ea","block_type":"box","text":"Scope 3:","page_number":240,"box":{"x":101,"y":604,"width":63,"height":11}},{"id":"07743db1-64ae-46cb-bf9b-1ef499c46e4c","block_type":"box","text":"Other indirect GHG emissions. Scope 3 is an optional repor ting category that allows for the treatment","page_number":240,"box":{"x":171,"y":604,"width":725,"height":11}},{"id":"a1796ad7-593e-4194-8602-5063ddefab4e","block_type":"box","text":"of all other indirect emissions. Scope 3 emissions are a consequence of the activities of the company, but occur","page_number":240,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"9783a03d-6095-4260-a955-efcec63752c1","block_type":"box","text":"from sources not owned or controlled by the company.","page_number":240,"box":{"x":68,"y":634,"width":386,"height":11}},{"id":"77277224-91f6-4621-81dc-7efd177c1f46","block_type":"box","text":"31","page_number":240,"box":{"x":456,"y":635,"width":9,"height":4}},{"id":"d30f2ddf-3235-4e6c-b112-e19cd24fedec","block_type":"box","text":"27","page_number":240,"box":{"x":69,"y":679,"width":8,"height":4}},{"id":"5592904e-9e9b-4ef2-a266-35d2483dec29","block_type":"box","text":"As defined by the International Financial Repor ting Standards, “IFRS S2: Climate-related Disclosures,” June 2023..","page_number":240,"box":{"x":83,"y":679,"width":821,"height":11}},{"id":"9b46169f-ab91-46fb-935b-543187b6ea2f","block_type":"box","text":"Several jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We","page_number":240,"box":{"x":69,"y":694,"width":779,"height":11}},{"id":"aeca592b-e133-4b6e-a6e1-bbf4cb463040","block_type":"box","text":"anticipate transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":240,"box":{"x":69,"y":709,"width":836,"height":11}},{"id":"8671d391-ef1e-400b-8f2e-690756a33730","block_type":"box","text":"28","page_number":240,"box":{"x":69,"y":727,"width":9,"height":4}},{"id":"34f9710c-db14-452d-8e27-28e1fdabdac3","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that","page_number":240,"box":{"x":83,"y":726,"width":785,"height":12}},{"id":"e84b4925-5962-4581-9155-a0c3e837fa8a","block_type":"box","text":"enables companies and financial institutions worldwide to play their par t in combating the climate crisis. 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